Noise traders,firm-specific uncertainty and technical trading effectiveness

This is the first study to document evidence of technical trading effectiveness at firm level in the Chinese A-share market by investigating the relationship between excess profits of technical trading rules and firm-specific characteristics. Our results reveal that firms with higher excess profits from technical trading have more noise traders and higher institutional ownership and that those firms tend to be growth firms with lower liquidity and higher firm-specific uncertainty. Further analysis shows that the profitability of technical trading rules is unsustainable and the excess profits of the highest technical trading profit quintile portfolio disappear in the following year.     

Close relationship with the supervisor may impede employee creativity by suppressing vertical task conflict

Leader‐member exchange as a form of supportive leadership is expected to foster employee creativity. However, empirical evidence suggested this relationship is complex. This study attempts to address this complexity by proposing and testing a curvilinear mechanism, which attenuates the overall positive effect of LMX on creativity by transmitting a curvilinear indirect effect via vertical task conflict. Results drawn from a sample of 276 supervisor–subordinate dyads provided support for the hypothesized curvilinear indirect effect. Specifically, LMX was found to negatively influence employee creativity by suppressing vertical task conflict for subordinates in high‐quality LMX relationships, while the indirect effect was not significant for subordinates in low‐quality LMX relationships.     

The influencing factors of satisfaction and lending intention in online lending investment: an empirical study based on the Chinese market

This paper develops a platform‐based influencing factors model which considers value perception, risk prevention measure, non‐default experience, trust and incentive gap, to better examine the impact of platforms on investors’ satisfaction and lending intention based on the Chinese market. The results reveal that the first four factors positively influence the satisfaction of the investors, while the incentive gap has a negative impact, and there is a positive association between investors’ satisfaction and lending intention. Some specific features of China’s online lending market are identified, which provides valuable insights for online lending platforms and the government.     

Crowdsourcing-based semantic relation recognition for natural language questions over RDF data

ABSTRACT

Natural language query systems over RDF data need to rely on the semantic relations in query. First, we propose the new crowdsourcing model that used to produce semantic relations dataset. The model not only inherits completeness of the iterative model and accuracy of the parallel model, but also saves human resources. Second, we mine the rules of semantic relation recognition from the correlations between dependency structures and semantic relations. Third, we propose an algorithm of semantic relation recognition for natural language query over RDF data, and experiments demonstrate that it can recognize more semantic relations than existing methods.     

New Evidence on Housing Wealth and Consumption Channels

The Journal of Real Estate Finance and Economics - This paper provides new evidence on the effect of housing wealth on consumption by focusing on the impact of home-equity extraction. We develop a...     

The Effects of Search-Related and Purchase-Related Mobile App Additions on Retailers’ Shareholder Wealth: The Roles of Firm Size,Product Category,and Customer Segment

Mobile channel additions have been shown to increase consumer-brand relationships, brand satisfaction towards and overall purchasing from a retailer, but what is less apparent is whether shareholders are fully rewarded for retailers’ mobile channel additions. Results from an event study on 115 announcements relating to mobile app additions of publicly traded U.S. retail firms between 2009 and 2016 indicate that the stock market responds generally positively to mobile app additions, but specifically to the two mobile app addition types. Stock market responses to search-related and purchase-related app additions are moderated by firm size, product category, and target customer age. For announcements of search-related apps, the market responds more positively to product retailers than to service retailers, and to small firms than large ones. For announcements of purchase-related apps, the market responds less positively to firms that target younger customers than firms who do not especially target them.     

钢铁工业与现代服务业融合发展的案例分析

简要叙述了钢铁工业与现代服务业开展“两业融合”的重要意义,分别以宝钢、河钢为代表的国内钢铁企业和以浦项、蒂森克虏伯为代表的国外钢铁企业为例,对钢铁企业开展两业融合的做法进行了分析,最后针对两业融合发展提出了几点建议。     

“品牌触角”管理——中小型服务企业的品牌运作之道

服务业,区别于制造业、建筑业,其最大的特点就是“以人为本”,在品牌运作上有区别于其他产业的明显特征。中国中小企业中的服务企业如何发展品牌的解决之道——即“品牌触角”管理。品牌触角在中小型服务企业中,融资困难是普遍存在的现象,而在以往的品牌管理理论中,强调的是通过大众传媒的方式建立品牌,广告、公关、新闻策划、事件营销成了发展品牌的必经之路。但是,对于一个历史不过数年,职员不过数十人的中小型服务企业来说,以上的品牌运作方式无疑是一种冒险行为,真所谓“做品牌做得不好是找死,不做又无异于等死”。品牌,对于中小型服务…     

Identifying “best” applicants in recruiting using data envelopment analysis

Selecting the most promising candidates to fill an open position can be a difficult task when there are many applicants. Each applicant achieves certain performance levels in various categories and the resulting information can be overwhelming. We demonstrate how data envelopment analysis (DEA) can be used as a fair screening and sorting tool to support the candidate selection and decision-making process. Each applicant is viewed as an entity with multiple achievements. Without any a priori preference or information on the multiple achievements, DEA identifies the non-dominated solutions, which, in our case, represent the “best” candidates. A DEA-aided recruiting process was developed that (1) determines the performance levels of the “best” candidates relative to other applicants; (2) evaluates the degree of excellence of “best” candidates’ performance; (3) forms consistent tradeoff information on multiple recruiting criteria among search committee members, and, then, (4) clusters the applicants.     

State-owned enterprises going public The case of China

Public listing is a key reform measure for large state‐owned enterprises (SOEs) in China. We find evidence that public listing lowers state ownership significantly, lessens firms’ reliance on debt finance, and allows firms to increase capital expenditure, at least temporarily. We also find that ownership structure affects post‐listing performance. However, we find no statistical evidence of a positive effect of public listing on firms’ profitability. We suggest alternative interpretations of the last finding.