CFO Narcissism and Financial Reporting Quality

We investigate the effect of CFO narcissism, as measured by signature size, on financial reporting quality. Experimentally, we validate that narcissism predicts misreporting behavior, and that signature size predicts misreporting through its association with narcissism. Empirically, we examine notarized CFO signatures and find CFO narcissism is associated with more earnings management, less timely loss recognition, weaker internal control quality, and a higher probability of restatements. The results are consistent for within‐firm comparisons focusing on CFO changes and are robust to controlling for CFO overconfidence and CEO narcissism. The results highlight the importance of CFO characteristics in the domain of financial reporting decisions.     

THE EFFECT OF GATE REVENUE SHARING ON SOCIAL WELFARE

This paper provides a theoretical model of a team sports league based on contest theory and studies the welfare effect of gate revenue sharing. It derives two counterintuitive results. First, it challenges the "invariance proposition" by showing that revenue sharing reduces competitive balance and thus produces a more unbalanced league. Second, the paper concludes that a lower degree of competitive balance compared with the noncooperative league equilibrium yields a higher level of social welfare and club profits. Combining both results, it concludes that gate revenue sharing increases social welfare and club profits in our model. ( JEL L83)     

浅议监理工程师的素质

监理工程师的素质如何,直接影响在建工程监理实务的操作,也影响着监理单位的声誉和形象,作者根据多年工作经验,总结出一些监理工程师需具备的基本素质。     

TWO‐SIDED MARKETS WITH PECUNIARY AND PARTICIPATION EXTERNALITIES*

The existing literature on two‐sided markets addresses participation externalities, but it has neglected pecuniary externalities between platforms. In this paper we build a model that incorporates both externalities. In our set‐up, differentiated platforms compete in advertising levels and offer consumers a service free of charge that is financed through advertising. We show that advertising can exhibit the properties of a strategic substitute or complement. Surprisingly, we find that platform profits can increase with market entry and that there are cases in which the level of advertising rises with entry. We also consider endogenous entry and provide a welfare analysis.     

产业集群萌芽阶段的衰退风险研究

文章将产业集群的生命周期划分为萌芽阶段、成长阶段、稳定阶段和创新发展阶段,与集群成长的其他阶段相比,萌芽阶段由于"非合作博弈"等现象的普遍存在,集群面临早衰的风险最大.在分析萌芽阶段衰退风险表现及影响因素的基础上,构建了LQ计量模型来识别产业集群萌芽阶段的衰退风险.     

美国的纳斯达克股票市场(下)

三、NASDAQ的管理 NASDAQ的管理分为两部分,一是其自身的管理机构内部管理;二是美国证券交易商协会的监管。     

三级价格歧视下火车票定价合理性分析及对策建议

所谓三级价格歧视是指企业和服务提供者针对不同市场,对消费者进行类别划分,进而实行差别定价的方式.三级价格歧视在垄断市场和寡头市场比较常见,我国火车票定价就存在三级价格歧视现象.在对我国火车票定价三级价格歧视现象进行分析的基础上,指出我国火车票实施价格歧视有其存在的合理性,合适的价格歧视政策有助于增加低收入者福利,火车票价格歧视政策规制必须遵循合理原则,最后提出了相关对策建议.     

Thinking about Prices versus Thinking about Returns in Financial Markets

Prices and returns are alternative ways to present information and to elicit expectations in financial markets. But do investors think of prices and returns in the same way? We present three studies in which subjects differ in the level of expertise, amount of information, and type of incentive scheme. The results are consistent across all studies: asking subjects to forecast returns as opposed to prices results in higher expectations, whereas showing them return charts rather than price charts results in lower expectations. Experience is not a useful remedy but cognitive reflection mitigates the impact of format changes.     

医疗机构药械采购内部控制缺陷与完善建议

针对近些年医疗行业舞弊案频繁曝光暴露的医院药械等采购业务流程控制薄弱问题,结合国家行政事业单位内部控制基本规范,采用对比分析、案例研究和逻辑演绎等方法,分析了我国医疗机构采购控制的主要设计缺陷,重点探索了医疗机构药械采购控制完善的主要措施,为各级医疗机构建立健全采购内部控制提供有价值的借鉴和参考.     

中国经济走势与宏观经济政策取向

本文采用历史分析和逻辑研究相结合的方法,认为中国经济的运行规律是决定中国未来宏观经济走势的基础,而世界经济运行规律和中国的宏观经济政策选择也影响着宏观经济的走势。无论从中国经济自身的运动规律还是从世界经济的运行规律来看,未来几年中国经济增长总体上都将呈现向好的趋势。因此,2012年及其未来一段时间,保持经济适度增长,促进结构调整,抑制通货膨胀,将成为中国经济发展的主旋律和政策选择的目标。