Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

金融发展和经济增长：文献述评

20世纪90年代以来，有关金融发展和经济增长问题的研究成为经济学领域一个热点，相关文献汗牛充栋。本文就金融发展和经济增长的理论研究和实证研究进行系统地分析和综述。     

Out of the Mouths of Babes: Business Ethics and Youths in Asia

A model of corporate ethics and social responsibility (CESR) was developed and empirically tested among Chinese business undergraduates in Hong Kong and Singapore. As predicted, it was found that CESR beliefs were negatively related to Machiavellianism and two Confucian concepts, guanxi (interpersonal connections) and mianzi (face). CESR beliefs were also lower among Hong Kong than Singaporean youths. The negative effects of guanxi, mianzi, and Machiavellianism were more pronounced for the Hong Kong than Singapore sample. Implications of these findings are discussed and directions for future research suggested.     

The impact on stock prices of deferral and elimination of internal control audit requirement for small firms

This paper examines the cumulative market reaction to the events related to deferral of internal control audit requirement under the Sarbanes-Oxley Act of 2002 and its elimination under the Dodd-Frank Act of 2010 for nonaccelerated filers (small firms). We document that small firms experienced negative cumulative abnormal returns around these events; and the differences between the cumulative abnormal returns for small firms and the two control groups (accelerated and large accelerated filers) were negative and significant at the 1% level. These results support the notion that market participants value the reliability of financial information irrespective of the firm size. Within the small firms, we find no firm characteristic significantly explains the market reaction to the events considered. That is, all small firms lost market value in reaction to the events that delayed and eliminated their internal control audit requirement.     

企业社会责任若干问题探析

企业社会责任一直是社会关注的热点问题,文章对企业社会责任的性质、企业社会责任的范围与结构以及企业社会责任法律化等问题进行了分析,对有争议的一些问题进行了梳理与厘清,并提出了企业社会责任法律化应遵循的若干原则。     

现代农村物流金融产品的经济学分析与科学选择

现代农村物流金融产品是以一种标准化的程序或服务的形式存在。成本收益分析是利用成本与收益之间的相互约束关系,直接评价现代物流金融衍生产品及其经济效益的一种方法。经济学分析表明:我国东部发达地区宜选用高级别的现代农村物流金融产品,中部与东北老工业区宜选用较高级别的现代农村物流金融产品,西部欠发达地区宜选择低级别的现代农村物流金融产品;随着现代农村物流业的发展及其规模的扩大,相应地调整和创新现代农村物流金融产品,以满足不断发展的现代农村物流业需要。同时,现代农村物流金融产品的经济学分析,无疑为科学地选择现代农村物流金融产品提供重要的决策参考。     

退耕还林工程成本补助:性质、结构及有效分担

阐明退耕还林工程的成本构成、补助性质和分担情况;对工程成本资金管理和运作责任主体不明确、补助成本结构设置不尽合理、退耕农户成本总体弥补不足的问题突出、地方政府在退耕还林中实际负担过多成本以及补助期偏短、配套基础建设进展缓慢、培育替代产业难度大等退耕还林工程成本补助管理及成本分担问题进行深入剖析;提出退耕还林工程成本有效分担的原则、财政职责在政府间的合理分配、保证退耕还林工程区地方政府正常工程管理工作运转的资金需要、兼顾效率原则和改进成本补助资金方法等创新退耕还林工程成本分担机制,优化政府间财政措施的建议。     

基于SEM的企业社会责任发展指数模型研究

本文应用结构方程模型理论,对企业社会责任发展指数模型内部结构进行实证研究,通过验证性因素分析方法分析指数模型的信度和效度,结合结构方程模型的竞争策略对模型内部结构关系进行假设;通过模型适配度的对比分析选择较为理想的关系模型,根据关系模型的结构以及责任管理变量的中介效果显著存在,进而提出了以完善责任管理体系为主要途径,以市场责任为资源基础的环境责任和社会责任协同发展的企业社会责任发展模式。     

现代畜牧企业社会责任初探

本文主要探讨了现代畜牧企业社会责任内容以及当前我国畜牧企业社会责任存在的问题及原因。对于如何提升畜牧企业社会责任,本人认为主要从政府、社会层面、企业层面和行业层面来提升现代畜牧企业的社会责任。