Corporate Equality and Equity Prices: Doing Well While Doing Good?

Two competing hypotheses, value enhancing and value discounting, state that implementing socially responsible corporate policies can have positive or negative effects on firm value. This paper tests how a specific type of social responsibility–corporate equality–affects firm value. Corporate equality is measured by the corporate equality index (CEI). This index quantifies how companies treat their gay, lesbian, bisexual, and transgender employees, consumers, and investors. Using a sample of CEI-rated, publicly traded firms in the U.S., we find that, between 2002 and 2006, firms with a higher degree of corporate equality have higher stock returns and higher market valuation (Q). We provide suggestive, causal evidence that corporate equality enhances firm value through better performance in product markets and labor markets: Firms with a higher degree of corporate equality also tend to have larger sales, higher profit margins, higher employee productivity, and attract more employees. These results are robust to the inclusion of unobserved firm-heterogeneities. Overall, our results support the value-enhancing effects of corporate social responsibility.Corporate equality; social responsibility; socially responsible investment; stock returns; performance.

Corporate equality and equity prices: Doing well while doing good?

Two competing hypotheses, value enhancing and value discounting, state that implementing socially responsible corporate policies can have positive or negative effects on firm value. This paper tests how a specific type of social responsibility–corporate equality–affects firm value. Corporate equality is measured by the corporate equality index (CEI). This index quantifies how companies treat their gay, lesbian, bisexual, and transgender employees, consumers, and investors. Using a sample of CEI-rated, publicly traded firms in the U.S., we find that, between 2002 and 2006, firms with a higher degree of corporate equality have higher stock returns and higher market valuation (Q). We provide suggestive, causal evidence that corporate equality enhances firm value through better performance in product markets and labor markets: Firms with a higher degree of corporate equality also tend to have larger sales, higher profit margins, higher employee productivity, and attract more employees. These results are robust to the inclusion of unobserved firm-heterogeneities. Overall, our results support the value-enhancing effects of corporate social responsibility.Corporate equality; social responsibility; socially responsible investment; stock returns; performance

Agglomeration Economies and Local Comovement of Stock Returns

Existing studies in finance have documented the comovement of stock returns of companies headquartered in the same location. The interpretation is that local investors have a “local bias” due to an information advantage on local companies. This paper argues that localized agglomeration economies affect the fundamentals of local companies, resulting in the local comovement of stock returns. Using the data for China A-share listed companies from 1997-2007, we confirm the local comovement of stock returns of companies headquartered in the same city; moreover, the stock returns of a company headquartered in a city with stronger agglomeration economies are also correlated more highly with stock returns of other companies headquartered in the same city. The local comovement of earnings among companies headquartered in the same city is also found, and the local comovement of stock returns is correlated with the local comovement of earnings. We conclude that correlated local fundamentals due to localized agglomeration economies can explain the local comovement of stock returns.Stock returns; Local bias; Agglomeration economies

Agglomeration Economies and Local Comovement of Stock Returns

Existing studies in finance have documented the comovement of stock returns of companies headquartered in the same location. The interpretation is that local investors have a “local bias” due to an information advantage on local companies. This paper argues that localized agglomeration economies affect the fundamentals of local companies, resulting in the local comovement of stock returns. Using the data for China A-share listed companies from 1997-2007, we confirm the local comovement of stock returns of companies headquartered in the same city; moreover, the stock returns of a company headquartered in a city with stronger agglomeration economies are also correlated more highly with stock returns of other companies headquartered in the same city. The local comovement of earnings among companies headquartered in the same city is also found, and the local comovement of stock returns is correlated with the local comovement of earnings. We conclude that correlated local fundamentals due to localized agglomeration economies can explain the local comovement of stock returns

Agglomeration Economies and Local Comovement of Stock Returns

Existing studies in finance have documented the comovement of stock returns of companies headquartered in the same location. The interpretation is that local investors have a “local bias” due to an information advantage on local companies. This paper argues that localized agglomeration economies affect the fundamentals of local companies, resulting in the local comovement of stock returns. Using the data for China A-share listed companies from 1997-2007, we confirm the local comovement of stock returns of companies headquartered in the same city; moreover, the stock returns of a company headquartered in a city with stronger agglomeration economies are also correlated more highly with stock returns of other companies headquartered in the same city. The local comovement of earnings among companies headquartered in the same city is also found, and the local comovement of stock returns is correlated with the local comovement of earnings. We conclude that correlated local fundamentals due to localized agglomeration economies can explain the local comovement of stock returns

Corporate equality and equity prices: Doing well while doing good?

Two competing hypotheses, value enhancing and value discounting, state that implementing socially responsible corporate policies can have positive or negative effects on firm value. This paper tests how a specific type of social responsibility–corporate equality–affects firm value. Corporate equality is measured by the corporate equality index (CEI). This index quantifies how companies treat their gay, lesbian, bisexual, and transgender employees, consumers, and investors. Using a sample of CEI-rated, publicly traded firms in the U.S., we find that, between 2002 and 2006, firms with a higher degree of corporate equality have higher stock returns and higher market valuation (Q). We provide suggestive, causal evidence that corporate equality enhances firm value through better performance in product markets and labor markets: Firms with a higher degree of corporate equality also tend to have larger sales, higher profit margins, higher employee productivity, and attract more employees. These results are robust to the inclusion of unobserved firm-heterogeneities. Overall, our results support the value-enhancing effects of corporate social responsibility

A Simple Graphene NH₃ Gas Sensor via Laser Direct Writing.

Ammonia gas sensors are very essential in many industries and everyday life. However, their complicated fabrication process, severe environmental fabrication requirements and desorption of residual ammonia molecules result in high cost and hinder their market acceptance. Here, laser direct writing is used to fabricate three parallel porous 3D graphene lines on a polyimide (PI) tape to simply construct an ammonia gas sensor. The middle one works as an ammonia sensing element and the other two on both sides work as heaters to improve the desorption performance of the sensing element to ammonia gas molecules. The graphene lines were characterized by scanning electron microscopy and Raman spectroscopy. The response and recovery time of the sensor without heating are 214 s and 222 s with a sensitivity of 0.087% ppm-1 for sensing 75 ppm ammonia gas, respectively. The experimental results prove that under the optimized heating temperature of about 70 °C the heaters successfully help implement complete desorption of residual NH₃ showing a good sensitivity and cyclic stability

The impact of hospital attributes on patient choice for first visit

The underutilization of primary care in urban China threatens the efficiency and effectiveness of the Chinese health system. To guide patient flow to primary care, the Chinese government has rolled out a sequence of health care reforms which improve the affordability, the infrastructure and workforce of the primary care system. However, these measures have not yielded the desired effect on the utilization of primary care, which is lowest in urban areas. It is unclear how the factors identified to influence facility choice in urban China are actually impacting choice behaviour. We conducted a discrete choice experiment to elicit the quantitative impact of facility attributes when choosing a health care facility for first visit and analysed how the stated choice varies with these attributes. We found that the respondents placed different weights on the identified attributes, depending on whether they perceived their condition to be minor or severe. For conditions perceived as minor, the respondents valued visit time, equipment and medical skill most. For conditions perceived as severe, they placed most importance on equipment, travel time and facility size. We found that for conditions perceived as minor, only 14% preferred visiting a facility over opting out, a percentage which would more than double to 37% if community health centres were maximally improved. For conditions perceived as severe, improvements in community health centres may almost double first visits to primary care, mostly from patients who would otherwise choose higher-level facilities. Our findings suggest that for both severity conditions, improvements to medical equipment and medical skill at community health centres in urban China can effectively direct patient flow to primary care and promote the efficiency and effectiveness of the urban health system

Calcium Chloride Affects Postharvest Color Change of ‘Xiaobai’ Apricots by Regulating Energy Metabolism Pathways

In order to investigate the regulatory mechanism of exogeneous calcium chloride (CaCl2) on postharvest energy metabolism and ascertain the association between energy metabolism levels and color change in ‘Xiaobai’ apricots, ‘Xiaobai’ apricots from Xinjiang were fumigated with 3 g/100 mL CaCl2 solution or distilled water (control) before being stored at (10 ± 1.0) ℃ and relative humidity of (80 ± 5)%. Changes in chlorophyll, carotenoid, adenosine triphosphate (ATP), adenosine diphosphate (ADP), adenosine monophosphate (AMP) contents and energy charge (EC) levels in the peel and pulp of apricots and changes in enzyme activities and gene expression related to energy metabolism were determined during the storage period. The results showed that compared with the control group, CaCl2 treatment delayed chlorophyll degradation, inhibited carotenoid synthesis, maintained ATP and ADP contents and energy charge levels, enhanced the activities of H+-ATPase, Ca2+-ATPase, succinate dehydrogenase (SDH) and cytochrome c oxidase (CCO), and induced the expression of the PaH+-ATPase1, PaCa2+-ATPase10, PaSDH and PaCCO6 genes in both peel and pulp. Chlorophyll content in the peel and pulp was positively correlated with ATP, ADP and EC levels, but negatively correlated with carotenoid contents. There was a significantly positive correlation between chlorophyll and ADP levels in the peel and pulp (P < 0.01). It was suggested that exogenous CaCl2 could delay postharvest color change and maintain high energy charge by regulating energy metabolism, therefore prolonging the shelf life of ‘Xiaobai’ apricots