Short Selling Pressure,Stock Price Behavior,and Management Forecast Precision: Evidence from a Natural Experiment

Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers’ voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling pressure and price sensitivity to bad news by reducing the precision of bad news forecasts. This finding on management forecasts appears to be generalizable to other corporate disclosures. In particular, we find that, in response to increased short selling pressure, managers also reduce the readability (or increase the fuzziness) of bad news annual reports. Overall, our results suggest that maintaining the current level of stock prices is an important consideration in managers’ strategic disclosure decisions.     

山西省科技报告制度建设探讨

科技报告是国家重要的战略性资源,科技报告制度建设对国家科技创新体系具有重要意义。通过借鉴美国及国家科技报告制度建设的经验,初步构建了适合山西省科技报告制度现状的山西省科技报告制度体系框架,为推动山西省科技报告制度建设提供具体参考。     

信息资源会计报告设计初探

信息资源会计的研究是一个崭新的研究领域。目前,鉴于信息资源本身的特殊性,把它并入会计报表列示的方式说法不一。在对信息资源成本和价值的确认与计量,分析信息资源本身特殊性的基础上,对原有会计报表版面进行调整和修改,将信息资源的综合价值列入报表,为企业投资者和管理当局的决策需要提供更为综合、全面的会计信息。     

我国二板市场实施做市商制度的障碍与对策研究

在建立我国二板市场的讨论中 ,关于借鉴纳斯达克市场 ,采用做市商制度的呼声正日益高涨。在中国将要推出的“按新体制运行”的二板市场微观结构设计中 ,是否引入做市商制度 ?针对国情 ,当前我国应大力培育和发展柜台市场 ,建立多层次的资本市场体系 ;应制定有利于做市商制度实施的规则、法律条款及其监督落实的一系列制度 ,提高二板市场的效率。     

环境会计信息披露研究

作为实施可持续发展战略的重要组成部分 ,环境会计为各国政府所普遍重视。当前 ,我国在环境会计领域的研究还相当滞后 ,不但没有建立起符合中国国情的企业环境理论和环境会计准则 ,而且没有建立起完善的环境会计信息系统 ,企业环境会计信息披露严重不足且缺乏可比性和可靠性。本文就环境会计的信息披露工作展开重点讨论。     

网络英语新闻在大学英语教学中的应用实践

听说能力的培养是大学英语的教学目标之核心。把网络英语新闻素材引入大学英语课堂教学不仅能丰富教学内容，也是突破听说能力瓶颈的有效途经。该文主要以建构主义学习理论为指导，探讨网络英语新闻素材选择过程中应注意的问题及如何在课堂教学中利用这一素材开展听说活动。     

财务报告改进与构建：基于企业整体资产价值的视角

企业整体价值观要求财务报表准确、全面、完整地反映企业整体资产价值和经营成果,基于企业整体价值观视角的财务报表结构应与现行财务报表有所不同。本文就企业整体价值观下资产负债表、利润表、价值变动表的会计科目构建、核算进行了探讨和分析。     

中国物流行业企业社会责任报告体系研究

通过对中国物流行业较有代表性的两家企业的CSR报告内容分析,提出中国物流行业企业社会责任报告体系编写方法,其内容主要包括报告背景、公司治理、责任管理、责任绩效披露、第三方审验说明等。     

Board structure and CEO compensation: Evidence from U.S. lodging industry

Using a sample of U.S. lodging firms, this paper examines the relationship between board of director characteristics and chief executive officer (CEO) compensation. Previous research shows that larger boards are detrimental to the effectiveness of the board of directors and deteriorate the control imposed on CEO actions and pay. Board independence is also suggested as an important quality to emphasize the control on the CEO. We propose that U.S. lodging firms’ board of directors provide a nice setting to investigate the effects of size and independence on CEO compensation level. Our findings suggest that CEO compensation is not related to board size, and positively related to proportion of the outside board members. These findings are contrary to the findings of previous studies. Our findings may provide significant insights to lodging firms’ board of directors to structure efficient compensation packages.     

World War II prime defence contractors: Were they favoured?

Between 1940 and 1944 the US government placed $175.066 billion of prime defence contracts with US corporations. Two-thirds of these awards went to only 100 companies and 20% to only five companies leading to charges that the prime contractors were favoured. This article examines the common stock returns of World War II prime contractors relative to broad market indices and to the returns on the non-prime contractors in the same industry. The analysis begins in 1938 with the Anschluss and ends with the 1950 outbreak of the Korean War. Little evidence is found to support the charges.