This paper explores whether the level of stock price informativeness about listed companies’future earnings is influenced by investor sentiment.In prior studies,investor sentiment,which can be regarded as the mood of...This paper explores whether the level of stock price informativeness about listed companies’future earnings is influenced by investor sentiment.In prior studies,investor sentiment,which can be regarded as the mood of the market,is defined as a belief about unjustified firms’future cash flow,investment returns and risks in capital markets.At the same time,stock price informativeness indicates how much information about a firm’s future earnings is reflected by stock prices.Higher price informativeness indicates a higher market efficiency level.Using linear regression analysis based on panel data from China’s stock market and listed companies,this research documents how stock price informativeness can be reduced by investor sentiment during market pessimism.However,although the explanatory power of future earnings over stock returns is strengthened by positive sentiment,it is not certain that positive sentiment increases price informativeness since the asset price bubble exists with extreme market optimism.Furthermore,the effect of sentiment on price informativeness would be weakened by higher state-owned shareholding.These empirical results imply that sentiment,to a certain degree,causes the investors’ignorance during pessimism and exaggeration during optimism over firms’earning prospects.Moreover,investors usually lack favour for state-owned enterprises during optimism,even though these companies actually have considerable earning prospects.While during pessimism,which usually happens after a crisis,the profitability and reliability of these state-owned enterprises are again emphasised by investors.展开更多
It is noted that necessity of further increase of accuracy of GPS positioning systems requires de-velopment of more perfect methods to compensate information losses occurred due to residual ionospheric delay by using ...It is noted that necessity of further increase of accuracy of GPS positioning systems requires de-velopment of more perfect methods to compensate information losses occurred due to residual ionospheric delay by using optimization procedures. According to the conditions of formulated optimization task, the signal/noise ratio in measurements of zenith wet delay depends on the second order ionospheric errors, geographic latitude and day of year. At the same time if we assume that the number of measurements at the fixed geographic site is proportional to geographic latitude and if we accept existence of only two antiphase scenarios for variation of residual ionospheric delay on latitude normed by their specific constant, there should be optimum functional dependence of precipitated water on latitude upon which the quantity of measuring information reaches the maximum. The mathematical grounding of solution of formulated optimization task is given.展开更多
This study examines the impact of employee stock ownership plans(ESOPs)on stock-price informativeness in Chinese stock markets.Its findings indicate that firms implementing ESOPs experienced an average 11.89 percent i...This study examines the impact of employee stock ownership plans(ESOPs)on stock-price informativeness in Chinese stock markets.Its findings indicate that firms implementing ESOPs experienced an average 11.89 percent increase in stock-price informativeness.The plans improved stock-price informativeness through increased external attention and supervision.An event study shows that ESOPs gave rise to an announcement effect,driven by anticipated performance improvements and the novelty associated with ESOPs.A mechanism analysis demonstrates that the implementation of ESOPs attracted market attention,and the increased market supervision resulting from this mitigated the moral hazards of management associated with ESOPs.Plans with more positive signals exerted a greater influence.Notably,ESOPs that prioritized management incentives gained more recognition in the market.As the incentive effects of ESOPs were weaker than those of equity incentive plans and the ESOPs lost novelty over time,the annual announcement effect diminished gradually.These findings underscore the necessity of strengthening ESOP incentives for continued optimization of priceefficiency.展开更多
Research on biogeographical ancestry(BGA)is becoming of growing interest in forensic genetics and in the biomedical literature(1)Thus,for instance,the need to predict ethnicity of an unknown suspect based on DNA profi...Research on biogeographical ancestry(BGA)is becoming of growing interest in forensic genetics and in the biomedical literature(1)Thus,for instance,the need to predict ethnicity of an unknown suspect based on DNA profiles found at the crime scene is of maximum interest in criminalistics[2],and several autosomal SNP panels have been designed and tested for BGA investigations[3,4].Most of these panels aim at discriminating three main continental groups(sub-Saharan Africans,Europeans,and Asians)by way of testing a number of ancestry informative markers(AIMs)that run from a few dozens to a few hundred[5](see more background in Supplementary data online).展开更多
Experimental therapies targeting immune and stromal cells,such as mast cells,cancer-associated fibroblasts,dendritic cells,and tumor endothelial cells,in the treatment of gastrointestinal solid tumors pose new and com...Experimental therapies targeting immune and stromal cells,such as mast cells,cancer-associated fibroblasts,dendritic cells,and tumor endothelial cells,in the treatment of gastrointestinal solid tumors pose new and complex surgical and medico-legal challenges.These innovative treatments require that informed consent not be limited to simple acceptance of the medical procedure,but instead reflect a true relational and cognitive process grounded in understanding,free choice,and the ability to revoke consent at any time.In particular,it is essential that the patient understands the experimental nature of the therapy,its development stage,potential benefits and risks,as well as the implications for their health and personal dignity.In the case of stromal cell-based treatments,which may exert complex immunomodulatory effects or activate angiogenic pathways that are not yet fully understood,patients must be made fully aware that they are participating in a non-standardized therapy whose outcomes,whether beneficial or harmful,cannot yet be predicted with certainty.This requires particularly careful medical communication,using simple yet scientifically accurate explanations delivered in appropriate language,along with a final verification of the patient’s actual understanding.展开更多
Amphibious vehicles are more prone to attitude instability compared to ships,making it crucial to develop effective methods for monitoring instability risks.However,large inclination events,which can lead to instabili...Amphibious vehicles are more prone to attitude instability compared to ships,making it crucial to develop effective methods for monitoring instability risks.However,large inclination events,which can lead to instability,occur frequently in both experimental and operational data.This infrequency causes events to be overlooked by existing prediction models,which lack the precision to accurately predict inclination attitudes in amphibious vehicles.To address this gap in predicting attitudes near extreme inclination points,this study introduces a novel loss function,termed generalized extreme value loss.Subsequently,a deep learning model for improved waterborne attitude prediction,termed iInformer,was developed using a Transformer-based approach.During the embedding phase,a text prototype is created based on the vehicle’s operation log data is constructed to help the model better understand the vehicle’s operating environment.Data segmentation techniques are used to highlight local data variation features.Furthermore,to mitigate issues related to poor convergence and slow training speeds caused by the extreme value loss function,a teacher forcing mechanism is integrated into the model,enhancing its convergence capabilities.Experimental results validate the effectiveness of the proposed method,demonstrating its ability to handle data imbalance challenges.Specifically,the model achieves over a 60%improvement in root mean square error under extreme value conditions,with significant improvements observed across additional metrics.展开更多
The progressive removal of short-selling constraints in the Chinese stock market provides us with a natural experiment to investigate the relationship between firm-specific return variation(FSRV)and price informativen...The progressive removal of short-selling constraints in the Chinese stock market provides us with a natural experiment to investigate the relationship between firm-specific return variation(FSRV)and price informativeness.Based on the empirical finding that idiosyncratic volatility is a satisfied proxy for FSRV when the information environment for individual firms improves,we mainly find that the FSRV is negatively related to price informativeness.This negative relationship is robust to alternative model specifications,alternative proxies for price informativeness,and alternative estimation windows.Generally speaking,our results complement the extant literature on the mixed relationships between FSRV and price informativeness by providing cross-sectional evidence.展开更多
This paper examines the effect of Korea's fair disclosure regulation on the timeliness and informativeness of earnings announcements. The present regulation for Korean listed firms requires that if a company's...This paper examines the effect of Korea's fair disclosure regulation on the timeliness and informativeness of earnings announcements. The present regulation for Korean listed firms requires that if a company's sales revenue, operating income(or loss) and net income(or loss) have changed by over 30%compared to the prior year, the firm must disclose this information through a preliminary financial report(PFR) even before the company is audited by external auditors. To analyze the effects of this policy, we first investigate the timeliness of preliminary financial report disclosures. We examine the extent to which Korean listed companies actually comply with the requirement for prompt notification of information concerning material changes in financial performance. Second, we investigate the informativeness of preliminary financial reports by analyzing differential stock market reactions to different timings of preliminary financial report disclosures. Our empirical results reveal that more than half of our sample firms release their preliminary financialreports after external audits are completed, thereby potentially invalidating the effectiveness of the regulation. In addition, we find that preliminary financial reports have information value only if they are disclosed prior to annual audit report dates. This finding supports the notion that timeliness increases the informativeness of preliminary financial report disclosure by curbing insiders' ability to potentially profit from their information advantage.展开更多
为了保证运维阶段桥梁结构安全,提升桥梁运维工作的效率,开展公路混凝土梁式桥运维阶段建筑信息模型(building information modeling,BIM)技术应用研究。在对公路桥梁现行编码体系进行扩展的基础上,提出1种参数化快速建模方法,以快速完...为了保证运维阶段桥梁结构安全,提升桥梁运维工作的效率,开展公路混凝土梁式桥运维阶段建筑信息模型(building information modeling,BIM)技术应用研究。在对公路桥梁现行编码体系进行扩展的基础上,提出1种参数化快速建模方法,以快速完成桥梁构件族的创建与整体模型的集成。借助Autodesk Revit软件应用程序编程接口(application programming interface,API),采用C#语言,开发公路混凝土梁式桥智慧运维状态评估系统,以实际工程应用进行验证分析。研究结果表明:全面统一的桥梁信息编码体系,能够提高桥梁信息统计与检索效率;提出的快速建模方法能够显著减少建模工作量,建模时间较传统建模方法可减少60%,并保证模型的准确性与规范性;运维状态评估系统能够实现养护数据的充分利用与桥梁评定工作的自动化,通过对桥梁运维信息的有效组织,实现服役性能的长期追踪,从而确保运营期桥梁结构状态安全稳定。研究结果可为公路混凝土梁式桥运维管理提供技术支撑,提升桥梁运维的数字化水平。展开更多
文摘This paper explores whether the level of stock price informativeness about listed companies’future earnings is influenced by investor sentiment.In prior studies,investor sentiment,which can be regarded as the mood of the market,is defined as a belief about unjustified firms’future cash flow,investment returns and risks in capital markets.At the same time,stock price informativeness indicates how much information about a firm’s future earnings is reflected by stock prices.Higher price informativeness indicates a higher market efficiency level.Using linear regression analysis based on panel data from China’s stock market and listed companies,this research documents how stock price informativeness can be reduced by investor sentiment during market pessimism.However,although the explanatory power of future earnings over stock returns is strengthened by positive sentiment,it is not certain that positive sentiment increases price informativeness since the asset price bubble exists with extreme market optimism.Furthermore,the effect of sentiment on price informativeness would be weakened by higher state-owned shareholding.These empirical results imply that sentiment,to a certain degree,causes the investors’ignorance during pessimism and exaggeration during optimism over firms’earning prospects.Moreover,investors usually lack favour for state-owned enterprises during optimism,even though these companies actually have considerable earning prospects.While during pessimism,which usually happens after a crisis,the profitability and reliability of these state-owned enterprises are again emphasised by investors.
文摘It is noted that necessity of further increase of accuracy of GPS positioning systems requires de-velopment of more perfect methods to compensate information losses occurred due to residual ionospheric delay by using optimization procedures. According to the conditions of formulated optimization task, the signal/noise ratio in measurements of zenith wet delay depends on the second order ionospheric errors, geographic latitude and day of year. At the same time if we assume that the number of measurements at the fixed geographic site is proportional to geographic latitude and if we accept existence of only two antiphase scenarios for variation of residual ionospheric delay on latitude normed by their specific constant, there should be optimum functional dependence of precipitated water on latitude upon which the quantity of measuring information reaches the maximum. The mathematical grounding of solution of formulated optimization task is given.
基金support from the National Social Science Fund of China(No.21BJY079).
文摘This study examines the impact of employee stock ownership plans(ESOPs)on stock-price informativeness in Chinese stock markets.Its findings indicate that firms implementing ESOPs experienced an average 11.89 percent increase in stock-price informativeness.The plans improved stock-price informativeness through increased external attention and supervision.An event study shows that ESOPs gave rise to an announcement effect,driven by anticipated performance improvements and the novelty associated with ESOPs.A mechanism analysis demonstrates that the implementation of ESOPs attracted market attention,and the increased market supervision resulting from this mitigated the moral hazards of management associated with ESOPs.Plans with more positive signals exerted a greater influence.Notably,ESOPs that prioritized management incentives gained more recognition in the market.As the incentive effects of ESOPs were weaker than those of equity incentive plans and the ESOPs lost novelty over time,the annual announcement effect diminished gradually.These findings underscore the necessity of strengthening ESOP incentives for continued optimization of priceefficiency.
基金support from the project Ge PEM ISCIII/PI16/01478/Cofinanciado FEDER of the Instituto de Salud Carlos IIIsupport from project Re SVinext ISCIII/PI16/01569/Cofinanciado FEDER
文摘Research on biogeographical ancestry(BGA)is becoming of growing interest in forensic genetics and in the biomedical literature(1)Thus,for instance,the need to predict ethnicity of an unknown suspect based on DNA profiles found at the crime scene is of maximum interest in criminalistics[2],and several autosomal SNP panels have been designed and tested for BGA investigations[3,4].Most of these panels aim at discriminating three main continental groups(sub-Saharan Africans,Europeans,and Asians)by way of testing a number of ancestry informative markers(AIMs)that run from a few dozens to a few hundred[5](see more background in Supplementary data online).
文摘Experimental therapies targeting immune and stromal cells,such as mast cells,cancer-associated fibroblasts,dendritic cells,and tumor endothelial cells,in the treatment of gastrointestinal solid tumors pose new and complex surgical and medico-legal challenges.These innovative treatments require that informed consent not be limited to simple acceptance of the medical procedure,but instead reflect a true relational and cognitive process grounded in understanding,free choice,and the ability to revoke consent at any time.In particular,it is essential that the patient understands the experimental nature of the therapy,its development stage,potential benefits and risks,as well as the implications for their health and personal dignity.In the case of stromal cell-based treatments,which may exert complex immunomodulatory effects or activate angiogenic pathways that are not yet fully understood,patients must be made fully aware that they are participating in a non-standardized therapy whose outcomes,whether beneficial or harmful,cannot yet be predicted with certainty.This requires particularly careful medical communication,using simple yet scientifically accurate explanations delivered in appropriate language,along with a final verification of the patient’s actual understanding.
基金Supported by the National Defense Basic Scientific Research Program of China.
文摘Amphibious vehicles are more prone to attitude instability compared to ships,making it crucial to develop effective methods for monitoring instability risks.However,large inclination events,which can lead to instability,occur frequently in both experimental and operational data.This infrequency causes events to be overlooked by existing prediction models,which lack the precision to accurately predict inclination attitudes in amphibious vehicles.To address this gap in predicting attitudes near extreme inclination points,this study introduces a novel loss function,termed generalized extreme value loss.Subsequently,a deep learning model for improved waterborne attitude prediction,termed iInformer,was developed using a Transformer-based approach.During the embedding phase,a text prototype is created based on the vehicle’s operation log data is constructed to help the model better understand the vehicle’s operating environment.Data segmentation techniques are used to highlight local data variation features.Furthermore,to mitigate issues related to poor convergence and slow training speeds caused by the extreme value loss function,a teacher forcing mechanism is integrated into the model,enhancing its convergence capabilities.Experimental results validate the effectiveness of the proposed method,demonstrating its ability to handle data imbalance challenges.Specifically,the model achieves over a 60%improvement in root mean square error under extreme value conditions,with significant improvements observed across additional metrics.
基金supported by the National Natural Science Foundation of China(Grant Number:71320107003).
文摘The progressive removal of short-selling constraints in the Chinese stock market provides us with a natural experiment to investigate the relationship between firm-specific return variation(FSRV)and price informativeness.Based on the empirical finding that idiosyncratic volatility is a satisfied proxy for FSRV when the information environment for individual firms improves,we mainly find that the FSRV is negatively related to price informativeness.This negative relationship is robust to alternative model specifications,alternative proxies for price informativeness,and alternative estimation windows.Generally speaking,our results complement the extant literature on the mixed relationships between FSRV and price informativeness by providing cross-sectional evidence.
文摘This paper examines the effect of Korea's fair disclosure regulation on the timeliness and informativeness of earnings announcements. The present regulation for Korean listed firms requires that if a company's sales revenue, operating income(or loss) and net income(or loss) have changed by over 30%compared to the prior year, the firm must disclose this information through a preliminary financial report(PFR) even before the company is audited by external auditors. To analyze the effects of this policy, we first investigate the timeliness of preliminary financial report disclosures. We examine the extent to which Korean listed companies actually comply with the requirement for prompt notification of information concerning material changes in financial performance. Second, we investigate the informativeness of preliminary financial reports by analyzing differential stock market reactions to different timings of preliminary financial report disclosures. Our empirical results reveal that more than half of our sample firms release their preliminary financialreports after external audits are completed, thereby potentially invalidating the effectiveness of the regulation. In addition, we find that preliminary financial reports have information value only if they are disclosed prior to annual audit report dates. This finding supports the notion that timeliness increases the informativeness of preliminary financial report disclosure by curbing insiders' ability to potentially profit from their information advantage.
