Earnings management and abnormal returns: Evidence from the 1970–1972 Price Control Regulations

We examine the association between abnormal returns and earnings management in the context of price control regulations to test the construct validity of the earnings management model. Abnormal returns are used as a market–based measure, and discretionary accruals are employed to measure earnings management. Our results support the hypotheses that (1) price control regulations affect firms' security prices negatively, (2) firms make income–decreasing discretionary accruals to increase the likelihood of price increase approval, and (3) firms that are affected most negatively by the regulations manage earnings more aggressively. We conclude that the earnings management model we use in this study is capable of predicting opportunistic discretionary accruals.     

工业控制机的特点及在机电一体化中的应用

工业控制机是应用于工业领域自动控制的一类计算机，在机电一体化系统中有着重要作用。本文介绍了不同形式的工业控制机的特点及应用     

A MULTINOMIAL APPROXIMATION FOR AMERICAN OPTION PRICES IN LÉVY PROCESS MODELS

This paper gives a tree-based method for pricing American options in models where the stock price follows a general exponential Lévy process. A multinomial model for approximating the stock price process, which can be viewed as generalizing the binomial model of Cox, Ross, and Rubinstein (1979) for geometric Brownian motion, is developed. Under mild conditions, it is proved that the stock price process and the prices of American-type options on the stock, calculated from the multinomial model, converge to the corresponding prices under the continuous time Lévy process model. Explicit illustrations are given for the variance gamma model and the normal inverse Gaussian process when the option is an American put, but the procedure is applicable to a much wider class of derivatives including some path-dependent options. Our approach overcomes some practical difficulties that have previously been encountered when the Lévy process has infinite activity.     

THE JOINT ARRIVAL AND DEPARTURE PROCESS FOR THE M/M/l QUEUE

We consider the M/M/1-queue and derive an explicit expression for the joint distribution of the number of arrivals and the number of departures in [0, t), given the number of customers initially present. The derivation is almost purely combinatorial, it avoids the use of generating functions, and immediately yields a simple probabilistic interpretation of the result.     

民营上市公司治理机制探析——基于国美电器的案例分析

国美控制权之争是在我国特殊市场环境下上市公司大股东与管理者之间矛盾的一个缩影,突出反映了我国民营上市公司治理机制的急需改善。在我国民营上市公司成长过程中,股东与职业经理人之间的委托代理关系受到信义的考验。本文将以国美股权之争为例,分析其存在的问题,并提出相关建议。     

农民工社会认同的形成——基于建筑业农民工的考察

农民工的社会认同关系到这个群体城市融入的问题。依据对建筑业农民工群体实地考察和问卷调查,探讨社会结构和制度安排如何建构了农民工群体的归属感问题。对社会认同的研究不仅要关注宏观制度结构因素对群体的身份地位的作用和影响,还应从微观的角度,分析制度设置是如何建构成员对群体的依附、归属并建构出群体边界的问题。只有改善农民工的劳动条件,提高他们的保障水平,这个群体才有可能融入城市。     

基于模糊层次的商标价值评估方法研究

基于商标价值的时效性、不确定性和模糊性等特征,本文分析了影响商标价值的主要因素,在此基础上构建商标价值评估指标体系,应用层次分析法计算各指标的权重,再尝试将模糊综合评价法应用于商标价值评估,以期为企业商标价值评估提供一种新思路。     

远程无线控制系统的设计与实现

由于保密的要求以及铺设专网耗资巨大等问题,测量船对远程的标校设备无法进行有效的控制。通过选用无线网桥技术设计了一套无线控制系统,并开发了网络控制模块以及相应的软件,进而实现了测量船对远端设备的有效控制。测试表明,系统设计合理,控制便捷,具有可靠性、安全性和扩展性高等优点,完全适用于测量船远程控制。     

严把“四关”,提高本科生毕业论文质量

欲提高本科生毕业论文质量,需要精心设计,把好选题关,突出"应用性";周密安排,把好实验关,突出"实践性";细心修改,把好撰写关,突出"规范性";严格评审,把好答辩关,突出"科学性"。