Board Structure and Intragroup Propping: Evidence from Family Business Groups in Hong Kong

Using earnings announcement events made by group member firms in Hong Kong, this study examines the governance role of boards of directors in curbing propping activities within family business groups. We find that earnings released by group member firms affect the stock prices of their nonannouncing group peers in a manner consistent with intragroup propping. More importantly, this effect is less pronounced when the announcing firms have a larger board or a board with a higher proportion of independent directors, but more pronounced when they have an executive director from their controlling families acting as board chairperson. Furthermore, the monitoring effect of boards of directors is strengthened for firms subject to new regulations increasing board power. Our results suggest that board oversight can mitigate propping activities.     

Joint Leverage and Maturity Choices in Real Estate Firms: The Role of the REIT Status

We explore the interdependence of leverage and debt maturity choices in Real Estate Investment Trusts (REITs) and unregulated listed real estate investment companies in the U.S. for the period 1973-2011. We find that the leverage and maturity choices of all listed real estate firms are interdependent, but in contrast to industrial firms, they are not made simultaneously. Across the different types of real estate firms considered, we find substantial differences in the nature of the relationship between leverage and maturity. Leverage determines maturity in non-REITs, whereas maturity is a determinant of leverage in REITs. We suggest that the observed differences reflect the effects of the REIT regulation, rather than solely being a function of real estate as the underlying asset class. We also present novel evidence that the relationship between leverage and maturity in both firm types can be used to moderate the effects of other exogenous financing policies.     

涉税舆情引导中的税务形象构建

网络时代传播学视野下的涉税舆情形成、变化、发展是多元价值观博弈的真实反映。税务部门应该强化传播系统内的表达意识,利用网络等新媒体平台构建良好的税务形象、增强认同。     

以应用为导向的《税收管理》课程的教学设计

《税收管理》课程作为财政税收专业的主干课程,具有很强的理论性、实践性、操作性,是培养学生实际税收操作能力的主要课程之一.为适应财政税务专业学生更广阔的就业需要,我们必须更新其教学内容,改进其教学方法,运用多种的教学手段,培养出能适应社会真实应用需要的税收专业人才.     

‘Doing-good’ and ‘doing-well’ in Chinese publicly listed firms

Recently, the presumed benefits of corporate social responsibility have become an important issue, especially for China where institutional settings are quite different from other parts of the world. Using an internationally accepted benchmark (OECD's Principles of Corporate Governance, OECD, 2004), this study constructs a corporate social responsibility (CSR) index to measure the quality of the corporate social responsibility practices of the 100 major Chinese listed firms during 2004–2007. This enables us to evaluate the progress of the corporate social responsibility practices of Chinese firms. The results show that Chinese companies have been making progress in their corporate social responsibility practices. The findings also show that market rewards Chinese firms for improving their corporate governance practices which implies ‘doing-good’ leads to ‘doing-well’ in the equity market in China. We also find that overseas-listed and more profitable Chinese firms have better improvement in CSR practice. This study has policy implications in pushing for further CSR initiatives in other emerging markets.     

Economic Development and the State: Lessons from Singapore

Analysis and case studies have indicated that intervention by the Singapore government in fostering economic development has not always been successful. In particular, past intervention in the labour market like the high wage policy of the early 3980s has proved to be an unmitigated disaster. However, interventions that lead to the direct creation of national competitive advantage, like the information-telecommunications infrastructure, R & D subsidy and manpower development, have proved t o be more successful. A strong, non-corrupt and market-oriented public sector appears to be crucial t o ensure that interventions are market facilitating, correcting and enhancing rather than distorting.     

Pricing Annuity Guarantees Under a Regime-Switching Model

Abstract

We consider the pricing problem of equity-linked annuities and variable annuities under a regimeswitching model when the dynamic of the market value of a reference asset is driven by a generalized geometric Brownian motion model with regime switching. In particular, we assume that regime switching over time according to a continuous-time Markov chain with a finite number state space representing economy states. We use the Esscher transform to determine an equivalent martingale measure for fair valuation in the incomplete market setting. The paper is complemented with some numerical examples to highlight the implications of our model on pricing these guarantees.     

合作学习在职前外语教育实践中的应用

鉴于我国英语课堂教学面临的普遍问题,通过分析职前教师受传统经验的影响,提出将合作学习理论与职前外语教师实习相结合,研究真实情境下合作学习对于教学活动的影响,为师范生提供动态的教学环境。     

V5接口的测试方法

本文道德简要介绍了Ｖ５接口的基本发展情况，以及各种测试方法和测试类型。然后详细论述了Ｖ５接口协议的一致性测试，并以检测ＨＶ５ＰＣ系统为例，深入讨论这种测试方法的原理。     

科教兴镇战略与科技进步 --以辽宁省建平县哈拉道口镇为例

辽西资源重镇-哈拉道口镇继科技兴国战略之后,提出科教兴镇战略.本文阐述了该镇科教兴镇的现状及存在的问题,大胆提出了在乡镇科技进步中建立科技园区、引进优秀科技人才等对策建议.