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.     

浅谈质检机构的计量认

论述质检质机构必须进行计量认证的原因；阐明计量认证不仅是“金字塔牌”，而且认证的过程，同时是本单位昨技术更上一个台阶的过程。计量认证的前后，检测单位的面貌会不大一样。     

Effects of solid retention time on the performance of submerged anoxic/oxic membrane bioreactor.

In this study, four similar bench-scale submerged Anoxic/Oxic Membrane Bioreactors (MBR) were used simultaneously to investigate the effects of solids retention time (SRT) on organic and nitrogen removal in MBR for treating domestic wastewater. COD removal efficiencies in all reactors were consistently above 94% under steady state conditions. Complete conversion of NH(4+)-N to NO(3-)-N was readily achieved over a feed NH(4+)-N concentration range of 30 to 50 mg/L. It was also observed that SRT did not significantly affect the nitrification in the MBR systems investigated. The average denitrification efficiencies for the 3, 5, 10 and 20 days SRT operations were 43.9, 32.6, 47.5 and 66.5%, respectively. In general, the average effluent nitrogen concentrations, which were mainly nitrate, were about 22.2, 27.6, 21.7 and 13.9 mg/L for the 3, 5, 10 and 20 days SRT systems, respectively. The rate of membrane fouling at 3 days SRT operation was more rapid than that observed at 5 days SRT. No fouling was noted in the 10 days and 20 days SRT systems during the entire period of study.     

Photoreactivation of Escherichia coli following medium-pressure ultraviolet disinfection and its control using chloramination.

Ultraviolet (UV) disinfection is becoming increasingly popular as an alternative disinfection technology to chlorination in recent years. In this study, we investigated the photoreactivation of Escherichia coli following medium-pressure (MP) UV disinfection of synthetic water by a bench-scale collimated beam apparatus. The UV doses ranged from 1.6 -19.7 mWs/cm2 and photoreactivation was investigated for 6 hours under fluorescent light. In addition, chloramination was applied after UV disinfection to investigate its ability to control photoreactivation. It was found that photoreactivation occurred for all UV doses tested and the increase in bacteria numbers ranged from 0.04 to 1.35 log10. However, the degree of photoreactivation decreased with increased UV doses. Chloramination experiments revealed that the addition of 0.5 mg/l of monochloramine resulted in suppression of photoreactivation for 1 hour only. An increased monochloramine dose of 1 mg/l was found to prevent photoreactivation for the entire duration of the experiment. The results of this study have shown that photoreactivation occurs even after MP UV disinfection, although it is of a lesser extent at higher UV doses. This study has also established that secondary chloramination can effectively suppress and eliminate photoreactivation with a chloramine dose of 1 mg/l.     

Impact of Ownership Type on Environment–Strategy Linkage and Performance: Evidence from a Transitional Economy

In this study I contend that the ownership type has a significant impact on the environment–strategy configurations amongst different firms in a transitional economy. The influence of ownership type on the environment–strategy configuration is tested, based on an analysis of surveys of 201 managers from four types of companies in China: state‐owned, collectively‐owned, privately‐owned, and foreign joint ventures. Results support the central notion that each ownership type exhibits a distinct environment–strategy configuration, which in turn has important performance implications for the firms.     

浅析石油化工项目产品市场分析

市场分析是项目前期的重要工作之一，目前尚未赢得人们足够的重视。国外的投资咨询公司对石油化工项目的产品市场分析有其一套比较完整的操作程序和评估体系，以BOPP为案例介绍了市场分析的思路和方法，并且指出市场分析作为一种新的理念，必须进一步深化和细化，逐步加以完善。     

The Effects of Participation and Job-Relevant Information on the Relationship Between Evaluative Style and Job Satisfaction

This study investigates the intervening effects of budgetary participation and job-relevant information on the relationship between budget emphasis and job satisfaction. It proposes that budgetary participation and job-relevant information are endogenous to budget emphasis. Using the path analytical technique and based on a sample of 152 senior managers, the study found that budget emphasis has an insignificant direct effect on job satisfaction, but a strong indirect effect through job-relevant information and budgetary participation. The results also indicate that job-relevant information has an intervening effect on the relationship between participation and job satisfaction.     

EXPERIMENTAL RESEARCH ON EFFECT OF MAIN-FLOW SWING ON FLOW TURBULENCE STRUCTURE

It is mentioned in this paper that the adjustment of flow structure occurs when themain-flow swings.The changes of turbulence structure and flow energy loss in the indoor rivermodel are measured.The experimental data are presented for the first time for the further studyof complicated river flow structure.     

How Does a Development Moratorium Affect Development Timing Choices and Land Values?

This paper investigates how a development moratorium affects choices of development timing and land values in a framework where both the value of developed property evolves stochastically and the development costs are fully irreversible. We assume that a regulator initially announces that land is not allowed to be developed during a finite period of time in the future. A developer, thus, must decide whether to develop land before the timing ordinance is imposed, or after it expires. The development moratorium reduces the developer’s option value from waiting and, thus, accelerates development. We also use simulation analysis to demonstrate how the other factors that relate to the demand and supply conditions of the real estate market affect this accelerating effect.     

The Impact of Mexico's Retraining Program on Employment and Wages

This article analyzes the impact and effectiveness of the Mexicanlabor retraining program for unemployed and displaced workers—Programade Becas de Capacitación para Trabajadores (PROBECAT).The strategy followed is to compare the post-training labormarket experiences of trainees with those of a comparison group—amatched sample of unemployed individuals who were eligible for,but did not participate in, PROBECAT. The results of this exercisesuggest that participation in PROBECAT reduced the mean durationof unemployment for both men and women trainees and increasedthe monthly earnings of men, but not of women. The results alsoindicate that the post-training earnings effect varied systematicallyby level of education attained, with the largest earnings increases(of about 28 to 37 percent) found for men with six to twelveyears of education.