550 research outputs found
Does share pledging promote or impede corporate social responsibility? An examination of Chinese listed firms
By employing the Chinese listed firm’s data from 2010 to 2017,
this study explores the impact of share pledging on firms’ corporate social responsibility (CSR) performance. Empirical results indicate a negative relationship between share pledging and CSR
performance. This effect is robust after using alternative measures
and different regression methods, and also consistent after tackling the endogenous issues. Furthermore, we find that risk-taking
and agency cost are two possible underlying mechanisms
through which share pledging reduces CSR. In addition, CSR
reduction caused by share pledging leads to poorer economic
performance and lower market value of firms
Accurate and Efficient Estimation of Small P-values with the Cross-Entropy Method: Applications in Genomic Data Analysis
Small -values are often required to be accurately estimated in large scale
genomic studies for the adjustment of multiple hypothesis tests and the ranking
of genomic features based on their statistical significance. For those
complicated test statistics whose cumulative distribution functions are
analytically intractable, existing methods usually do not work well with small
-values due to lack of accuracy or computational restrictions. We propose a
general approach for accurately and efficiently calculating small -values
for a broad range of complicated test statistics based on the principle of the
cross-entropy method and Markov chain Monte Carlo sampling techniques. We
evaluate the performance of the proposed algorithm through simulations and
demonstrate its application to three real examples in genomic studies. The
results show that our approach can accurately evaluate small to extremely small
-values (e.g. to ). The proposed algorithm is helpful
to the improvement of existing test procedures and the development of new test
procedures in genomic studies.Comment: 34 pages, 1 figure, 4 table
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