This study examines the impact of employee stock ownership plans(ESOPs)on stock-price informativeness in Chinese stock markets.Its findings indicate that firms implementing ESOPs experienced an average 11.89 percent i...This study examines the impact of employee stock ownership plans(ESOPs)on stock-price informativeness in Chinese stock markets.Its findings indicate that firms implementing ESOPs experienced an average 11.89 percent increase in stock-price informativeness.The plans improved stock-price informativeness through increased external attention and supervision.An event study shows that ESOPs gave rise to an announcement effect,driven by anticipated performance improvements and the novelty associated with ESOPs.A mechanism analysis demonstrates that the implementation of ESOPs attracted market attention,and the increased market supervision resulting from this mitigated the moral hazards of management associated with ESOPs.Plans with more positive signals exerted a greater influence.Notably,ESOPs that prioritized management incentives gained more recognition in the market.As the incentive effects of ESOPs were weaker than those of equity incentive plans and the ESOPs lost novelty over time,the annual announcement effect diminished gradually.These findings underscore the necessity of strengthening ESOP incentives for continued optimization of priceefficiency.展开更多
After three rounds of rigorous evaluation of core journals in gastroenterology andhepatology conducted by the Reference Citation Analysis (RCA) editorial team ofBaishideng Publishing Group (Baishideng), the RCA databa...After three rounds of rigorous evaluation of core journals in gastroenterology andhepatology conducted by the Reference Citation Analysis (RCA) editorial team ofBaishideng Publishing Group (Baishideng), the RCA database of Baishidengofficially released the 2022 Journal Article Influence Index (2022 JAII) of 101 corejournals in gastroenterology and hepatology, for the first time. The list of 101 corejournals can be found at: https://www.referencecitationanalysis.com/Search-Journal. Among them, the highest 2022 JAII is 48.014 and the lowest is 3.900. Thisarticle highlights the top 20 journals, describes the calculation method for the 2022JAII, the evaluation process, and the inclusion principles for journals in the RCA.These steps are the underpinning of the RCA’s empirical journal academicevaluation service by which the digital platform addresses the needs of authors toselect reliable journals for submission, readers to select high-quality literature forreading, and editors to track their own journal citation performance. As such, theRCA core journal list will serve as a useful Find-a-Journal tool. Any interestedparty is welcome to use this journal list and recommend it to their peers.展开更多
After three rounds of rigorous evaluation of core journals in orthopedics conducted by the Reference Citation Analysis(RCA)editorial team of Baishideng Publishing Group(Baishideng),the RCA database of Baishideng offic...After three rounds of rigorous evaluation of core journals in orthopedics conducted by the Reference Citation Analysis(RCA)editorial team of Baishideng Publishing Group(Baishideng),the RCA database of Baishideng officially released the 2022 Journal Article Influence Index(2022 JAII)of 104 core journals and a list of high-quality academic journals in orthopedics,for the first time on August 9,2022.The list of 104 core journals can be found at:https://www.referencecitationanalysis.com/SearchJournal.Among them,the highest 2022 JAII is 55.015 and the lowest is 3.076.This article introduces the 21 high-quality academic journals and describes the calculation method for the 2022 JAII,the evaluation process,and the inclusion principles for journals in the RCA.These steps are the underpinning of the RCA’s empirical journal academic evaluation service by which the digital platform addresses the needs of authors to select reliable journals for submission,readers to select high-quality literature for reading,and editors to track their own journal citation performance.As such,the RCA core journal list will serve as a useful Find-a-Journal tool.Any interested party is welcome to use this journal list and recommend it to their peers.展开更多
基金support from the National Social Science Fund of China(No.21BJY079).
文摘This study examines the impact of employee stock ownership plans(ESOPs)on stock-price informativeness in Chinese stock markets.Its findings indicate that firms implementing ESOPs experienced an average 11.89 percent increase in stock-price informativeness.The plans improved stock-price informativeness through increased external attention and supervision.An event study shows that ESOPs gave rise to an announcement effect,driven by anticipated performance improvements and the novelty associated with ESOPs.A mechanism analysis demonstrates that the implementation of ESOPs attracted market attention,and the increased market supervision resulting from this mitigated the moral hazards of management associated with ESOPs.Plans with more positive signals exerted a greater influence.Notably,ESOPs that prioritized management incentives gained more recognition in the market.As the incentive effects of ESOPs were weaker than those of equity incentive plans and the ESOPs lost novelty over time,the annual announcement effect diminished gradually.These findings underscore the necessity of strengthening ESOP incentives for continued optimization of priceefficiency.
文摘After three rounds of rigorous evaluation of core journals in gastroenterology andhepatology conducted by the Reference Citation Analysis (RCA) editorial team ofBaishideng Publishing Group (Baishideng), the RCA database of Baishidengofficially released the 2022 Journal Article Influence Index (2022 JAII) of 101 corejournals in gastroenterology and hepatology, for the first time. The list of 101 corejournals can be found at: https://www.referencecitationanalysis.com/Search-Journal. Among them, the highest 2022 JAII is 48.014 and the lowest is 3.900. Thisarticle highlights the top 20 journals, describes the calculation method for the 2022JAII, the evaluation process, and the inclusion principles for journals in the RCA.These steps are the underpinning of the RCA’s empirical journal academicevaluation service by which the digital platform addresses the needs of authors toselect reliable journals for submission, readers to select high-quality literature forreading, and editors to track their own journal citation performance. As such, theRCA core journal list will serve as a useful Find-a-Journal tool. Any interestedparty is welcome to use this journal list and recommend it to their peers.
文摘After three rounds of rigorous evaluation of core journals in orthopedics conducted by the Reference Citation Analysis(RCA)editorial team of Baishideng Publishing Group(Baishideng),the RCA database of Baishideng officially released the 2022 Journal Article Influence Index(2022 JAII)of 104 core journals and a list of high-quality academic journals in orthopedics,for the first time on August 9,2022.The list of 104 core journals can be found at:https://www.referencecitationanalysis.com/SearchJournal.Among them,the highest 2022 JAII is 55.015 and the lowest is 3.076.This article introduces the 21 high-quality academic journals and describes the calculation method for the 2022 JAII,the evaluation process,and the inclusion principles for journals in the RCA.These steps are the underpinning of the RCA’s empirical journal academic evaluation service by which the digital platform addresses the needs of authors to select reliable journals for submission,readers to select high-quality literature for reading,and editors to track their own journal citation performance.As such,the RCA core journal list will serve as a useful Find-a-Journal tool.Any interested party is welcome to use this journal list and recommend it to their peers.
