When Do Qualitative Risk Disclosures Backfire? The Effects of a Mismatch in Hedge Disclosure Formats on Investors' Judgments

Disclosure standards mandate the quantitative disclosure of hedging‐instrument‐related risks but not the disclosure of hedged‐item‐related risks. We examine how a match (mismatch) in formats, caused by making quantitative (qualitative) hedged item disclosures alongside quantitative hedging instrument disclosures, affects investors' integration of information from these two related disclosures. Our first experiment varies the hedged item disclosure format (quantitative or qualitative) and the portion of risk hedged (small or large). We find that when disclosure formats are mismatched, the less comparable nature of the two disclosures caused investors to neglect the offsetting relationship when assessing net risks. As a result, risk and investment judgments were influenced by the more prominent quantitative hedging instrument disclosures. Our second experiment finds that the use of a qualitative debiaser that clarifies the relationship between the two disclosures led to the integration of information and mitigated this effect.     

Enhancing urban infrastructure investment planning practices for a changing climate.

Climate change raises many concerns for urban water management because of the effects on all aspects of the hydrological cycle. Urban water infrastructure has traditionally been designed using historical observations and assuming stationary climatic conditions. The capability of this infrastructure, whether for storm-water drainage, or water supply, may be over- or under-designed for future climatic conditions. In particular, changes in the frequency and intensity of extreme rainfall events will have the most acute effect on storm-water drainage systems. Therefore, it is necessary to take future climatic conditions into consideration in engineering designs in order to enhance water infrastructure investment planning practices in a long time horizon. This paper provides the initial results of a study that is examining ways to enhance urban infrastructure investment planning practices against changes in hydrologic regimes for a changing climate. Design storms and intensity-duration-frequency curves that are used in the engineering design of storm-water drainage systems are developed under future climatic conditions by empirically adjusting the general circulation model output, and using the Gumbel distribution and the Chicago method. Simulations are then performed on an existing storm-water drainage system from NE Calgary to investigate the resiliency of the system under climate change.     

论中小企业对管理胜任力的基本要求和培育途径

文章指出,管理胜任力是企业核心竞争能力的一个重要方面,中小企业的健康成长取决于其竞争能力的提高,竞争能力的关键是提高企业的管理胜任力,文章还分析了中小企业对管理胜任力要求的主要方面。     

对陕西省农村社会养老保险供求主体的分析与政府作用研究

陕西是西部的农业大省,农村社会养老保险制度发展缓慢,农村养老保险市场需要寻找供需双方的均衡点,政府作为制度的提供者和政策的制定者,必须在农村社会养老保险制度建立和运营中明确思路,发挥主导作用,以保证陕西省农村养老保险健康、有序地发展。     

灌区配套与节水改造的设计体会

伊犁河流域现有灌溉面积678万亩。其中列入国家级大型灌区的有5个,现有灌溉面积为424万亩,在工程建设中的主要设计体会有：制定经济合理的规划设计方案,设计遵循因地制宜、统筹兼顾的原则,建筑物设计新颖别致、运行方便,尽量利用原有结构改建、降低工程造价,因地制宜规划设计渠道,为高寒地区湿陷性黄土地带渠道建设总结经验。     

Correlates of organizational effectiveness: A multilevel analysis of a multidimensional outcome

This paper explores the relationship between environmental scarcity, organization size, and board composition with measures of financial and social performance. All three correlates were found to be related to both measures of performance and the hypotheses were largely supported. Anomalous relationships, however, were found between organizational size and social performance as well as outsider representation and financial performance. This study demonstrates that normative explorations focusing only on financial performance can lead to misleading conclusions about organizational effectiveness.William Q. Judge is currently an assistant professor of strategic management at the University of Tennessee at Knoxville. He is continuing his research in the areas of organizational effectiveness, stakeholder management, and corporate governance.     

Variations in Spectral Slope in Lake Taihu,a Large Subtropical Shallow Lake in China

Spectral slope (S), describing the exponential decrease of the absorption spectrum over a given wavelength range, is an important parameter in the study of of chromophoric dissolved organic matter (CDOM) dynamics, and also an essential input parameter in remote sensing models. Furthermore, S is often used as a proxy for CDOM composition, including the ratio of fulvic to humic acids and molecular weight. The relative broad range in S values reported in the literature can be explained by the different spectral ranges and fitting methods used. A single exponential model is used to fit the S values for 17 investigations involving 458 samples in Lake Taihu from January to October in 2004. The average S value was 15.18 ± 1.39 μm⁻¹ for the range of 280–500 nm, which fell within the range reported in the literature. The frequency distribution of S value basically obeyed a normal distribution. Significant differences in S values between summer and other seasons showed that phytoplankton degradation was one of the important sources of CDOM in summer, whereas CDOM mainly came from the river input in other seasons. Furthermore, the estimated S value decreased with increasing wavelength range used in regression. The maximum and minimum values derived from the regression were 17.89 ± 1.25 μm⁻¹ and 13.62 ± 2.11 μm⁻¹ for the wavelength ranges of 280–380 nm and 400–500 nm, respectively, a decrease of 23.9%. S values significantly decreased with the increase of CDOM absorption coefficients. CDOM absorption coefficients could be more appropriately estimated from exponential model introducing the variation of S with absorption coefficients, making them useful for a remote sensing bio-optical model of Lake Taihu. DOC-specific absorption coefficient a*(λ) and the parameter M describing molecular size of the humic molecules could also be used as a proxy for the sources and types of CDOM. A general relationship was found between S and a*(λ), and M values. S increased with the decrease of DOC-specific absorption coefficient and the increase of M corresponding to the decrease of molecular weight.     

What Prompts the People＇s Bank of China to Change Its Monetary Policy Stance？ Evidence from a Discrete Choice Model

In the present paper, we model the policy stance of the People＇s Bank of China （PBC） as a latent variable, and the discrete changes in the reserve requirement ratio, policy interest rates, and the scale of open market operations are taken as signals of movement of this latent variable. We run a discrete choice regression that relates these observed indicators of policy stance to major trends of macroeconomic and financial developments, which are represented by common factors extracted from a large number of variables. The predicted value of the estimated model can then be interpreted as the implicit policy stance of the PBC. In a second step, we estimate how much of the variation in the PBC＇ s implicit stance can be explained by measures of its policy objectives on inflation, growth and financial stability. We find that deviations of CPI inflation from an implicit target and deviations of broad money growth from the announced targets, but not output gaps, figure significantly in the PBC＇s policy changes.     

2000年我国原油进口首破七千万吨原因分析及其思考

2000年我国原油进口量创记录地达到7013．4万吨，较1999年增加了91．5％，造成进口量猛增的原因，一是国民经济增长加快，拉动内需增加，二是国内原油产量增长有限而出口量增多，三是成品油进口量减少而出口量增加，四是在油价下落，需求减少的情况下，原油进口量和炼厂加工量未能及时调减，石油消费和进口石油的快速增长呼唤尽快建立符合我国国情的石油安全体系，呼唤全社会重视并大力推动节能，调整不合理的能源结构，这是一个复杂的系统工程，需要综合治理，采取切实有效的措施并认真加以贯彻落实，此外，适应市场经济的经营运作规律，抓好市场预测，根据市场的变化搞好原油进口，炼厂加工，成品油销售和库存等环节的衔接和协调，也是我们必须尽快掌握的一种管理技巧。     

PM2000水电厂生产运行管理系统

介绍了基于Web技术开发的PM2000水电厂生产运行管理系统的软、硬件结 构，详细阐述了该系统所具备的主要功能及其对提高水电厂生产运行管理水平所发挥的作用。