Stock liquidity and stock prices crash-risk: Evidence from India

In this paper, we examine the role of stock liquidity as a governance mechanism to discipline managers for withholding bad news (stock price crash-risk). This topic is useful to emerging markets because the dominance of controlling owners limits the monitoring of internal governance. Stock liquidity can be altered by the financial market regulations, thereby improving firm-level governance. In empirical analysis, we show that stock liquidity decreases stock price crash-risk. We identify two possible mechanisms through which stock liquidity reduces stock price crash-risk: the threat of intervention and price informativeness.     

股东行为对股票价格的影响-基于博弈论的视角

随着证券市场全流通逐步成为现实，产业资本非控制股权投资将在其中发挥着越发重要的作用。本文基于博弈论的框架，运用计量方法提出了“股东博弈模型”，并结合实例进行了案例分析，在这一过程中，本文创造性地提出了“威胁系数”这一博弈指标，来衡量博弈各方决策行为，为理解资本市场中各种现象如何决定股票价格提供了新的思路。     

The Psychological Influences of Threat on B2C E-commerce Adoption: An Extended Study and Explanatory Framework

In order to better understand how internet users actually decide to conduct business transactions or related activities in a B2C e-commerce environment, this article adds a new lens of study by investigating the roles of Threat Appraisal (TA) and Perceived Coping Appraisal (PCA) from the end user's perspective. Based on established academic theories and relevant industrial practices, it is suggested that TA and PCA are critical behavioral components influencing the user's intentions to participate in online transactions. These functions serve as important inputs to formalizing our understanding of how services offered by e-commerce websites are utilized.     

Antecedents and outcomes of restaurant employees’ food safety intervention behaviors

Restaurants are likely culprits of having foodborne illness outbreaks, causes of which are often linked to employees failing to control food threats during the flow of food. Research indicates that many food risks posed by restaurants could be thwarted if employees would intervene as threats are noticed. For unknown reasons, employees are not always motivated to reduced or eliminate threats when observing poor food safety behaviors, regardless of position, education, or experience in the industry.This study applies the elaboration likelihood model of persuasion (ELM) and protection motivation (PMT) theories to investigate employee reactions to food safety threats. Of keen interest was to identify employees of differing positions in the restaurant and to study how they react to food safety threats to either intervene, passively dismiss, or simply leave the location of the incident.     

Preference for robot service or human service in hotels? Impacts of the COVID-19 pandemic

Robots and artificial intelligence (AI) technologies are becoming more prominent in the tourism industry. Nowadays, consumers are faced with multiple options involving both human and robot interactions. A series of experimental studies were implemented. Four experiments demonstrated that consumers had a more positive attitude toward robot-staffed (vs. human-staffed) hotels when COVID-19 was salient. The results were different from previous studies, which were conducted before the COVID-19 pandemic. Since the moderating role of perceived threat in consumers’ preference for robot-staffed hotels was significant, the respondents’ preference was attributed to the global health crisis. This research provides a number of theoretical and managerial implications by improving the understanding of technology acceptance during a health crisis.     

开放经济下我国国际工程承包业的SWOT分析与战略选择

开放经济下,我国国际工程承包业发展迅速,本文在研究我国国际工程承包发展现状的基础上,对国际工程承包业的优势、劣势、机遇以及威胁进行了分析,在此基础上提出了推进我国国际工程承包业发展的对策建议。     

不完全信息、反倾销威胁与最优出口贸易政策

通过扩展Brander和Spencer(1985)的基本模型,本文首先证明了,在反倾销威胁下,基于完全信息假设的最优出口贸易政策要求出口国政府给予低成本企业更高的出口补贴或更低的出口征税,在无效激励机制下必然导致出口企业隐匿自己的真实成本类型,基于完全信息假设的最优出口贸易政策失效。在此基础上,本文进一步论证了不完全信息和反倾销威胁下激励相容的最优出口贸易政策,该政策要求出口国政府依据进口国国内要求保护压力的大小,采用不同的出口征税和一次性转移支付政策组合,激励出口企业如实报告成本类型,并使国家整体福利最大化。     

国有控股上市公司负债破产威胁功效初探

以国家股和国有法人控股在50%以上的上市公司为研究对象,根据破产威胁模型和相机治理原理,运用健康指数对国有控股上市公司负债的破产威胁功效进行分析、验证,得出了目前在我国的国有控股上市公司中,负债无法发挥破产威胁功效的结论.     

Relevance research of threat/ error and undesired states in air traffic management based on Bayesian Network Model

We have realized that the quantitative analysis of safety data is an advanced technology of unsafely events research. Based on the analysis and statistical research on Air Traffic Control irregular events of 2011 using The Threat and Error Management (TEM) model, we have established the Bayesian network model to perform a precise quantitative analysis on the relevance between the threat, error and undesired states in Air Traffic Control operation. This analysis, based on the prior probability, obtained the relevance of the three kinds of safety information above through studying the respective posterior probabilities of threats or errors under undesired states. The result showed that the relevance of controller communication error and undesired states was 75%, and the relevance of Air Traffic Control threats as well as communication error with undesired states in Air Traffic Control was 13.3% and 25%, respectively. Therefore, this research method is of great significance for improving the mechanism of the Air Traffic Control operation risk management.     

Whether to attack a terrorist's resource stock today or tomorrow

A terrorist defends an asset which grows from the first to the second period and is attacked. With large asset growth, the terrorist's first period outcome is low caused by a large attack. With no expenditure constraint, the terrorist's total outcome is positive. With equal attack and defense inefficiencies, when the terrorist as defender requires his first period outcome to be positive, the attacker eliminates the asset in the first period when asset growth multiplied with the square roots of the terrorist's and attacker's discount parameters exceed . This gives maximum conflict in the first period. Growth and the two discount parameters are strategic complements. The range for the attack inefficiency divided by defense inefficiency, which causes negative first period outcome for the terrorist, increases with asset growth. The attacker refrains from asset elimination in the first period due to strength (weakness) if the ratio is below (above) the range.