On the basis of defining rural professional economic association, the advantages of it in terms of non-profitability, low operation cost and good communication skills are pointed out. Functions of rural professional e...On the basis of defining rural professional economic association, the advantages of it in terms of non-profitability, low operation cost and good communication skills are pointed out. Functions of rural professional economic association are expounded. It can display the advantages of information; intensify the connections among governments, agriculture and rural areas; display the advantages of organization and strengthen the gaming capability of rural households; play the advantages of association and promote the improvement of quality of agricultural products; play the advantage of association and help government to transfer to limited government;play association and information advantages and intensify international competitiveness. It is pointed out that the defects caused by imperfect non-profit association restrict the function of rural professional economic association. In order to well display the functions of rural professional economic association, the countermeasures are put forward:establishing perfect laws and regulations to let rural economic association have the features of non-profit association;the government establishes new relations with rural economic association to support their development from multiple channels;fully displaying the service functions of rural economic association and finishing self-development; perfecting incentive and restraint mechanisms for rural economic association; intensifying supervision management of rural economic association.展开更多
This paper examines the effect of political connections between mutual fund managers and politicians on the fund performance.Using the publicly available data of individual political donations,we regard the mutual fun...This paper examines the effect of political connections between mutual fund managers and politicians on the fund performance.Using the publicly available data of individual political donations,we regard the mutual funds as politically connected when their managers make financial contributions to politicians.First,we show that aggregated stock holding changes of politically connected funds predict subsequent abnormal stock returns around the earnings announcement day,implying that the political connection promotes managers’stock picking abilities.Further evidence derived from the sample of entry buys and exit sells shows that politically connected funds outperform politically non-connected funds by 82 basis points annually.Second,we provide evidence that earnings forecast accuracy for the firms whose stocks are held by politically connected funds is improved significantly when time is approaching the announcement date,highlighting the importance of political channels through which information flows between firms and the market are facilitated.展开更多
基金Supported by Projects of Education Department of Shaanxi Provincial Government (11JK0017)
文摘On the basis of defining rural professional economic association, the advantages of it in terms of non-profitability, low operation cost and good communication skills are pointed out. Functions of rural professional economic association are expounded. It can display the advantages of information; intensify the connections among governments, agriculture and rural areas; display the advantages of organization and strengthen the gaming capability of rural households; play the advantages of association and promote the improvement of quality of agricultural products; play the advantage of association and help government to transfer to limited government;play association and information advantages and intensify international competitiveness. It is pointed out that the defects caused by imperfect non-profit association restrict the function of rural professional economic association. In order to well display the functions of rural professional economic association, the countermeasures are put forward:establishing perfect laws and regulations to let rural economic association have the features of non-profit association;the government establishes new relations with rural economic association to support their development from multiple channels;fully displaying the service functions of rural economic association and finishing self-development; perfecting incentive and restraint mechanisms for rural economic association; intensifying supervision management of rural economic association.
文摘This paper examines the effect of political connections between mutual fund managers and politicians on the fund performance.Using the publicly available data of individual political donations,we regard the mutual funds as politically connected when their managers make financial contributions to politicians.First,we show that aggregated stock holding changes of politically connected funds predict subsequent abnormal stock returns around the earnings announcement day,implying that the political connection promotes managers’stock picking abilities.Further evidence derived from the sample of entry buys and exit sells shows that politically connected funds outperform politically non-connected funds by 82 basis points annually.Second,we provide evidence that earnings forecast accuracy for the firms whose stocks are held by politically connected funds is improved significantly when time is approaching the announcement date,highlighting the importance of political channels through which information flows between firms and the market are facilitated.
