Financial integration and the price of world covariance risk: Large- vs. small-cap stocks

We investigate whether recent country-level evidence of global pricing is particular to large-cap stocks. Specifically, we examine cross-country return correlations and conduct asset pricing tests on three size-based stock portfolios for nine developed countries over the period from 1980 to 2004. We find that large-cap stocks realize significant comovements across countries, whereas small-cap stocks realize smaller average correlations (relative to both large-cap stocks and small-cap stocks across countries). More important, asset pricing tests suggest that while large-cap stocks are priced globally, global pricing is rejected for most small-cap stocks. Finally, the evidence indicates that financial integration deepened in recent years primarily for large-cap stocks. Overall, the results suggest that the global pricing pertains chiefly to large-cap stocks.     

From rationality to hyperreality: paradigm poker

This paper, following McGoun's (1997) seminal article comparing the economy of financial securities to a hyperreal poker game, argues that finance and accounting researchers should take the “linguistic turn” that has rejuvenated theory and research in many, if not most, of the social science and humanities in recent decades. In general terms, this means following Ludwig Wittgenstein's language game paradigm rather than Karl Popper's scientific deductive hypothesis testing methodology. The paper illustrates this by drawing on some of Jean Baudrillard's' ideas, particularly his concept of hyperreality and his phases of the image theoretic.The paper presents a poststructuralist genealogical analysis of the radical ruptures and reformulation of the meaning attributed to the accounting sign of earnings over the feudal, counterfeit, production, and simulation eras. It concludes that, as with many other signs in contemporary society, the earnings sign no longer has any relationship with, nor does it any longer refer to, any real or intrinsic profit but instead floats ungrounded in today's financial economy.The paper recommends that researchers in finance and accounting adopt paradigms from literary theory, semiotics, linguistics, and semiology rather than continue to rely on economics-based theory, which has lost its power for explaining and predicting happenings in today's financial economy of self-referencing models and images.     

Reporting Performance: Comprehensive Income and its Components

The underlying question raised in this article is: why is the accounting profession's conceptual framework (CF) so authoritative when it is conceptually incoherent? A supplementary question is how can ‘conceptually robust’ accounting standards be derived from an incoherent framework? This article draws on Page and Spira's (1999) contrasting framework metaphors to suggest that the appearance of conceptual robustness is more important than the reality, and illustrates the point with the International Accounting Standards Board's (IASB’s) progress report on its reporting performance project. Some inherent weaknesses in the move towards internationally enforceable financial regulations have been acknowledged, but this article suggests the IASB's project demonstrates two additional weaknesses: internal incoherence, and the potential for political ends to drive supposedly technical regulations.     

浅谈会计教育改革

会计队伍素质的提高有赖于会计教育水平的提高，如何培养出适应社会发展的高素质的会计人才，已成为会计教育面临的课题。客观上对高级会计人员需求不断增长与落后的会计教育的矛盾越来越突出，会计教育改革势在必行。     

试析"入世"与我国经济发展

加入WTO，我国经济与世界经济融为一体，给我国经济带来全新的历史机遇，有利于我国现代企业制度的建立和经济改革的发展，有利于提高人民生活水平，有利于农、林、牧均衡发展和生态建设。同时也带来了挑战，必须转变政府职能，致力环境创新，建立与国际接轨的社会主义市场经济体制，依托科教进步，实施跨越式发展。     

Optimal investment with fixed financing costs

Models with a premium on external finance produce counterfactual predictions about liquidity management. We address this shortcoming by introducing a fixed cost of increasing external finance into an otherwise standard investment/financing problem. This additional financial friction is well-motivated by case studies and our analysis shows that it generates more realistic predictions about liquidity management: firms hold external finance and idle cash simultaneously, and may invest an additional dollar of cash flow in liquidity rather than repaying external funds or investing in productive capital. In addition to better fitting the stylized facts about the time-series and cross-sectional pattern of liquidity holding, these results may help shed light on the fragility of estimates of investment–cash flow sensitivities.     

纽约股票市场对中国A股市场的影响

首先，本文考察了纽约股市波动对中国A股市场的影响。一般认为，中国的A股市场由于严格的资本控制而免受外国影响。但是，通过月度、每周、每日的样本数据（1992年到2004年），经过季节性调整和汇率变动调整后，我们发现上海和深圳A股市场的变动与美国股票价格指数变动相一致。其次，我们考察国家贝塔值（country beta）在马尔可夫转换误差修正模型中的动态关系。对中国市场来说，国家贝塔值和错误纠正项的重要性紧密相连。在东亚金融危机之前，美国市场对中国A股市场的影响普遍存在，而东亚金融危机产生后，则是通过国家贝塔值来影响中国股市的收益。     

农村税费改革相关问题的深入思考

针对进一步扩大农村税费改革试点的要求，章从农村税费改革成功与否的衡量标准入手，对农村税费改革中难点问题的根本症结进行了深入分析．指出问题的根本源自不同利益主体间利益的重新分配，并在此基础上提出了解决问题的基本思路。     

规范、有序、健康推进国企改制

本文从规范、有序、健康推进国有企业改制与国企改制大局关系的视角,对国务院国资委《关于规范国有企业改制工作意见》作了深入的解读分析,提出了国有企业改制需要正确处理好的几个关系。