Competition among exchanges through simplified disclosure requirements: evidence from the American and Global Depositary Receipts

In this study, we address the ongoing debate as to whether the competition among the world's major exchanges through simplified disclosure requirements is justified. Companies from across the globe have a choice of cross-listing shares as either American or Global Depositary Receipts (ADRs and GDRs, respectively). The former are primarily listed on the US exchanges – NYSE, NASDAQ and AMEX – whereas the latter are issued into non-US markets such as the London Stock Exchange (LSE). The GDRs listed on the LSE are subject to simplified disclosure requirements compared to their exchange-listed ADR peers that have to meet more stringent compliance standards. Proponents of the ‘light touch’ approach argue that firms cross-listing as GDRs are not subject to the higher reporting costs faced by ADRs yet still face similar valuation benefits. Those who challenge this approach argue that simplified disclosure requirements set by the LSE will ultimately be recognised by the market as ineffective, diverting traders from investing in GDRs. This study provides evidence that supports the LSE's ‘light touch’ approach and shows that the benefits of information risk reduction for ADRs and GDRs are comparable. The explanation for this finding is that the two avenues through which information asymmetry is expected to be resolved after cross-listing – disclosure and analysts – are substitutive and make equally important contribution to information risk reduction, eventually leading to similar cost of capital decline for ADRs and GDRs.     

Information dissemination on intellectual capital in mergers and acquisitions: purchase price allocations,press releases and business press

In order to reduce information asymmetries in relation to a firm's current decisions and long-term strategy, firms must consistently provide information to stakeholders. This paper investigates intellectual capital (IC) information disclosed in mergers and acquisitions (M&A) provided through three different disclosure channels (voluntary press releases, related newspaper articles and subsequent mandatory corporate disclosures in the notes to the financial statements). For a sample of 215 randomly selected US and European M&As, we analyse 215 press releases, 1025 newspaper articles and 215 purchase price allocations. Our findings suggest that IC disclosure in press releases is not perceived as informative and qualitative forward-looking IC information in voluntary corporate disclosures appears to lack credibility. Moreover, we empirically demonstrate interdependencies across the three disclosure channels. The business press seems to filter IC information provided in press releases. The amount of IC disclosure in the notes to the financial statements is positively associated with prior IC disclosure in newspaper articles, but negatively associated with IC disclosure in press releases. The managements of acquirer firms appear to pay attention to news coverage and public opinion. However, both voluntary and mandatory corporate disclosures appear to substitute rather than complement each other.     

社会资本视角下微型金融与贫困居民收入增长研究

本文利用百色市432户贫困农户的问卷调查数据对微型金融与贫困居民收入增长之间的关系进行了实证分析,结果显示：微型金融对百色市贫困居民收入存在直接影响,但影响程度较小;微型金融通过社会资本途径对提高贫困居民的收入水平作用明显.因此,应充分发挥微型金融在反贫困中的作用.     

我国农村政策性金融发展的社会网络因素分析

农村政策性金融发展不仅需要从经济有效性视角进行一般分析,还需要从社会合理性视角和经济社会学视角进行探索研究。本文采取跨学科交叉性研究方法,运用新经济社会学相关理论和方法,将农村政策性金融的运行和发展置于其所在的社会网络背景之中,从而在社会网络的制约与影响中进行研究。本文认为农村社会金融网络场域为农村政策性金融发展提供了基本的载体,农村政策性金融应该以农村弱势群体为服务对象;嵌于社会网络中的社会资本需求对农村政策性金融发展具有间接的拉动作用,并提出了构建良性互动、充分发挥农村政策性金融功能的途径和建议。     

我国国有企业资本结构优化的新思路--资产重组与产权改革的市场化分析

本文介绍了我国国有企业资本结构优化的一种新思路,针对我国国有企业目前的现状和未来的改革发展趋势,提出以实施市场主导型的资产重组为主要方式,以市场化的产权改革为突破口,盘活国有企业的存量资产,从而实现国有企业产权制度的重构和产权结构的优化。     

The impact of social capital on tourism technology adoption for destination marketing

The purpose of the present study is to examine the impact of social capital on destination marketing organisations' (DMOs) technology adoption, especially Web 2.0. In other words, among the variety of factors that might influence individuals' or organisations' technology adoption, this study suggests that the concept of social capital is an additional important factor that might influence DMOs' technology adoption. Social networks (size of network, tie strength, and bridging and bonding ties), trust, norms, and associational activity were chosen as the components of social capital. The results revealed that, with the exception of trust and tie strength, most components of social capital exerted significant effects on DMOs' levels of technology adoption.     

Social Capital,Investment and Economic Growth: Some Evidence for Spanish Provinces

Abstract

This article analyses the impact of social capital on regional economic growth in Spain during the 1985–2005 period. The literature in this context is virtually nonexistent and, in addition, whereas most studies, regardless of their context, have used survey data in order to measure social capital, we use a measure whose construction is based on similar criteria to other measures of capital stock. Compared with more standard measures of social capital and trust, our measure is available with a high level of disaggregation, and with annual frequency for a long time period. Following a panel data approach, our findings indicate that social capital has a positive impact on GDP per capita growth in the context of Spanish provinces, implying that ‘social features’ are important for explaining the differences in wealth that one might find across Spanish provinces. We also explore the transmission mechanisms from social capital to growth, finding a highly positive relation between social capital and private physical investment.     

略论国有资本经营预算制度的框架设计和改革思路

现行的复式预算制度仍然局限于计划经济的认识框架,不能全面和真实地反映政府的财政活动范围和变化,实施国有资本经营预算有助于突破复式预算的局限。国有资本经营预算的框架设计应着眼于发挥国有资本所有者的监管职能,强化对国有资产的规范化管理和有效性监督。具体的改革思路是坚持国有资本经营预算与公共财政预算有效衔接,科学界定收入、合理认定支出,确保国有资本保值增值,出资人既不能缺位也不能越位。     

The value relevance of disclosure: Evidence from the emerging capital market of Egypt

This study examines the value of voluntary and mandatory disclosure in a market that applies International Accounting Standards (IAS) with limited penalties for non compliance. The lack of enforcement creates an element of choice in the level of mandatory disclosure by companies. Using panel-data analysis, our empirical results show that, after controlling for factors such as asset size and profitability, mandatory disclosure has a highly significant but negative relationship with firm value. This result, although puzzling from a traditional perspective, is consistent with the predictions of analytical accounting models, which emphasize the complex interplay of factors determining disclosure effects. Our results also show that voluntary disclosure has a positive but insignificant association with firm value. This lack of statistical significance supports the view that there is a complex interplay of different factors determining the relationship between disclosure and firm value.