We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the ...We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the impact of mandatory information disclosure on corporate innovation.We find that companies subject to mandatory operational information disclosure show significantly increased innovation.This effect is pronounced for companies classified as non-state-owned enterprises,facing severe financing constraints and a high degree of shareholder tunneling behavior and in competitive and high-tech industries.Although mandatory operational information disclosure reduces their competitive advantage,companies appear to compensate by increasing innovation.Our study highlights the positive impact of mandatory operational information disclosure,indicating that it contributes to the highquality development of both capital markets and companies.展开更多
In recent years, the metro system has advanced into an efficient transport system and become the mainstay of urban passenger transport in many mega-cities. Passenger flow is the foundation of making and coordinating o...In recent years, the metro system has advanced into an efficient transport system and become the mainstay of urban passenger transport in many mega-cities. Passenger flow is the foundation of making and coordinating operation plans for the metro system, and therefore, a variety of studies were conducted on transit assignment models. Nevertheless route choice sets of passengers also play a paramount role in flow estimation and demand prediction. This paper first discusses the main route constraints of which the train schedule is the most important, that distinguish rail networks from road networks. Then, a two-step approach to generate route choice set in a metro network is proposed. Particu- larly, the improved approach introduces a route filtenng with train operational information based on the conventional method. An initial numerical test shows that the proposed approach gives more reasonable route choice sets for scheduled metro networks, and, consequently, obtains more accurate results from passenger flow assignment. Recommendations for possible opportunities to apply this approach to metro operations are also provided, including its integration into a metro passenger flow assignment and simulation system in practice to help metro authorities provide more precise guidance information for passengers to travel.展开更多
基金supported by the National Natural Science Foundation of China,China(Project No.71872176,71790602)
文摘We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the impact of mandatory information disclosure on corporate innovation.We find that companies subject to mandatory operational information disclosure show significantly increased innovation.This effect is pronounced for companies classified as non-state-owned enterprises,facing severe financing constraints and a high degree of shareholder tunneling behavior and in competitive and high-tech industries.Although mandatory operational information disclosure reduces their competitive advantage,companies appear to compensate by increasing innovation.Our study highlights the positive impact of mandatory operational information disclosure,indicating that it contributes to the highquality development of both capital markets and companies.
基金financially supported by the National Science and Technology Support Program of China(2011BAG01B01)Program for Young Excellent Talents at Tongji University (2014KJ015)+1 种基金Shanghai Philosophy and Social Science Funds (2015EGL006)Fundamental Research Funds for the Central Universities of China(1600219249)
文摘In recent years, the metro system has advanced into an efficient transport system and become the mainstay of urban passenger transport in many mega-cities. Passenger flow is the foundation of making and coordinating operation plans for the metro system, and therefore, a variety of studies were conducted on transit assignment models. Nevertheless route choice sets of passengers also play a paramount role in flow estimation and demand prediction. This paper first discusses the main route constraints of which the train schedule is the most important, that distinguish rail networks from road networks. Then, a two-step approach to generate route choice set in a metro network is proposed. Particu- larly, the improved approach introduces a route filtenng with train operational information based on the conventional method. An initial numerical test shows that the proposed approach gives more reasonable route choice sets for scheduled metro networks, and, consequently, obtains more accurate results from passenger flow assignment. Recommendations for possible opportunities to apply this approach to metro operations are also provided, including its integration into a metro passenger flow assignment and simulation system in practice to help metro authorities provide more precise guidance information for passengers to travel.
