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
Constellations of regional satellite navigation systems are usually constituted of geostationary satellites (GEO) and inclined geostationary satellites (IGSO) for better service availability. Analysis of real data sho...Constellations of regional satellite navigation systems are usually constituted of geostationary satellites (GEO) and inclined geostationary satellites (IGSO) for better service availability. Analysis of real data shows that the pseudorange measurements of these two types of satellites contain significant multipath errors and code noise, and the multipath for GEO is extremely serious, which is harmful to system services. In contrast, multipath error of carrier phase measurements is less than 3 cm, which is smaller than the multipath of pseudorange measurements by two orders of magnitude. Using a particular combination of pseudorange and dual-frequency carrier phase measurements, the pseudorange multipath errors are detected, and their time varying features are analyzed. A real-time multipath correction algorithm is proposed in this paper, which is called CNMC (Code Noise and Multipath Correction). The algorithm decreases the influence of the multipath error and therefore ensures the performance of the system. Data processing experiments show that the multipath error level may be reduced from 0.5 m to 0.15 m by using this algorithm, and 60% of GEO multipath errors and 42% of IGSO multipath errors are successfully corrected with CNMC. Positioning experiments are performed with a constellation of 3 GEO plus 3 IGSO satellites. For dual-frequency users the East-West position accuracy is improved from 1.31 m to 0.94 m by using the CNMC algorithm, the South-North position accuracy is improved from 2.62 m to 2.29 m, and the vertical position accuracy is improved from 4.25 m to 3.05 m. After correcting multipath errors, the three-dimensional position accuracy is improved from 5.16 m to 3.94 m.展开更多
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.
基金supported by the National High Technology Research and Development Program of China (863) (Grant Nos.2009Z12A324 and 2009AA12Z328)the National Natural Science Foundation of China (Grant Nos. 10703011, 11073047 and 11033004)the Science and Technology Commission of Shanghai (Grant No. 06DZ22101)
文摘Constellations of regional satellite navigation systems are usually constituted of geostationary satellites (GEO) and inclined geostationary satellites (IGSO) for better service availability. Analysis of real data shows that the pseudorange measurements of these two types of satellites contain significant multipath errors and code noise, and the multipath for GEO is extremely serious, which is harmful to system services. In contrast, multipath error of carrier phase measurements is less than 3 cm, which is smaller than the multipath of pseudorange measurements by two orders of magnitude. Using a particular combination of pseudorange and dual-frequency carrier phase measurements, the pseudorange multipath errors are detected, and their time varying features are analyzed. A real-time multipath correction algorithm is proposed in this paper, which is called CNMC (Code Noise and Multipath Correction). The algorithm decreases the influence of the multipath error and therefore ensures the performance of the system. Data processing experiments show that the multipath error level may be reduced from 0.5 m to 0.15 m by using this algorithm, and 60% of GEO multipath errors and 42% of IGSO multipath errors are successfully corrected with CNMC. Positioning experiments are performed with a constellation of 3 GEO plus 3 IGSO satellites. For dual-frequency users the East-West position accuracy is improved from 1.31 m to 0.94 m by using the CNMC algorithm, the South-North position accuracy is improved from 2.62 m to 2.29 m, and the vertical position accuracy is improved from 4.25 m to 3.05 m. After correcting multipath errors, the three-dimensional position accuracy is improved from 5.16 m to 3.94 m.
