完善我国银行信息灾难备份体系的新思路

本文疏理了西方部分发达国家银行信息灾难备份体系的经验和教训,论述了我国银行信息灾难备份体系的发展和不足。根据我国独特国情和所处的国际环境,从战略上研究了如何提高银行信息资源安全和灾备中心抗灾能力,提出了完善我国银行信息灾难备份体系的新思路。     

审计师-客户长期关系、强制轮换与审计质量

本文从审计师-客户长期关系的视角出发,对审计师强制轮换与审计质量之间的关系进行了探讨.研究发现:对于财务状况较差的公司,若审计师与客户之间不存在长期关系,则强制轮换后的审计质量显著提高,若审计师与客户之间存在长期关系,则强制轮换后审计质量的提高被弱化;而对于财务状况较好的公司,无论审计师与客户之间是否存在长期关系,强制轮换后的审计质量均未发生显著变化.本文研究对审计师强制轮换的监管具有借鉴意义.     

价值投资与行业轮动相结合的量化择股策略研究

把价值投资和行业轮动相结合进行量化择股,可以吸收两者的优点、避免各自的缺点。从实践的角度上看,这两者相结合,可以在投资的稳健程度和收益率之间找到更加有利的均衡。     

Regulating the Market for Audit Services: A Game Theoretic Approach

We apply game theory to model how alternative mandatory audit firm rotation regimes can affect the strategic interaction between auditee and auditor firms, and analyze potential consequences on detection risk and impairment of auditor scepticism. The major results suggest that: (1) relative to an initial state with no rotation requirement but high probability for impaired auditor scepticism, imposing either short-term or long-term mandatory audit firm rotation will remove the threat to auditor scepticism and lead to higher audit fees and lower detection risk; (2) relative to long-term mandatory audit firm rotation, imposing a short-term rotation will lead to lower audit fees and higher detection risk, resulting from greater informational frictions. We further find that imposing supplementary regulatory instruments, such as increased regulatory scrutiny of the auditee and/or auditor, can be used to lower the detection risk and increase audit quality. We discuss implications of these findings for empirical research.     

Effects of resin tapping on optimal rotation age of pine plantation

This paper analyses the effects of resin benefit on the optimal rotation age of Simao pine plantation. Timber growth and resin yield functions were first derived, and then an integrated formulation for Hartman rotation was solved by taking both timber and resin benefits into consideration through numerical optimization. Empirical results indicate that: (1) the inclusion of resin benefit results in lengthening optimal rotation age; (2) resin benefit has a greater effect on rotation age when discount rate is low than when it is high, ceteris paribus; (3) with an improvement of site productivity, resin benefit has a decreasing effect on rotation age, other factors being constant. These effects are also true with respect to benefit gains in present value.     

Market and welfare implications of the reservation price strategy for forest harvest decisions

Previous studies have reported significant gains from adopting the adaptive harvest strategy under conditions of timber price uncertainty. For the final harvest decision in even-aged stand management, the adaptive strategy typically means that a stand is harvested when the timber price is sufficiently high, whereas low prices are avoided by postponing the harvest. Such a harvest behavior may have significant impacts on the future price process, which in turn affects the landowner's profits. Moreover, it would certainly affect the timber-based industry and consumers. This paper assesses these impacts in a hypothetical timber market, using the Faustmann rule (FR) as a benchmark. The results show that changing from the FR to the reservation price strategy (RPS) reduces the supply of timber, thereby pushes up the price level. The RPS significantly reduces the short-run random variation of timber price. In the long run, both the mean and the variance of the timber price tend to stabilize. Depending on the anticipated price variation underlying the RPS, the expected timber price may be close to, or much higher than, the benchmark level, and the variance of price can be very large or very small. The welfare effect of the RPS is small if the anticipated variance of timber price used to optimize the RPS is small. If the anticipated variance of price is large, then the RSP leads to significant increase in the landowners’ profits and at the same time reduces the consumer surplus by a much larger amount.