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学者姓名:胡楠
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Abstract :
By developing a machine learning-based measure of corporate big data strategies, this study empirically explores how stock markets respond to the COVID-19 pandemic and whether corporate big data strategies make firms immune to the pandemic effect. We find that except for information technology and health care sectors, firms in most sectors in China are negatively affected by the COVID-19 outbreak. Among these firms, an increase in the number of daily new confirmed cases in the city of a firm's headquarters is associated with a decrease in its stock prices, however, such a decline is attenuated for firms with a high emphasis on big data strategies. Our results are robust when we use COVID-19 cases at the whole country level.
Keyword :
Big data COVID-19 pandemic Machine learning Stock market
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GB/T 7714 | Xue, Fujing , Li, Xiaoyu , Zhang, Ting et al. Stock market reactions to the COVID-19 pandemic: The moderating role of corporate big data strategies based on Word2Vec* [J]. | PACIFIC-BASIN FINANCE JOURNAL , 2021 , 68 . |
MLA | Xue, Fujing et al. "Stock market reactions to the COVID-19 pandemic: The moderating role of corporate big data strategies based on Word2Vec*" . | PACIFIC-BASIN FINANCE JOURNAL 68 (2021) . |
APA | Xue, Fujing , Li, Xiaoyu , Zhang, Ting , Hu, Nan . Stock market reactions to the COVID-19 pandemic: The moderating role of corporate big data strategies based on Word2Vec* . | PACIFIC-BASIN FINANCE JOURNAL , 2021 , 68 . |
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Abstract :
In this study, we utilize the employee online review data from Glassdoor to examine whether stock market capitalizes the intangible asset value of employee satisfaction for high-contact service firms. We hypothesize that in the hospitality and tourism industry, employee satisfaction can efficiently motivate employees to deliver high-quality service and improve the employee retention, thereby leading to greater shareholder value. Our finding is consistent with this prediction that stock market investors indeed incorporate the intangible value of employee satisfaction into the valuation models. In addition, we find that the value of such intangible asset manifests in firm's subsequent profitability, resulting in improved return on asset (ROA). We further decompose ROA into profit margin and asset turnover to explore the pathways by which employee satisfaction affects shareholder value. We find that employee satisfaction can improve both profit margin and asset turnover for high-contact service firms. Overall, our study suggests that employee satisfaction can be an important intangible asset that contributes to the service firms' long-term value.
Keyword :
Employee online review Employee satisfaction Firm performance Intangible asset Stock market valuation
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GB/T 7714 | Fang, Ruirui , Gao, Baojun , Hu, Nan . Intangible asset value of employee satisfaction in high-contact services [J]. | INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT , 2021 , 94 . |
MLA | Fang, Ruirui et al. "Intangible asset value of employee satisfaction in high-contact services" . | INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT 94 (2021) . |
APA | Fang, Ruirui , Gao, Baojun , Hu, Nan . Intangible asset value of employee satisfaction in high-contact services . | INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT , 2021 , 94 . |
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Abstract :
This study examines the relation between a firm's supply chain hierarchical position and its information quality. We predict that firms located in a more upstream position within the supply chain network are exposed to greater demand variance, thereby leading to decreased quality of reported earnings and greater uncertainty in the public information available to investors. Consistent with this prediction, we find that firm's vertical position in the supply chain network is negatively associated with its information quality (i.e., poorer earnings quality and higher stock return synchronicity). Our results are robust to the matched sample analysis, residual analysis, and alternative measures of information quality. We further show that the positive relation between firm's hierarchical position and stock return synchronicity is more pronounced for firms facing higher information asymmetry. Overall, our findings suggest that a more upstream position in the supply chain network entails not only operational costs associated with amplified demand uncertainty but also costs related to the quality of reported information on which capital providers and other stakeholders rely. (C) 2020 Elsevier B.V. All rights reserved.
Keyword :
Bullwhip effect Demand uncertainty Earnings quality Stock return synchronicity Supply chain hierarchy
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GB/T 7714 | Bai, Xuelian , Fang, Ruirui , Henry, Elaine et al. Supply chain hierarchical position and firms' information quality [J]. | JOURNAL OF FINANCIAL STABILITY , 2020 , 51 . |
MLA | Bai, Xuelian et al. "Supply chain hierarchical position and firms' information quality" . | JOURNAL OF FINANCIAL STABILITY 51 (2020) . |
APA | Bai, Xuelian , Fang, Ruirui , Henry, Elaine , Hu, Nan . Supply chain hierarchical position and firms' information quality . | JOURNAL OF FINANCIAL STABILITY , 2020 , 51 . |
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Abstract :
The ability to understand the causes of customers' complaints is critical for hotels to improve their service quality, customer satisfaction, and revenue. This study adopts a novel structural topic model text analysis method to analyze 27,864 hotel reviews in New York City, and show that it leads to improved inference on consumer dissatisfaction. Our results reveal 10 topics, whose appearances in the negative reviews are substantially higher than those in the positive reviews. In addition, we investigate how customer complaints vary across different hotel grades. Results indicate that customer complaints for high-end hotels are mainly related to service issues, whereas customers of low-end hotels are frequently annoyed by facility-related problems. This research contributes to the hospitality literature by enhancing our understanding of the aspects of hotel customers' dissatisfaction through rigorous statistical analysis, their correlations, and importance for different hotel grades.
Keyword :
Customer dissatisfaction Online hotel reviews Structural topic model Text mining Tripadvisor
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GB/T 7714 | Hu, Nan , Zhang, Ting , Gao, Baojun et al. What do hotel customers complain about? Text analysis using structural topic model [J]. | TOURISM MANAGEMENT , 2019 , 72 : 417-426 . |
MLA | Hu, Nan et al. "What do hotel customers complain about? Text analysis using structural topic model" . | TOURISM MANAGEMENT 72 (2019) : 417-426 . |
APA | Hu, Nan , Zhang, Ting , Gao, Baojun , Bose, Indranil . What do hotel customers complain about? Text analysis using structural topic model . | TOURISM MANAGEMENT , 2019 , 72 , 417-426 . |
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Abstract :
This paper examines the influence of director interlock on firms' discrete accounting method choices from the perspective of behavior diffusion. We argue that firm managers will imitate their interlocked-partner firm's accounting method choices when choosing their own accounting methods. We find that when there is an interlock relationship between two firms, their accounting method choices, including inventory and depreciation methods, are similar to each other, indicating that accounting method choices can diffuse across firms through director interlock. In addition, such similarity is greater the longer the interlock relationship between the two firms is and as uncertainty increases. Further, the interlock effect on depreciation methods is larger for firms whose interlock directors have accounting backgrounds. Finally after considering sample selection bias, the influence of industry homogeneity, the issue of endogeneity, the influence of interlock direction, using accruals as a measurement of the aggregations of accounting method choices, and so on, our results are still robust. (C) 2017 Elsevier Inc. All rights reserved.
Keyword :
Accounting method choice Behavior diffusion Director interlock Similarity
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GB/T 7714 | Han, Jie , Hu, Nan , Liu, Ling et al. Does director interlock impact the diffusion of accounting method choice? [J]. | JOURNAL OF ACCOUNTING AND PUBLIC POLICY , 2017 , 36 (4) : 316-334 . |
MLA | Han, Jie et al. "Does director interlock impact the diffusion of accounting method choice?" . | JOURNAL OF ACCOUNTING AND PUBLIC POLICY 36 . 4 (2017) : 316-334 . |
APA | Han, Jie , Hu, Nan , Liu, Ling , Tian, Gaoliang . Does director interlock impact the diffusion of accounting method choice? . | JOURNAL OF ACCOUNTING AND PUBLIC POLICY , 2017 , 36 (4) , 316-334 . |
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