Affiliated block shareholders and analyst optimism

Abstract(#br)We investigate several previously under-documented conflicts of interest that may result in analyst optimism by utilizing two unique features of brokerage firms in China, namely, the dominant ownership of large shareholders within the brokerage firms and the mandatory disclosure of brokerage firms’ commission income derived from each mutual fund client. We show that controlling shareholders of an analyst’s brokerage-firm put pressure on the analyst to report more optimistically biased earnings forecasts and recommendations to the stocks they hold larger positions in. We also find that the magnitude of analyst optimism increases with the shareholdings of the mutual funds that contribute commission fees to the analyst’s brokerage firm. These findings remain robust after incorporating a regulation change that reduces conflicts of interest in the brokerage industry and higher dimensional fixed effects, and thus are unlikely to be driven by reverse causality or omitted variable bias

Banking systems, innovations, intellectual property protections, and financial markets: evidence from China

The article of record as published may be located at http://doi.org/10.1016/j.jbusres.2013.05.025One unique feature of the emerging economies in Asia is the rich variation in the development of financial systems and technological sectors across different geographical areas. This unbalanced evolution provides us a potentially more powerful setting to investigate the dynamics among banking systems, innovations, intellectual property (IP) protections, and stock market reactions that are especially useful in understanding the policy–finance–innovation nexus in emerging economies. Using newly available data from China, this study confirms the nurturing role of financial systems on innovations, the value-enhancing function of firms' innovative activities, and the lead–lag predictive role of innovations on stock returns, in the context of emerging economies. More importantly, the study documents that stronger provincial IP protections reduce patent piracy and hence enhance local firms' market values.71002042Social Science Foundation of Fujian71272082National Natural Science Foundation of China71172053712320052012B0252010J05152Natural Science Foundation of Fujia

Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China

Using a difference-in-difference approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase is larger in cities with strong IPR protection. Our results support theoretical arguments that IPR protection strengthens firms’ incentives to innovate and that private sector firms are more sensitive to IPR protection than SOEs

Replication data for: Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment in the High-tech Industry

N/

Improved FULMS Algorithm for Multi-Modal Active Control of Compressor Vibration and Noise Reduction

Active control is currently a hot-button issue in the research of reducing vibration and noise created by rolling piston compressors. Active control can effectively suppress the modal vibration of the structure and reduce the modal resonance acoustic radiation. This paper, which focuses on the active control of the compressor shell’s multiple modes with the control of acoustic radiation power being the research objective, studies the relationship between vibration modes and acoustic radiation modes of the compressor shell and the primary sources of noise. An improved Filtered-U least mean square (FULMS) algorithm for compressor vibration and noise control, which is based on the Nesterov accelerated adaptive moment estimation (NADAM) optimization algorithm, is proposed to determine the multi-order modes to be controlled from the perspective of sound energy, and a particle swarm algorithm is used to determine the location and number of secondary sources. The active control model of the compressor shell was established by using the joint simulation platform, and the performance of the improved algorithm was verified and analyzed by the simulation test process. The results show that compared with the traditional FULMS algorithm, the improved FULMS algorithm has better active vibration control effect, higher convergence speed and can effectively suppress structural mode vibration in a short period time

Banking systems, innovations, intellectual property protections, and financial markets: Evidence from China

One unique feature of the emerging economies in Asia is the rich variation in the development of financial systems and technological sectors across different geographical areas. This unbalanced evolution provides us a potentially more powerful setting to investigate the dynamics among banking systems, innovations, intellectual property (IP) protections, and stock market reactions that are especially useful in understanding the policy-finance-innovation nexus in emerging economies. Using newly available data from China, this study confirms the nurturing role of financial systems on innovations, the value-enhancing function of firms' innovative activities, and the lead-lag predictive role of innovations on stock returns, in the context of emerging economies. More importantly, the study documents that stronger provincial IP protections reduce patent piracy and hence enhance local firms' market values. (C) 2013 Elsevier Inc. All rights reserved

Underwater Spectral Imaging System Based on Liquid Crystal Tunable Filter

In the past decade, underwater spectral imaging (USI) has shown great potential in underwater exploration for its high spectral and spatial resolution. This proposal presents a stare-type USI system combined with the liquid crystal tunable filter (LCTF) spectral splitting device. Considering the working features of LCTF and the theoretical model of USI, the core structure containing “imaging lens-LCTF-imaging sensor” is designed and developed. The system is compact, and the optical geometry is constructed minimally. The spectral calibration test analysis proved that the spectral response range of the system covers a full band of 400 nm to 700 nm with the highest spectral resolution between 6.7 nm and 18.5 nm. The experiments show that the system can quickly collect high-quality spectral image data by switching between different spectral bands arbitrarily. The designed prototype provides a feasible and reliable spectral imaging solution for in situ underwater targets observation with high spectrum collecting efficiency