In this paper, first, an evolutionary game model for Bayes-based strategy updating rules was constructed, in which players can only observe a signal that reveals a strategy type instead of the strategy type directly, which deviates from the strategy type of players. Then, the equilibrium selection of populations in the case of the asymmetric game, the Battle of the Sexes (BoS), and the case of a symmetric coordination game was studied where individuals make decisions based on the signals released by each player. Finally, it was concluded that in the BoS game, when the accuracy of the signal is low, the population eventually reaches an incompatible state. If the accuracy of the signal is improved, the population finally reaches a coordinated state. In a coordination game, when the accuracy of the signal is low, the population will eventually choose a payoff-dominated equilibrium. With the improvement of signal accuracy, the equilibrium of the final selection of the population depends on its initial state.

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This research is based on a data set comprising 6260 firm-year observations from listed companies on the Shanghai and Shenzhen Stock Exchanges during 2009-2015, and the results indicate that other comprehensive income (OCI) disclosure generally improves firm performance, whereas earnings management reduces firm performance. The study also finds that OCI disclosure and corporate governance are complementary in restraining earnings manipulation and promoting firm performance, and there is a causal relationship between OCI disclosure and earnings management to affect firm performance. | INTRODUCTIONExtant researches combine market value and accounting earnings to measure firm performance and price-to-earnings (P/E) ratio which has arguably become one of the most popular measures of firm performance (Klein & Rosenfeld, 1991;Liu et al., 2019). In inefficient markets, information asymmetry provides an opportunity for managers to manipulate earnings, suggesting that higher P/E ratios are expected to reduce earnings management. Recent research has focused on the usefulness of corporate governance and accounting information and promoted a new concept for the combination of accounting information, corporate governance, and earnings management (Bajra & Cadez, 2018;Shan, 2015). Accordingly, good corporate governance can boost the implementation of accounting standards, mitigate agency problems, and restrict manager's earnings

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With flourishing development of media industry, media have exerted more and more important functions in the capital market. For photovoltaic industry, which is an emerging industry, its innovative behaviours need support from the capital market. In order to investigate the influence of media reports on innovative behaviours of photovoltaic enterprises, 43 listed photovoltaic enterprises in China A­stock market were selected. 2013–2016 news reports related to photovoltaic enterprises were grabbed using Python method, and the influence mechanism of media reports on innovative behaviours of photovoltaic enterprise was explored. The results show that media reports facilitate innovative behaviours of photovoltaic enterprises. Facilitating effect of media reports on innovative behaviours of photovoltaic enterprises further strengthen with increasing business revenues of the enterprises. Policy-oriented media exert obvious effect on boosting innovative behaviours of photovoltaic enterprises, while market-oriented media have no significant influence. The conclusions contribute to further understanding of the effect exerted by media information dissemination on enterprises’ innovative behaviours.