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Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over the period from 2004 to 2019, this study aims to investigate whether the market rewards meeting or beating analyst earnings expectations (MBE).

The authors use an event study methodology to capture market reactions to MBE.

The authors document a stock return premium for beating analyst forecasts by a wide margin. However, there is no stock return premium for firms that meet or just beat analyst forecasts, suggesting that the market is skeptical of earnings management by these firms. This market underreaction is more pronounced for firms with weak external monitoring. Further analysis shows that meeting or just beating analyst forecasts is indicative of superior future financial performance. The authors do not find firms using earnings management to meet or just beat analyst forecasts.

The authors provide evidence of market underreaction to meeting or just beating analyst forecasts, with the market's over-skepticism of earnings management being a plausible mechanism for this phenomenon.

The findings of this study are informative to researchers, market participants and regulators concerned about the impact of analysts and earnings management and interested in detecting and constraining managers' earnings management.

The authors provide new insights into how the market reacts to MBE by showing that the market appears to focus on using meeting or just beating analyst forecasts as an indicator of earnings management, while it does not detect managed MBE. Meeting or just beating analyst forecasts is commonly used as a proxy for earnings management in the literature. However, the findings suggest that it is a noisy proxy for earnings management.

The purpose of this study is to examine whether and how analysts’ foreign ancestral origins would have an effect on analysts’ earning forecasts in particular and ultimately on firms’ information environment in general.

By inferring analysts’ ancestral countries based on their surnames, this study empirically examines whether analysts’ ancestral countries affect their earnings forecast errors.

Using novel data on analysts’ foreign ancestral origins from more than 110 countries, this study finds that relative to analysts with common American surnames, analysts with common foreign surnames tend to have higher earnings forecast errors. The positive relation between analyst foreign surnames and earnings forecast errors is more likely to be observed for African-American analysts and analysts whose ancestry countries are geographically apart from the USA. In contrast, this study finds that when analysts’ foreign countries of ancestry are aligned with that of the CEOs, analysts exhibit lower earnings forecast errors relative to analysts with common American surnames. More importantly, the results show that firms followed by more analysts with foreign surnames tend to exhibit higher earnings forecast errors.

Taken together, findings of this study are consistent with the conjecture that geographical, social and ethnical proximity between managers and analysts affect firms’ information environment. Therefore, this study contributes to the determinants of analysts’ earnings forecast errors and adds to the literature on firms’ information environment.

The purpose of this paper is to perform fine classification of road traffic visibility based on the characteristics of driving behavior under different visibility conditions.

A driving simulator experiment was conducted to collect data of speed and lane position. ANOVA was used to explore the difference in driving behavior under different visibility conditions.

The results show that only average speed is significantly different under different visibility conditions. With the visibility reducing, the average vehicle speed decreases. The road visibility conditions in a straight segment can be divided into five levels: less than 20, 20-30, 35-60, 60-140 and more than 140 m. The road visibility conditions in a curve segment can be also divided into four levels: less than 20, 20-30, 35-60 and more than 60 m.

A fine classification of road traffic visibility has been performed, and these classifications help to establish more accurate control measures to ensure road traffic safety under low-visibility conditions.

Crowd network systems have been deemed as a promising mode of modern service industry and future economic society, and taking crowd network as the research object and exploring its operation mechanism and laws is of great significance for realizing the effective governance of the government and the rapid development of economy, avoiding social chaos and mutation. Because crowd network is a large-scale, dynamic and diversified online deep interconnection, its most results cannot be observed in real world, and it cannot be carried out in accordance with traditional way, simulation is of great importance to put forward related research. To solve above problems, this paper aims to propose a simulation architecture based on the characteristics of crowd network and to verify the feasibility of this architecture through a simulation example.

This paper adopts a data-driven architecture by deeply analyzing existing large-scale simulation architectures and proposes a novel reflective memory-based architecture for crowd network simulations. In this paper, the architecture is analyzed from three aspects: implementation framework, functional architecture and implementation architecture. The proposed architecture adopts a general structure to decouple related work in a harmonious way and gets support for reflection storage by connecting to different devices via reflection memory card. Several toolkits for system implementation are designed and connected by data-driven files (DDF), and these XML files constitute a persistent storage layer. To improve the credibility of simulations, VV&A (verification, validation and accreditation) is introduced into the architecture to verify the accuracy of simulation system executions.

Implementation framework introduces the scenes, methods and toolkits involved in the whole simulation architecture construction process. Functional architecture adopts a general structure to decouple related work in a harmonious way. In the implementation architecture, several toolkits for system implementation are designed, which are connected by DDF, and these XML files constitute a persistent storage layer. Crowd network simulations obtain the support of reflective memory by connecting the reflective memory cards on different devices and connect the interfaces of relevant simulation software to complete the corresponding function call. Meanwhile, to improve the credibility of simulations, VV&A is introduced into the architecture to verify the accuracy of simulation system executions.

This paper proposes a novel reflective memory-based architecture for crowd network simulations. Reflective memory is adopted as share memory within given simulation execution in this architecture; communication efficiency and capability have greatly improved by this share memory-based architecture. This paper adopts a data-driven architecture; the architecture mainly relies on XML files to drive the entire simulation process, and XML files have strong readability and do not need special software to read.

Evolution can be easily observed in nature world, and this phenomenon is a research hotspot no matter in natural science or social science. In crowd science and technology, evolutionary phenomenon exists also among many agents in crowd network systems. This kind of phenomenon is named as crowd co-evolutionary, which cannot be easily studied by most existing methods for its nonlinearity. This paper aims to proposes a novel simulation framework for co-evolution to discover improvements and behaviors of intelligent agents in crowd network systems.

This paper introduces a novel simulation framework for crowd co-evolutions. There are three roles and one scene in the crowd. The scene represented by a band-right to a ringless diagram. The three roles are unit, advisor and monitor. Units find path in the scene. Advisors give advice to units. Monitors supervise units’ behavior in the scene. Building a network among these three kinds member, influencing individual relationships through information exchange, and finally enable the individual to find the optimal path in the scene.

Through this simulation framework, one can record the behavior of an individual in a group, the reasons for the individual's behavior and the changes in the relationships of others in the group that cause the individual to do so. The speed at which an individual finds the optimal path can reflect the advantages and disadvantages of the relationship change function.

The framework provides a new way to study the evolution of inter-individual relationships in crowd networks. This framework takes the first-person perspective of members of the crowd-sourced network as the starting point. Through this framework, the user can design relationship evolution methods and mathematical models for the members of different roles, so as to verify that the level of public intelligence of the crowd network is actually the essence of the rationality of the membership relationship.

The purpose of this paper is to design a contract to coordinate the biomass molding fuel supply chain consisting of a supplier with uncertain supply and a producer with cyclical demand as well as improve the profit of this supply chain.

In this paper, the supply chain model was build and all the variables and assumptions are set. Stackelberg game model was used to analyze and solve the problem. Furthermore, the authors give numerical examples and result analysis on the basis of data coming from field study and online information about a real biomass fuel supply chain.

The wholesale price with shortage penalty contract the authors proposed can coordinate the supply chain. And as the dominator of the supply chain, the producer can realize the redistribution of profits within the supply chain by determine the contract parameters.

This one-to-one supply chain is a basic of complex supply chain system. Multi-to-one, one-to-multi and multi-to-multi supply chain can be studied in the future.

The results obtained in this paper can be used as a reference for enterprises in biomass energy supply chain to make contracts and realize the long-term co-operations among supply chain members.