Using China Health and Nutrition Survey(CHNS) data between 1989 and 2011, this paper measures the returns to education in China based on the Mincer earnings function and reaches the following findings through an analy...Using China Health and Nutrition Survey(CHNS) data between 1989 and 2011, this paper measures the returns to education in China based on the Mincer earnings function and reaches the following findings through an analysis of the tendency of continuous variations over a long timeframe: returns to education are on the rise within the range of samples both under relative and absolute scenarios; returns to different levels of education are characterized by increasing marginal return; no significant difference exists between the returns to junior middle school and the returns to primary school education. Further discussions consider that the requirements of job positions for the overall competence of personnel, differentiated decline of corporate demand for recruitment, lack of an evaluation system in the labor market, information asymmetry in the job market, the development strategy adopted in a particular stage of history and the current slow progress of economic transition have jointly led to the underemployment of college graduates and the great enthusiasm of parents investing in higher education for their children. Conclusions of this paper not only have important practical relevance to the ongoing implementation of China's innovation-driven development strategy, but offer inspirations for the new round of educational reform as well.展开更多
We examine whether management earnings forecasts(MEFs)help reduce the stock return seasonality associated with earnings seasonality around earnings announcements(EAs)in Chinese A-share markets.We find that firms in hi...We examine whether management earnings forecasts(MEFs)help reduce the stock return seasonality associated with earnings seasonality around earnings announcements(EAs)in Chinese A-share markets.We find that firms in historically low earnings seasons outperform firms in high earnings seasons by 2.1%around MEFs.Firms in low earnings seasons also have higher trading volume and return volatility than their counterparts around EAs and MEFs.MEFs significantly reduce the ability of historical seasonal earnings rankings to negatively predict announcement returns,volume and volatility around EAs.The reduction effects are stronger when MEFs are voluntary or made closer to EAs.The evidence suggests that MEFs facilitate the correction of investors’tendency to extrapolate earnings seasonality and its resulted stock mispricing.展开更多
A model to explain the dynamic characters of earnings management was developed based on the interactionamong several firms’ disclosure policies. Under the condition of incomplete information, each firm’s earnings ma...A model to explain the dynamic characters of earnings management was developed based on the interactionamong several firms’ disclosure policies. Under the condition of incomplete information, each firm’s earnings man-agement will be influenced by the earnings disclosure policies of other firms. It can lead to "herd behavior" of earningsmanagement. This paper studies the relationship between earnings manipulation and rights issue policy based on thedistribution of earnings after management. The results indicate that Chinese listed companies trend towards controllingROE in the narrow ranges just above 6% and 10% .Therefore, "herd behavior" exists in the earnings management.展开更多
The purpose of this paper is to feed the debate regarding investor’s reaction to relevant financial information releases as yearly earnings announcements(EAs)with a specific focus on financial distressed firms.Using ...The purpose of this paper is to feed the debate regarding investor’s reaction to relevant financial information releases as yearly earnings announcements(EAs)with a specific focus on financial distressed firms.Using the event study methodology and adopting two well-known tests in the literature,we analyzed Italian listed companies in the period of 2008-2016,to detect whether there is a market reaction to EAs releases for firms in financial distress,adopting as a measure of financial distress the presence in the audit report of a going concern opinion(GCO).In the Italian legislation,the GCO must be communicated immediately to the market and this can be done before,simultaneously or after EAs.The achieved results shed light on the negative impact of EAs of distressed firms receiving a GCO.On the other hand,the possibility that negative abnormal returns are mainly due to the GCO release cannot be neglected.Hence,through additional tests,we found that effects of EAs are more persistent and significant than GCOs,in accordance with the prevailing literature,which sees,on average,EAs predominant information for investors.Our study is pioneering in disentangling possible effects of confounding events for the Italian stock market.The EAs superior effect confirms the dynamics characterizing weak and small equity markets as Italy where,before GCOs releases,some relevant and more precise information(such as earnings magnitude)is often held by shareholders because of the high percentage of family firms and/or concentrated ownership,demonstrating also the weakness of auditor profession if compared with other developed countries.展开更多
Much effort has been dedicated to the topic of earnings usefulness to investment decisions. The low explanatory power of earnings number on the stock returns urges researchers to further investigate the theoretical an...Much effort has been dedicated to the topic of earnings usefulness to investment decisions. The low explanatory power of earnings number on the stock returns urges researchers to further investigate the theoretical and technical aspects of the model. This paper treats the econometrical issues of the topic. We try to allow heteroscedasticity in the model. In addition, panel data method is used to estimate the model. The outcome is convincing and meaningful, suggesting the adoption of panel data method with heteroscedasticity greatly improves the fitness of the model.展开更多
[Objective]Returning farmland to forest and mountain enclosure for grazing prohibition ecological effect and economy rationality were explored.[Methods]A case study of returning farmland to forest and barren hills gra...[Objective]Returning farmland to forest and mountain enclosure for grazing prohibition ecological effect and economy rationality were explored.[Methods]A case study of returning farmland to forest and barren hills grazing prohibition in Yongxing Township of Jingyuan County was used to discuss and estimate the relative ecological function and relative ecological value.[Results]1）The ecological value of the forest of returning farmland was far more than the sum of the ecological value of farm crops and the agricultural output,and also more than the national subsidy standard.So the state policy of returning farmland to forests is not only favorable to local eco-environment restoration,but also reasonable in economic development.2）The ecological value of mountain enclosure for grazing prohibition was less than the opportunity cost of prohibiting grazing,also less than the national subsidy standard.The sum of the relative ecological value of prohibiting grazing and the state subsidies was more than the opportunity cost of prohibiting grazing.However,the ecological value of new vegetation through returning farmland to forest project was greater than the China＇s average ecological value of grassland.[Conclusion]The relative ecological value can be used to solve the problems in the equivalent conversion among various ecological indexes and between ecological indexes and economic indexes.展开更多
Objectives: Aging workforces with increasing numbers of chronic conditions require health initiatives with greater workplace focus. A regional pension insurance introduced a Return To Work (RTW) strategy for insurants...Objectives: Aging workforces with increasing numbers of chronic conditions require health initiatives with greater workplace focus. A regional pension insurance introduced a Return To Work (RTW) strategy for insurants with chronic conditions. The objective was to identify the degree of implementation of work related measures in medical rehabilitation and the extent of RTW outcomes. Methods: 5883 insurants were considered. Severe Restriction of Work Ability (SRWA), Work-related Medical Rehabilitation (WMR), and Case Management (CM) were examined for 2008 and 2012. An Index of Employment status (IoE) was used in a logistic regression. Results: Utilization of WMR raised from 12.3% in 2008 to 66.1% in 2012. The proportion of insurants with SRWA and WMR grew from 8% up to 40.1%. In 2008, 14.7% of insurants with SRWA received WMR;in 2012, it grew to 76.6%. On the other hand, in 2012 26% got WMR without SRWA and 12.2% had SRWA and got no WMR. CM was not conducted in 2008 but reached 20.2% in 2012. Across all indications, WMR resulted in positive RTW as measured by IoE: OR = 0.75 (KI-95%: 0.67 - 0.86). Conclusion: WMR was successfully implemented according to the German guideline. There is a need to optimize the linkage between SRWA and WMR and CM to provide need-based care.展开更多
文摘Using China Health and Nutrition Survey(CHNS) data between 1989 and 2011, this paper measures the returns to education in China based on the Mincer earnings function and reaches the following findings through an analysis of the tendency of continuous variations over a long timeframe: returns to education are on the rise within the range of samples both under relative and absolute scenarios; returns to different levels of education are characterized by increasing marginal return; no significant difference exists between the returns to junior middle school and the returns to primary school education. Further discussions consider that the requirements of job positions for the overall competence of personnel, differentiated decline of corporate demand for recruitment, lack of an evaluation system in the labor market, information asymmetry in the job market, the development strategy adopted in a particular stage of history and the current slow progress of economic transition have jointly led to the underemployment of college graduates and the great enthusiasm of parents investing in higher education for their children. Conclusions of this paper not only have important practical relevance to the ongoing implementation of China's innovation-driven development strategy, but offer inspirations for the new round of educational reform as well.
基金the financial support of the National Natural Science Foundation of China(NSFC)(Grant#91746109,#71773100 and#72073109)
文摘We examine whether management earnings forecasts(MEFs)help reduce the stock return seasonality associated with earnings seasonality around earnings announcements(EAs)in Chinese A-share markets.We find that firms in historically low earnings seasons outperform firms in high earnings seasons by 2.1%around MEFs.Firms in low earnings seasons also have higher trading volume and return volatility than their counterparts around EAs and MEFs.MEFs significantly reduce the ability of historical seasonal earnings rankings to negatively predict announcement returns,volume and volatility around EAs.The reduction effects are stronger when MEFs are voluntary or made closer to EAs.The evidence suggests that MEFs facilitate the correction of investors’tendency to extrapolate earnings seasonality and its resulted stock mispricing.
文摘A model to explain the dynamic characters of earnings management was developed based on the interactionamong several firms’ disclosure policies. Under the condition of incomplete information, each firm’s earnings man-agement will be influenced by the earnings disclosure policies of other firms. It can lead to "herd behavior" of earningsmanagement. This paper studies the relationship between earnings manipulation and rights issue policy based on thedistribution of earnings after management. The results indicate that Chinese listed companies trend towards controllingROE in the narrow ranges just above 6% and 10% .Therefore, "herd behavior" exists in the earnings management.
文摘The purpose of this paper is to feed the debate regarding investor’s reaction to relevant financial information releases as yearly earnings announcements(EAs)with a specific focus on financial distressed firms.Using the event study methodology and adopting two well-known tests in the literature,we analyzed Italian listed companies in the period of 2008-2016,to detect whether there is a market reaction to EAs releases for firms in financial distress,adopting as a measure of financial distress the presence in the audit report of a going concern opinion(GCO).In the Italian legislation,the GCO must be communicated immediately to the market and this can be done before,simultaneously or after EAs.The achieved results shed light on the negative impact of EAs of distressed firms receiving a GCO.On the other hand,the possibility that negative abnormal returns are mainly due to the GCO release cannot be neglected.Hence,through additional tests,we found that effects of EAs are more persistent and significant than GCOs,in accordance with the prevailing literature,which sees,on average,EAs predominant information for investors.Our study is pioneering in disentangling possible effects of confounding events for the Italian stock market.The EAs superior effect confirms the dynamics characterizing weak and small equity markets as Italy where,before GCOs releases,some relevant and more precise information(such as earnings magnitude)is often held by shareholders because of the high percentage of family firms and/or concentrated ownership,demonstrating also the weakness of auditor profession if compared with other developed countries.
文摘Much effort has been dedicated to the topic of earnings usefulness to investment decisions. The low explanatory power of earnings number on the stock returns urges researchers to further investigate the theoretical and technical aspects of the model. This paper treats the econometrical issues of the topic. We try to allow heteroscedasticity in the model. In addition, panel data method is used to estimate the model. The outcome is convincing and meaningful, suggesting the adoption of panel data method with heteroscedasticity greatly improves the fitness of the model.
基金State 973 upfront-"the formation of oasis in hexi corridor in gansu province edge product sand strip and its ecological effect"(2011CB411912)GEF/OP12-return of the land management and policy support
文摘[Objective]Returning farmland to forest and mountain enclosure for grazing prohibition ecological effect and economy rationality were explored.[Methods]A case study of returning farmland to forest and barren hills grazing prohibition in Yongxing Township of Jingyuan County was used to discuss and estimate the relative ecological function and relative ecological value.[Results]1）The ecological value of the forest of returning farmland was far more than the sum of the ecological value of farm crops and the agricultural output,and also more than the national subsidy standard.So the state policy of returning farmland to forests is not only favorable to local eco-environment restoration,but also reasonable in economic development.2）The ecological value of mountain enclosure for grazing prohibition was less than the opportunity cost of prohibiting grazing,also less than the national subsidy standard.The sum of the relative ecological value of prohibiting grazing and the state subsidies was more than the opportunity cost of prohibiting grazing.However,the ecological value of new vegetation through returning farmland to forest project was greater than the China＇s average ecological value of grassland.[Conclusion]The relative ecological value can be used to solve the problems in the equivalent conversion among various ecological indexes and between ecological indexes and economic indexes.
文摘Objectives: Aging workforces with increasing numbers of chronic conditions require health initiatives with greater workplace focus. A regional pension insurance introduced a Return To Work (RTW) strategy for insurants with chronic conditions. The objective was to identify the degree of implementation of work related measures in medical rehabilitation and the extent of RTW outcomes. Methods: 5883 insurants were considered. Severe Restriction of Work Ability (SRWA), Work-related Medical Rehabilitation (WMR), and Case Management (CM) were examined for 2008 and 2012. An Index of Employment status (IoE) was used in a logistic regression. Results: Utilization of WMR raised from 12.3% in 2008 to 66.1% in 2012. The proportion of insurants with SRWA and WMR grew from 8% up to 40.1%. In 2008, 14.7% of insurants with SRWA received WMR;in 2012, it grew to 76.6%. On the other hand, in 2012 26% got WMR without SRWA and 12.2% had SRWA and got no WMR. CM was not conducted in 2008 but reached 20.2% in 2012. Across all indications, WMR resulted in positive RTW as measured by IoE: OR = 0.75 (KI-95%: 0.67 - 0.86). Conclusion: WMR was successfully implemented according to the German guideline. There is a need to optimize the linkage between SRWA and WMR and CM to provide need-based care.
