Zhang Pengchun （1892-1957） is remembered in China largely as an educator and scholar. Worldwide, however, he is better Known as a great human rights activist, mainly for the role he played in the drafting of the Uni...Zhang Pengchun （1892-1957） is remembered in China largely as an educator and scholar. Worldwide, however, he is better Known as a great human rights activist, mainly for the role he played in the drafting of the Universal Declaration of Human Rights in the wake of World War II.展开更多
The last four digits of her cell phone number are 0605, which is the date of the annual World Environment Day. The coat she usually wears is blue with white dots, symbolizing clean sky and clouds. Tian Guirong, 54, is...The last four digits of her cell phone number are 0605, which is the date of the annual World Environment Day. The coat she usually wears is blue with white dots, symbolizing clean sky and clouds. Tian Guirong, 54, is a rural woman from Fanling Village, near Xinxiang City in Henan Province, who has earned the moniker of "environmental protection ambassador." She collected 65 tons of discarded batteries in four years to save 1 million square meters of land from contamination. She has organized 43 publicit...展开更多
本文研究了激进卖空者在识别做空目标时是否表现出持续的横截面业绩差异,以及他们的业绩持续性是否随着从业时间的变化而变化。利用数据提供商跟踪的激进卖空者样本,本文发现,当使用目标公司股票收益率作为业绩衡量指标时,未能发现激进...本文研究了激进卖空者在识别做空目标时是否表现出持续的横截面业绩差异,以及他们的业绩持续性是否随着从业时间的变化而变化。利用数据提供商跟踪的激进卖空者样本,本文发现,当使用目标公司股票收益率作为业绩衡量指标时,未能发现激进卖空者业绩具有持续性的证据,但如果激进卖空者过往选择的做空目标中有较高比例的公司退市,则当前做空目标在未来经历退市的可能性更大。投资者意识到了这一业绩的持续性,并且对历史做空目标中有更多退市记录的激进卖空者发起的做空行动反应更为强烈。此外,本文发现,识别做空目标的业绩持续性在激进卖空者从业生涯早期更高,但随着他们发起的做空行动增多,这种业绩的持续性会下降。这些证据与激进卖空者在职业生涯初期面临更大的声誉激励一致,并支持了Benabou and Laroque(1992)的动态声誉模型。展开更多
文摘Zhang Pengchun （1892-1957） is remembered in China largely as an educator and scholar. Worldwide, however, he is better Known as a great human rights activist, mainly for the role he played in the drafting of the Universal Declaration of Human Rights in the wake of World War II.
文摘The last four digits of her cell phone number are 0605, which is the date of the annual World Environment Day. The coat she usually wears is blue with white dots, symbolizing clean sky and clouds. Tian Guirong, 54, is a rural woman from Fanling Village, near Xinxiang City in Henan Province, who has earned the moniker of "environmental protection ambassador." She collected 65 tons of discarded batteries in four years to save 1 million square meters of land from contamination. She has organized 43 publicit...
文摘本文研究了激进卖空者在识别做空目标时是否表现出持续的横截面业绩差异,以及他们的业绩持续性是否随着从业时间的变化而变化。利用数据提供商跟踪的激进卖空者样本,本文发现,当使用目标公司股票收益率作为业绩衡量指标时,未能发现激进卖空者业绩具有持续性的证据,但如果激进卖空者过往选择的做空目标中有较高比例的公司退市,则当前做空目标在未来经历退市的可能性更大。投资者意识到了这一业绩的持续性,并且对历史做空目标中有更多退市记录的激进卖空者发起的做空行动反应更为强烈。此外,本文发现,识别做空目标的业绩持续性在激进卖空者从业生涯早期更高,但随着他们发起的做空行动增多,这种业绩的持续性会下降。这些证据与激进卖空者在职业生涯初期面临更大的声誉激励一致,并支持了Benabou and Laroque(1992)的动态声誉模型。
