Studies show that innovation information disclosed by listed firms affects the decision of non-listed firms and their stakeholders.This paper explores whether innovation information disclosed within a specific list bo...Studies show that innovation information disclosed by listed firms affects the decision of non-listed firms and their stakeholders.This paper explores whether innovation information disclosed within a specific list board(i.e.,market)also spills over to other list boards.Based on the establishment of China’s Star Market,we conduct an empirical test from the perspective of analyst forecasts.We find that(1)The accuracy of analyst forecasts of Main Board firms with greater information similarity to Star Market firms is significantly higher than that of Main Board firms with lower information similarity.(2)This effect is significantly stronger in samples with a substantially lower listing threshold for innovation firms,for Main Board firms with stronger innovation characteristics and when market innovation information needs are greater.(3)This affect is enhanced by analysts’tendency to track Star Market firms with similar information to their tracked Main Board firms.These results enrich research on the spillover effects of innovation information and factors affecting analyst forecasts.展开更多
Star River(or Star Bay), an elite works of Hong Yu Group, is located in Sijixinghe Road, Chaoyang Beilu,Beijing. It is a distinguished residence area, occupyingland of 300 thousand sq. meters. The north side is a for-...Star River(or Star Bay), an elite works of Hong Yu Group, is located in Sijixinghe Road, Chaoyang Beilu,Beijing. It is a distinguished residence area, occupyingland of 300 thousand sq. meters. The north side is a for-est garden with 1600 or more mu, the eastern side is agreen belt with 2000-more mu.With an investment of RMB1.5 billion, Beijing StarRiver provides a beautiful landscape and high-qualityresidence. In order to realize a high harmony of con-struction and environment, Beijing Star River has in-vested millions into environmental construction.Star River has won a reputation of Detailed Qualityby Milton Kotler, a world famous marketing master. "Iwould start marketing the apartments in Los Angles, inNew York city, in Chicago, London, " Milton said.One day in September, brothers Kotler(Milton Kotlerand Philip Kotler), world famous marketing masters wereinvited to Star River as noble vips. Their praise forStar River were so high that people would prefer to takeit as an artistic job rather than a residence.展开更多
基于创新绩效评价已有研究成果,构建科创板上市企业创新效率评价指标体系和模型,并以74家已上市企业作为研究对象,运用D E A方法合理评价科创板上市企业在上市前的创新绩效水平,分析企业在科技创新中存在的问题及原因,为科创板上市企业...基于创新绩效评价已有研究成果,构建科创板上市企业创新效率评价指标体系和模型,并以74家已上市企业作为研究对象,运用D E A方法合理评价科创板上市企业在上市前的创新绩效水平,分析企业在科技创新中存在的问题及原因,为科创板上市企业优化资源配置提供一定指导建议。展开更多
文摘Studies show that innovation information disclosed by listed firms affects the decision of non-listed firms and their stakeholders.This paper explores whether innovation information disclosed within a specific list board(i.e.,market)also spills over to other list boards.Based on the establishment of China’s Star Market,we conduct an empirical test from the perspective of analyst forecasts.We find that(1)The accuracy of analyst forecasts of Main Board firms with greater information similarity to Star Market firms is significantly higher than that of Main Board firms with lower information similarity.(2)This effect is significantly stronger in samples with a substantially lower listing threshold for innovation firms,for Main Board firms with stronger innovation characteristics and when market innovation information needs are greater.(3)This affect is enhanced by analysts’tendency to track Star Market firms with similar information to their tracked Main Board firms.These results enrich research on the spillover effects of innovation information and factors affecting analyst forecasts.
文摘Star River(or Star Bay), an elite works of Hong Yu Group, is located in Sijixinghe Road, Chaoyang Beilu,Beijing. It is a distinguished residence area, occupyingland of 300 thousand sq. meters. The north side is a for-est garden with 1600 or more mu, the eastern side is agreen belt with 2000-more mu.With an investment of RMB1.5 billion, Beijing StarRiver provides a beautiful landscape and high-qualityresidence. In order to realize a high harmony of con-struction and environment, Beijing Star River has in-vested millions into environmental construction.Star River has won a reputation of Detailed Qualityby Milton Kotler, a world famous marketing master. "Iwould start marketing the apartments in Los Angles, inNew York city, in Chicago, London, " Milton said.One day in September, brothers Kotler(Milton Kotlerand Philip Kotler), world famous marketing masters wereinvited to Star River as noble vips. Their praise forStar River were so high that people would prefer to takeit as an artistic job rather than a residence.
