论中国不动产利益分配机制体系的构建

不动产利益分配机制体系是价格、租金、税收和收费的有机组合,由于相关制度的不配套以及改革的“路径依赖”,中国现行的不动产利益分配机制体系仍然存在重大缺陷。在本中我们将首先从理论上阐述不动产利益分配机制的一般关系,然后以家庭承包制为切入点,论述中国农村不动产利益分配机制体系的改革,最后以城市房地产行业为切入点,论述中国城市不动产利益分配机制体系的调整。     

Daily mutual fund flows and redemption policies

We examine how redemption policies affect daily fund flows in open-end mutual funds. Since short-term trading of fund shares, as manifested in daily fund flows, can have an adverse impact on returns to the fund’s shareholders, mutual funds might find it desirable to discourage short-term trading through the use of redemption fees. However, if daily fund flows are due to fund shareholders’ legitimate liquidity demands, the redemption fee would have little effect on daily fund flows and possibly adversely affect fund shareholders by imposing a liquidity cost on them. We find that the likelihood of a fund charging a redemption fee is largely a function of its overall fee structure. We also use a sample of funds that imposed redemption fees to examine whether the distribution of daily fund flows changes after the initiation of the redemption fee. We find that the redemption fee is an effective tool in controlling the volatility of fund flows.     

Acceptance of Accounting Standards

When financial statements are audited, a client and auditor may disagree about an accounting disclosure. While the disclosure of such a disagreement may increase the information content of a statement it may also be socially undesirable in that it signals a difference in views about the state of the reporting enterprise. This in turn may increase agency costs and introduce uncertainty about the state of the firm. In this paper we focus on public policy implications concerning auditor-client disagreements and examine the ex ante probability that such cases will occur. We find that accounting standards that allow two accounting options may be optimal in reducing frequency of disagreements among auditors and between standard-setters and their constituencies, and possibly also between clients and their auditors. The New Zealand model of compliance with accounting standards may be preferable to that practiced in the US.     

信息化环境下审计风险的防范

在信息化环境下,传统的会计业务流程被改变,内部控制制度发生了变更与转移,导致审计风险增加的因素也随之增多。建立健全审计准则和法规,提高审计人员的计算机应用水平,提高审计理论水平等,是控制和防范信息化环境下审计风险的必要措施。     

改善内部审计的外部环境和内部条件

本文通过探讨改善我国内部审计的外部环境和内部条件的方法和措施，揭示内部审计是我国企事业单位加强内部管理的内丰需要，具有不可替代性，只有最大限度地保证内部审计的独立性，才能保证内部审计的地位和权威，从而更好地发挥内部审计在企事业单位中的作用。     

知识管理:强化内审工作的重要工具——美国内部审计工作经验研究

企业通过实施知识管理战略，保障了内审人员与会计人员之间的有效沟通与交流。论述了知识管理为什么对于内审人员非常重要，以及如何进行知识管理，并提出了改善知识管理工作的建议，主要包括：采用专用凭证管理工具，会计信息失真的综合治理，业务交叉与岗位轮换，设立知识仓库。     

The Interaction between Internal Control Assessment and Substantive Testing in Audits for Fraud*

We examine the interaction between internal control assessments and substantive testing in a model of fraud detection. The purpose of our study is to examine a two‐stage model of the auditor‐manager interaction in which the auditor assesses the “likelihood” or possibility of fraud in the first stage and conducts substantive tests in the second stage. We examine the allocation of audit resources across these two distinct facets of the audit. We find that, regardless of the auditor's allocation, the probability of undetected fraud remains the same, but the allocation of some audit resources to internal control assessment may provide cost savings for the auditor.     

Capacity Constraints and Hedge Fund Strategy Returns

Hedge funds have generated significant absolute returns (alpha) in the decade between 1995 and 2004. However, the level of alpha has declined substantially over this period. We investigate whether capacity constraints at the level of hedge fund strategies have been responsible for this decline. For four out of eight hedge fund strategies, capital inflows have statistically preceded negative movements in alpha, consistent with this hypothesis. We also find evidence that hedge fund fees have increased over the same period. Our results provide support for the Berk and Green (2004) rational model of active portfolio management.     

浅析内向型管理审计在公司治理结构中的作用

内向型管理审计是公司治理结构的重要组成部分，有效的内向型管理审计有利于公司治理结构的完善。要实现公司治理的目标，就必须正确认识内向型管理审计与公司治理之间的互动关系，并充分发挥内向型管理审计在公司治理结构中的积极作用。     

Auditor Fees, Market Microstructure, and Firm Transparency

Abstract:  Auditors, as corporate insiders, have access to private information regarding the firm's financial and business opacity that is unavailable to outside investors. We test whether auditors price their knowledge of firm opacity in their audit fees by examining two competing hypotheses. The first states that higher audit fees may reflect the greater risk that the auditor faces in auditing an opaque firm. Under this hypothesis, market based measures of opacity will be positively correlated with higher fees. The second hypothesis states that firms buy reputational capital from their auditor by paying high fees in an attempt to improve the market's perception of the firm's transparency. In this case, higher audit fees are negatively correlated with market based measures of opacity. Our results are consistent with the first hypothesis, that auditors price opacity risk into their fees.