The Impact of Short Selling Disclosure Regulatory Constraint on the Lending Market and Stock Ownership

We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.

ITMA ASIA+CITME show owners extend cooperation to launch combined exhibition in Singapore

8 June 2023,Milan–The show owners of ITMA ASIA+CITME have extended their collaboration to organise the combined textile machinery exhibition in a second Asian location.The combined exhibition has been held biennially in Shanghai since 2008.

Spatial Equity Evaluation of Rural Eldercare Service Resources Based on Accessibility: A Case Study of Huanxian County of Gansu Province, China

Safeguarding the elderly population in the countryside is an inherent requirement for alleviating social conflicts in rural areas and effectively carrying out China’s Rural Revitalization.The existing spatial mismatch between rural elderly service facilities and pop-ulation distribution in China aggravates the imbalance of facility resource space,how to improve the accuracy of demand and supply results and better measuring the spatial fairness of elderly service is significant to realize the optimal allocation of rural elderly service.Based on the above,this study pays attention to the refined needs of the elderly population,and focuses on the spatial equity of the rural elderly facilities,to make up for the short boards of the basic public services in the countryside and realize the all-round rural revitalization.This study takes Huanxian County in the hilly loess area of Longdong,China as an example and explores the spatial equity of rural elderly services by using the Urban Spatial Network Analysis(UNA)to measure the accessible quantity and supply capacity of elderly services.The results found that there were 553 rural eldercare service facilities in Huanxian County,including 285 eldercare facilities and 268 medical and health facilities,and the spatial distribution is characterized by a southward shift in the east and uneven regional distribution.Overall,the supply capacity of rural pension services was generally good,with the township center as the gathering point and spreading out in a faceted manner,with nearby townships forming a contiguous area;however,there were strong contrasts and obvious differences in the strength of supply capacity.However,the spatial equity of rural eldercare service was poor.In 42.05%of the eld-erly population grid cells,eldercare service spatial equity was extremely low.The spatial distribution also presented a northern preference over the southern,a western preference over the eastern,and a concentration along the highway.The study explored the realization of spatial equity in the optimal allocation of rural elderly services based on paying attention to the refined needs of the rural elderly pop-ulation,a vulnerable group,to provide a reference for solving the shortcomings of basic public services in rural areas.The fair allocation of rural elderly services demands that the spatial optimization of facility layout be organically coordinated with policy,management,and post-maintenance,and all elements in the rural territorial system be fully mobilized to achieve the basic guarantee of China’s rural elderly problems.

Research on the Influence of Equity Structure on Corporate Performance

Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.

Research on the Impact of Equity Pledge on Company Value

This article aims to provide a literature review on the impact of equity pledges on corporate value,and to explore in depth the application of equity pledges as a financial tool in corporate governance and capital operation,as well as its multidimensional impact on corporate value.By reviewing and analyzing relevant literature both domestically and internationally,this article first defines the basic concept of equity pledges and then elaborates on the impact mechanism of equity pledges on company value from both positive and negative perspectives.In terms of positive impact,this article explores how equity pledges can promote corporate financing,optimize capital structure,and enhance the control of major shareholders over the company.In terms of negative impacts,the possible control risk,market risk,and potential damage to the interests of small and medium-sized shareholders brought about by equity pledges were analyzed.Furthermore,this article also discusses the differences in the impact of equity pledges on company value in different scenarios and proposes corresponding policy recommendations and research prospects.

Research on the Mechanism and Strategy of Equity Investment Driving the Transformation of New Material Innovation Achievements

Under the wave of global technological revolution,the new materials industry is facing difficulties in innovation and transformation.Equity investment has become a key driving force due to its flexible mechanism,risk sharing,and deep participation.Based on introducing the current development status of China’s new materials industry,this article reveals the mechanism of equity investment in financial support,risk management,incentive constraints,and resource integration.The article proposes optimization strategies,such as building an information-sharing mechanism and a diversified investment fund system,to promote the high-quality development of the new materials industry driven by innovation and provide strategic guidance for policymakers,investors,and enterprises.

South Carolina forestland owners’ willingness to accept compensations for carbon sequestration

Background: Carbon sequestration through recommended forest management practices is an ecosystem service that helps mitigate climate change and its impacts while generating carbon credits for forestland owners to sell in cap-and-trade programs. The California’s cap-and-trade program (California’s carbon market hereafter) allows forestland owners from any part of the contiguous United States to supply carbon credits to compliance entities. In this study, we estimate South Carolina (SC) private forestland owners’willingness to accept compensations to participate in the California’s carbon market using a contingent valuation method. Results: We estimate forestland owners’mean willingness to accept as$67 per acre per year. Our results reveal higher probability of participation of forestland owners with interests in preserving forest ecosystems than those who do not. Additionally, forestland owners who trust in information about climate change from scientists or government are willing to participate more than those who do not. Conclusions: Various factors hinder landowners’ability to participate in carbon markets. Forestland owners in SC consider legislative uncertainty and long-time commitment as the main barriers to participation in California’s carbon market. From this research, average forestland tenure in SC is 27 years, which is far less than the 100-year time commitment of the California’s carbon market. Of those who agreed to participate, choosing between adopting and not adopting any of the three main forest management practices in the California’s carbon market:28% are likely to adopt improved forest management (IFM) practices, 24% are likely to adopt reforestation due to understocked forestlands, and 14% are likely to adopt avoided conversion. In another development, the concept of aggregation has dominated discussions in the California’s carbon market of late. It is an advocacy to include small-scale forestlands in the California’s carbon market. To aggregate, different forestland owners will combine their forestlands to participate. We find that 79% of SC forestland owners are willing to aggregate to participate. However, this research is unable to determine how much total forestland is available in SC for carbon market. We recommend future research in the State on forestland owners’participation in carbon market should consider evaluating forestland availability.

Family Forest Owners’ Motivation to Control Understory Vegetation: Implications for Consulting Forestry

Forest vegetation management has evolved as a recognized component of intensive forest management practice. It involves the management of competing vegetation necessary to obtain the high yields expected in modern forest plantations via control of interfering plants that influence regeneration outcome, impact timber stand development, and limit native plant and wildlife diversity. It includes cultural control, fire control, mechanical control, biological control, and chemical control. The public perception of forest vegetation management, especially chemical control, is sometimes negative due to health and environmental concerns. It is an important tool in the forest management alternatives available to consulting foresters managing family forest lands (the vast majority of private forest land in the United States). We report on a study that addresses the motivations of family forest owners that implement forest vegetation management practices and the motivation of those who chose not to implement after forester recommendations to do so. For those who do implement forest vegetation management, improvement of wildlife habitat and increased timber growth was the main motivation. For those who did not, cost was the main concern. Size of forest holding plays a major role in determining who will practice intensive forestry.

Serologic Detection of <i>Toxoplasma gondii</i>in Cat Owners Residing at Dhaka Metropolitan Area of Bangladesh

Toxoplasma gondii is a zoonotic protozoan that can infect any warm-blooded mammal. T. gondii infects about one-third of the human population on the planet. Infection with the parasite in human causes toxoplasmosis that may pose a high risk in immunocompromised individuals under certain clinical conditions. Cats are the ultimate hosts of T. gondii where oocysts are formed through mating of male and female gametes. Infected cats can expel T. gondii oocysts in their feces, and thereby capable of pass on a disease to humans and other animals through consumption of foods, vegetables and water that are polluted with cat feces. The study was conducted to detect the presence of anti-T. gondii IgM and IgG antibodies in the blood of individuals with or without cat contact to determine if there is any relationship between cat contacts and T. gondii infection in humans. To address this, we enrolled subjects who contacted with the cat as target group and individuals with no cat contact as control group. Following register of different demographic data (including age, sex, education, foods habit, income status, etc.), whole blood from each enrolled subject of both the target group and control group was collected for serum preparation. T. gondii infected subjects were detected by Toxo Rapid test kit through identifying anti-T. gondii IgM and IgG antibodies in their serum. We found that only three out of twenty subjects who were in contact with cat showed positive IgG response while IgM antibody response was absent for all subjects. When compared with the data from control group, we did not find any significant association (p = 0.33) of cat contact with the transmission of T. gondii into human. However, with this small number of study subjects, we cannot conclusively say that there is no impact of cat contact on the transmission of T. gondii into human. Whether any association exists or not can be ascertained with a large number of subjects from different areas of Bangladesh in a future study in the population.

BIM-Enabled Estimating through Technology Ontology for Owners and Contractors

There are progressive architects, engineers, contractors and owners that adopt some of the newest technologies for financial benefits. The moving force to integrate BIM （building information modeling） tools may come from owners demanding a BIM deliverable to approve the work on these projects. Ifa contractor can produce this deliverable, then obtaining the project could be done in a more convincing way. Contractors are confronted with problems in selecting proper construction methods and applying their knowledge about specific and well-defined technologies to a project. Their decision-making process and better project outcomes can be improved through a database-oriented library of construction methods and therefore, a consistent methodology to classify construction methods is needed. This goal can be achieved by introducing rigorous construction method descriptors. The technology solution and the trending need of owners to pay software companies to develop software that really works for them and contractors are empirically proved in this paper through a technology ontology and BIM-enabled estimating procedure. An exploratory case study is presented. This way, owners can efficiently demand deliverables that can be utilized by them downstream, allowing contractors and subcontracting trades to work efficiently and to assure the daily flow of operations.

Research on the Impact of Market Competition, Ownership Structure, and Corporate Social Responsibility

This article takes companies listed from 2014 to 2016 as research objects,relies on principal–agent theory,stakeholder theories,and reputation theories,and examines the ownership structure,market competition,and corporate social responsibility(CSR)using a multiple regression approach based on a hybrid ownership perspective.At the same time,the relationship between market competition and equity structure was studied.Research shows that product competition degree and CSR are in an inverted“U”relationship;ownership concentration is positively related to CSR;equity balance and CSR are negative.When related to market competition variables,the mixed-owned companies listed degree of ownership concentration are still positively related to CSR,and the linear relationship of negative balance of ownership balance becomes an inverted“U”-shaped curve relationship.The market competition has improved the restraint of CSR by the degree of ownership balance.

Private Forest Owners Play Key Role in European Forest Derived Fuel Utilization

The AFO （activating private forest owners to increase forest fuel supply） project was set up to discover the best tools for activating an important fraction of the 12 million PFOs （private forest owners） in Europe to supply wood fuel, especially to small and medium-sized heating plants. It aimed to increase the utilization of Europe＇s vast forest fuel reserves. This was expected to benefit both the economy of the forest owners and rural areas and increase the use of renewable energy sources. The project was carried out between 2009 and 2012. The project operated in selected target regions that have a high proportion of private forest ownership （France, Slovenia, Latvia and the UK）. It started by analyzing the potential wood fuel supply and use in relation to current regional markets. After assessing through inquiries the potential wood fuel supply and demand and the parties involved, the next step was to initiate and support the formation of wood fuel supply clusters and organize supply chains. This was followed by the dissemination of best practice examples from Austria and Finland--countries with the most expertise and long traditions of forest fuel production. In the last phase of the project, results and approved activation methods were disseminated to all 27 EU （European Union） countries.

Exploring the growth value equity valuation model with data visualization

The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.

Harnessing AI to Foster Equity in Education: Opportunities, Challenges, and Emerging Strategies

In contemporary educational landscapes, Artificial Intelligence (AI) has emerged as a pivotal tool to promote equity and inclusivity. One of the most significant contributions of AI is its ability to facilitate personalized learning. Through the analysis of a student’s learning patterns, strengths, and weaknesses, AI-driven platforms can customize educational content, ensuring that each student receives instruction tailored to their individual needs. This personalization ensures that all students, regardless of their starting point, have an equal opportunity to progress and excel. This paper explores the utilization of AI in facilitating an equitable educational environment by analyzing the opportunities, challenges, and strategies pertinent to AI implementation. Through a comprehensive review of the current literature and case studies, this paper identifies promising avenues for leveraging AI to bridge educational gaps while also highlighting potential pitfalls and barriers to equity. This paper proposes actionable strategies and recommendations for stakeholders to cultivate an educational ecosystem that champions equity through the prudent integration of AI technology.

A-Kano模型下全过程工程咨询业主需求实证研究

我国全过程工程咨询实践正处于多种模式并存、咨询内容差异较大的探索性阶段。以业主需求为导向,合理确定咨询服务内容,提升全过程工程咨询企业服务能力,是推进全过程工程咨询健康发展的关键。通过梳理相关文献,识别出12种全过程工程咨询业主需求,进而借助A-Kano模型开展正、负向满意度与重要度问卷调查,并计算出各类需求的优先级。实证分析结果表明:工程监理和造价咨询属于基本型需求;项目管理、设计及勘察属于期望型需求;招标代理、前期策划和BIM咨询为兴奋型需求;后期运营、建筑节能与绿色建筑咨询、工程检测服务以及工程保险咨询为无差异需求。基于上述结果为工程咨询企业提出转型建议,使其更好地满足业主集成化、个性化的咨询需求。

激励差异、行权约束与企业创新——来自医药上市公司股权激励的证据

医药企业创新活动具有研发经费投入高、风险高、回报率高、周期长的特点,医药企业如何开展创新激励成为提高其创新绩效的关键问题。使用2009—2022年医药类上市公司的数据探究股权激励对企业创新的影响,采用倾向得分匹配法和双重差分模型(PSM-DID)进行检验,并从激励契约条款的微观视角,就股权激励差异、行权有效期、行权业绩考核条件等激励契约条款的设计差异对企业创新的影响进行了系统分析。研究表明,股权激励可以显著提升企业创新水平,适当扩大股权激励差异有利于调动企业成员的竞争积极性,增强对企业创新的促进作用。在激励契约条款中,行权有效期设置越长,越能够对管理层和核心员工形成持续性激励和约束,进而促进企业创新;行权业绩考核设置越严格,管理层盈余管理和规避风险的动机越强,进而抑制企业创新。

教育公平视野下普职分流的思考与启示

认同普职分流的观点主张普职分流有助于学生就业,有利于教育公平,有助于提升教育教学效率。反对普职分流的观点认为职业教育的专业对应的是社会底层的职业,依照才能选拔并不公平,不利于职教学生的发展。在目前的发展阶段,普职分流只是影响职业分层和教育公平的因素之一,它还受到社会、家庭、认知等诸多因素的影响。在推动现代教育体制高质量发展的背景下,需要通过实行普通教育与职业教育的错位发展,完善普职平等的教育制度,优化按劳分配的薪酬体系等措施,确保实现普职协调发展。

股权激励对国企创新投入的影响研究——基于混合所有制改革背景

选取2014—2019年沪深混改国企为研究样本,实证检验高管和核心技术及业务人员股权激励与企业创新投入的关系。结果表明:非国有股权制衡在影响高管股权激励促进创新投入的作用上表现为双重调节效应,在地方国企中更为明显。高管政治晋升激励对高管股权激励与创新投入关系的影响因国企层级而不同,在地方混改国企表现为正向调节效应,在混改央企表现为负向调节效应。研究结论为高管股权激励通过公司治理渠道影响企业创新提供了证据。

实现共同富裕的一个路径探索:人力资本的增长与平衡效应检验

共同富裕是我国新发展阶段的一个远景目标,“富裕”和“共享”是实现共同富裕的关键。构造一个反映人力资本与城乡居民收入差距关系的理论模型,并基于经验证据检验人力资本通过增长效应和平衡效应推动“富裕”和“共享”,进而促进共同富裕的作用。研究发现,人力资本提升既有利于“蛋糕”做大,又能有效促进“蛋糕”更好地分配,显著提升了城乡居民可支配收入水平,且对农村居民收入的提升力度大于城镇居民,成为缩小城乡居民收入差距的关键变量,推动了“富裕”和“共享”目标的实现;中介效应检验证实了人力资本通过促进农村高技能劳动力流向城镇,间接推动城乡居民收入增长和差距缩小,从而实现其增长与平衡效应;分样本回归结果显示,人力资本的平衡效应在低收入省份更加明显,而在高收入省份不显著。

职业教育强国建设的公平之维:理论意蕴与实践路向

职业教育强国是新时代职业教育改革与发展的目标与使命,职业教育公平是职业教育强国建设的本质内涵与内在逻辑,是职业教育强国的重要标志与理论监测点。公平视角下,职业教育强国建设蕴含“以职业教育强国家之公平”“以公平强国家之职业教育”以及“强国家职业教育之公平”的三重意蕴,以及职教体系、教育体系、中国社会、国际社会等四个维度的内部公平。建设新时代职业教育强国,要明确“一个不能少”的目标、保障“一种教育类型”的发展、提升“一技之长”的地位、把握“一种世界关系”的主动,切实增进职业教育在职教体系、教育体系、中国社会、国际社会的公平,为全面推进中华民族伟大复兴提供有力支撑。