碳市场对审计定价的溢出效应研究

基于渐进推进的碳市场试点作为外生事件，使用多期三重差分模型探讨碳市场对高碳企业审计定价的影响。研究发现：碳市场的建立会对审计定价产生积极的溢出效应，从审计定价的视角支持了波特假说；政策动态效应表明在排除政策预期效应后，碳市场当期就对审计定价产生影响且呈强化趋势。机制检验发现碳市场通过信号效应渠道和绿色转型渠道影响审计定价，市场化水平和地区环保意识可以进一步加强碳市场对审计定价的溢出效应，还排除了审计意见购买假说。异质性分析结果表明，碳市场覆盖的不同行业和不同的碳市场试点区域存在差异性和非对称性影响。     

THE ORANGE BOOK: EIGHT YEARS ON

The Orange Book had an important influence on Liberal Democrat thinking, particularly on economics, tax, and public service reform. Without the policy changes which the book and its authors anticipated, it is much more difficult to imagine the governing Liberal Democrat‐Conservative coalition being formed and sustained. This paper examines the origins and impact of the book, and sketches out future directions for policy development.     

Social network influence and market instability

Models of social networks depict individuals’ dependency. They offer a systematic way to capture the connectedness and opinion formations in the complex web of interpersonal influences. This paper studies price stability of a capital market, where the dynamics of participants’ opinion formations is formalized using social network models. Stability condition is derived. It is also identified how network structures are important in communications and in determining market stability. It is found that factors of highly-connected networks and balanced weight allocation on information sources can in fact be stabilizing. In applications, this study supports the view that the key to reduce the volatility behaviour of emerging-market securities lies in the development of an efficient investor base. It is suggested that one way to achieve this is by broadening and diversifying both the international and domestic investor categories for the underlying market.     

机构投资者持股对持续经营审计意见市场反应的影响——基于2007—2014年深沪A股数据

研究不同类型持续经营审计意见市场反应的差异并检验机构投资者持股对其的影响,结果显示：被出具持续经营审计意见公司的累计超额收益率CAR显著为负,且被出具持续经营无法表示意见公司的CAR负值显著强于被出具持续经营无保留意见和保留意见公司的CAR的负值,但后两种审计意见对CAR的影响并无显著差异。另外机构投资者持股会加大不同类型持续经营审计意见市场反应的差异。结果表明,持续经营审计意见具有信息含量,并且机构投资者持股会加大该信息含量。     

强制规则下内部控制审计的价值相关性研究——来自2011—2014年A股上市公司的经验证据

在强制规则下,披露非标准内部控制审计意见的公司数量在增加,但这些非标准内控审计意见是否具有信息含量有待检验。基于有效市场假说,以2011—2014年沪深两市A股上市公司为研究对象,运用事项研究方法实证考察非标准内部控制审计意见类型的上市公司披露内控审计报告之后的市场反应,同时实证回归不同类型非标准内控审计意见与市场反应之间的关系,结果显示：被出具非标准内部控制审计意见的上市公司,在内部控制报告披露之后的短期窗口之内具有负的累计超额收益率,但是无保留带强调项与保留意见、无法表示意见的市场反应区别不大。这表明内部控制审计意见具有价值相关性,有利于督促管理层加强内部控制建设,但是内部控制审计质量需要进一步提高。     

R&D and Tobin's q in an emerging financial market: the case of the Athens Stock Exchange

This paper aims at providing further evidence on the consequences of R&D investment on Tobin's q for firms publicly traded in an emerging financial market. Panel data methodology is applied using data for the manufacturing and computer firms listed in the Athens Stock Exchange, a market classified as emerging by the major securities analysts, for the period 1996–2004. The empirical findings show first, that the Greek firms' R&D investment effect on the market value of a firm is consistent with other US and European studies. Second, the impact of the R&D investment on the market value is higher for small firms. The findings of this paper may have significant industrial and technological policy implications for other emerging markets sharing similar characteristics to Greece. Copyright © 2010 John Wiley & Sons, Ltd.     

INTERNAL AND EXTERNAL FORCES IN SECTORAL WAGE FORMATION: EVIDENCE FROM THE NETHERLANDS

ABSTRACT The purpose of this paper is to investigate the relative importance of internal (sector-specific) and external (labour market) forces in sectoral wage formation in the Netherlands (1967–90). The results show that wages are largely determined by external forces, although internal forces are significant as well. The impact of the number of insiders, which plays a role in unemployment persistance, is not significant. Separate estimation results show that the impact of internal forces and of unemployment is weaker in the industrial sectors than in the service sectors. This casts doubt on the presumption that insider power increases the impact of internal forces on wage formation.     

Sustaining Collusion in Growing Markets

The impact of demand growth on the collusion possibilities is investigated in a Cournot supergame where market growth may trigger future entry and the collusive agreement is enforced by the most profitable ‘grim trigger strategies’ available. It is shown that even in situations where perfect collusion can be sustained after entry, coping with a potential entrant in a market which is growing over time may completely undermine any pre‐entry collusive plans of the incumbent firms. This is because, before entry, a deviation and the following punishment phase may become more attractive thanks to their additional effect in terms of delaying entry.     

城乡交错区农村住房租赁市场:资源与收入配置效应

本文对杭州市城乡交错区农村住房租赁市场的资源配置与收入配置效应进行了详细分析。研究发现,村庄外来劳动力比重对住房租赁市场的发育影响较大;家庭人均住房建筑面积与农户出租面积关系密切。住房租赁市场的发育提高了宅基地利用效率,并一定程度上促进了住房投资。住房出租的租金收入在农户家庭收入总额中已经占到了不小的份额,这意味着住房租赁市场的发育有利于农户家庭收入的提高。     

Product Market Competition,Skill Shortages and Productivity: Evidence from Canadian Manufacturing Firms

In this paper, we estimate the impacts of product market competition and skill shortages on the productivity level performance of Canadian manufacturing firms. We use firms perceptions of their competitive environment from the Statistics Canada 1999 Survey of Innovation to measure product market competition and skill shortages. We argue in the paper that such perceptions are important for productivity level performance. After controlling for other factors, we find that product market competition has a positive impact on the performance of medium-sized and large-sized firms, and that skill shortages have a negative impact on the performance of small-sized and medium-sized firms.Jel Classification: L0, O0     

上市公司非标准审计意见市场反应的差异性研究

文章以我国证券市场2005年和2006年获得非标准审计意见的上市公司为样本,运用事件研究法和多元回归分析模型,分年度考察了不同类型非标准审计意见的市场反应的差异.研究发现:我国证券市场能够识别持续经营审计意见和非持续经营审计意见之间的差异,但不能识别带强调事项段无保留意见和保留意见、无法表示意见之间的差异;2005年和2006年不同类型非标准审计意见的市场反应存在显著差异.     

Adoption,diffusion, and public R&D

This paper studies the impact of public RD&D (Research, Development, and Demonstrations) on the market penetration of a new government-sponsored technology. First, the technology adoption behavior of a firm under uncertainty is reviewed. Secondly, the diffusion of the new technology in a competitive industry that benefits from learning-by-doing is analyzed. Numerical simulations are conducted to determine the effect that variations in government R&D policies have on the rate and level of market penetration. Productive R&D investments affect thelevel of diffusion and R&D demonstrations therate of diffusion.     

The contribution of research and innovation to productivity

This paper examines the impact of investment in research and innovation on Australian market sector productivity. While previous studies have largely focused on a narrow class of private sector intangible assets as a source of productivity gains, this paper shows that there is a broad range of other business sector intangible assets that can significantly affect productivity. Moreover, the paper pays special attention to the role played by public funding for research and innovation. The empirical results suggest that there are significant spillovers to productivity from public sector R&D spending on research agencies and higher education. No evidence is found for productivity spillovers from indirect public funding for the business enterprise sector, civil sector or defence R&D. These findings have implications for government innovation policy as they provide insights into possible productivity gains from government funding reallocations.     

Editorial Comment

The fact that the Conservative Party won the general election in June means that its policy for the reform of the British system of industrial relations is now of immediate relevance to all who are concerned with that system—either as practitioners or as students. The industrial relations policies of the Conservatives have been tossed about in public debate and, in the process, may have lost some of their clarity. It would seem to us, therefore, that it is both important and relevant to examine exactly what the Conservative Party has said in its policy document, Fair Deal at Work,¹ and what major points were added at the Party's Conference last year.     

Austerity,labour market segmentation and emigration: the case of Lithuania

The so‐called ‘Baltic model’ of austerity sometimes receives uncritical praise from advocates of tightened austerity. This model has achieved an almost uncontested vogue among international finance officials and European Union policy makers who portray it as a ‘socially costless’ template for other crisis economies. The article examines the impact of austerity on Baltic Lithuania, a peripheral newer EU member state, and suggests that the harsh austerity measures adopted by its government in order to restore fiscal balance have been far from socially costless. Austerity has accelerated fragmentation of the labour market into a differentially advantaged primary (largely public) sector, and an increasingly informalised secondary (low‐skill manufacturing and services) sector, stimulating extraordinarily high levels of emigration as the population, especially younger persons, depart from the country. We describe this here as the formation of a new austeriat.     

The relationship between accounting numbers and returns: some empirical evidence from the emerging market of the Czech Republic

Generally, stock prices reflect future expectations of earnings, whereas accounting data reflect past performance. This paper attempts to discover the relationship between accounting data and market price returns of the companies listed on the Prague Stock Exchange (PSE). The Prague Stock Exchange was established in 1993 and provides an opportunity to make a comparison between a newly established market and the findings of studies of established markets. There has been a wealth of publications and accounting research studies on developed markets. Generally, accounting attributes are thought to be relevant because they tend to be contemporaneously statistically associated with stock prices. Some studies have suggested, and empirically tested, that stock prices lead earnings (e.g. Collins et al., 1987; Kothari, 1992; Kothari and Sloan, 1992; Kothari and Zimmerman, 1995). This study tests the existence of such a relationship in the Czech capital market, relying partially on the methodology proposed by Kothari and Sloan (1992) and Kothari (1992). This paper investigates whether there is a statistically significant permanent relationship between returns and accounting data on the Czech market. The study was conducted using accounting earnings and stock prices during the period 1993–8. The empirical evidence here suggests that a similar relation exists on the emerging Czech market. The relation is statistically significant for measurement windows of one year and longer. The increase in the mean response coefficient, reported later in this study, suggests that one-leading-year returns are as important as contemporaneous returns in terms of their sensitivity to annual earnings changes. However, one cannot infer with a degree of confidence that the Czech capital market views earnings changes to be largely permanent, which would be consistent with the time-series properties of annual earnings.     

Share,price and category expenditure—geographic market effects and private labels

Focusing on the interaction between national brands and private labels, this paper has two main empirical contributions: (i) a simultaneous system of demand (share), price and expenditure equations is estimated, and (ii) differences in the structure of the local geographic market are incorporated into the analysis. The former represents an important step in understanding the complete nature of private label and national brand interaction, while the latter is important for understanding the impact of the local retail environment on market behaviour. IRI scanner data from 1991 and 1992 are used to estimate a five‐equation system across 135 food product categories and 59 geographic markets. The results suggest that concentration at both the manufacturer and retailer level can significantly affect private label and national brand price. However, while increased retailer concentration is associated with higher national brand and private label prices, higher manufacturer concentration is associated with higher national brand but lower private label prices. Increases in national brand advertising has the effect of raising national brand price and share, but lowering private label price and share. This is consistent with previous research and suggests that advertising and local market conditions play a significant role in the ability of national brands to price at a premium over private labels. Finally, marketing decision variables, such as display activity and private label distribution, can have an important impact on total category expenditure. Copyright © 1999 John Wiley & Sons, Ltd.     

审计市场集中度一定能提高审计质量吗？——来自我国证券审计市场的新发现

市场集中度与审计质量相关性问题一直颇受学术界关注,在收集整理1993年至2009年上市公司年报审计数据并进行描述性统计分析基础上,通过构建模型对我国审计市场集中度与审计质量的关系进行实证检验的结果表明,我国审计市场仍然处于低集中状态,不过正在逐步提高.与前人研究结论不同,作为审计质量替代指标的非标准意见比率与审计市场集中度并没有正的线性相关关系,而是整体上呈现出相反发展趋势,高市场集中度并不一定带来高审计质量,同时新准则的实施并未引起非标准意见比率明显上升.     

Building employer solidarity? Britain's experience of coordinated bargaining, 1979 to 1997

The election of the Conservative government in 1979 is seen as a watershed in pay determination in the UK, ending formal pay policies. While the government withdrew, the UK's major employer organisation, the Confederation of British Industry (CBI), endeavoured to operate an alternative system of employer coordination on pay between 1979 and 1997. Had this approach succeeded, the UK's approach to pay determination would have become much more aligned to the models adopted within other EU Member States. We analyse the development of this alternative to government‐imposed incomes policy and measure its impact on the growth of earnings. We conclude that, despite the CBI's policy, the actions of individual employers suffered from classic market failure until the British economy was subjected to mounting competitive pressures from the international environment.     

Emerging market mutual fund performance: Evidence for Poland

This paper provides evidence on the performance of mutual funds in a prominent emerging market; Poland. Studying an emerging market provides an excellent opportunity to test whether the consensus on the inability of mutual funds in developed and highly efficient markets to beat the market, also holds in less efficient markets. While the weaknesses of legal institutions and underdeveloped capital markets in emerging countries could negatively contribute to performance, a certain level of market inefficiency might also enable fund managers to successfully apply security selection and therefore beat the market. This paper presents an overview of the Polish mutual fund industry and investigates mutual fund performance using a survivorship bias controlled sample of 140 funds. The latter is done using the Carhart (1997) 4-factor asset-pricing model. In addition, we investigate whether Polish fund managers exhibit “hot hands”, persistence in performance. Finally the influence of fund characteristics on risk-adjusted performance is considered. Our overall results suggest that Polish mutual funds on average are not able to add value, as indicated by their negative net alphas. Interestingly, domestic funds outperform internationally investing funds, which points at informational advantages of local over foreign investors. Finally, we detect strong persistence in mean returns up to 1 year. It is striking that “winning” funds are able to significantly beat the market, based on their significantly positive alpha's. These results deviate from studies on developed markets that conclude that even past winners are not able to significantly beat the market.