Effect of practice versus information on the visual illusion

Objective The Müller-Lycr illusion is a visual illusion in which a horizontal shaft with an inward-pointing chevron （fins-out） affixed to each end is perceived longer than a shaft with outward-pointing chevrons （fins-in）. The goal of this study was to compare the effects of experience and knowledge about the Müller-Lyer illusion on participants＇ perceptual precision. Method Participants were undergraduate students （n = 108） who were not familiar with the Müller-Lyer illusion prior to the experiment. The task of participants was to adjust one movable line to make it equal to the other in Müller-Lyer figure. They received ascending and descending Müller-Lyer trials in three blocks with 20 trials each. The Experimental Group received information about the Müller-Lyer illusion prior to the third block. Results For the Experimental Group, the amount of departure in Block 3 was reduced significantly compared with previous blocks. Conclusion Knowledge about the mechanisms underlying visual illusions may play an important role in helping individuals overcome them.

通货膨胀预期与企业并购重组:协同效应还是市值管理

并购重组是企业发展和国民经济结构调整的助推器,在全球通货膨胀(以下简称通胀)抬升的背景下,中国企业的并购重组受通胀的影响值得关注。基于中国2007—2021年通胀预期变化与A股非金融公司并购重组行为开展实证研究,结果表明:第一,通胀预期上升时,企业股权价值因为投资者受通胀幻觉的影响被低估,促使企业发起并购交易以修复估值;第二,通胀预期抬升时,企业发起的并购交易主要是非产业并购,在并购交易发起频数增多的同时,并购达成的概率却降低,并购交易后,市场绩效有所提升,但经营绩效下跌,且更可能在三年内计提商誉减值,这意味着企业主要出于市值管理而非追求协同效应发起并购交易;第三,对于沪港通企业和融券余额更高的企业,管理层机会主义得到遏制,投资者通胀幻觉得以改善,企业出于市值管理动机发起并购交易的倾向减弱。因此,推动企业并购重组助力经济高质量发展,需优化预期管理,减少信息不对称,有序推进资本市场开放,完善卖空机制,通过监管引导并购重组瞄准产业升级的方向。