The Analytic Network Process (ANP) is a multicriteria theory of measurement used to derive relative priority scales of absolute numbers from individual judgments (or from actual measurements normalized to a relative f...The Analytic Network Process (ANP) is a multicriteria theory of measurement used to derive relative priority scales of absolute numbers from individual judgments (or from actual measurements normalized to a relative form) that also belong to a fundamental scale of absolute numbers. These judgments represent the relative influence, of one of two elements over the other in a pairwise comparison process on a third element in the system, with respect to an underlying control criterion. Through its supermatrix, whose entries are themselves matrices of column priorities, the ANP synthesizes the outcome of dependence and feedback within and between clusters of elements. The Analytic Hierarchy Process (AHP) with its independence assumptions on upper levels from lower levels and the independence of the elements in a level is a special case of the ANP. The ANP is an essential tool for articulating our understanding of a decision problem. One had to overcome the limitation of linear hierarchic structures and their mathematical consequences. This part on the ANP summarizes and illustrates the basic concepts of the ANP and shows how informed intuitive judgments can lead to real life answers that are matched by actual measurements in the real world (for example, relative dollar values) as illustrated in market share examples that rely on judgments and not on numerical data.展开更多
In this paper, we present evidence that firms with concentrated ownership manage earnings when their large shareholders have an incentive to do so.The large shareholders of Chinese public firms often pledge their shar...In this paper, we present evidence that firms with concentrated ownership manage earnings when their large shareholders have an incentive to do so.The large shareholders of Chinese public firms often pledge their shares for loans. Before the split share reform in 2006, loan terms were based on the book value of the firm. Since then, the share price has become critical for share pledged loans. We postulate that the reform triggered large shareholders' incentive to influence financial reports. Using a sample of non-state-owned enterprises, we test the effect of share pledges on earnings smoothing and how this effect changes after the reform. Our results suggest that share pledging firms smooth their earnings more than other firms, but these results are only found after the split share reform. Accordingly, our results provide more direct evidence on the effect of ownership concentration on financial reporting.展开更多
文摘The Analytic Network Process (ANP) is a multicriteria theory of measurement used to derive relative priority scales of absolute numbers from individual judgments (or from actual measurements normalized to a relative form) that also belong to a fundamental scale of absolute numbers. These judgments represent the relative influence, of one of two elements over the other in a pairwise comparison process on a third element in the system, with respect to an underlying control criterion. Through its supermatrix, whose entries are themselves matrices of column priorities, the ANP synthesizes the outcome of dependence and feedback within and between clusters of elements. The Analytic Hierarchy Process (AHP) with its independence assumptions on upper levels from lower levels and the independence of the elements in a level is a special case of the ANP. The ANP is an essential tool for articulating our understanding of a decision problem. One had to overcome the limitation of linear hierarchic structures and their mathematical consequences. This part on the ANP summarizes and illustrates the basic concepts of the ANP and shows how informed intuitive judgments can lead to real life answers that are matched by actual measurements in the real world (for example, relative dollar values) as illustrated in market share examples that rely on judgments and not on numerical data.
基金supported by the National Natural Science Foundation (Project Nos. 70902007 and 71372029)
文摘In this paper, we present evidence that firms with concentrated ownership manage earnings when their large shareholders have an incentive to do so.The large shareholders of Chinese public firms often pledge their shares for loans. Before the split share reform in 2006, loan terms were based on the book value of the firm. Since then, the share price has become critical for share pledged loans. We postulate that the reform triggered large shareholders' incentive to influence financial reports. Using a sample of non-state-owned enterprises, we test the effect of share pledges on earnings smoothing and how this effect changes after the reform. Our results suggest that share pledging firms smooth their earnings more than other firms, but these results are only found after the split share reform. Accordingly, our results provide more direct evidence on the effect of ownership concentration on financial reporting.
