The Cost of Capital of Cross‐listed Firms

This paper analyses the cost of capital of firms with foreign equity listings. Our purpose is to shed light on the question whether international and domestic asset pricing models yield a different estimate of the cost of capital for cross‐listed stocks. We distinguish between (i) the multifactor ICAPM of Solnik (1979) and Sercu (1980) including both the global market portfolio and exchange rate risk premia and (ii) the single factor domestic CAPM. We test for the significance of the cost of capital differential in a sample of 336 cross‐listed stocks from nine countries in the period 1980–99. Our hypothesis is that the cost of capital differential is substantial for firms with international listings, as these are often large multinationals with a strong international orientation. We find that the asset pricing models yield a significantly different estimate of the cost of capital for only 12% of the cross‐listed companies. The size of the cost of capital differential is around 50 basis points for the US, 80 basis points for the UK and 100 basis points for France.     

A Comparison of Cost of Equity Estimates of Local and Global CAPMs

Cost of equity estimates are compared for three pricing models: the traditional local CAPM, the single (market) factor global CAPM, and the two‐factor global CAPM, with both market and currency index factors. For 2989 US stocks, the average difference in the cost of equity estimates is about 48 basis points between the local CAPM and the single‐factor global CAPM, and is about 61 basis points between the two global models. For 70 developed‐market ADRs, the corresponding average differences are 76 and 47 basis points, respectively. For 48 emerging‐market ADRs, the corresponding average differences are 57 and 70 basis points.     

房地产股权投资信托当事人的利益均衡研究

简要介绍了房地产信托,对房地产股权投资型信托的委托人、受托人利受益人三方当事人的利益均衡进行分析讨论,建立了相应的数学模型,并通过将持股比例引入模型,使三方构成一个有机的整体,然后对模型进行比较详尽的分析研究,找出影响最优持股比例的因素并分析,得出一些有意义的结论。     

Managing Earnings with Intercorporate Investments

Abstract:  We explore to what extent firms deliberately manage their financial reports by exploiting the flexibility of generally accepted accounting principles. Using a sample of Oslo Stock Exchange-listed firms with 20–50% equity holdings in other firms, we find that firms with high financial leverage tend to maximize reported earnings from these investments through their choice between the cost method and the equity method, possibly in an attempt to reduce debt renegotiation costs or to avoid regulatory attention. In contrast, managers do not systematically bias reported earnings to extract private benefits or to signal revised expectations about future cash flows. Firms use different earnings management tools in a consistent way, as the earnings effect of the cost/equity choice is not offset by discretionary accruals.     

A Critique of the Legal and Philosophical Case for Rent Control

Rent control is an economic abomination. It diverts investments away from residential rent units, it leads to their deterioration, it is responsible for urban decay such as in the South Bronx, it does not help poor tenants, it is a horrendous means of income redistribution. Yet this economic regulation is beloved of intellectuals (hot beds of pro rent control sentiment are Berkeley, Ann Arbor and Cambridge) particularly in the legal and philosophical communities. The present article is dedicated to an exploration and rejection of the arguments in behalf of rent control which emanate from this source.     

贸易差额的衡量:基于所有权还是所在地

本文在借鉴西方主要国家和有关国际机构在为建立基于所有权的国际贸易统计框架所做方法研究和探索实践的基础上,尝试确立完整的基于所有权的双边贸易差额统计框架,并且把这一原则与现行的跨境贸易差额进行了比较。一方面指出现行的跨境贸易差额高估我国贸易利得的主要原因,是外资企业净出口被计为中国的出口,而实际上它是外国资本在国际化生产中获得的贸易利得;另一方面为将来如何调整统计口径、得到反映现实的统计结果,提供可供参考的方向。     

Dividend reinvestment plans: An empirical analysis

This study examines the effect of initiating discount and no discount dividend reinvestment plans on shareholder wealth. The results show a negative response to DRP announcements, which is significantly smaller than that found in studies of new equity offerings. These results are consistent with the Scholes and Wolfson (1989) hypothesis that managers in need of equity capital use DRPs to mitigate the adverse stock price effects of new equity issue announcements. Furthermore, there is a significant difference in the price response of discount and no discount DRPs for industrial firms. This result is supportive of the signaling potential of discount DRPs. Supportive evidence is also found in the analysis of firm characteristics for industrial firms.     

Initial Public Offerings: CFO Perceptions

We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correlate with returns? Results support funding for growth and liquidity as the primary reasons for IPOs. CFO sentiment is generally stationary in pre‐ and post‐bubble years. Managers are concerned with the direct costs of going public, such as underwriting fees, as well as indirect costs. We find a negative relation between a focus on immediate growth and long‐term abnormal returns.     

从美国物质科学资助转变看学科均衡发展

本文介绍了美国从70年代至今对物质科学资助的转变历程,探究其资助转变背后对于学科均衡发展的考量,其中,重点讨论美国国家科学基金会(NSF)在保持美国学科均衡发展中的重要作用和美国在不同时期通过资助转变对学科发展失衡的调节.最后,文章还就美国围绕学科均衡发展进行资助调整对我国的启示进行了分析.     

新会计准则影响股东权益变化因素的分析

文章针对新会计准则的颁布对股东所有者权益的变化各影响因素进行分析，选取巨潮资讯网、上海证券交易所网站、深圳证券交易所网站等公开披露的国内A股上市公司2006年的年度报告数据，对影响所有者权益变化的15个因素进行了描述性统计、单因素敏感性分析和回归分析，得出在所有的影响因素当中，长期股东权益投资差额对股东权益的变化的影响是显著的。