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Do investors care about auditor assignments?Evidence from last-minute changes to signing auditors

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China Journal of accounting Research 2024年第1期17卷 132-156页

作者： Yangyang Wang Yiqun Xie Huanmin Yan Rui Zhang school of accounting Jiangxi University of Finance and EconomicsNanchangChina school of Economics&Management Nanchang UniversityNanchangChina

Against the background of China’s strengthening of finance and accounting supervision,this study examines the practice among listed companies of changing signing auditors at the last minute and explores whether Chinese investors can capture this information in a timely manner.We find that China’s capital market responds significantly negatively to these last-minute changes,implying that investors perceive a potential negative impact of this behavior.Crosssectional analyses suggest that the characteristics of the change event,recent corporate events,and accounting firm capability significantly affect the stock price response.Furthermore,in terms of the individual characteristics of signing auditors,external investors appear to comprehensively consider busyness level,industry experience,and the timing of the change to determine the causes and effects of the auditor change and make different market reactions accordingly.In addition,consistent with investor perceptions,we find that last-minute changes significantly impair the quality of financial statements,indicating that external investors’judgments based on information about changes in signing auditors are rational and effective.

关键词： Annual Financial Report Auditing Changing Signing Auditors at the Last Minute Market Response Financial Statement Quality

A Tale of Two“Skewness”:Managerial Epidemic Experience,Probability Weighting and Financial Market Stability

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Social Sciences in China 2024年第1期45卷 157-181页

作者： Gu Leilei Ni Xiaoran Peng Yuchao Business school Central University of Finance and Economics school of Economics Xiamen University school of finance and Belt&Road finance institute Central University of Finance and Economics

Under probability weighting,entrepreneurs with skewness preference tend to seek rightskewed and avoid left-skewed risks.We show that Chinese firms managed by CEOs with professional epidemic experience,i.e.,who previously experienced the outbreak of SARS during their tenure as high level executives,have a lower stock price crash risk measured by the negative skewness of stock prices in subsequent periods.In particular,those firms intentionally avoid stock price crashes by adopting more conservative strategies in decisionmaking.Overall,we provide the first evidence on the unintended effect of entrepreneurs'subjective judgments of the probabilities of disease outbreaks on financial market stability.These have long-term implications for the financial system.

关键词： SARS epidemic experience probability weighting skewness preference stock price crash risk

BIG HANKEL OPERATORS ON HARDY SPACES OF STRONGLY PSEUDOCONVEX DOMAINS

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Acta Mathematica Scientia 2024年第3期44卷 789-809页

作者：陈伯勇江良英 school of Mathematical Sciences Fudan UniversityShanghai200433China Department of Statistics and Mathematics Shanghai Lixin University of Accounting and FinanceShanghai201209China

In this article,we investigate the(big) Hankel operator H_(f) on the Hardy spaces of bounded strongly pseudoconvex domains Ω in C^(n).We observe that H_(f ) is bounded on H~p(Ω)(1

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In this article,we investigate the(big) Hankel operator H_(f) on the Hardy spaces of bounded strongly pseudoconvex domains Ω in C^(n).We observe that H_(f ) is bounded on H~p(Ω)(1

关键词： Hankel operator Hardy space Bergman space pseudoconvex domain

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Approximations to Isentropic Planar Magneto-Hydrodynamics Equations by Relaxed Euler-Type Systems

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Chinese Annals of Mathematics,Series B 2024年第3期45卷 413-440页

作者： Yachun LI Zhaoyang SHANG Chenmu WANG Liang ZHAO school of Mathematical Sciences CMA-ShanghaiMOE-LSC and SHL-MACShanghai Jiao Tong University school of finance Shanghai Lixin University of Accounting and Finance school of Mathematical Sciences Shanghai Jiao Tong University school of Mathematical Sciences Harbin Engineering University Mathematical Modelling&Data Analytics Center Oxford Suzhou Centre for Advanced Research

In this paper, the authors consider an approximation to the isentropic planar Magneto-hydrodynamics(MHD for short) equations by a kind of relaxed Euler-type system. The approximation is based on the generalization of the Maxwell law for nonNewtonian fluids together with the Maxwell correction for the Ampe`re law, hence the approximate system becomes a first-order quasilinear symmetrizable hyperbolic systems with partial dissipation. They establish the global-in-time smooth solutions to the approximate Euler-type equations in a small neighbourhood of constant equilibrium states and obtain the global-in-time convergence towards the isentropic planar MHD equations. In addition, they also establish the global-in-time error estimates of the limit based on stream function techniques and energy estimates for error variables.

关键词： Planar MHD equations Relaxation limits Global convergence Stream function 35B25 35L45 35K45 76W05

Can whole steps of grain production be outsourced? Empirical analysis based on the three provinces of Jiangsu,Jilin,and Sichuan in China

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Journal of Integrative Agriculture 2024年第1期23卷 336-347页

作者： Jiacheng Liu Shengzhi Mao Qiufen Zheng Zhigang Xu school of finance and Taxation Nanjing University of Finance and EconomicsJiangsu 210023China school of Economics Southwestern University of Finance and EconomicsSichuan 611130China school of Economics and Management Nanjing Agricultural UniversityJiangsu 210095China

Certain outsourcing services for agricultural management in China,such as pest control in grain production,have experienced prolonged sluggishness,contrasting with the relatively high level of outsourcing services observed in harvesting,land preparation,and sowing.This study examines the feasibility of implementing whole-step outsourcing in grain production by conducting a case study of rice and maize production in Jiangsu,Jilin,and Sichuan provinces in China.The provision of outsourcing services hinges on two essential conditions:technological advancements fostering specialized production and economies of scale,coupled with a market size sufficient to realize the aforementioned potential economies of scale.The results showed that outsourcing pest control or harvesting services had varying economies of scale.The outsourcing services in pest control were less common than in harvesting services,and their marginal growth space of the economies of scale with technological change was also smaller.Determined by the operational characteristics of pest control itself,the market scale of its professional services is small.Therefore,achieving the whole-step outsourcing of grain production necessitates not only technological innovation but also effective policy interventions to overcome the constraints of market scale.Such interventions include(1)optimizing crop layouts between planning regions and reducing land fragmentation and(2)supplying timely and effective inter-regional agricultural information for service providers aided by information technology.

关键词： outsourcing services economy of scale technical conditions market scale

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Foreign Ownership and International Trade Performance in China

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China & World Economy 2024年第2期32卷 42-72页

作者： Zhiyuan Li Yichun Lin Mingyao Xu school of Economics Fudan University Shanghai institute of International finance and Economics China school of Economics Fudan UniversityChina

We investigate the causal relationship between foreign ownership and international trade performance by comparing foreign-acquired firms with similar domestic-acquired firms in China with regard to changes in their post-acquisition international trade performance.Our findings indicate that foreign ownership significantly enhanced the probability of both exporting and importing,and strongly increased trade value.Foreign ownership took effect from the year of the acquisition and persisted for at least 2 years.It stimulated both processing trade and ordinary trade,and expanded products and trading partners.Post-acquisition trade performance also exhibited heterogeneity based on the different pre-acquisition and post-acquisition ownership.As for the underlying mechanisms,we show that firms experienced significant output expansion,increased export dependence,and eased financial constraints after foreign acquisition.

关键词： domestic acquisition foreign acquisition foreign ownership international trade performance

Interregional Value-Added Tax in the Era of E-Commerce: Tax Policy Design Based on Big Data from Online Retailing

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Journal of Social Computing 2024年第1期5卷 46-57页

作者： Yu Chen Luwei Xiang Hu Yang school of Public finance and Taxation Central University of Finance and EconomicsBeijing 100008China school of Management and Economics The Chinese University of Hong KongShenzhen 518172China school of Information Central University of Finance and EconomicsBeijing 100008China

The value-added tax(VAT)in China is levied and allocated based on the origin principle.Under the background of the increasing substitution of online retail for traditional offline retail,this mechanism will exacerbate the disparity of regional tax revenue,and intensify tax competition among local governments.Therefore,reconsidering the allocation mechanism of value-added tax in China can be an important policy decision,and it is influenced by various economic and social factors.Firstly,we utilize large-scale retail transaction data from an e-commerce platform to measure regional disparities in retail and consumption among different regions and then reveals present tax policy results in revenue imbalance in different regions.Secondly,we establish a model based on game theory to illustrate how the origin principle leads to fierce tax competition among regions.Furthermore,by establishing and solving tax allocation models between local governments and the central government,this study simulates and calculates the degree of revenue imbalance under different scenarios and attempts to propose policy measures.The results indicate that implementing the destination principle will reduce regional tax imbalances.Moreover,adjusting the allocation ratio between the central government and local governments based on city levels is advantageous for further reducing regional tax revenue disparities.

关键词： value-added tax e-commerce destination principle origin principle

Central environmental protection inspection and carbon emission reduction: A tripartite evolutionary game model from the perspective of carbon neutrality

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Petroleum Science 2024年第3期21卷 2139-2153页

作者： Zhen-Hua Zhang Dan Ling Qin-Xin Yang Yan-Chao Feng Jing Xiu school of Economics Lanzhou University institute of Green finance Lanzhou University school of Management Lanzhou University school of Business Zhengzhou University institute of Economics Jilin Academy of Social Sciences

Since the carbon neutrality target was proposed, many countries have been facing severe challenges to carbon emission reduction sustainably. This study is conducted using a tripartite evolutionary game model to explore the impact of the central environmental protection inspection(CEPI) on driving carbon emission reduction, and to study what factors influence the strategic choices of each party and how they interact with each other. The research results suggest that local governments and manufacturing enterprises would choose strategies that are beneficial to carbon reduction when CEPI increases. When the initial willingness of all parties increases 20%, 50%—80%, the time spent for the whole system to achieve stability decreases from 100%, 60%—30%. The evolutionary result of “thorough inspection, regulation implementation, low-carbon management” is the best strategy for the tripartite evolutionary game.Moreover, the smaller the cost and the larger the benefit, the greater the likelihood of the three-party game stability strategy appears. This study has important guiding significance for other developing countries to promote carbon emission reduction by environmental policy.

关键词： Central environmental protection inspection Local government Manufacturing enterprise Tripartite evolutionary game Carbon emission reduction

The Role of Childhood Circumstances in Healthy Aging Inequalities Among Older Adults—China,2011–2020

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China CDC weekly 2024年第11期6卷 208-212,I0004-I0007页

作者： Peng Nie Xili Lin Lanlin Ding school of Economics and finance Xi’an Jiaotong UniversityXi’an CityShaanxi ProvinceChina Global Health institute Xi’an Jiaotong University Health Science CenterXi’an CityShaanxi ProvinceChina National school of Development Peking UniversityBeijingChina

What is already known about this topic?Addressing health disparities is a worldwide priority,with a well-established acknowledgment of the influence of childhood circumstances on these discrepancies.In China,particularly among the elderly,health inequalities are a notable concern.What is added by this report?The inequality in healthy aging has increased from 2011 to 2020,both in general and concerning childhood factors.Nevertheless,the impact of early-life healthcare access and parental health behaviors on healthy aging gaps has reduced among older adults in better health within the top segment of healthy aging.What are the implications for public health practice?Efforts towards reducing regional health disparities and improving healthcare access for children,along with promoting the health and well-being of parents,especially in economically disadvantaged households,are crucial policy considerations.

关键词： ledgment inequalities circumstances