In this study, we examine the relation between corporate environmental responsibility and risk in U.S. public firms. We develop and test the risk-reduction, resource-constraint, and cross-industry variation hypotheses. Using an extensive U.S. sample during the 1991–2012 period, we find that for U.S. industries as a whole, CER engagement inversely affects firm risk after controlling for various firm characteristics. The result remains robust when we use firm fixed effect or an alternative measure of CER using principal component analysis or downside risk (...) measures. To address the concern of endogeneity bias, we use a system equations approach and dynamic system generalized methods of moment regressions, and continue to find that environmentally responsible firms experience lower risk. These findings support the risk-reduction hypothesis, but not the resource-constraint hypothesis, along with the notion that the top management in U.S. firms is generally risk averse and that their CER engagement facilitates their risk management efforts. Our cross-industry analysis further reveals that the inverse CER-risk association mainly comes from the manufacturing sector, whereas in the service sector, CER tends to increase firm risk. (shrink)

This paper uses an innovative way to screen stocks and analyzes the relationship between corporate environmental responsibility and long-run stock returns. By our definition, an environmentally responsible (green) company gives no environmental concern and shows environmental strength(s). Using 20 years’ data of 1992–2011, we find evidence that environmentally responsible company outperforms, in the 4th to 7th year after the screening year. An equal-weighted environmentally responsible portfolio earned an annual four-factor alpha of 4.06 % in the 4th year, 3.00 % above (...) industry benchmarks, and 3.87 % above characteristic benchmarks. The results are robust to alternative portfolio weighting methodologies, controlling for firm characteristics, and the removal of outliers. Testing using industry-adjusted Tobin’s Q, we find consistent evidence that environmental strength creates firm value. We argue that environmental responsibility is an intangible asset, likely to be undervalued by the market, especially in the long horizon, thereby causing environmentally responsible companies to exhibit long-horizon excess returns. (shrink)

The interference of the complex background and less information of the small targets are two major problems in vehicle attribute recognition. In this paper, two cascaded networks of vehicle attribute recognition are established to solve the two problems. For vehicle targets with normal size, the multitask cascaded convolution neural network MC-CNN-NT uses the improved Faster R-CNN as the location subnetwork. The vehicle targets in the complex background are extracted by the location subnetwork to the classification subnetwork CNN for the classification. (...) The implementation of this task decomposition strategy effectively eliminates the interference of the complex background in target detection. For vehicle targets with small size, the multitask cascaded convolution neural network MC-CNN-ST applies the network compression strategy and the multilayer feature fusion strategy to extract the feature maps. These strategies enrich the location information and semantic information of the feature maps. In order to optimize the nonlinear mapping ability and the hard-to-detect samples mining ability of the networks, the activation function and the loss function in the two cascaded networks are improved. The experimental results show that MC-CNN-NT for the normal targets and MC-CNN-ST for the small targets achieve the state-of-the-art performance compared with other attribute recognition networks. (shrink)

We investigate the financing strategies of environmentally responsible firms to understand how they set target capital structures and make incremental financing decisions. Literature shows that firms with better environmental performance have lower risk and better access to financing. However, it is not obvious how these firms choose to finance their investments. Using an extensive data set of U.S. firms, we find that firms with superior environmental performance have significantly lower debt ratios and use mostly short‐term debt for temporary financing needs. (...) In doing so, environmentally responsible firms are able to achieve more tax savings and experience lower costs of financial distress. Our results provide new empirical facts about environmental performance and financing decisions, and they help explain the observed relationship between environmental performance and economic performance. (shrink)

Many natural computational problems have input consisting of two or more parts, one of which may be considered a parameter. For example, there are many problems for which the input consists of a graph and a positive integer. A number of results are presented concerning parameterized problems that can be solved in complexity classes below P, given a single word of advice for each parameter value. Different ways in which the word of advice can be employed are considered, and it (...) is shown that the class FPT of tractable parameterized problems has interesting and natural internal structure. (shrink)

A completeness theory for parameterized computational complexity has been studied in a series of recent papers, and has been shown to have many applications in diverse problem domains including familiar graph-theoretic problems, VLSI layout, games, computational biology, cryptography, and computational learning [ADF,BDHW,BFH, DEF,DF1-7,FHW,FK]. We here study the parameterized complexity of two kinds of problems: (1) problems concerning parameterized computations of Turing machines, such as determining whether a nondeterministic machine can reach an accept state in \documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} (...) \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document} $k$\end{document} steps (the Short TM Computation Problem), and (2) problems concerning derivations and factorizations, such as determining whether a word \documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document} $x$\end{document} can be derived in a grammar \documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document} $G$\end{document} in \documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document} $k$\end{document} steps, or whether a permutation has a factorization of length \documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document} $k$\end{document} over a given set of generators. We show hardness and completeness for these problems for various levels of the \documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document} $W$\end{document} hierarchy. In particular, we show that Short TM Computation is complete for \documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document} $W[1]$\end{document}. This gives a new and useful characterization of the most important of the apparently intractable parameterized complexity classes. (shrink)

This study investigated the role of theme-based blocks play in enhancing Chinese children’s language capacity with a quasi-experiment. Altogether 61 young children were assigned to the experiment group and the control group. The experiment group was engaged in a 12-week theme-based block play intervention programs, whereas the control group received no interventions but free block play during the parallel time sessions. All the children were tested with the Language Assessment for Preschool Children before and after the intervention. The ANCOVA results (...) indicated that the experimental group significantly improved in LAPC test, whereas the control group showed no significant change. The educational implications of these findings are discussed. (shrink)

Patients with bipolar disorder may experience family dysfunction, which might result in worse psychosocial functioning through environmental and psychological factors. Research investigating the mediating role of social support, resilience and suicidal ideation on family and psychosocial functioning in BD is rare. The study aims to explore the predicting and mediating effects of social support, resilience and suicidal ideation on family and psychosocial functioning in BD patients. Two hundred forty-six patients with BD and sixty-nine healthy controls were recruited. The Family Assessment (...) Device, Functioning Assessment Short Test, Social Support Rating Scale, Connor-Davidson Resilience Scale and Beck Scale for Suicide Ideation were used to assess family functioning, psychosocial functioning, social support, resilience and suicidal ideation, respectively. Bipolar patients exhibited worse family and psychosocial functioning than healthy controls. Family functioning, social support, resilience and suicidal ideation significantly predict psychosocial functioning in the bipolar group. Social support, resilience and suicidal ideation indirectly mediate the effect of family functioning on psychosocial functioning in bipolar patients. Cross-sectional design and mixed sample including acute and remitted stages. Treatments for patients with bipolar disorder should be combined with family strategies that are formulated to improve psychosocial functioning. An emphasis should be placed on enhancing social support and resilience while paying attention to suicidal ideation. (shrink)

Attention and working memory are important cognitive functions that affect junior school students’ learning ability and academic performance. This study aimed to explore the relationships among trait mindfulness, attention, and working memory and to explore differences in performance between a high trait mindfulness group and a low one in attention and working memory under different stressful situations. In study 1, 216 junior school students completed the Five Facet Mindfulness Questionnaire, and their attention and working memory were tested in a non-pressure (...) situation. The results showed that attention had a partial mediating effect between mindfulness and working memory. In study 2, the high trait mindfulness group and the low one were tested for attention and working memory under situations with single and multiple pressures. One notable result was that the attention and working memory performances of the high mindfulness group were all significantly higher than those of the low mindfulness group in every stress situation. Other important results were that trait mindfulness moderates the relationship between stress and attention and between stress and working memory. These results suggest that trait mindfulness has a protective effect in the process by which various stresses affect attention and working memory. These findings indicate that trait mindfulness is an important psychological quality that affects the attention and working memory of junior school students, and it is also an important psychological resource for effectively coping with the impact of stress on attention and working memory. Therefore, it is possible that improving trait mindfulness may help to improve junior school students’ attention and working memory and enable them to cope better with stress, thereby helping to improve academic performance. This research is of great significance for understanding the association between key psychological qualities and cognitive functions in different stressful situations. These findings also provide insight for future studies in educational psychology. (shrink)

The California Verbal Learning Test-Second Edition, is a commonly used tool to assess episodic memory. This study analyzed learning and memory characteristics in a cognitively healthy Chinese population, as well as the effects of age, sex and education on CVLT-II factors. In total, 246 healthy people aged 20–80 years and 29 persons with multiple sclerosis were included in this study and completed the CVLT-II. Factors including total learning, learning strategy, serial position effects, short-delay free and cued recall, long-delay free and (...) cued recall, repetitions and intrusions during recall, hits and false positives of recognition, and total recognition discriminability were calculated. The effects of age, sex and education on these factors were analyzed using ANCOVA or independent two-sample t-tests and further confirmed by multiple regression analysis. The regression-based normative data were then computed by the equivalent scores method. Moreover, differences in learning and memory were compared between persons with MS and age-, sex- and education-matched healthy individuals. Most CVLT-II factors significantly differed between different age and education groups; in particular, better performance in total learning, recall, semantic clustering and recognition was observed in the younger and more educated groups than in the older and less educated groups. Male participants showed higher recency effect scores, more repetitions and fewer hits than female participants. Compared with healthy individuals, persons with MS showed extensive impairments in memory processes, such as learning, recall, learning strategy and recognition. These findings indicated that verbal learning and memory were highly dependent on age and educational level but not strongly affected by sex. The CVLT-II effectively assesses episodic memory impairment in the Chinese-speaking population. (shrink)