Analysts' Cash Flow Forecasts,Audit Effort,and Audit Opinions on Internal Control

We examine the economic impact of analysts’ cash flow forecasts by looking at how external auditors respond to financial analysts’ issuance of cash flow forecasts. Using a differences‐in‐differences approach, we find that financial analysts’ initiation of cash flow forecasts leads to reduced auditor fees and audit report lags. Moreover, after cash flow forecast initiation, firms report fewer Section 404(b) internal control weakness disclosures. These findings suggest that cash flow forecasts constrain earnings manipulation and improve management accounting behavior, thereby reducing inherent and control risk and strengthening firms’ internal control over financial reporting.     

酒店内部信任与员工绩效关系研究——以F公司为例

本文主要目的是通过实地调查法分析F公司员工内部信任与绩效的关系,以员工工作满意度,员工离职倾向,员工绩效考核结果三个指标作为员工绩效指标,考量了绩效指标和信任度的关系。并分析得出影响员工信任度的重要因素,并试图通过提高员工内部信任度来激励员工,增加绩效。     

我国地方政府土地出让收入存在竞争吗——基于空间面板数据分析

本文运用空间滞后模型,对全国29个省级政府间以招标、拍卖和挂牌三种方式出让的土地收入进行了竞争效应验证.结果表明就土地出让收入竞争策略来看,全国范围和东部地区都存在显著的竞争效应,而就土地出让平均价格竞争策略而言,只有东部地区表现出显著竞争效应.而无论是在哪种竞争策略中,中西部地区的观测样本都没有体现出显著的竞争效应.     

广东省县级农用地分等成果与二调成果快速衔接技术方法探讨

研究目的:探索农用地分等成果与第二次土地调查成果快速衔接的技术问题及其解决方法,为推进全国农用地分等成果与第二次土地调查成果衔接提供借鉴和参考。研究方法:GIS辅助与自动化等方法。研究结果:在不考虑分等因素更新的基础上,结果传递法和参数传递法传递结果和精度一致,可以较好地实现分等与二调成果的快速衔接,但是结果传递法数据整理过程要远远小于参数传递法。参数传递法可以实现分等因素更新情况下的成果衔接。研究结论:结果传递法和参数传递法为县级农用地分等成果与二调成果的快速衔接提供了有效的途径和方法。     

Who Plays the Key Role among Shanghai, Shenzhen and Hong Kong Stock Markets？

In this paper we examine the daily frequency stock market indices of Shanghai, Shenzhen and Hong Kong from January 2000 to June 2012, and use the Morlet wavelet coherence model to determine who is playing the most important role in the financial markets of China. We find that there are significant comovements between these stock markets in the medium and long run. This provides investors with opportunities to increase their capital gains. The Hong Kong stock market plays a leading role in the long run, but its leader position is threatened by fast‐growing Chinese mainland stock markets, especially the Shanghai Stock Exchange. Based on our analysis, the following suggestions apply to the Chinese stock markets: establish and improve international and regional finance centers in Chinese mainland; encourage more qualified institutional investors; reposition the market relations among Hong Kong, Shanghai and Shenzhen; and increase deregulation and internationalization to speed up the integration of financial resources.     

Geographic dissemination of information

Urban companies are located near millions more potential investors and sophisticated money managers than non-urban companies. More investors are familiar with urban companies and have access to informal information about them. The stock of urban companies is also more liquid than the stock of non-urban companies. We hypothesize that these factors lead information to be spread from urban companies to other companies. Urban stock returns lead rural/small city stock returns even controlling for size, industry, and analyst coverage. Closer examination of the lead–lag relation reveals that urgent trades, which are likely to reflect short-lived information, are much more common for urban firms. Information appears to be uncovered through informal means more easily available to people physically near a company. We discuss the corporate finance implications of our findings.     

关于考查课教育及成绩评定的思考与探索

剖析了考查课教育及成绩评定现状中的弊端,从纳什均衡的角度分析了要达到最优状态必需进行考查课教育与成绩评定改革。关于考查课教育及成绩评定,文章做了详细地思考和探讨,指出通过研发基于层次分析法的考查课程成绩管理系统来完成成绩的评定,给出的评定准则科学客观公正。该网站的建立实现了考查课程成绩评定的自动化、督促了教师对考查课教育的改革、最大限度的维护了学校开设考查课程的初衷。     

The Spatial Durbin Model and the Common Factor Tests

Abstract

The spatial Durbin model occupies an interesting position in the field of spatial econometrics. It is the reduced form of a model with cross-sectional dependence in the errors and it may be used as the nesting equation in a more general approach of model selection. Specifically, in this equation we obtain the common factor tests (of which the likelihood ratio is the best known) whose objective is to discriminate between substantive and residual dependence in an apparently misspecified equation. Our paper tries to delve deeper into the role of the spatial Durbin model in the problem of specifying a spatial econometric model. We include a Monte Carlo study related to the performance of the common factor tests presented in the paper in small sample sizes.     

Informed Trading Around Earnings Announcements: Another Look

This study is an empirical test of the Easley, O'Hara, and Srinivas (1998) multimarket sequential trade model of stock and option markets. We employ two approaches to determine the information content of signed stock and option trades executed around quarterly earnings announcements. The first approach expands the vector autoregression (VAR) technique of Hasbrouck (1991a) to include signed option trade volumes and inter‐trade durations. Estimates from the VAR models provide insight into whether both equity and option trades are viewed as informative by the equity specialist. The second approach focuses on the information content of the earnings releases to determine whether signed equity and option trades executed prior to the announcements are informed. Results indicate that although informed traders prefer to transact in both markets around earnings announcements, option market transactions contain no incremental information.