次贷风波后国际银行业发展趋势

2002年至2007年,全球银行业在这5年多的时间内保持了强劲的增长势头.2007年次贷风波席卷全球,受累于次贷相关风险的暴露,国际银行业尤其是发达市场银行业纷纷遭受重创.     

商业银行缘何"走出去"

当前国内商业银行纷纷实施的“走出去”战略是内外部环境双重作用下的结果。2007年是中国银行业全面开放的第一年,我国银行业与全球金融业的一体化水平将进一步提高。随着综合国力增强、金融体制改革、宏观环境变迁,特别是在国有商业银行财务重组和改制上市取得突破性进展的大背景下,如何积极稳妥实施“走出去”国际化战略,迅速实现与全球     

保险业风险导向型反洗钱监管模式建设

近年来,国际社会在反洗钱实践中,已经形成了比较成熟的“风险为本的方法”原则体系。金融行动特别工作组（FATF）也于2007年6月颁布了“基于风险的反洗钱／反恐融资方法指引”。我国在2007年《反洗钱法》实施后,反洗钱义务主体迅速由银行业扩展至证券期货业、保险业,反洗钱监管领域急剧扩大。     

全球金融市场在动荡中发展

2007年12月,国际清算银行发布了季度报告,对次贷危机威胁下的全球金融市场进行回顾,报告显示,市场遭受持续的信用恐慌打击,主要工业经济体的国债收益率显著下降,衍生品市场创下最繁忙记录,国际银行业跨境债权增长由急变缓（截至2007年6月末）。     

银监会主席刘明康：银行业09年百分之百跑赢“大市”

日前,银监会主席刘明康就目前金融危机对中国银行业的影响称影响是有限的,风险是可控的。09年中国银行业“我百分之百地肯定,我们能够跑赢大市（全球银行业平均水平）。”     

中国人寿全球医疗险问世

2007年6月8日，中国人寿保险股份有限公司（以下简称“中国人寿”）在上海将全球医疗保险产品《国寿康优全球医疗团体保险》隆重推向市场。     

基于DEA模型的山东省十七地市银行业效率分析

本文应用数据包络分析方法（DEA）对山东省十七地市2007年和2008年银行业的效率进行了分析,结果发现山东省十七地市银行业的综合技术效率较高,但在2007和2008两年中,仅有六地市的银行业实现了DEA有效,其他地市的银行业经营效率还未达到DEA有效,为此,本文提出了进一步完善山东省银行业经营效率的对策建议。     

浅谈美国次贷危机对我国银行监管的启发

始于2007年夏天的美国次贷风波,在2007年8月9日演变成席卷全球的金融风暴,并且愈演愈烈.银行业做为最基本、最主要的金融机构,是极易引发系统危机的部门.该如何确保银行业健康稳定运行,银行业监管的责任十分重大.     

网上银行业务风险及其防范

随着科学技术的不断进步,银行业打破了传统的时空限制,由原来单纯的营业网点接待客户的模式,转变为“水泥＋鼠标”的服务模式。自1995年10月18日全球第一家网上银行——安全第一网上银行（SFNB）在美国亚特兰大诞生以来,发达国家几乎所有的银行都开办了网上银行业务,近年来我国银行业网络化建设也进入全新的发展阶段。     

浅谈美国次贷危机对我国银行监管的启发

始于2007年夏天的美国次贷风波，在2007年8月9日演变成席卷全球的金融风暴，并且愈演愈烈。银行业做为最基本、最主要的金融机构，是极易引发系统危机的部门。该如何确保银行业健康稳定运行，银行业监管的责任十分重大。     

勃发2010

正所谓"此一时,彼一时",前两年引发一片寂寥的金融危机,如今在中国似乎已经寻不到踪迹。时移势易如此之快,中国的私募股权投资基金发展又进入了一个新的发展阶段。一直由外币基金唱主角的中国私募股权投资,如今随着创业板这"一夜春风",引得人民币基金"千树万树梨花开",各行各业均以极大的热情投入到这场"全民PE"的运动中来。经历了2008年、2009年金融危机的重创,中国私募股权投资在2010年从复苏走向重新繁荣。如果说代表2009年投资环境"蓄势"的是白色、是冰;那代表2010年投资环境"勃发"的应该是红色、是火。     

The influence of process accountability and accounting standard type on auditor usage of a status quo heuristic

There has been considerable discussion about the U.S. reporting standards becoming less rules based, similar to International Financial Reporting Standards (IFRS). One proposed advantage of a change to IFRS is increased comparability across multinational and non-U.S. companies. Additionally, some believe that IFRS afford greater flexibility in its principles, thereby enabling firms’ accounting choices to better reflect the true economic nature of any given transaction (FASB, 2002; SEC, 2003). With fewer rules, both financial statement preparers and auditors would be expected to adjust to having more options with regards to financial reporting. However, some proposed changes leave the option open to implement IFRS (or other principles-based standards) in ways that still follow rules in U.S. GAAP. This paper investigates whether prior year accounting treatments influence the judgment for current year treatments when one way to implement the standard is to follow the prior year treatment. We find that some auditors fixate on prior year scenarios and judgments, even if the current year scenario and applicable accounting standards are different. We find that holding auditors accountable for their decision making process reduces the likelihood of sticking with the prior year treatment most notably when the prior year standards were U.S. GAAP.     

Guest Editorial

This paper reports the results of a longitudinal study of the determinants of student performance on undergraduate accounting degree examinations. The educational background, demographic characteristics and financial/investment characteristics of a group of undergraduate students were determined in an attempt to explain differences in student performance in both first year and third year examinations. The results indicate that few of these background variables had a significant impact on examination performance and that the best predictor of third year performance was in fact performance in the first year examinations.     

CFO's accounting talent,compensation and turnover

This paper builds on and contributes to the literature on Chief Financial Officer's (CFO) compensation and turnover. We contend that the accounting talent of CFOs can be measured by accounting errors that occur when CFOs implement accounting standards. We find (i) a positive association between the CFO's accounting talent and the CFO's compensation ex ante in the transition year; (ii) a positive association between the CFO's accounting talent and the CFO's bonus in the subsequent year (adoption year); and (iii) an inverse association between the CFO's accounting talent and CFO turnover in the subsequent year (adoption year).     

利润操纵行为影响会计稳健性吗?——基于季度盈余不同汇总方法的经验证据

本文使用季度盈余的方法研究会计稳健性。以往文献主要使用会计年度(即公历年度)盈余分析我国上市公司的会计稳健性,相对无法有效地分离或控制利润操纵行为对会计稳健性的影响。本文使用不同的方法对季度盈余进行汇总,得到会计年度盈余及其他三种受利润操纵行为影响较弱的年度盈余。研究发现,我国上市公司的会计年度盈余和其他三种年度盈余都表现出了稳健性特征。这一经验证据表明,我国上市公司的报告盈余具有实质意义上的稳健性,利润操纵行为并未影响会计盈余的稳健性。     

Do corporate managers believe in luck? Evidence of the Chinese zodiac effect

We study the responses of Chinese public firm chairpersons to their perceptions of bad luck pertaining to the Chinese zodiac year. We find that these perceptions of bad luck increase managers' sense of risk and lead them to increase their corporate cash holdings, even though the actual underlying risk remains unchanged. The effect is temporary and begins at the end of the quarter prior to the commencement of the zodiac year. When the zodiac year has passed, the level of risk perceived decreases and the bias disappears. The distortion between perceived and actual risk is significant, and the increase in cash holdings is both suboptimal and inefficient, in our view. Overall, these managerial reactions to the zodiac year are consistent with theories about belief in luck.     

长江后浪推前浪 2010年企业融资30强

经历了2009年的低迷,2010年企业投融资呈现出一派火热势头,沉寂了多时的资金喷涌而出。这一年间,企业获得机构投资的消息此起彼伏。2010年名列融资30强的企业中,有一半以上企业获得的投资均以"亿美元"为计算单位。正所谓长江后浪推前浪,在新一轮经济周期开始上扬的时候,中国企业与投资机构互相给力的画面,显得格外引人注目。     

Do Changes in Dividends Signal the Future or the Past?

Many dividend theories imply that changes in dividends have information content about the future earnings of the firm. We investigate this implication and find only limited support for it. Firms that increase dividends in year 0 have experienced significant earnings increases in years ?1 and 0, but show no subsequent unexpected earnings growth. Also, the size of the dividend increase does not predict future earnings. Firms that cut dividends in year 0 have experienced a reduction in earnings in year 0 and in year ?1, but these firms go on to show significant increases in earnings in year 1. However, consistent with Lintner's model on dividend policy, firms that increase dividends are less likely than nonchanging firms to experience a drop in future earnings. Thus, their increase in concurrent earnings can be said to be somewhat “permanent.” In spite of the lack of future earnings growth, firms that increase dividends have significant (though modest) positive excess returns for the following three years.     

“扭亏”公司业绩预告的“变脸”研究

本文利用单变量对比和多元Logit回归分析扭亏公司业绩预告变脸的原因。基于2002-2008年的大样本研究表明,预测难度是影响变脸概率的重要因素。具体表现在,当年中报或季报已实现扭亏的样本在预告中变脸的可能性显著低于其他样本;以微利扭亏的样本更有可能变脸;盈利持续性比较低的样本变脸的可能性比较高。另外,审计师规模或公司规模比较大的样本变脸的可能性比较低。这些研究结果有助于投资者和监管部门深入了解上市公司的业绩预告披露行为。     

Indirect tests of the Haugen-Lakonishok small-firm/January effect hypotheses: window dressing versus performance hedging

Equity mutual fund data from 1976–1993 is used to test hypotheses that distinguish window dressing from performance hedging. No significant difference is found pre/post 1983 in the number of funds choosing non-December fiscal year ends or in the percentage of dollars invested when comparing December/non-December fiscal year ends. Significant differences are found in both January returns for mutual funds with December/non-December fiscal year ends and in one month returns for funds with/without a fiscal year end in the previous month. Therefore, if the small-firm/January effect is portfolio manager related, performance hedging, not window dressing, is the more probable source for the “excess” returns.