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 explore the trade-offs and synergies of multifunctional cultivated land(MCL) at multiple scales. The study area is Wuhan Metropolitan Area, China. The entropy method and the method of S...The purpose of this paper is to explore the trade-offs and synergies of multifunctional cultivated land(MCL) at multiple scales. The study area is Wuhan Metropolitan Area, China. The entropy method and the method of Spearman’s rank correlation were employed for the analysis of combined land use/cover data, administrative division data, population data and statistical yearbook data, from the multi-scale perspectives of cities, counties and townships. The results showed that:(1) The multi-functionality of cultivated land had obvious spatial differences and its overall spatial patterns were relatively robust, which did not change very much at the single scale.(2) At each single scale, the MCL’s trade-offs and synergies had spatial heterogeneity.(3) Scale effects existed in the MCL’s trade-offs and synergies. From the prefecture-level city scale, to the county scale, and to the township scale, the MCL’s trade-offs were changed to synergies, and some synergic relationships were enhanced. This article contributes to the literature by deepening the multiscale analysis of trade-offs and synergies of multifunctional cultivated land. The conclusions might provide a basis for helping policy-makers to implement protection measures for the multi-functionality of cultivated land at the right spatial scale, and to promote the higher-level synergies of multifunctional cultivated land to realize its sustainable use.展开更多
The data of warrants underlying stocks was selected for the sample period from August,2005 to December,2009.These data the authors collected did not include the announcement date of reform of non-tradable underlying s...The data of warrants underlying stocks was selected for the sample period from August,2005 to December,2009.These data the authors collected did not include the announcement date of reform of non-tradable underlying shares,and was available from Shanghai and Shenzhen stock exchanges.The event study method is employed to test the magnitude effect based on the Wild bootstrap,which is performed on the abnormal return,the cumulative abnormal return,and the standardized cumulative abnormal return.Empirical results show no evidence of magnitude effect but sign effect after warrants introduction.The authors argue that this phenomenon is caused by the migration of radical agents from stock market to warrant market.展开更多
The allocation of carbon emissions permits is a major component of the design of carbon trading schemes. The choice of allocation mechanisms can influence the long-term growth path, which in turn affects the effective...The allocation of carbon emissions permits is a major component of the design of carbon trading schemes. The choice of allocation mechanisms can influence the long-term growth path, which in turn affects the effectiveness of the emissions reduction policy. The findings of this article indicate that while a static allocation mechanism can maximize current yields, it leads to a slowdown in output growth under endogenous economic growth. To optimize intertemporal economic output, the allocation of carbon emissions will need to be dynamically adjusted. In the absence of complete information, an output-oriented adjustment to the allocation of emissions rights in different periods can guide market trading so that it approaches a long-term optimal growth path.展开更多
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.
基金The National Natural Science Foundation of China (71673105)The Fundamental Research Funds for the Central Universities (2662016PY116)。
文摘The purpose of this paper is to explore the trade-offs and synergies of multifunctional cultivated land(MCL) at multiple scales. The study area is Wuhan Metropolitan Area, China. The entropy method and the method of Spearman’s rank correlation were employed for the analysis of combined land use/cover data, administrative division data, population data and statistical yearbook data, from the multi-scale perspectives of cities, counties and townships. The results showed that:(1) The multi-functionality of cultivated land had obvious spatial differences and its overall spatial patterns were relatively robust, which did not change very much at the single scale.(2) At each single scale, the MCL’s trade-offs and synergies had spatial heterogeneity.(3) Scale effects existed in the MCL’s trade-offs and synergies. From the prefecture-level city scale, to the county scale, and to the township scale, the MCL’s trade-offs were changed to synergies, and some synergic relationships were enhanced. This article contributes to the literature by deepening the multiscale analysis of trade-offs and synergies of multifunctional cultivated land. The conclusions might provide a basis for helping policy-makers to implement protection measures for the multi-functionality of cultivated land at the right spatial scale, and to promote the higher-level synergies of multifunctional cultivated land to realize its sustainable use.
基金supported by the National Nature Science Foundation of China under Grant No.71101001the National Nature Science Foundation of Chinathe Research Grants Council of Hong Kong under Grant No.70731160635
文摘The data of warrants underlying stocks was selected for the sample period from August,2005 to December,2009.These data the authors collected did not include the announcement date of reform of non-tradable underlying shares,and was available from Shanghai and Shenzhen stock exchanges.The event study method is employed to test the magnitude effect based on the Wild bootstrap,which is performed on the abnormal return,the cumulative abnormal return,and the standardized cumulative abnormal return.Empirical results show no evidence of magnitude effect but sign effect after warrants introduction.The authors argue that this phenomenon is caused by the migration of radical agents from stock market to warrant market.
文摘The allocation of carbon emissions permits is a major component of the design of carbon trading schemes. The choice of allocation mechanisms can influence the long-term growth path, which in turn affects the effectiveness of the emissions reduction policy. The findings of this article indicate that while a static allocation mechanism can maximize current yields, it leads to a slowdown in output growth under endogenous economic growth. To optimize intertemporal economic output, the allocation of carbon emissions will need to be dynamically adjusted. In the absence of complete information, an output-oriented adjustment to the allocation of emissions rights in different periods can guide market trading so that it approaches a long-term optimal growth path.
