Under probability weighting,entrepreneurs with skewness preference tend to seek rightskewed and avoid left-skewed risks.We show that Chinese firms managed by CEOs with professional epidemic experience,i.e.,who previou...Under probability weighting,entrepreneurs with skewness preference tend to seek rightskewed and avoid left-skewed risks.We show that Chinese firms managed by CEOs with professional epidemic experience,i.e.,who previously experienced the outbreak of SARS during their tenure as high level executives,have a lower stock price crash risk measured by the negative skewness of stock prices in subsequent periods.In particular,those firms intentionally avoid stock price crashes by adopting more conservative strategies in decisionmaking.Overall,we provide the first evidence on the unintended effect of entrepreneurs'subjective judgments of the probabilities of disease outbreaks on financial market stability.These have long-term implications for the financial system.展开更多
Black soil is one of the most precious soil resources on earth because it has abundant carbon stocks and a relatively high production capacity. However, decreasing organic matter after land reclamation, and the effect...Black soil is one of the most precious soil resources on earth because it has abundant carbon stocks and a relatively high production capacity. However, decreasing organic matter after land reclamation, and the effects of long-term inputs of organic carbon have made it less fertile black soil in Northeast China. Straw return could be an effective method for improving soil organic carbon（SOC） sequestration in black soils. The objective of this study was to evaluate whether straw return effectively increases SOC sequestration. Long-term field experiments were conducted at three sites in Northeast China with varying latitudes and SOC densities. Study plots were subjected to three treatments： no fertilization（CK）; inorganic fertilization（NPK）; and NPK plus straw return（NPKS）. The results showed that the SOC stocks resulting from NPKS treatment were 4.0 and 5.7% higher than those from NPK treatment at two sites, but straw return did not significantly affect the SOC stocks at the third site. Furthermore, at higher SOC densities, the NPKS treatment resulted in significantly higher soil carbon sequestration rates（CSR） than the NPK treatment. The equilibrium value of the CSR for the NPKS treatment equated to cultivation times of 17, 11, and 8 years at the different sites. Straw return did not significantly increase the SOC stocks in regions with low SOC densities, but did enhance the C pool in regions with high SOC densities. These results show that there is strong regional variation in the effects of straw return on the SOC stocks in black soil in Northeast China. Additional cultivations and fertilization practices should be used when straw return is considered as an approach for the long-term improvement of the soil organic carbon pool.展开更多
基金the National Natural Science Foundation of China(No.72203249)Peng acknowledges financial support from the National Natural Science Foundation of China(No.71903208,72273160).
文摘Under probability weighting,entrepreneurs with skewness preference tend to seek rightskewed and avoid left-skewed risks.We show that Chinese firms managed by CEOs with professional epidemic experience,i.e.,who previously experienced the outbreak of SARS during their tenure as high level executives,have a lower stock price crash risk measured by the negative skewness of stock prices in subsequent periods.In particular,those firms intentionally avoid stock price crashes by adopting more conservative strategies in decisionmaking.Overall,we provide the first evidence on the unintended effect of entrepreneurs'subjective judgments of the probabilities of disease outbreaks on financial market stability.These have long-term implications for the financial system.
基金financially supported by the National Basic Research Program of China (973 Program, 2013CB127404)the Collaborative Innovation Action of Scientific and Technological Innovation Project of the Chinese Academy of Agricultural
文摘Black soil is one of the most precious soil resources on earth because it has abundant carbon stocks and a relatively high production capacity. However, decreasing organic matter after land reclamation, and the effects of long-term inputs of organic carbon have made it less fertile black soil in Northeast China. Straw return could be an effective method for improving soil organic carbon（SOC） sequestration in black soils. The objective of this study was to evaluate whether straw return effectively increases SOC sequestration. Long-term field experiments were conducted at three sites in Northeast China with varying latitudes and SOC densities. Study plots were subjected to three treatments： no fertilization（CK）; inorganic fertilization（NPK）; and NPK plus straw return（NPKS）. The results showed that the SOC stocks resulting from NPKS treatment were 4.0 and 5.7% higher than those from NPK treatment at two sites, but straw return did not significantly affect the SOC stocks at the third site. Furthermore, at higher SOC densities, the NPKS treatment resulted in significantly higher soil carbon sequestration rates（CSR） than the NPK treatment. The equilibrium value of the CSR for the NPKS treatment equated to cultivation times of 17, 11, and 8 years at the different sites. Straw return did not significantly increase the SOC stocks in regions with low SOC densities, but did enhance the C pool in regions with high SOC densities. These results show that there is strong regional variation in the effects of straw return on the SOC stocks in black soil in Northeast China. Additional cultivations and fertilization practices should be used when straw return is considered as an approach for the long-term improvement of the soil organic carbon pool.
