Accounting for Option–based Compensation: The Economic Cost Approach

The intrinsic value approach amortizes over the life of the option, the difference between the stock price on the date of the grant and the exercise price of the option. The fair market value approach amortizes over the life of the option, the market value of stock options on the date of the grant. These approaches do not reflect the changes in the option–based compensation cost after the grant date. This paper proposes an economic cost approach that not only adjusts for the changes in the value of the options during its life but also records the issuance of the stock at fair market value on the exercise date.     

Replacement Investment: Optimal Economic Life Under Uncertainty

Replacement investment is essentially a regenerative optimal stopping problem; that is, the key decision concerns when to terminate the life of existing plant – and hence when to start over again. This paper examines this optimisation problem within a continuous time framework and studies the qualitative and quantitative impact of uncertainty on the timing of new investment (and the criteria that should be used for terminating the life of existing plant).     

Are We Better Off if Our Politicians Have More Information?

The model of public policy studied in this paper has heterogeneous citizens/voters and two public goods: one (roads) chosen directly by an elected policy‐maker, and the other (pollution) stochastically dependent on the amount of roads. Both a one‐country and a two‐country version of the model are analyzed; the latter displays externalities across the countries which create incentives for free riding and strategic delegation. The welfare effects of providing the policy‐maker with information about the relationship between roads and pollution are investigated, and it is shown that more information hurts some—sometimes even all—citizens. In particular, the opportunity not to create an institution for information gathering can serve as a commitment device for a country, although with the unfortunate effect of making the overall outcome even worse. Implications for the welfare effects of “informational lobbying” are also discussed.     

On Sraffa's Standard commodity: is its price invariant with respect to changes in income distribution?

In his 1960 book, Sraffa suggested using a composite commodity,which he called the ‘Standard commodity’, to solveRicardo's search for an invariable measure of value, i.e., astandard capable of isolating the price movements of any othercommodity induced by changes in income distribution. The absencein Sraffa's book of an explicit proof of the invariance propertyof this standard gave rise to many misunderstandings about itsmeaning and its role as an invariable measure of value. In orderto clear up these questions, Bellino (On Sraffa's Standard commodity,Cambridge Journal of Economics, vol. 28, 121–32, 2004)has proposed a ‘proper’ definition of an ‘invariablemeasure of value’, showing that Sraffa's Standard commoditydoes fulfil the requirements of this definition. He claims thatthe fulfilment of this property (but not the constancy of its‘nominal’ price) qualifies the Standard commodityas an invariable measure of value. In this paper, a proof ofthe invariance of the price of the Standard commodity with respectto changes in income distribution is given, and the equivalenceof this property with Bellino's definition of invariance isshown.     

Glamour and Value Strategies on the Tokyo Stock Exchange

This paper evaluates the performance of glamour and value strategies and tests the extrapolation model for the Japanese equity market. In general, value stocks outperform glamour stocks by between 6 and 12 percent per annum for the five years after portfolio formation. Evidence from past, future and expected growth provides strong support for the story developed in Lakonishok, Shleifer and Vishny (1994). It is difficult to attribute the value premia to the difference, if any, in risk factors. In addition, the book-to-market premium is much closer to an arbitrage opportunity than the size premium.     

资产减值会计信息价值相关性:整体分析

本文利用2001～2006年度的上市公司数据,以价值相关性作为判断资产减值会计信息质量的标准。通过实证分析显示,资产减值会计信息更多体现为损益表项目而非资产负债表项目。这表明,资产减值没有反映资产价值的真实减少,而沦为管理层操纵盈余的工具。本文还以深交所信息披露评级作为判断信息披露质量的标准,实证结果显示,信息披露评级的高低没有影响资产减值会计信息的价值相关性。     

Inequality and Income Distribution in Global Value Chains

Global value chains (GVCs), led by transnational corporations (TNCs), have reshaped the world division of labor over the past two decades. GVCs are pervasive in low technology manufacturing, such as textile and apparel, as well as in more advanced industries like automobiles, electronics, and machines. This hierarchical division of labor generates wild competition at the lower value-added stages of production, where low wages and low profit margins prevail for workers and contract manufacturers in developing countries. At the top of the hierarchy another kind of competition prevails, centered on the ability to monitor and control intellectual property rights related to innovation, finance, and marketing. We argue that GVCs have had crucial effects on income inequality and the appropriation of rents in modern capitalism.     

Consumption of Movie Experience: Cognitive and Affective Approaches

This study examines the structural relationships among film quality, value, and satisfaction on the perspective of moviegoers. The experience economy concept is employed as the theoretical framework, where moviegoers’ cognitive and affective evaluations are projected in fulfilling their perceived value. Moviegoers’ perceived movie attributes and experiences are assessed to evaluate the moviegoers’ satisfactions through functional and emotional values. In particular, this article investigates how four dimensions of experience mediate the effect of movie attributes on perceived value and satisfaction. A total of 565 samples were analyzed with structural equation modeling to investigate the relationship of ‘quality—value—satisfaction.’ The findings show that two movie attributes (core and peripheral) affect three dimensions of experience (entertainment, educational, and escapist), which in turn influence functional and emotional values, and moviegoers’ satisfaction. The results also confirm that emotional value is a more powerful predictor of moviegoers’ satisfaction than functional value.     

交叉上市对现金持有与现金持有价值的影响——来自我国上市公司的经验证据

以2005～2009年我国上市公司为研究样本,借鉴Fama-French(1998)和Fresard-Salva(2010)的企业价值回归模型,考察了交叉上市对于企业现金持有及现金持有价值的影响。结果表明,在公司实现A+H股交叉上市后,由于投资者保护水平的提升以及融资成本的下降,企业的现金持有水平显著降低;而在A+B股交叉上市公司中,现金持有水平并没有显著降低。同时,由于交叉上市公司比非交叉上市公司的发展机会更好、融资成本更低,投资者更希望企业减持现金,适度加大投资,以进一步提升企业价值。     

“桂林板路”主题园对桂林老城文化传承的启示

通过收集整理老桂林文化的文献资料,积累第一手数据,并借鉴国内外主题园更新、改造和规划设计的理念,以＂桂林板路＂主题园为例,分析其文化设计理念的文脉传承,提出＂桂林板路＂主题园对桂林日渐消失的传统文化的传承具有重要意义,应重传统文化成果的实际应用价值和开发思路的创新性。