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
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.
