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Many empirical studies find in Chinese capital market, companies providing external guarantees have higher asset-liability ratio and worse operating performance( Liu and Zheng, 2005; Jian and Xu, 2012; etc. ). Their studies suggest that the underlying reasons are the expropriation of minority shareholder wealth by controlling block holders. But seldom theoretical works can explain this phenomenon...
Firms with good corporate governance and enterprise have robust systems in order to enhance business performance. Government formulates laws for the purpose of preventing malpractice arising from lack of good corporate governance. This paper intends to examine how the ratio and part-time situation of independent directors affect firm performance. Empirical results show that ratio of independent directors...
In this paper, with the use of 2010–2012 Shanghai A-shares panel data, we divide the original sample into two groups: overconfidence group and appropriate confidence group based on the changes of top managers' shareholding ratio. Then we respectively analyze their impact on firm value, particularly explore the moderate effect of ultimate controller type. The results show that the overconfidence of...
The article, based on the new accounting standards, makes empirical study on the listed companies' choice between, pretax earnings management activities that have current income tax consequences (book-tax ‘conforming earnings management’) and earnings management activities that do not have current income tax consequences (book-tax ‘nonconforming earnings management’). Our study also investigates firm-specific...
Web traffic represents a powerful mirror for various real-world phenomena. For example, it was shown that web search volumes have a positive correlation with stock trading volumes and with the sentiment of investors. Our hypothesis is that user browsing behavior on a domain-specific portal is a better predictor of user intent than web searches.
We present a general approach for Web news items analysis in relation to stock prices. The framework that we introduce provides the ability to study the impact of events extracted from news on stock prices. The relation between events and price is quantified in terms of the i) paired-samples t-test, ii) McNemar's test, and iii) confidence and support. The extraction, representation, and visualization...
Taiwan's invoice system is unique in the world in the sense that every invoice must follow the same printed format specified by the government. In addition, an accompanying lottery-like mechanism is implemented to give prizes to some invoice holders periodically as an incentive for citizens to request invoices upon transaction. This allows government to audit business sales, and has proven quite effective...
Corporate earnings are a crucial indicator for investment and business valuation. Despite their importance and the fact that classic econometric approaches fail to match analyst forecasts by orders of magnitude, the automatic prediction of corporate earnings from public data is not in the focus of current machine learning research. In this paper, we present for the first time a fully automatized machine...
The current project is aimed at analyzing the possibilities of the Reverse Logistics as a new market niche in industry through the creation of a standard industrial estate that clusters several activities related to the industrial waste appreciation and that can be benefited from the economies of scale, from the synergies obtained between the companies settled there and the collaboration of public...
Solving the problem of Construction SMEs financing, the key is to reduce risk and increase bank credit bank returns. Based on symbiosis theory, studied the symbiosis between banks construction SMEs drivers, analysis the mechanism of front drive and rear drive factors; Based on this, through research of the Bank-Enterprises symbiotic driving forces, trying to provide financing for small and medium...
The problem of constraints and incentives to the financial human capital has been increasingly prominent. Within the theoretical frame of the pricing of the human capital and compensation in the financial sector, this paper analyses the mechanism of the executive compensation in China's bank sector. This paper selected some important indicators such as performance and corporate governance from 16...
In order to find out why some companies adopt an extreme capital structure of zero debt, we use the data of China's listed companies to analyze the features of those zero debt companies. Our empirical results show that some factors influence the choice of zero debt policy. Our analysis explains what kind of company may adopt zero debt, and also contribute to the research of low leverage.
The working process of high power hydraumatic reciprocating compressor which is widely used in natural gas fueling station is introduced. The main fault forms, reasons, the present situation and methods of fault diagnosis hydraulic system in natural gas compressor are summarized. The developing direction of fault diagnosis in natural gas compressor is pointed out finally.
Through the analysis of the cultural ecological environment, the humanities ecological building is accord with the requirement of people for environmental comfort, and it expresses the humanistic spirit, city character and place spirit. This paper thinks that the university campus is a unique humanistic ecological environment, the university construction shall conform to the requirements of the humanistic...
Two groups of securities were permitted respectively to start margin trading on March 31th, 2010 and December 5th, 2011, which suggested an advancement of Chinese Securities Market. In this paper, with the sample data consisting of these stocks, the impact of the introduction of securities margin trade on stock short-term and long-run abnormal returns is studied, and the explanation of the resource...
With the sample semi-annual data of the stock open-end fund and equity issuance information from July 2005 to December 2012 in China, the effect of open-end fund holdings on the equity issuance intention is studied by using logistic regression methods. The empirical results show that: equity issuance intention has relationship with whether the stock is held, After controlling BM, leverage, asset growth,...
This paper presents the process by means of which the Secretariat of Finance of the State Minas Gerais intends to get an ISO 27001 certification of the Electronic Invoice authorization. In 2007, the Secretariat of Finance of Minas Gerais started the project of Electronic Invoice - NF-e, which involves replacing the conventional invoice, on paper, by a document issued and stored electronically that...
The drawback of cognitive bias is manifested by managers because of their overconfidence. This makes negative impact on financing decision-making and company performance. This paper analyses relationships between overconfidence, financing decision-making and company performance. It also studies the overconfidence impact of managers on financing decision, and the impact of financing decision on company...
This article analyses the successes and problems of the sci-tech finance in the Suzhou Industrial Park (SIP), and proposes strategies for the government-sponsored sci-tech financial resource. It is suggested that the sci-tech bank should provide industry-specialized financial services, the venture capital should be integrated with the business incubators, the small-sum loan company should find more...
It has been controversial for the formation mechanism of IPO initial returns anomaly. The underpricing explanation based on asymmetric information is well accepted, but could not explains that in emerging markets; the overvaluation explanation based on behavioral finance has more applicability in emerging markets, but cannot be supported well by empirical test because of the difficult of explanatory...
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