ALL THINGS CONSIDERED,TAXES DRIVE THE JANUARY EFFECT

The multitude of explanations for the January effect leaves the reader confused about its primary cause(s): is it tax‐loss selling, window dressing, information, bid‐ask bounce, or a combination of these causes? The confusion arises, in part, because evidence has generally been presented in support of a particular hypothesis though the same evidence may be consistent with another hypothesis. Furthermore, prior work does not adequately control for the bid‐ask bounce. In this article we try to disentangle different explanations of the January effect and identify its primary cause. We find that tax‐related selling is the most important cause, overshadowing other explanations.     

外国石油公司动态

资产重组大陆菲利普斯计划出售大量印尼资产 美国大陆菲利普斯公司在印尼有15个作业区域,包括13个产品分成协议,公司计划出售其中位于苏门达腊岛和巴布亚岛的9个协议区块。这是大陆菲利普斯公司合并后进行资产重组、业务合理化计划的一部分。尽管如此,大陆菲利普斯仍将继续在印尼开展业务。     

外国石油公司动态

尼日利亚拟与雪佛龙德士古和BG合建LNG厂,埃克森美孚拟与尼国家石油公司合资建燃气电厂,鲁克与康菲将成立合资公司,雪佛龙德士古在墨西哥,俄罗斯天然气工业股份公司探索朝鲜能源市场……     

外国石油公司动态

投资与合作卡塔尔石油等与意大利公司签署LNG终端最终协议卡塔尔石油和埃克森美孚与意大利Edison公司就在意大利北亚得里亚海海岸建设Isola di Porto Levante液化天然气(LNG)终端签署最终协议。该终端计划2007年底投入使用,每年有80亿立方米的再汽化能力。该终端的气源将来自卡塔尔的北方气田。埃克森美孚将与阿帕奇扩大加拿大西部勘探埃克森美孚与阿帕奇签署协议,扩大对加拿大西部阿尔伯达省的勘探活动。根据新协议,阿帕奇将增加对14万英亩资产的勘探,并在今后36个月钻145口新井。埃克森美孚加拿大能源公司支付37%的矿区使用费,拥有与…     

模糊语言与"合作原则"

模糊语言是任何一个在使用中可能会导致两种或两种以上理解的语言。它包括指称模糊语言、概括性模糊语言和故意模糊语言等，模糊语言可能体现在单词或者词组层面上，也可能体现在句子和语篇上。     

Benefits of Downward Earnings Management and Political Connection: Evidence from Government Subsidy and Market Pricing

This paper examines the role of downward earnings management and political connection on the receipt of government subsidies and market pricing of subsidies. Using subsidies data hand-collected from Chinese listed firms over the period 2004–2014, the results show a significantly positive association between downward earnings management and the receipt of government subsidies. The results also reveal that a firm's political connection is conducive to securing subsidies for poor performers, but not for good performers. Market pricing analyses demonstrate that share markets value subsidies positively in general, but the effect is ameliorated in firms conducting downward earnings management. No discernible difference is found between the market pricing of subsidies received by firms with political connections and those without.     

节能灯中汞的安全风险评估

从汞的危害识别、危害描述、暴露评估、风险描述等几方面探讨在家庭或办公场所因节能灯管意外破裂而引起的人身安全风险,并据此对破裂后节能灯的处理提出合理化建议。     

新疆番茄产业实施订单农业生产方式的效果评析

本文运用新疆天山北坡经济带中部地区5个县(市)481个番茄种植户的调查数据,对订单生产方式和非订单生产方式下农户的投入产出进行了计量经济分析。研究结果表明,订单农业生产方式对农户产量、收入的增加作用显著,并且相对于非订单农业生产方式而言,订单农业的要素使用效率更高,是对资源、环境更为友好的农业生产方式。     

Does environmental underperformance duration affect firms' green innovation? Evidence from China

Does the length of a firm's environmental underperformance shape its green innovation? Drawing on the behavioral theory of the firm, we argue that the duration of a firm's environmental underperformance plays an important role in shaping its green innovation activities. Using the data from Chinese publicly listed firms spanning from 2010 to 2018, we find that the duration of environmental underperformance has a U-shaped effect on a firm's green innovation, possibly due to competing short- and long-term solutions to regain legitimacy. We also find that this relationship is moderated by environmental underperformance intensity and analyst recommendation pressure. Our study contributes to the literature on green innovation and the behavioral theory of the firm. We discuss the implications for policymakers and managers.