Using the unique scheduled disclosure system for annual reports in China’s stock market,we examine within-industry herding behavior in annual report timing.The results reveal the waiting and following behavior strate...Using the unique scheduled disclosure system for annual reports in China’s stock market,we examine within-industry herding behavior in annual report timing.The results reveal the waiting and following behavior strategies used in the annual reporting process within industry.Firms that originally schedule an early(late)disclosure date within their industry are more likely to reschedule to a later(earlier)date.Informational pressure is the dominant mechanism underlying herding in annual reporting,and capital market reputation incentives mainly induce the herding of bad news.Further analysis shows that delaying disclosure via the waiting strategy reduces the future occurrence of restatements,whereas bringing forward disclosure does not change the propensity of future restatements.Overall,we enrich the limited empirical studies on sequential mandatory disclosure decisions within industry.展开更多
A novel gain-scheduled switching control method for the longitudinal motion of a flexible air-breathing hypersonic vehicle （FAHV） is proposed. Firstly, velocity and altitude are selected as scheduling variables, a p...A novel gain-scheduled switching control method for the longitudinal motion of a flexible air-breathing hypersonic vehicle （FAHV） is proposed. Firstly, velocity and altitude are selected as scheduling variables, a polytopic linear parameter varying （LPV） model is developed to represent the complex nonlinear longitudinal dynamics of the FAHV. Secondly, based on the obtained polytopic LPV model, the flight envelope is divided into four smaller subregions, and four gain-scheduled controllers are designed for these parameter subregions. Then, by the defined switching characteristic function, these gain-scheduled controllers are switched in order to guarantee the closed-loop FAHV system to be asymptotically stable and satisfy a given tracking error performance criterion. The condition of gain-scheduled switching controller synthesis is given in terms of linear matrix inequalities （LMIs） which can be easily solved by using standard software packages. Finally, simulation results show the effectiveness of the presented method.展开更多
本文分析了2001～2003年度我国 A 股上市公司年度报告预约披露的执行情况,实证检验了预约披露变更与盈余消息的相关性。研究发现,预约披露制度的执行,在一定程度上强化了信息公告的及时性,但预约披露日期的变更特别是延迟披露比较普遍,...本文分析了2001～2003年度我国 A 股上市公司年度报告预约披露的执行情况,实证检验了预约披露变更与盈余消息的相关性。研究发现,预约披露制度的执行,在一定程度上强化了信息公告的及时性,但预约披露日期的变更特别是延迟披露比较普遍,盈余消息好坏、公司规模、审计意见、利润分配、审计师变更等是主要因素。本文研究的结果对于监管部门及投资者都有一定的现实意义。展开更多
基金financial support from the National Social Science Foundation of China(16BGL004)
文摘Using the unique scheduled disclosure system for annual reports in China’s stock market,we examine within-industry herding behavior in annual report timing.The results reveal the waiting and following behavior strategies used in the annual reporting process within industry.Firms that originally schedule an early(late)disclosure date within their industry are more likely to reschedule to a later(earlier)date.Informational pressure is the dominant mechanism underlying herding in annual reporting,and capital market reputation incentives mainly induce the herding of bad news.Further analysis shows that delaying disclosure via the waiting strategy reduces the future occurrence of restatements,whereas bringing forward disclosure does not change the propensity of future restatements.Overall,we enrich the limited empirical studies on sequential mandatory disclosure decisions within industry.
基金supported by the National Outstanding Youth Science Foundation(61125306)the National Natural Science Foundation of Major Research Plan(91016004+2 种基金61034002)the Specialized Research Fund for the Doctoral Program of Higher Education of China (20110092110020)the Scientific Research Foundation of Graduate School of Southeast University(YBJJ1103)
文摘A novel gain-scheduled switching control method for the longitudinal motion of a flexible air-breathing hypersonic vehicle （FAHV） is proposed. Firstly, velocity and altitude are selected as scheduling variables, a polytopic linear parameter varying （LPV） model is developed to represent the complex nonlinear longitudinal dynamics of the FAHV. Secondly, based on the obtained polytopic LPV model, the flight envelope is divided into four smaller subregions, and four gain-scheduled controllers are designed for these parameter subregions. Then, by the defined switching characteristic function, these gain-scheduled controllers are switched in order to guarantee the closed-loop FAHV system to be asymptotically stable and satisfy a given tracking error performance criterion. The condition of gain-scheduled switching controller synthesis is given in terms of linear matrix inequalities （LMIs） which can be easily solved by using standard software packages. Finally, simulation results show the effectiveness of the presented method.
文摘本文分析了2001～2003年度我国 A 股上市公司年度报告预约披露的执行情况,实证检验了预约披露变更与盈余消息的相关性。研究发现,预约披露制度的执行,在一定程度上强化了信息公告的及时性,但预约披露日期的变更特别是延迟披露比较普遍,盈余消息好坏、公司规模、审计意见、利润分配、审计师变更等是主要因素。本文研究的结果对于监管部门及投资者都有一定的现实意义。
