科技前沿

德国造出迄今最强人工磁场6月22日,德国亥姆霍兹德累斯顿罗森多夫研究中心(HZDR)研究人员制造出了强度为91.4特斯拉的磁场,打破数年前由美国洛斯阿拉莫斯国家实验室所创造89特斯拉的纪录,成为目前世界上最强的人造磁场。这一磁场强度大约是地球磁场强度(0.00005     

高含水层直接注灰封堵的适应性评价

单家寺油田经过30多年蒸汽吞吐开发，已经进入开发中后期，高含水、套损现象越来越严重艏施选井困难，措施实施效果不理想，油田开发效果变差。为此，采油厂积极创新管理技术，优化封堵工艺，将传统注灰上返工艺改为对高含水层直接注灰封堵，并利用剩余油监测技术＇确定措施井油层出水点，对可能发生相邻井管外窜的无潜力井、易发生管外窜的油井，采取永久性注灰封井措施。实施后效果显著，区块采收率明显提高，油田开发综合效益得到有效提升，为同类型油藏的开发提供了借鉴经验，为高效开发老油田奠定了坚实的基础。     

外资抢进菲律宾

随着国内经济状况和投资环境的不断改善,在吸引外资方面,菲律宾已经初具"磁场效应",成为众多投资者抢进的乐土。     

试论电磁波对人体的危害

随着电子技术的迅猛发展,关于电子设备产生的电磁辐射对人体危害问题,越来越引起人们的重视。近几年有关使用通信设备对人体产生危害的报道纷纷见诸于报刊杂志,尤其1993年美国掀起的蜂窝电话致癌风波,一时间闹得沸沸扬扬,引起了各国专家学者的争论,也引起了广大用户的恐慌,使人们对使用现代电子产品心存疑虑。究竟电磁辐射对人体有无危害呢?我们知道,任何电子设备工作时都会在其周围产生交变的电场,变化的电场总是伴随着磁场产生,变化的磁场也总要产生电场,交变的电场和磁场互相依存,彼此作用,并以一定的速度在空间传播能量,这种形式称之为电磁辐射,也叫电磁波。电磁     

什么人能带旺你的财运

每一个人都有自己的磁场,不同磁场,力量的大小也不一样,“同性相吸异性相斥”的物理定律大家都知道。在财运上,你跟有某些人出去钱财就会流失的特别快,这些人总能助长你“腐败”的气焰,因为他们的财运与你“异性相斥”,而当你跟另外一波人站一起时,他们却能帮你“吸财”,让你财源滚滚。如何寻找这波人,不妨测试一下。     

显示器的TCO认证

众所周知,显示器要达到显示影像的目的,需要通过一系列的电路设计,这必然会产生电磁波,这些电磁波会在显示器周围形成很高的电场和磁场。人置身于这个电场与磁场之中,难免会受到影响,这就是我们常说的电磁辐射。 其实这种辐射不仅仅存在于显示器当中,手机、电视等都存在这种辐射,但从没有一种产品像显示器这样,人们在使用电脑时要长期近距离的面对它。除此之外,在一般显示器的生产原料中也存     

怀柔山水变身创意磁场

刘胜利的＂寓公佑＂陶艺坊、关雷的敦煌艺术主题工作室、漆雕工艺大师刘忠英的合局漆雕厂……怀柔世外桃源般的山水,引来各路艺术家开辟工作室,俨然已成为创意文化的磁场。     

RFID 2010年市场规模达300亿元

RFID(无线射频识别技术)标签是一种内含无线电技术的晶片,晶片可写入包括产品类别、位置、日期等信息,并且在进入磁场区后,晶片可透过扫描器感应实现非接触自动识别.     

宿州墉桥支行组织学习项俊波行长讲话

10月20日，宿州墉桥支行召开处所主任、会计主管及支行机关副股级以上干部会议，组织收看总行项俊波行长在全国农行金库管理电视电话会议上的重要讲话，通报该行“两节安全”检查情况，分析全行安全工作中存在的问题，结合新形势下金库管理工作要求，就该行现有的九个基层金库安全保卫工作进行认真部署。要求全行同志吸取邯郸分行案件的礅训，重抓制度落实，增强控制力、提高执行力，严格按照上级行要求，不断加大安全保卫工作力度，认真落实“计财管内、保卫管外、     

9月上旬星座运势早知道

白羊座 3／21—4／20 财运稳步提升,正财运不错,不过没有什么偏财。有家人方面的花销破费,大概是家里人有花钱的需要或者是健康问题。把握好自己的节奏,财运磁场能得到调节。     

The economic determinants of depreciation accounting in late nineteenth-century Britain

This paper examines the economic incentives for unregulated companies, in late nineteenth-century Britain, to disclose in their published accounts the fact that they had charged depreciation. We argue that the disclosure will be positively associated with whether a company has outside shareholders and long-term debtholders, profitability, extent of depreciable assets, appointment of a professional auditor, and size. These hypotheses are tested using 150 British companies from the years 1880/81, 1889/90 and 1899/01. Our results indicate that whether depreciation was charged is related to profitability and, to a lesser extent, to the presence of outside shareholders, long-term debt holders and the appointment of a professional auditor. However, the amount of depreciation charged is related only to profitability and appears to be opportunistically determined.     

The investment opportunity set and the voluntary use of outside directors: New Zealand evidence

This study examines whether the composition of boards of directors differs between high and low growth firms. Based on prior research, we hypothesise that firms with greater investment opportunities require more monitoring because managers in these firms have more discretion both in selecting investments and allocating resources between investments. Because outside directors can be more effective monitors than inside directors, we predict that outsiders will make up a larger proportion of the board in high growth firms than in low growth firms. Using a cross-sectional sample of 77 New Zealand firms, our results suggest that the percentage of outside directors is related to growth for two of the four measures of investment opportunities which we employ. As expected, the percentage of outside directors is also related to a composite measure of investment opportunities.     

Outside directors' equity incentives and strategic alliance decisions

This study examines whether the proportion of equity-based compensation in outside director compensation is associated with corporate strategic alliances. We hypothesize that equity incentives provided to outside directors mitigate potential agency conflicts between outside directors and shareholders that arise from the strategic alliance decision-making process, thus resulting in more alliance activities. Our empirical evidence indicates that the percentage of equity in outside director compensation is positively associated with the incidence and the number of strategic alliance activities. Additionally, when the proportion of outside directors' equity in total compensation is higher, firms with strategic alliances generate better future stock returns. Overall, our findings suggest that providing equity incentives in outside director compensation mitigates the agency problems inherent in corporate strategic alliance decisions and enhances the quality of alliance activities.     

Opacity and the comovement in the stock prices of banks

We examine whether the stock prices of banks co-move more than the stock prices of non-banks, and whether that comovement is driven by informational opacity. Since the risks associated with the financial intermediation process are relatively opaque to outside investors, valuing banks can be difficult and information acquisition can be costly. We introduce a measure of comovement, denoted as beta dispersion, that identifies how closely a particular stock co-moves with the average industry CAPM beta. We find that bank stock prices generally co-move more than non-bank stock prices, and that opacity is driving the higher levels of comovement.     

The effect of accounting academics in the boardroom on the value relevance of financial reporting information

We examine whether accounting academics on the board of directors affect their firm's financial reporting quality. While regulations mandate firms to include financial experts as outside directors to enhance transparency, there is also a shortage of suitable individuals with both the relevant expertise and the appropriate management and communication skills. Although increasing evidence suggests that academics as outside directors improve firm performance, previous studies do not focus on the role of accounting professors per se on accounting quality. The prevalence of hiring academics as outside directors renders China a suitable research setting. We observe greater value relevance of reported earnings when accounting academics serve as financial experts in the board, especially in firms where their influence is expected to be more pronounced. Our evidence implies that accounting scholarship contributes to the efficiency of the capital market, and can potentially supply the boardroom demand for financial experts.     

Hedging in the Possible Presence of Unspanned Stochastic Volatility: Evidence from Swaption Markets

This paper examines whether higher order multifactor models, with state variables linked solely to underlying LIBOR‐swap rates, are by themselves capable of explaining and hedging interest rate derivatives, or whether models explicitly exhibiting features such as unspanned stochastic volatility are necessary. Our research shows that swaptions and even swaption straddles can be well hedged with LIBOR bonds alone. We examine the potential benefits of looking outside the LIBOR market for factors that might impact swaption prices without impacting swap rates, and find them to be minor, indicating that the swaption market is well integrated with the LIBOR‐swap market.     

Outside Directors,Litigation Environment,and Management Earnings Forecasts

This study examines whether outside directors factor in litigation costs for the firm while monitoring optimal disclosure policy. It investigates the association of management earnings forecast disclosure and the proportion of outside directors across two regimes with unequal litigation costs, the United States and Canada. I find that the positive association between forecast frequency/ precision and the proportion of outside directors is stronger in Canada. This suggests that outside directors are more likely to encourage disclosure in less litigious Canada. I also find that firm‐level governance mechanisms such as outside directors and country‐level litigation environment act as governance substitutes in determining unbiased forecasts. Specifically, the negative association between forecast bias and the proportion of outside directors is stronger in Canada. I also revisit the effect of legal regime on forecast disclosure in a non‐U.S. context. Recent legislation has increased the likelihood of class‐action lawsuits in Canada. The passage of these laws has decreased the precision in forecasts by Canadian firms.     

Corporate boards' political ideology diversity and firm performance

We investigate whether diversity in points of view within corporate boards, as captured by the diversity in political ideology of board members, can affect a firm's performance. We employ personal political contributions' data to measure political ideology distance among groups of inside, outside directors and the CEO. Our empirical evidence strongly supports the notion that outside directors' monitoring effectiveness is more likely to be enhanced when their viewpoints are distinct from those of management. We find that ideologically diverse boards are associated with better firm performance, lower agency costs and less insiders' discretionary power over the firm's Political Action Committee (PAC) spending. Taken together, our results lead us to conclude that multiplicity of standpoints in corporate boardrooms is imperative for board effectiveness.     

Effect of Governance Characteristics on the State of the Firm after an Initial Public Offering

I examine firm characteristics available to investors at a firm's initial public offering date to determine whether they predict the firm's survival, acquisition, or failure. Firms survive more often than they are acquired when they are venture‐backed, the chief executive officer is the original founder, and an outside blockholder is present. The presence of an outside director does not increase the probability of survival. Firms that are more likely to survive than fail include large firms and those with longer board tenure.     

客观认识存款保险制度

随着我国市场经济体制的建立,对外开放的深入,银行业竞争的格局会愈演愈烈,经营风险日益加剧。因此,建立存款保险制度的问题已被提到议事日程上来,且呼声越来越高。目前,我国是否具备了建立存款保险制度的条件,时机是否成熟,我们应该本着实事求是的态度,客观地认识存款保险制度。