信息化环境下企业内部审计模式思考

随着信息技术的高速发展,大数据技术呈现出爆发增长并逐渐渗入各行各业。基于信息化的大背景,大数据技术已被越来越多的企事业单位广泛运用,为企业发展带来更多可能性。大数据审计作为一种新型内部审计手段,具备独特的优势,将其运用到企业内部审计中可以较大程度提高内部审计的效率。但是它也为内部审计带来了一定不确定性,进而增加其审计风险。论文就大数据审计在企业内部审计中的应用进行了相关分析,并提出了相应的应对措施。     

Non-GAAP reporting following debt covenant violations

Review of Accounting Studies - We investigate whether firms change their non-GAAP reporting practices after debt covenant violations. We find that the likelihood that a firm will disclose non-GAAP...     

Institutionalized Communication in Markets and Firms

How markets and firms function is critically related to what knowledge and information is exchanged between whom, how quickly. Exchange of (symbolic) information needs to be properly institutionalized in order to be understood by others, on the one hand, but, on the other hand, cannot avoid being ambiguous to some degree as well (Dolfsma et al. 2011 Dolfsma, Wilfred, John Finch, and Robert McMaster. 2011. “Identifying Institutional Vulnerability: The Importance of Language, and System Boundaries.” Journal of Economic Issues 45 (4): 805–818.[Taylor &; Francis Online], [Web of Science ®] , [Google Scholar]). Ambiguity allows for the dissent that allows for innovation in the broadest sense of the term. Institutionalization of communication is community-specific. The tension between institutionalization of and ambiguity in communication explains why innovations cannot depart too much from what is known and accepted in a community to be (ultimately) accepted as a legitimate novelty. The view of markets and firms as settings for institutionalized communication and knowledge exchange offers a perspective that institutional economists are well positioned for to offer insights on.     

A quantitative perspective of Porter's industry forces framework for investment analysis

Porter's industry forces framework is an important tool for external analysis of firms, but its qualitative nature presents numerous limitations to be used in investment analysis. This study introduces a quantitative perspective of the framework using financial information proxies. This allows investors to gauge the external factors quantitatively and to gain enhanced framework usability. In order to test its validity, the correlation movements of our quantitative perspective have been analysed. For demonstration of enhanced usability, our quantitative perspective, alongside machine learning models, was used to predict business performances. The empirical results indicate that our quantitative perspective of the framework corroborates with its original definition and that it exhibits enhanced usability than the original framework.     

The Chinese Stock Dividend Puzzle

In this paper, we examine the announcement effects of dividends with an emphasis on stock dividends in China's capital market. We find that dividend-paying stocks exhibit significantly positive abnormal returns while non-dividend-paying stocks show a negative announcement effect. Further, we document that the cumulative abnormal returns for pure stock dividends and combined dividends are the main drivers of this announcement effect. In contrast, pure cash dividend stocks experience no significant price run-up before announcement. The significant announcement effect of stock dividends is robust to controlling the earnings surprise effect. We offer some discussion of the possible explanations.     

自我差异视角下的职业生涯幸福感

职业生涯幸福感概念的提出顺应了无边界职业生涯的发展趋势,但该概念的理论内涵探究仍存在不足。本文在系统回顾职业生涯幸福感概念的基础上,认为其与自我概念联系紧密,因此选择从自我差异理论出发探究其变化的内在机理。通过结合自我差异和时间概念,本文将自我差异类型细分为"同一自我内部差异""真实自我—理想自我差异""真实自我—应该自我差异""理想自我—应该自我差异"和"假设自我差异",深入分析了个体职业生涯中的不同自我差异对职业生涯幸福感的影响及其在认知、情绪、动机和行为上的表现,以此拓展职业生涯幸福感波动的内在机理,弥补现有理论的不足,并对相关领域的未来研究进行了展望。     

Optimal insurance in the presence of reinsurance

This paper studies an optimal insurance and reinsurance design problem among three agents: policyholder, insurer, and reinsurer. We assume that the preferences of the parties are given by distortion risk measures, which are equivalent to dual utilities. By maximizing the dual utility of the insurer and jointly solving the optimal insurance and reinsurance contracts, it is found that a layering insurance is optimal, with every layer being borne by one of the three agents. We also show that reinsurance encourages more insurance, and is welfare improving for the economy. Furthermore, it is optimal for the insurer to charge the maximum acceptable insurance premium to the policyholder. This paper also considers three other variants of the optimal insurance/reinsurance models. The first two variants impose a limit on the reinsurance premium so as to prevent insurer to reinsure all its risk. An optimal solution is still layering insurance, though the insurer will have to retain higher risk. Finally, we study the effect of competition by permitting the policyholder to insure its risk with an insurer, a reinsurer, or both. The competition from the reinsurer dampens the price at which an insurer could charge to the policyholder, although the optimal indemnities remain the same as the baseline model. The reinsurer will however not trade with the policyholder in this optimal solution.     

Corporate governance and the probability of default

We employ Merton's probability of default as a continuous ex‐ante measure of the likelihood of firm failure and dynamic panel generalised method of moments to better characterise the relationship between corporate governance and the chance of default. In doing so, we overcome limitations of discrete proxies widely used in previous studies and more completely account for endogeneity issues permeating this area of research. While initial testing designed to facilitate comparison with previous studies suggests a significant relationship between the probability of default and executive pay, board structure and ownership structure, once endogeneity concerns are accounted for, no such relationship remains.