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.     

从盖恩斯《刑前一课》看小说视点与叙事层面的建构

盖恩斯在《刑前一课》里从零视点与悬念的建构、外视点与悖论的建构、内视点与意识流、多视点聚焦与立体感等方面来研究小说视点与叙事层面的相互关联。他从零视点的角度建构人称悬念、瞬间悬念和期待性悬念，从外视点的角度设置了主题悖论、言辞悖论和语境悖论。为了克服零视点和外视点描述的单调性和乏味性，盖恩斯把内视点与意识流进行了有机结合，从触景生情式意识流、内心独白式意识流和交织式意识流等方面探究人物心理与社会环境的内在关联。他还在人物评述和场景氛围等方面采用了多视点策略，从多层次和多侧面的角度来聚焦于具体的人物、物件或场景，构建了叙事层面的立体感，拓展了现代黑人小说创作的美学认知空间。     

超竞争环境下企业困境并购定价与时机研究

在超竞争环境下企业面临的竞争环境越来越动荡，企业的竞争优势呈现出短期性与临时性的特点，为了快速发展，越来越多的企业选择并购。本文以超竞争环境为研究背景，运用期权博弈理论，分析并建立了存在竞争对手的企业困境并购定价与时机选择模型，通过模型求解得到并购中主并企业给予目标企业的最优价值以及主并企业的最佳并购时机；此外，通过数值模拟重点分析了三个超竞争特征因子（竞争强度、竞争不确定性、企业价值损失因子）、企业困境因子以及竞争对手的溢价水平对企业困境并购时机的影响。本文研究发现：（1）被并企业得到的价值补偿比例及主并企业最佳并购时机均受到各超竞争特征因子、企业困境因子以及竞争对手溢价水平的综合影响；（2）竞争对手的存在会使目标企业得到的价值补偿比例增加；（3）超竞争环境下企业困境并购中主并企业的最佳并购时机取决于并购双方的相对价值比；（4）随着可能导致双方谈判破裂因素、事件的增多以及企业财务困境程度的增加，主并企业提前进行并购的可能性增加；（5）随着竞争强度、竞争不确定性、竞争对手造成溢价水平的增加，主并企业推迟并购时机的可能性增大。     

Reviews

Abstract

Michelle DeMars reviews The Indispensable Academic Librarian: Teaching and Collaborating for Change; Norma Durian reviews The Library Outreach Casebook; Trina Boykin Nolen reviews Licensing Digital Content: A Practical Guide for Librarians, Third Edition.     

习近平外交思想指向下中日关系发展的新定位

近年来中日关系逐步转寒回暖,无论政治交流氛围,还是经济合作环境都得到了较大改善,这离不开中国政府根据国际形势及中日关系的变化及时调整对日政策,也充分体现了习近平新时代中国特色社会主义外交思想对中日关系缓和发展的引领作用。在安倍首相访华及习近平主席出席大阪G20峰会之后,两国政府在努力建设契合新时代要求的中日关系上达成多点共识。中日双方将依托“一带一路”倡议和第三方市场合作的平台,进一步致力于深化经济合作,维护多边主义和自由贸易体制,共同培育新动能和新的增长点,加速东北亚区域命运共同体的构建。     

Non-tariff barrier on chicken imports into Russia: Impact on production,trade and prices

We analyze the Russian restriction on chicken imports as an example of a non-tariff barrier (NTB). Cointegration test results support the hypothesis that the NTB limited trade. We calibrate an equilibrium market model to cointegration results to assess the market impact. The tariff equivalent of the Russian chicken NTB is estimated to be 30 − 40% depending on the representation of consumer demand. Removing the NTB decreases domestic production by 4–5% and domestic price by 27%–34%, while imports increase by 326–423 thousand tons annually in 2015–2019.     

Giving birth after caesarean: Identifying shared preferences among pregnant women using Q methodology

BackgroundCaesarean rates are rising worldwide, the main contributor being the elective repeat caesarean. During the past decades, rates of vaginal birth after caesarean dropped considerably. This requires insight in women’s preferences regarding giving birth following a previous caesarean.AimTo gain a better understanding of women’s values and preferences regarding the upcoming birth following a previous caesarean. Using Q methodology, this study systematically explores and categorises their preferences.MethodsQ methodology is an innovative research approach to explore and compare a variety of viewpoints on a certain subject. Thirty-one statements on birth after caesarean were developed based on the health belief model. Thirty-six purposively sampled pregnant women with a history of caesarean ranked these statements from least to most important. By-person factor analysis was used to identify patterns which, supplemented with interview data, were interpreted as preferences.FindingsThree distinct preferences for giving birth after a caesarean were found; (a) “Minimise the risks for me and my child”, giving priority to professional advice and risk of adverse events, (b) “Seek the benefits of normal birth”, desiring to give birth as normal as possible for both emotional and practical reasons, (c) “Opt for repeat caesarean”, expressing the belief that a planned caesarean brings comfort.ConclusionsPreferences for birth after caesarean vary considerably among pregnant women. The findings help to understand the different types of information valued by women who need to decide on their mode of birth after a first caesarean.     

安大简《诗经》“侯六”“魏九”浅析

通过分析《毛诗·魏风》《唐风》诸篇的诗旨和安大简自身的特点,认为安大简《侯》《魏》两部分内并无“误置”现象。又从战国初期的历史背景出发,并结合诗旨、春秋战国时期的“用诗”特点,赞成安大简《魏》之所以抄写《毛诗·唐风》中的诗篇,当与战国时期魏国国力强盛、占有晋国故地相关。由于抄写《唐风》诗篇的部分被称为“魏”,因此,抄写《魏风》的部分就不能再称为“魏”,必须改题。从《毛诗》诸国风的命名逻辑看,“侯”极可能是地名。不过,若考虑到安大简的特点,“侯”为爵位也未尝不可。从安大简《侯》《魏》的特殊安排看,它无疑是一个改编本,其底本与《毛诗》应该非常接近。