Meta-Functional Benefit Transfer for Wetland Valuation: Making the Most of Small Samples

This study applies functional Benefit Transfer via Meta-Regression Modeling to derive valuation estimates for wetlands in an actual policy setting of proposed groundwater transfers in Eastern Nevada. We illustrate how Bayesian estimation techniques can be used to overcome small sample problems notoriously present in Meta-functional Benefit Transfer. The highlights of our methodology are: (i) The hierarchical modeling of heteroskedasticity; (ii) The ability to incorporate additional information via refined priors; and (ii) The derivation of measures of model performance with the corresponding option of model-averaged Benefit Transfer predictions. Our results indicate that economic losses associated with the disappearance of these wetlands can be substantial and that primary valuation studies are warranted.      

股票市场的估价与并购(英文)

近年来,很少有关于兼并和收购的商业话题博得许多研究和媒体的关注。在过去40年来,经济理论提供了许多根据 -关于为什么公司选择从事企业兼并与收购,看法不一。实证研究表明,这些理论最能解释某些类型的并购活动,虽然有些理论似乎是更加适用于某些特定时间段。合并后的公司似乎稍微好一点了。最近的许多研究对将 M&A公司设法将个体公司的市场估值以及整体股票指数跟合并行为以及表现联系起来。     

Pricing and Mispricing Effects of SFAS 131

Abstract:  We investigate the effects of the introduction of Statement of Financial Accounting Standards No. 131 (SFAS 131) on the market's valuation of foreign earnings. Thomas (1999) documents that investors discount the value of foreign earnings for US multinational companies. He conjectures but does not test the possibility that this finding is due to poor disclosure related to foreign operations. We find strong evidence that the introduction of the standard is positively associated with the pricing of foreign earnings. In addition, we use both the Mishkin (1983) test and a zero-investment hedge portfolio test and find that investors' mispricing of foreign earnings lessens (and in fact disappears) after SFAS 131. This study is one of the first attempts to show that improved disclosure reduces mispricing.     

关于“给排水工程计量计价”课程典型工作任务确定的研究

本文通过对给排水工程计量计价课程的学习现状研究,结合实际施工企业对给排水专业人员的技术要求,结合现行工程计价模式的变化和课程体系的变化,分析确定给排水工程计量计价课程的典型工作任务。     

Conservatism in residual income models: theory and supporting evidence

In this paper, we develop a framework for evaluating the impact of conservative accounting on the structure of residual income models of equity valuation. We explore specific examples of both unconditional and conditional conservatism and observe a common mathematical structure. We proceed to generalise our model and identify the joint dependency of conservatism and the persistence of abnormal earnings on the weights attached to book values, earnings and dividends. We are able to show theoretically the likely numerical impact of conservatism on price-earnings ratios and under-valuations produced by residual income models. We investigate empirically the interaction between conservatism and persistence and find they accord well with the theory developed. We briefly discuss the implications of testing the effect of conservatism on valuation and linear information dynamics.     

Books Reviewed

Books reviewed:
Singer, S. Fred. Hot Talk Cold Science: Global Warming's Unfinished Debate
Hogg, Dominic, ed. Technological Change in Agriculture: Locking in to Genetic Uniformity
Ingersent, Ken A., and A. J. Rayner. Agricultural Policy in Western Europe and the United States
Smil, Vaclav. Feeding the World: A Challenge for the Twenty-First Century
Yang, Yongzheng and Tian, Weiming, eds. China's Agriculture at the Crossroad
Lal, Deepak. Unintended Consequences: The Impact of Factor Endowments, Culture, and Politics on Long-Run Economic Performance
Opschoor, J(Hans). B., Kenneth Button, and Peter Nijkamp, eds. Environmental Economics and Development
Hamilton, James T., and W. Kip Viscusi. Calculating Risks? The Spatial and Political Dimensions of Hazardous Waste Policy     

浅谈新形势下建筑工程合同管理存在的主要问题和解决途径

结合《工程量清单计价规范》、《建设工程施工合同示范文本》和合同管理的实际情况,分析目前在工程量清单计价模式下合同管理存在的主要问题,并提出相应的对策和解决途径     

A Comparison of Two Quadratic Approaches to Hedging in Incomplete Markets

This paper provides comparative theoretical and numerical results on risks, values, and hedging strategies for local risk-minimization versus mean-variance hedging in a class of stochastic volatility models. We explain the theory for both hedging approaches in a general framework, specialize to a Markovian situation, and analyze in detail variants of the well-known Heston (1993) and Stein and Stein (1991) stochastic volatility models. Numerical results are obtained mainly by PDE and simulation methods. In addition, we take special care to check that all of our examples do satisfy the conditions required by the general theory.     

The Sophisticated and the Simple: the Profitability of Contrarian Strategies

A variety of variables have been used to form contrarian portfolios, ranging from relatively simple measures, like book‐to‐market, cash flow‐to‐price, earnings‐to‐price and past returns, to more sophisticated measures based on the Ohlson model and residual income model (RIM). This paper investigates whether: (i) contrarian strategies based on RIM perform better or worse than those based on the Ohlson model; (ii) contrarian strategies based on more sophisticated valuation models (e.g. Ohlson and RIM) perform much better than the relatively simpler ranking variables that have been used so extensively in the finance literature. Given that the RIM and Ohlson models require greater information inputs and technical know‐how, and make different implicit assumptions on future abnormal earnings, it is important to ascertain if they offer significantly greater contrarian profits to outweigh the increased costs that they entail. Indeed, our surprising finding is that simple cash flow‐to‐price measures appear to do almost as well as the more sophisticated alternatives. One would have expected the sophisticated models to significantly outperform the simple cash flow to price model for the reasons given by Penman (2007) .