对价和信息不对称在股权分置改革中对投票结果的影响

本文总结分析了中国股权分置改革中投票机制的特征,并研究了对价水平、信息不对称等影响投票结果的因素。研究发现,分组投票的机制和流通股股东的理性有效制约了占多数投票权的非流通股股东,并保障了对价方案总体处于双方认为合理的水平。数据显示,流通股的投票率只有33%,而非流通股的投票率将近其三倍;双方的支持率则比较接近,且都处于较高水平。结果表明,对价水平较低的提案能引起流通股较高的投票率;同时伴随着流通股较低的支持率和较高的反对率。此外,流通股股东和非流通股股东之间信息不对称程度的改善能有效增加具有信息劣势的流通股股东投票率,并促使股东双方在对价提案的意见上取得一致,从而得到较高的支持率和较低的反对率。     

焦点企业知识存量对联盟组合分裂断层的影响：知识转移效率的中介作用

运用断层理论,从知识获取和关系治理角度,分析焦点企业知识存量如何影响联盟组合分裂断层及分裂断层形成机理。基于焦点企业知识存量、分裂断层、知识转移效率、情景嵌入性之间的关系理论模型框架,认为焦点企业知识存量能够影响联盟组合分裂断层,其中,知识转移效率在这一过程中发挥中介效应,情景嵌入性发挥调节效应。结果发现：焦点企业知识存量与分裂断层之间存在显著负相关关系;知识转移效率能够部分中介焦点企业知识存量与分裂断层之间的关系;情景嵌入性能够正向调节焦点企业知识存量与知识转移效率之间的关系。     

State ownership and firm performance: Empirical evidence from Chinese listed companies

While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-year observations of non-financial Chinese listed firms during 2003–2010 to examine the relationship between state ownership and firm performance. The results show that state ownership has a U-shaped relationship with firm performance. The Split Share Structure Reform in 2005–2006 played a positive role in enhancing the relationship between state ownership and firm profitability ratios. Although state ownership decreased significantly after 2006, it remains high in strategically important industry sectors such as the oil, natural gas and mining sector and the publishing, broadcasting and media sector. The findings reveal that a higher level of state ownership is superior to a dispersed ownership structure due to the benefits of government support and political connections. The Split Share Structure Reform made previously non-tradable shares legally tradable, improving corporate governance and reducing the negative effect of non-tradable state shares.     

The Impact of Rating Agency Reputation on Local Government Bond Yields

This study examines a sample of 12,562 dual-rated local government bond issues including 6,104 split-rated issues to determine which rating agency has the greatest impact on yields. Using a database of municipal bond issues from 1986 to 2002, we show that Moody’s rated significantly more issues than S&P, and that Moody’s ratings were more conservative. However, from 1993 to 1997, there was a reduction in ratings disagreements and in Moody’s market share. Beginning in 1995, Moody’s received negative publicity related to a Department of Justice anti-trust investigation. Moody’s appears to have responded by sharply increasing their relative conservatism in 1997. From 1986 to 1994, Moody’s ratings had a greater impact on bond yields than S&P ratings, but their dominant influence on yields disappears in the recent sample period from 1995 to 2002.

Invisible commuters: assessing a university’s eco-friendly transportation policies and commuting behaviours

To assess the efficacy of a private university’s environmentally friendly transportation policies, we administered a transportation and energy-use phone survey to a random sample of faculty, non-professional staff, and off-campus students. Statistical findings confirm that our sample population exhibits the Environmental Attitudes & Behaviours (A-B) and Behaviours & Behaviours (B-B) Splits observed in past studies. Those most likely to report environmentally friendly attitudes/behaviours are also the most likely to commute longer distances and in larger cars. Moreover, the least-compensated university sub-population, non-professional staff (i.e., office support, grounds keepers), is significantly more likely to contribute to a dramatically larger per-capita percentage of the university’s carbon footprint from commuting. University pro-environment transportation alternatives at the time of this study did not consider directly this commuter sub-group’s structural disadvantages. This incongruence in goals and execution reflects an institutional variant of the A-B Split explained by the New Institutionalism perspective.     

基于CMX264的蜂窝电话语音保密系统设计与实现

在介绍分割频带语音加密芯片CMX264的基础上，提出了一种基于该芯片的动态语音加密系统的实际应用方案。系统采用微处理器对CMX264的密钥选择和工作状态进行控制及显示，通过CMX264集成的REXO接口与蜂窝移动电话相连接，实现了对蜂窝移动电话的语音加密。     

It’s time to close the experimentation gap in advertising: Confronting myths surrounding ad testing

Marketers know that running experiments is a proven way to improve results and gain competitive advantage against rivals. Despite this knowledge—and the fact that experiments are now easier to conduct than ever before—data shows that marketers consistently under-experiment. In this article, we examine why this gap exists and what can be done to close it. We do so by connecting with senior-level marketing professionals representing seven consumer-facing industries in two phases. First, through a series of interviews, we gain initial understanding of the concerns, challenges, and realities of those working in the industry. Following this phase, we surveyed a larger group to corroborate and extend our initial findings, comparing cases to identify challenges and the strategies used to overcome them. We present our findings as a series of experimentation myths before closing with a broader perspective on how organizations can infuse experimentation into their culture.     

股权分置改革中的逆向选择问题研究

本文通过建立均衡对价模型,并构造ASI指数测算出股改中逆向选择的程度,研究了非流通股比例、股改前非流通股和流通股价值的相对差异、公司业绩、股改时段四个因素与逆向选择程度之间的关系。从股权集中和流通性折价切入,解释了前两个因素与逆向选择程度间的关系。通过行为金融学的理论,分析了非流通股股东如何利用流通股股东的非理性心理,解释了公司业绩良莠、股改阶段差异与逆向选择程度变化之间的关系。     

This land is your land,maybe: A historical institutionalist analysis for contextualizing split estate conflicts in U.S. unconventional oil and gas development

In the 21st century, the U.S. has experienced a boom in unconventional oil and gas development (UOGD). In part due to advances in technology, this rapid increase in UOGD has moved extraction practices into geographic areas that have previously seen little or no oil and gas development. As a result, conflicts over property rights have erupted—particularly in relation to split estate situations. To understand this controversy, we must situate it in the conditions which have shaped land use and mineral rights. We argue that past federal and state level governance decisions have created the conditions for UOGD conflicts today. Here, we utilize historical institutionalism (HI) to review the historical actors, processes, and institutions that have shaped how mineral rights have developed in the context of split estates in the U.S. We suggest that tracing this legislative and judicial history through HI is an essential foundation for exploring issues related to UOGD. Most importantly, we highlight these processes of governance as a bedrock for understanding spatial inequality inherent in current split estate law that grants the mineral estate dominance over the surface estate. We suggest that this codification of spatial inequality is problematic both in and beyond the context of split estates in UOGD.     

A multi-start heuristic approach for the split-delivery vehicle routing problem with minimum delivery amounts

We propose a new multi-start solution approach for the split-delivery vehicle routing problem with minimum delivery amounts (SDVRP-MDA). Initial solutions are generated by both node-insertion and route-addition procedures with a single parameter to control the restart. These solutions are then improved by a variable neighborhood descent metaheuristic with a novel search operator inspired by node-ejection chains. We test the proposed approach with 32 benchmark instances for four different minimum delivery fractions. Using the proposed algorithm, out of 128 cases tested, we find 81 best known solutions and 34 new best solutions; overall, we find 43 new best solutions.