Do goodwill impairments affect audit opinions? Evidence from China

There has been a steady growth of goodwill impairments in the Chinese stock market since the adoption of the impairment approach in accounting. The influence of goodwill impairments on a firm’s financial position and profitability give reason to doubt its current and future performance. We examine whether auditors, as a crucial external monitor, identify the information risks of goodwill impairments and express their concerns about financial reporting quality in their audit opinions. Using a sample of firms listed on China’s A-share market from 2007 to 2017, we test the association between goodwill impairments and the type of audit opinion received in the same financial period. Our findings are as follows. First, the probability of receiving a modified opinion increases with the amount of goodwill impairments. Second, the positive association between goodwill impairments and modified audit opinions is driven primarily by earnings management risks. Third, this positive association is more salient when auditors are industry experts and there is no auditor–client mismatch. Fourth, auditors are more sensitive to the amount of goodwill impairments than to their mere existence. Overall, we document that auditors perceive goodwill impairments as a signal of information risks and communicate their concerns to investors to avoid litigation.     

The education pillar of the Europe 2020 strategy: a convergence analysis

Empirica - In March 2010, the European Commission launched the Europe 2020 strategy ‘for smart, sustainable and inclusive growth’ in the EU. Education is a major pillar of the Europe...     

高分1号冬小麦解译面积核算方法研究

[目的]以高分1号(GF-1)融合2m卫星遥感影像为基础数据源,结合土地利用现状数据、高分多源遥感影像和地面样方等数据,对冬小麦分类提取中存在的面积误差问题进行研究和分析。[方法]文章以河南省永城市为研究区,在冬小麦提取结果聚类处理基础上,基于线性地物缓冲区数据,采用GIS空间运算实现线性地物面积扣除,接着分析了样方数据和土地利用现状数据再扣除零星地物面积比例上的差异,并采用样方零星地物平均扣除系数对全市各乡镇耕地与非耕地中冬小麦提取面积进行了相关统计和误差分析。[结果]永城市冬小麦最终解译面积11. 29万hm~2,其中线性地物和零星地物扣除面积分别为6 613. 08hm~2和3 875. 22hm~2,占研究区冬小麦解译面积的5. 86%和3. 32%,与统计上报数据相比,其处理前后误差由14. 12%降低至4. 41%,有效地提高冬小麦提取面积精度。[结论]误差来源分析与修正对冬小麦解译面积核算精度具有重要影响,该研究为县级区域尺度下冬小麦面积提取核算提供了思路和借鉴。     

供应链金融智慧化创新的内在机理研究——基于扎根理论的探索性分析

文章基于10个智慧供应链金融案例,对供应链金融中信息通信技术的赋能机制、作用机理及所实现的智慧效应进行了梳理,报告了供应链金融进行智慧化创新的内在逻辑.通过采用扎根理论方法,展开实践案例资料调查,反映了供应链金融业务迫切需要新的技术支撑以解决资金供需双方的信息不对称问题,进而构建出"需求—手段—中介—效应"这一供应链金融创新机理模型,揭示了供应链金融智慧化创新的路径方法.     

Coordination in a skeptical two-group population

Journal of Economic Interaction and Coordination - This paper explores a situation in which a population split into two groups attempts to achieve the socially efficient outcome of a coordination...     

跨越竞争丛林与范式重构：全球治理改革进程中的疫苗产业创新治理

疫苗作为新冠疫情防控的最关键手段之一，已在各国抗疫中发挥积极影响。疫苗研发、生产、注射意愿以及全球分配的公平性与可及性等一系列问题日益受到世界关注。分析全球治理改革中，疫苗作为一种全球公共产品的创新治理问题，讨论疫苗产业发展特征与创新规律演化，剖析西方国家疫苗产业创新治理困境以及“竞争丛林”逻辑，阐释中国行动方案及对全球治理改革的贡献。最终提出疫苗产业创新治理机制对推动全球治理改革的政策含义。     

Impact of state-dependent oil price on US stock returns using local projections

In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.     

When Do Qualitative Risk Disclosures Backfire? The Effects of a Mismatch in Hedge Disclosure Formats on Investors' Judgments

Disclosure standards mandate the quantitative disclosure of hedging‐instrument‐related risks but not the disclosure of hedged‐item‐related risks. We examine how a match (mismatch) in formats, caused by making quantitative (qualitative) hedged item disclosures alongside quantitative hedging instrument disclosures, affects investors' integration of information from these two related disclosures. Our first experiment varies the hedged item disclosure format (quantitative or qualitative) and the portion of risk hedged (small or large). We find that when disclosure formats are mismatched, the less comparable nature of the two disclosures caused investors to neglect the offsetting relationship when assessing net risks. As a result, risk and investment judgments were influenced by the more prominent quantitative hedging instrument disclosures. Our second experiment finds that the use of a qualitative debiaser that clarifies the relationship between the two disclosures led to the integration of information and mitigated this effect.     

Economic Impacts of the Possible China–US Trade War

This article uses a multi-country global general equilibrium (GE) model to numerically simulate the effects of possible China–US trade wars. We introduce an endogenous trade imbalance structure with trade cost into the model which helps to explore both tariff and non-tariff trade war effects. Our simulation results show that China will be significantly hurt by the China–US trade war, but negative impacts are affordable. The US can gain under unilateral sanction measures to China, but will lose if China takes retaliation measures. Comparing the effects under mutual trade war, China will lose more than the US. Introducing non-tariff barrier trade wars will intensify the negative effects, and comparatively negative effects to China are larger than to the US. Mexico’s involvement in trade war with the US will strengthen the negative effects and comparatively hurt the US more. Under non-cooperative and cooperative Nash bargaining equilibrium, the US can gain more than China in trade war negotiation, which means the US has stronger bargaining power than China. Additionally, trade wars between China and the US will hurt most countries and the world especially in GDP and manufacturing employment, but benefit their welfare and trade.     

清徐县优势农业与旅游业协调发展研究

[目的]发展优势农业是改造传统农业,加快农业现代化的有效途径之一,旅游业作为国民经济新的增长点,两者协调发展更有利于增加农民收入,促进新农村建设,同时也是农村社会经济可持续发展的必然要求。[方法]文章通过文献查阅法了解清徐县优势农业葡萄及葡萄文化旅游业等方面的相关研究及研究成果,结合实证分析法通过协调发展度函数构建模型对清徐优势农业协调旅游业发展进行定量分析。[结果]清徐县优势农业和旅游业的综合评价指数从2004年的0.118 6上升到2016年的0.985 8,总体呈上升趋势,同时协调度13年间,2004~2008年介于0.221 5~0.490 5之间,处于失调发展阶段,2009年为过渡阶段,协调度为0.524 3,2010~2015年协调度介于0.626 7~0.685 8之间,处于初级协调发展水平,2016年协调度为0.701 7,发展到中级协调发展水平。优势农业与旅游业协调发展有利于区域经济水平的提高和农业收入的增加。[结论]推动优势农业与旅游业协调发展,清徐县需加大散户经营管理力度,切实有效地解决散户存在的实际问题,夯实优势农业的基础,为旅游业发展提供更大的发展空间。