Abstract

特邀编委 汪泓(Wang, Hong) 丁远 (Ding, Yuan) 执行编委 何今宇(He, Jinyu) 编委会成员 许斌 (Xu, Bin) 白诗莉 (Price, Lydia Jean) 陈世敏 (Chen, Shimin) 芮萌 (Rui, Meng) 王泰元 (Wang, Taiyuan)

Keyword

corporate social responsibility ;  CSR ;  企业社会责任

Abstract

We examine how the ordering of information within quarterly earnings announcements influences investor response to those announcements. Specifically, we examine whether earlier discussion of earnings information, and earlier discussion of qualitatively positive or negative information, is associated with stronger responses to that information. Controlling for the linguistic content of the earnings announcement, we find a positive relation between investor response to information and the prioritization of that information in the earnings announcement. We find no evidence of investor over-reaction and, to the contrary, find some evidence that investors under-react to prioritized information. Our evidence, in conjunction with experimental evidence in Elliott (2006), suggests that information placement influences investors' responses. However, unlike the experimental evidence in Elliott (2006), our archival results suggest that investor response to information placement is warranted, rather than the result of an unintentional cognitive effect.

Keyword

earnings release ;  disclosure ;  order of information ;  under-reaction

Abstract

We conducted a clustered randomized field experiment with 20 Brazilian distributorships of a multinational direct sales organization to examine whether controlling failure perceptions through formal communications increases performance. We used the organization's weekly sales meetings to deliver a video-based message from the regional head that either communicates workers should view failure as a natural part of learning rather than an indictment of their ability (treatment condition) or simply summarizes the organization's history (control condition). We find that those who were assigned to the treatment condition were more likely to sustain their effort in response to the economic adversity that coincided with our experiment. Additional analyses suggest that our treatment accomplished this by increasing job-specific confidence and by reinforcing social norms that encourage workers to persevere after failure. Overall, our findings highlight that formal communications from senior management are a viable control mechanism for sustaining effort in the face of failure.

Keyword

confidence ;  failure ;  organizational messages ;  performance ;  personal goals ;  social control

Abstract

特邀编委 李铭俊 丁远 执行编委 陈杰平 编委会成员 许斌 芮萌 陈世敏 白诗莉 陈少晦　

Keyword

Corporate Social Responsibility ;  CSR ;  企业社会责任

Abstract

Keyword

Abstract

2019年7月1日，投资经理张伟接到投资人电话，对方打算购买阿里巴巴或者京东的股票，希望获得一些投资建议。阿里巴巴和京东是中国电商界的头两把交椅，都在2014年上市。上市之后，阿里巴巴和京东基于不同的商业模式，在各自的道路上前进，这两家公司到底谁更具有投资价值？作为商学院毕业生，张伟决定通过财务报表分析，判断两家公司的投资价值和投资风险，并提供投资建议。

Keyword

财务报表 ;  盈利能力 ;  成长性 ;  投资价值

Abstract

中国电商行业经过十几年的发展，培育出阿里巴巴和京东两大巨头：一个是最大的平台电商，一个是最大的自营电商。2014年，阿里巴巴和京东相继上市，2015年上半年又相继披露了上市后的首份财报。这两份财报很快就吸引了张伟这位刚从EMBA毕业的投资助理的注意，他开始思索，作为中国电商行业的领头羊，阿里巴巴和京东在战略和商业模式方面到底有什么区别，这些区别会影响它们的财务报表吗？这两家公司有什么投资亮点呢？

Keyword

战略 ;  商业模式 ;  财务报表 ;  盈利模式 ;  资产配置

Abstract

Is there a correlation between the composition of the board of directors and the quantity and quality of information disclosed to the market, and in particular with respect to the disclosure of privileged, price-sensitive information? Our work examines this question with respect to the Italian Stock Exchange, also considering the role of minority-appointed directors in light of the Italian rules on slate voting that facilitate the election of directors by institutional investors and other minority shareholders. Based on a unique dataset of hand-picked data, we answer the basic research question in the affirmative. Independent directors and minority-appointed directors appear to have a positive impact on the amount and, to some extent, quality of disclosure, in particular if they have specific professional and educational qualifications (‘highly skilled directors’). We also tested if the market reacts to the information that is made public in order to consider the possible objection that outside directors simply require more disclosure of unimportant information. The event studies we conducted, however, indicate abnormal returns in the correspondence on the announcements we considered. The study sheds light on the role of independent and minority-appointed directors suggesting that they foster corporate transparency.

Keyword

Board of directors ;  Corporate governance ;  Disclosure ;  Independent directors ;  Inside information ;  Minority-appointed directors

Abstract

We investigate the value relevance of two different accounting methods, predecessor vs. acquisition, for business combination under common control (BCUCC) in China. Based on the return and price models, we find that net income under the predecessor method is of higher value relevance than that under the acquisition method. Further analysis suggests that the difference appears to be driven by uncertainties in fair value estimation surrounding the BCUCC and that net incomes under predecessor method can better predict future earnings and future operating cash flows than under the acquisition method. Our research provides some initial evidence to support the use of the predecessor method in China, and at the same time, we discuss implications for the IASB standard setting project for the BCUCC.

Keyword

Business combination under common control (BCUCC) ;  the acquisition method ;  the predecessor method ;  value relevance

Abstract

Despite the criticality and expense of spare parts, many firms lack a coherent strategy for ensuring needed supply of spare parts. Moreover, scientific research regarding a comprehensive spare parts strategy is sparse in comparison with direct material. Our research identifies and tests three literature-based, theoretically anchored attributes that influence a buyer's preference for inventory ownership and inventory placement when managing the stock of a critical spare part. Our findings indicate that item specificity and item supply uncertainty are useful in predicting a buyer's preference for managing the inventory of a critical spare part. Furthermore, we find that buyers have (1) a strong preference for consignment-based inventory management approaches, (2) a bias against inventory speculation despite its use in practice and analytical models, and (3) a strong preference for inventory postponement when the level of supply uncertainty is low.

Keyword

consignment ;  customization ;  experimental design ;  scenario-based role-playing experiment ;  spare parts ;  specificity ;  uncertainty