如何更好地理解石油市场

石油价格在过去六个月暴跌引发了广泛的讨论,其中不乏阴谋论。虽然这些解释都非常有创意而且有趣,但我们认为只有通过分析供给、需求、经济表现以及成本竞争力,才能更好地分析形势。很多人预测到强劲的供给增长,但我们认为最意外的因素是需求不足——每天的需求量低于某些预测60万桶左右。石油供给连续三年增长,这主要来自北美。但到2014年中,全球需求疲软已经非常明显。一旦需求供给相互作用,石     

掌握全局

过往从事中层会计工作的财务总监只集中关心数字，但时至今日，他们的工作范围扩大了，担当的角色更为重要。本文阐述了这个岗位职责的转变，以及香港会计师公会将怎样协助会员发展这方面的技能及富有挑战性的工作。     

Does reputation of sponsors matter in IPO? Evidence from Hong Kong

Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering (IPO), IPO issuers in Hong Kong must appoint at least one sponsor in addition to the underwriters. The splitting of the single role of underwriters into two separate ones offers an ideal setting to disentangle the effects of the two roles and to examine which of the two roles—sponsor or underwriter—is more important in explaining IPO underpricing and initial volatility in the Hong Kong equity market. Interestingly, our findings provide supportive evidence that the sponsor reputation does matter in an IPO and it is even more significant than the underwriter reputation in explaining the IPO underpricing phenomenon. Given the recent high-tech fervor, our research goes deeper to examine specifically the role of sponsors on high-tech firms, with results indicating that the reliance on sponsors is higher for traditional issuers than for technology firms. We further discover that sponsors and underwriters are playing substitution roles rather than complementary roles. In order to examine the regulatory policy impact, our research also compares the role of IPO sponsors before and after the launch of the new sponsor regulatory regime in 2013. The empirical findings lend support to our argument that after the launch of the new regulations, public awareness of sponsors is raised, respect towards more reputable sponsor increases, and thus, the role of sponsors becomes more important than before.     

“超透明社会”生存法则

社交媒体与数据浪潮缔造了一个“超透明社会”。很多企业还没有意识到这一现实,也不知道这意味着什么。企业家与公司高管们应当率先转变观念,了解“超透明社会”如何改变着市场竞争、公司与客户的关系以及公司运营的政治语境;同时,密切关注客户以及公众认同的“公平”也很重要,免得一不小心站在了普罗大众的对立面     

规模与脆弱的变量关系

对于一个脆弱的事物（或存活的生物）而言，一块巨石产生的伤害要远大于1000颗小石子，反过来看，当规模越来越大之后，不确定性和混乱性电在呈非线性增加，脆弱性由此凸显。