The effect of board size on shareholder value: Evidence from bank mergers and acquisitions

This study examines the effect of board size on the economic impact of bank mergers and acquisitions (M&A) in the US. Using a hand-collected dataset of 508 M&A between 2012 and 2018, we find that board size is negatively related to acquirer excess returns. In an additional analysis, we show that large boards have positive value implications for banks that combine the CEO and chairman roles as well as for large banks. Our findings indicate that a “one-size-fits-all” approach to board size is not necessarily in the interests of shareholders; instead, a more flexible and proactive formulation is needed.     

Journey towards independent living: a grounded theory investigation of leaving the care of Girls & Boys Town,South Africa

The journey out of care and towards independent living is a challenge for many care-leavers. There has been little research into the social processes involved in this care-leaving journey. This paper presents the results of a grounded theory investigation into the care-leaving journeys of nine young men who had, several years previously, been in the care of Girls & Boys Town in South Africa. Working from a resilience perspective, with an ecological emphasis, four central social processes emerged that together explain the care-leaving experiences of the participants. These processes are striving for authentic belonging; networking people for goal attainment; contextualised responsiveness and building hopeful and tenacious self-confidence. These four processes are located within contextual boundaries and at the social environmental interface. The paper presents these processes in detail, drawing on selected narratives of the participants and integrated with additional theory. It is hoped that this paper may contribute to theory building concerning care-leaving processes and enhance youth care practices for youth in care and leaving care.     

Influence diagnostics for the structural sharpe model under normal/independent distributions

A method is proposed in this paper to assess the local influence of minor perturbations for the Sharpe model when the normal distribution is replaced by normal/independent (NI) distributions. The family of NI distributions is an attractive class of symmetric heavy-tailed densities that includes as special cases the normal, t-Student, slash, and the contaminated normal distributions. Since the returns of the market are not observable, the statistical analysis is carried out in the context of an errors-in-variables model. An influence analysis for detecting influential observations (atypical returns) is developed to investigate the sensitivity of the maximum likelihood estimators. Diagnostic measures are obtained based on the conditional expectation of the complete-data log-likelihood function. The results are illustrated by using a set of shares of companies traded in the Chilean stock market.     

电动空调涡旋压缩机型线优化

选取我国三大经济区2001—2017年的数据,运用面板数据模型分析了政府财政、金融市场及其相互作用对区域自主创新能力提升的影响,结果表明:政府财政对自主创新能力的提升作用较金融市场更为显著,但三大经济区存在差异;就全国总体而言,金融支持效率指标在是否存在政府中介的情况下均不显著,金融市场对自主创新的支持效率还很低下;误差修正模型表明区域自主创新能力提升还受自身前期自主创新能力水平影响;人力资本的投入对区域自主创新能力的提升起到至关重要的作用。     

Model free audit methodology for bias evaluation of tumour progression in oncology

Many oncology studies incorporate a blinded independent central review (BICR) to make an assessment of the integrity of the primary endpoint, progression free survival. Recently, it has been suggested that, in order to assess the potential for bias amongst investigators, a BICR amongst only a sample of patients could be performed; if evidence of bias is detected, according to a predefined threshold, the BICR is then assessed in all patients, otherwise, it is concluded that the sample was sufficient to rule out meaningful levels of bias. In this paper, we present an approach that adapts a method originally created for defining futility bounds in group sequential designs. The hazard ratio ratio, the ratio of the hazard ratio (HR) for the treatment effect estimated from the BICR to the corresponding HR for the investigator assessments, is used as the metric to define bias. The approach is simple to implement and ensures a high probability that a substantial true bias will be detected. In the absence of bias, there is a high probability of accepting the accuracy of local evaluations based on the sample, in which case an expensive BICR of all patients is avoided. The properties of the approach are demonstrated by retrospective application to a completed Phase III trial in colorectal cancer. The same approach could easily be adapted for other disease settings, and for test statistics other than the hazard ratio. Copyright © 2015 John Wiley & Sons, Ltd.     

跨市域地区综合创新效率分析 ——以苏南自主创新示范区为例

作为首个跨市域的创新示范区,苏南自主创新示范区的建设有着极其重要的示范作用。在绿色经济背景下,覆盖多城市的苏南自主创新示范区的目标是自主创新、协同创新、环境创新的综合性提升。以苏南五市为研究对象,辅以其他城市为参考,从自主创新、协同创新、环境创新三个方面,构建跨市域自主创新示范区的综合创新效率评价模型,运用SBM方向性距离函数评价其综合创新效率。结果显示：苏南五市中南京综合创新效率最优;苏州、无锡两市协同创新效率较低;常州、镇江两市投入效率较高;苏南五市的环境创新效率都有较大提升空间。提升协同创新和环境创新,将是促进苏南自主创新示范区综合创新效率趋同的重要实现途径。     

基于ICA对价值链与企业家心智的关联研究

文章在分析影响价值链的企业家心智因素过程中引入了ICA理论,对应用ICA理论进行企业家心智因素的提取进行了可行性分析.在实证研究中通过基于ICA理论的FastICA算法从一组观测数据中分离出了影响价值链波动的主要因素,经分析,企业家的认知结构对价值链的影响比较显著.该方法用于筛选企业家心智因素是可行的,为ICA理论用于价值链管理和优化提供了理论参考.     

女性董事改善了企业会计稳健性吗?——基于中国民营上市公司的经验证据

以2004-2011年中国民营上市公司为研究样本,运用Basu模型结合民营上市公司董事会环境和女性特征,实证检验了女性董事对会计稳健性的影响.研究结果表明,董事会是否存在女性、董事会中女性的数量和比例都对会计稳健性有着显著的影响.其中,董事会存在女性董事降低了低竞争行业企业和低债务监督企业的会计稳健性,但女性董事的数量和比例的增加却提高了高竞争行业企业的会计稳健性.研究结论对深入理解会计稳健性以及加强中国民营上市公司治理结构具有一定的指导意义.     

独立学院向应用技术型高校转型初探

向应用技术型高校转型，是独立学院抓住历史机遇、实现规范创新发展的必然选择。为此，国家层面须加大政策支持，健全保障机制，引导行业企业积极参与；独立学院层面须进一步深化应用型人才培养模式改革：明确办学定位和人才培养目标，切实加强“双师型”师资队伍建设，大力推进国际交流和校企合作，加强学生实践实训锻炼等。     

独立院校医学生人文素质教育分析与对策研究

人文素质教育对于医学生的培养不容忽视。由于我国现行医学生选拔和培养模式、独立院校校园文化薄弱和“三本”学生自身特点等因素影响，独立院校医学生人文素质教育有待加强。独立医学院校应从深化教学改革、提高师资力量、建设校园文化、增强临床教学等四方面入手，努力提高医学生人文素养，不仅有利于医学生的成长成才，也有利于缓和当前的医患矛盾，更有助于推动医疗卫生事业的和谐发展。