Sentiment and stock prices: The case of aviation disasters

Behavioral economic studies reveal that negative sentiment driven by bad mood and anxiety affects investment decisions and may hence affect asset pricing. In this study we examine the effect of aviation disasters on stock prices. We find evidence of a significant negative event effect with an average market loss of more than $60 billion per aviation disaster, whereas the estimated actual loss is no more than $1 billion. In two days a price reversal occurs. We find the effect to be greater in small and riskier stocks and in firms belonging to less stable industries. This event effect is also accompanied by an increase in the perceived risk: implied volatility increases after aviation disasters without an increase in actual volatility.     

The value of access to finance: Evidence from M&As

We examine synergies in mergers and acquisitions (M&As) generated by firms’ comparative advantages in access to bank finance. We find robust evidence that greater access to bank finance increases firms’ attractiveness as acquisition targets. Targets’ comparative advantage in bank finance improves bank credit supply and reduces financing costs for the merged firms. These effects are more pronounced for acquirers with greater frictions in accessing bank loans and acquirers with greater growth opportunities. Overall, this paper reveals that targets, not just acquirers, contribute to financial synergies in M&As.     

Economic Literacy and Inflation Expectations: Evidence from a Laboratory Experiment

We present experimental evidence of a link between economic literacy and inflation forecast accuracy. The experiment investigates two channels through which economic literacy may enable better forecasts: (i) choice of information and (ii) use of information. More literate subjects choose more relevant information and use the given information more effectively. Starting from a 10th percentile score, the boost in literacy from taking an economics course predicts a 0.64 standard deviation decline in mean absolute forecasting error. Our findings suggest that a significant portion of demographic heterogeneity in inflation expectations—observed in survey data—may be driven by heterogeneity in economic literacy.     

美国乔治敦大学访问观察与启示(一)——师资管理

本文介绍了美国乔治顿大学师资管理制度,并总结出其三大特点,借以提出我们在学习和借鉴国外先进经验的同时,应从我国高校师资队伍建设的实际情况出发,不断改进和完善现行的政策措施,为建设高素质的教师队伍而做出努力。     

融资压力与企业并购绩效——并购融资方式视角的分析

根据自由现金流量假说和权衡代理理论,融资压力可以通过资金成本和公司治理两个渠道,解决收购公司的过度支付和过度自信,从而提高并购绩效。文章以长江三角洲地区1997—2001年216起并购事件为研究对象,按融资压力进行分类检验,结果表明,有融资压力样本的并购绩效优于无融资压力样本;通过设置并购融资压力变量,从负债融资和内部现金流两个角度进行计量检验,结果发现,融资压力与并购绩效之间存在显著的正相关关系,进一步验证融资压力促进并购绩效的结论。     

试论战争同盟的形成及其影响——以一战中的协约国为例

同盟是国际政治领域的核心问题之一,与战争有着密切的关系。国内外学者对同盟的褒贬不一,赞成者认为它是消除战争的一种有效手段,应加以充分利用,反对者认为它加剧了紧张局势,应该对战争负责,呼吁各国抵制同盟政策。部分学者甚至认为人类历史上两次最大规模的世界性大战皆是由于国家间结盟或不结盟而引起的,因而有必要对战争同盟进行研究。有关战争同盟形成的中心问题主要有它形成的原因是什么?它的形成会产生什么样的影响?     

美国思想政治教育方法及其对我国的启示

中美两国的思想政治教育方法既各有特殊性,又具有普遍性。研究美国的思想政治教育的方法,对加强和改进我国的思想政治教育具有借鉴和启发作用。     

旅游上市公司治理对并购绩效的影响研究

公司治理在理论上对并购绩效存在着积极的促进作用,但由于市场规范性的缺失,致使公司治理的功能受到抑制。基于我国A股旅游上市公司并购的公司治理数据,借助于多元回归分析方法,实证性的研究发现:董事会治理和经理层治理对并购绩效存在着正向的促进作用,监事会治理和社会监督对并购绩效缺乏促进功能,而信息披露对并购绩效的促进功能存在着不确定性。该结论为我国旅游上市公司并购的深化和完善提供了理论借鉴。