This study aims to reflect the information coverage grey number and the interaction between attributes in grey relational decision making. Therefore, a multi-attribute decision method based on the grey information cov...This study aims to reflect the information coverage grey number and the interaction between attributes in grey relational decision making. Therefore, a multi-attribute decision method based on the grey information coverage interaction relational degree(GIRD) is proposed. Firstly, this paper defines the information coverage grey number, and establishes the GIRD model by using the Choquet fuzzy integral and grey relational principle. It proves that the proposed model not only is the general and unified form of the point relational degree, interval relational degree, mixed relational degree and grey fuzzy integral relational degree, but also can effectively deal with the interaction between attributes. Further,a decision making example of evaluating the industrial operation quality for 14 cities in Hunan province of China is provided to highlight the implementation, availability, and feasibility of the proposed decision model.展开更多
Due to information asymmetry and strategic innovation,firms often encounter challenges related to insufficient driving forces and low-quality innovation outcomes.Analysts always act as information intermediaries who h...Due to information asymmetry and strategic innovation,firms often encounter challenges related to insufficient driving forces and low-quality innovation outcomes.Analysts always act as information intermediaries who help foster the advancement of corporate innovation activities and the conversion of innovation output.This study examines the impact of analyst coverage and forecasting bias on corporate innovation,employing data from China A-shared listed firms spanning the period 2007 to 2019.We measure corporate innovation from two perspectives:Input and output.Specifically,we use the ratio of research and development(R&D)expenditure to sales as a proxy for the innovation input and the number of patent citations excluding self-citations to measure innovation output.We find that analyst coverage promotes corporate innovation,which is consistent with the“bright”side of analyst coverage.However,the positive effect of analyst coverage hinges on effectively transmitting and disclosing accurate information to investors in the capital market.Based on this,analysts'forecasting bias includes forecasting dispersion and optimism bias.We find evidence that an increase in analysts'forecast dispersion leads to a decrease in corporate innovation quality.Moreover,this paper presents a novel approach by employing the regression discontinuity method to examine the effect of analyst optimistic bias on firm innovation.The empirical findings reveal that overly optimistic forecasts by analysts exacerbate innovation quality.These analyses enrich the research on analyst coverage and corporate innovation,providing an empirical basis for improving the capital market with the help of analysts.展开更多
为研究水生动植物协同净化系统(褶纹冠蚌+水蕹菜+水稻)对鳜鱼养殖池塘水质与经济效益的影响,设计3个处理,分别为0-F组(对照组,无净化系统)、10%-F组(净化组,水蕹菜和水稻覆盖率各5%)和30%-F组(净化组,水蕹菜和水稻覆盖率各15%),净化组...为研究水生动植物协同净化系统(褶纹冠蚌+水蕹菜+水稻)对鳜鱼养殖池塘水质与经济效益的影响,设计3个处理,分别为0-F组(对照组,无净化系统)、10%-F组(净化组,水蕹菜和水稻覆盖率各5%)和30%-F组(净化组,水蕹菜和水稻覆盖率各15%),净化组中各塘褶纹冠蚌密度均为每667 m 250只。试验期间定期监测水质和蚌生长情况,结束时测定鳜鱼成活率、产量与水生植物收获量。结果显示:各处理组水温、pH值无显著差异,但净化组的透明度始终高于对照组;试验结束时,0-F组的总氮(TN)质量浓度比初始增加35.5%,10%-F组和30%-F组的TN质量浓度分别比初始时降低23.8%和49.0%,NH^(4+)-N质量浓度分别增加167%、53%和34%,COD_(Mn)质量浓度分别增加138.5%、100.0%和88.9%,各组总磷(TP)质量浓度随时间呈现波动式下降趋势;水质、鳜鱼成活率、产量和经济效益均以30%-F组最优,10%-F组次之,0-F组最差。10%-F组水蕹菜和水稻单产均高于30%-F组,蚌湿重增长率30%-F组高于10%-F组。总体而言,动植物协同净化系统可明显提升鳜鱼养殖池塘水质与经济效益,且植物覆盖率为30%的净化系统应用效果优于覆盖率为10%的净化系统。展开更多
基金supported by the National Natural Science Foundation of China(71871174,71571065,71671135)the National Social Science Fund of China(13FGL005)。
文摘This study aims to reflect the information coverage grey number and the interaction between attributes in grey relational decision making. Therefore, a multi-attribute decision method based on the grey information coverage interaction relational degree(GIRD) is proposed. Firstly, this paper defines the information coverage grey number, and establishes the GIRD model by using the Choquet fuzzy integral and grey relational principle. It proves that the proposed model not only is the general and unified form of the point relational degree, interval relational degree, mixed relational degree and grey fuzzy integral relational degree, but also can effectively deal with the interaction between attributes. Further,a decision making example of evaluating the industrial operation quality for 14 cities in Hunan province of China is provided to highlight the implementation, availability, and feasibility of the proposed decision model.
文摘Due to information asymmetry and strategic innovation,firms often encounter challenges related to insufficient driving forces and low-quality innovation outcomes.Analysts always act as information intermediaries who help foster the advancement of corporate innovation activities and the conversion of innovation output.This study examines the impact of analyst coverage and forecasting bias on corporate innovation,employing data from China A-shared listed firms spanning the period 2007 to 2019.We measure corporate innovation from two perspectives:Input and output.Specifically,we use the ratio of research and development(R&D)expenditure to sales as a proxy for the innovation input and the number of patent citations excluding self-citations to measure innovation output.We find that analyst coverage promotes corporate innovation,which is consistent with the“bright”side of analyst coverage.However,the positive effect of analyst coverage hinges on effectively transmitting and disclosing accurate information to investors in the capital market.Based on this,analysts'forecasting bias includes forecasting dispersion and optimism bias.We find evidence that an increase in analysts'forecast dispersion leads to a decrease in corporate innovation quality.Moreover,this paper presents a novel approach by employing the regression discontinuity method to examine the effect of analyst optimistic bias on firm innovation.The empirical findings reveal that overly optimistic forecasts by analysts exacerbate innovation quality.These analyses enrich the research on analyst coverage and corporate innovation,providing an empirical basis for improving the capital market with the help of analysts.
文摘为研究水生动植物协同净化系统(褶纹冠蚌+水蕹菜+水稻)对鳜鱼养殖池塘水质与经济效益的影响,设计3个处理,分别为0-F组(对照组,无净化系统)、10%-F组(净化组,水蕹菜和水稻覆盖率各5%)和30%-F组(净化组,水蕹菜和水稻覆盖率各15%),净化组中各塘褶纹冠蚌密度均为每667 m 250只。试验期间定期监测水质和蚌生长情况,结束时测定鳜鱼成活率、产量与水生植物收获量。结果显示:各处理组水温、pH值无显著差异,但净化组的透明度始终高于对照组;试验结束时,0-F组的总氮(TN)质量浓度比初始增加35.5%,10%-F组和30%-F组的TN质量浓度分别比初始时降低23.8%和49.0%,NH^(4+)-N质量浓度分别增加167%、53%和34%,COD_(Mn)质量浓度分别增加138.5%、100.0%和88.9%,各组总磷(TP)质量浓度随时间呈现波动式下降趋势;水质、鳜鱼成活率、产量和经济效益均以30%-F组最优,10%-F组次之,0-F组最差。10%-F组水蕹菜和水稻单产均高于30%-F组,蚌湿重增长率30%-F组高于10%-F组。总体而言,动植物协同净化系统可明显提升鳜鱼养殖池塘水质与经济效益,且植物覆盖率为30%的净化系统应用效果优于覆盖率为10%的净化系统。
