Board directors with foreign experience and stock price crash risk: Evidence from China

This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including a firm fixed effects model, controlling for possibly omitted variables, and instrumental variable estimations. Moreover, we find that the negative association between BDFEs and crash risk is more pronounced for firms with more agency problems, weaker corporate governance, and less overall transparency. Our findings suggest that the characteristics of board directors matter in determining stock price crash risk.     

能效改善与能源节约：助力还是阻力

研究目标：测算中国分行业的能源回弹效应与综合能耗系数。研究方法：通过编制含能源实物流量的价值型能源投入产出可比价序列表，测算出能源回弹效应与综合能耗系数，结合行业综合能耗情况分析了能源回弹效应的行业异质性。研究发现：各行业在能耗方面表现迥异，能源回弹效应也存在典型的行业异质性；中国整体经济能源回弹程度并不高，能效改善可以有效节约能源，但整体经济低能源回弹的表象也掩盖了部分行业能源效率无改善和高能耗行业高能源回弹的事实。研究创新：从系统与结构的视角审视了行业的综合能耗情况，并给出了一种基于能源投入产出表的能源回弹效应计算方法。研究价值：有助于提出整体经济结构优化与节能减排的行业政策。     

Volatility forecasting: long memory,regime switching and heteroscedasticity

In this article, we account for the first time for long memory, regime switching and the conditional time-varying volatility of volatility (heteroscedasticity) to model and forecast market volatility using the heterogeneous autoregressive model of realized volatility (HAR-RV) and its extensions. We present several interesting and notable findings. First, existing models exhibit significant nonlinearity and clustering, which provide empirical evidence on the benefit of introducing regime switching and heteroscedasticity. Second, out-of-sample results indicate that combining regime switching and heteroscedasticity can substantially improve predictive power from a statistical viewpoint. More specifically, our proposed models generally exhibit higher forecasting accuracy. Third, these results are widely consistent across a variety of robustness tests such as different forecasting windows, forecasting models, realized measures, and stock markets. Consequently, this study sheds new light on forecasting future volatility.     

When Do Qualitative Risk Disclosures Backfire? The Effects of a Mismatch in Hedge Disclosure Formats on Investors' Judgments

Disclosure standards mandate the quantitative disclosure of hedging‐instrument‐related risks but not the disclosure of hedged‐item‐related risks. We examine how a match (mismatch) in formats, caused by making quantitative (qualitative) hedged item disclosures alongside quantitative hedging instrument disclosures, affects investors' integration of information from these two related disclosures. Our first experiment varies the hedged item disclosure format (quantitative or qualitative) and the portion of risk hedged (small or large). We find that when disclosure formats are mismatched, the less comparable nature of the two disclosures caused investors to neglect the offsetting relationship when assessing net risks. As a result, risk and investment judgments were influenced by the more prominent quantitative hedging instrument disclosures. Our second experiment finds that the use of a qualitative debiaser that clarifies the relationship between the two disclosures led to the integration of information and mitigated this effect.     

Estimating yield curves of the U.S. Treasury securities: An interpolation approach

Following the approach of interpolation, this paper proposes the multiple exponential decay model to fit yield curves for both the U.S. TIPS market and the conventional Treasury security market. Several estimation methods, including the unconstrained/constrained nonlinear minimization, quadratic programming, and the iterative linear least squares, are applied to estimate the unknown parameters according to different curve‐fitting purposes. Comparisons between the proposed model and the alternatives show that the multiple exponential decay successfully (1) adapts to a variety of shapes associated with yield curves, (2) (partially) keeps in line with the economic interpretations of Nelson–Siegel summarized by Diebold and Li ( 2006 ), and (3) dominates the competing models in curve‐fitting performance measured by mean fitted‐price errors over the sample period. In addition, the exact specification of a nonparametric interpolation model is pinned down by applying three statistical tools, which enable us to jointly take into account validity, optimality, and parsimoniousness of the proposed model.     

企业规模对绩效评价的影响及解决方案

在对同类型企业进行绩效评价时，经常因企业规模不同，导致无法用统一的考核指标得出公平的评价结果。文章以笔者所在的邮政企业为例，运用国资委提出的经营难度系数，对初步考核结果进行差异调节，提出了有效的解决方案。     

目前“信心”尤其重要

有人说,现在房地产业已经到了冬天;有人说,房地产业就在寒冬里;还有人说,房地产的冬天即将过去.前一个时期舆论的热点话题如"拐点论"、"百日巨变论"、"断供说",简直撑破了眼球.     

以质量为本振兴企业

以质量为根本，全面提高企业管理水平，最终达到提高经济效益的目的。     

营销角度的特许经营及其竞争法上的思考

特许经营是一种新型的销售方式,作为企业分销系统的构成要素,能够起到降低风险,沟通生产与消费的作用。然而在实际经营过程中也会出现许多诸如指定购买与搭售、联合定价、独占经营等违反竞争法的问题。为适应不断变化的竞争形势,应从竞争法的层面上对其加以规制。     

审计风险模型探讨

在对审计风险的理解基本一致的前提下,通常认为存在着一个审计风险模型。教科书中的审计模型通常是这样的:审计风险=固有风险×控制风险×检查风险(或译“觉察风险”)。对于这个审计风险模型,曾经有过的争论集中于检查风险。作为学术争论的结果和表现形式,美国审计准则说明第39号《审计抽样》曾将检查风险分解为分析性检查风险和详细测试风险,英国审计实务委员会1987年推荐的审计风险模型则在检查风险后加上了“抽样风险”。尽管存在争议,但这一基本模型已经被美国的职业团体和学术界所认可。我国《独立审计具体准则第9号——内部控制与审计…