The Joint Effects of Multiple Legal System Characteristics on Auditing Standards and Auditor Behavior

This paper derives the impacts of legal system characteristics and auditing standards on auditor behavior (audit quality), and analyzes the determination of optimal auditing standards under different legal regimes. Legal regimes are characterized by differences in the uncertainty concerning the outcome of legal proceedings (termed vagueness of legal systems) and differences in the average size of damage awards. Auditing standards as determined by standard setters can vary in both toughness and vagueness. Our analysis provides implications for the adoption of International Standards on Auditing (ISA). Countries, such as the United States, where auditor legal liability is significantly more onerous than the global norm are not likely to adopt ISA, since these standards may not induce auditors to provide the optimal level of audit quality. Conversely, the adoption of ISA by countries, such as China, where the legal system makes the recovery of damages from auditors quite difficult, is not by itself likely to result in a high level of audit quality. Furthermore, our model suggests that auditor rotation can help improve audit quality, but only in certain circumstances.     

基于人才共享理念的共享员工模式探析

后疫情时代下,我国企业的恢复仍面临着严峻考验,尤其是用工难问题,人力资源作为企业的重要资源凸显其重要性,在此背景下诞生的共享员工使许多企业获得一线生机.论文通过对共享员工的含义及其价值和实施风险的三维分析,结合人才共享理念提出共享员工模式,构建了"四级联动"的共享员工体系,力求促进基于人才共享理念的共享员工模式长期稳定发展.     

Accounting Standards Harmonization and Financial Integration

We empirically examine whether adopting a uniform set of accounting standards mitigates information frictions in financial markets and facilitates market integration. Using a difference‐in‐difference design, we find that after the mandatory adoption of IFRS local stock returns incorporate more global information and at a faster speed. The effect of IFRS adoption is stronger in countries where there are larger improvements in accounting comparability and for firms with a larger increase in foreign ownership. Overall, our results suggest that accounting standards harmonization facilitates financial market integration.     

Shortfall aversion

Shortfall aversion reflects the higher utility loss of spending cuts from a reference than the utility gain from similar spending increases. Inspired by Prospect Theory's loss aversion and the peak‐end rule, this paper posits a model of utility from spending scaled by past peak spending. In contrast to traditional models, which call for spending rates proportional to wealth, the optimal policy in this model implies a constant spending rate equal to the historical peak when wealth is relatively large. The spending rate increases when wealth reaches a model‐determined multiple of peak spending. In 1926–2015, shortfall‐averse spending is smooth and typically increasing.     

VoIP空中交通管理系统甚高频电台网关设计

根据民航航空系统组块升级计划，网络语音（Voice over Internet Protocol，VoIP）空中交通管理系统将是未来发展趋势。在此背景下，提出了一种自主研发的支持多电台接入的VoIP电台网关的设计方案。阐述了设备功能和技术难点，以及高速硬件平台和分层软件实现方案。经过测试，网关功能指标符合标准要求，并实现了与民航现役多型语音电台的互联，为国产化VoIP空中交通管理系统的发展奠定了基础。     

浅谈基于电力营销系统HANA数据分析平台的应用

文章介绍了基于电力营销系统HANA数据分析平台时采用的技术、实施方法、实施过程,并对其未来在电力营销系统的深入应用给出了建议,以供参考。     

Capital Allocation: Evidence,Analytical Methods,and Assessment Guidance

Capital allocation is one of top management's primary responsibilities. Although always important, it is critical today because corporate operating returns on invested capital are at an all‐time high, while recent growth and investment have been modest, and corporate balance sheets in the U.S. have substantial cash. Yet few senior executives are sufficiently well‐versed in finance theory and methods to allocate capital as effectively as possible. Further, incentive programs that focus on meeting earnings per share often encourage behavior that is not in the best interests of long‐term shareholders. In this report, the authors begin with the premise that the goal of corporate capital allocation is to build long‐term value per share; and with that view in mind, they examine the main sources and uses of capital by the largest 1,500 U.S. companies during the last 30 years. More specifically, the authors identify the amounts of capital allocated to each of seven important alternatives, including major uses of capital such as M&Amp;A, capital expenditures, R&D, and distributions of capital to investors such as dividends and stock repurchases. And after reviewing the past allocations of capital to each of these alternatives, the authors summarize the academic research on the effects on corporate values of each of these uses of capital. The authors report that U.S. corporations fund most of their investments internally, and that M&Amp;A and capital expenditures have long been, and continue to be, the largest operating uses of capital, though both capital expenditures and growth in assets have fallen in recent years. At the same time, both corporate cash holdings and distributions to shareholders in the form of dividends and stock buybacks are at record levels. But even with such high payouts, R&D spending as a percentage of revenue by U.S. companies has remained high, and actually increased during the past decade. Finally, the authors provide a framework that can be used either internally or by outsiders to evaluate the capital allocation practices and effectiveness of a management team. This framework asks management to assess its past performance, provide realistic projections of future returns on invested capital, and evaluate their own incentive programs—all while renewing their commitment to the five principles of thoughtful capital allocation: (1) zero‐based capital allocation; (2) funding of strategies, not projects; (3) no capital rationing; (4) zero tolerance for bad growth; and (5) continuous monitoring of the value of all assets and business, and willingness to take action if and when such values are larger outside than inside the firm.     

Foreign direct investment and inequality: Evidence from China's policy change

In this paper, we examine the impact of foreign direct investment (FDI) on local urban inequality in China. Specifically, we consider the FDI policy change as an exogenous shock on the local labour markets. We find that cities that have experienced a bigger policy change in promoting FDI between 1997 and 2002 are significantly more unequal in 2005. This pattern is mainly driven by the positive association between FDI liberalisation and skill premia. The result holds after we control for other policy changes, such as privatisation of state-owned enterprises, infrastructure and trade liberalisation. We then turn to investigate the mechanisms using firm and individual-level information. Our firm-level evidence shows that FDI firms not only hire relatively more high-skilled workers but also provide relatively higher wages to high-skilled workers compared to domestic firms. Moreover, the individual-level analysis shows that FDI has a significantly positive spillover effect on wages received by skilled workers employed by state-owned enterprises, but not wages of unskilled workers.     

Does financial reporting misconduct pay off even when discovered?

Review of Accounting Studies - Experts and popular belief contend that it pays to engage in financial misconduct. We hand-collect data on three subsamples of severe misconduct cases, between 2003...     

环境管制与我国的出口产品质量升级——基于两控区政策的考察

关于环境管制与出口贸易的现有研究更多地关注于环境管制对出口量的影响,鲜有文献从出口产品质量的角度进行考察.本文运用1997-2002年中国出口海关统计数据,对我国出口产品质量进行了测算,并将两控区政策(TCZ)作为外生冲击,采用倍差法和三重倍差法,考察了环境管制对中国出口产品质量的影响.研究发现:首先,总体而言,两控区政策对我国出口产品质量的提高产生了显著的正向作用,说明环境管制有利于提高我国出口产品的国际竞争力;其次,两控区的政策效应具有明显的行业、地区和产品差异,对污染和研发密集度高、国企比重高的行业产生了负向作用,对东部地区和差异化产品部门产品质量升级产生正向影响.此外,我们还进行了更换产品品质指标、考虑外生政策冲击、更换对照组等一系列稳健性检验,结果依然稳健.