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.     

盈余构成、持续性差异与财务分析师盈余预测——基于我国A股上市公司的经验分析

遵循Sloan的经典研究思路,从分析师对盈余构成持续性差异区分的角度,对我国分析师盈余预测的有效性进行了实证研究。研究发现,我国的财务分析师高估了所有盈余构成的持续性,其发布的盈余预测虽然能够反映出应计利润的低持续性和现金流量的高持续性,但不能恰当地反映出操控性应计利润与非操控性应计利润之间的持续性差异。进一步的研究表明,财务分析师对盈余构成持续性的高估会显著影响其整体盈余预测准确度,这意味着我国财务分析师发布的盈余预测是有一定信息含量的,但在应对复杂会计信息时仍显不足。     

分光光度法测定鸡精调味料中呈味核苷酸二钠含量的不确定度评估

用分光光度法对鸡精调味料中呈味核苷酸二钠的含量的不确定度进行评定.根据《鸡精调味料》测定鸡精调味料中呈味核苷酸二钠的含量按照《测量不确定度要求的实施指南》《化学分析中不确定度的评估指南》及《测量不确定度评定与表示》,建立结果不确定度评定的数学模型并探讨其测定结果不确定度.鸡精调味料中呈味核苷酸二钠的含量为1.33 g/...     

对广州市劳动力市场的分析与建议

从十四届三中全会我国正式提出“劳动力市场”一词到目前为止,社会劳动力基本实现了通过市场自主择业,面对现阶段存在一定的就业压力,而劳动力市场又是解决就业问题的关键一环,有必要对劳动力市场的影响因素进行分析,以达到完善劳动力市场,促进劳动力市场发展的目的。     

山秋油(Anaphalis margaritacea L)挥发成分的研究

山秋油用GC/MS分析鉴定67个成分,占全部精油的97％以上,其中未见文献报道玫瑰呋喃Rosefuran(51.66％)、环氧玫瑰呋喃Rosefuran epoxide(20.07％)为精油的主要化学成分。     

浅论三十年代前后左翼叙事文学的颓废情调

20世纪二三十年代,左翼文学在突出革命主题的同时,不可避免地带有颓废情调。一方面表现在内容上的颓废叙述,一方面表现在选题上的颓废倾向。     

中美产品责任惩罚性赔偿制度构成要件的比较

我国《侵权责任法》首次规定产品责任惩罚性赔偿,但存在主观要件过严、举证难、赔偿责任及数额不具体等问题。应借鉴美国相关法律,予以完善。     

柴胡口服液的工艺研究

目的探讨完善柴胡口服液中的柴胡提取工艺及其参数的方法。方法以药典质量标准为指标,通过调整浸渍方法、浓缩温度和时间、冷藏条件和p H值、辅料用量等方法,解决原工艺产品鉴别和澄清度不合格的质量问题。结果通过增加药材冷浸12 h提高了挥发油的提取率;通过控制浓缩温度和时间尽可能减少了柴胡皂苷d的分解;通过正交试验筛检,将得到的提取液置于1℃、p H值为7.0条件下冷藏48 h,将杂质有效除去。通过增大丙二醇用量增加了产品的溶解稳定性。结论按改进后的工艺条件生产,三批成品质量合格,初步稳定性试验结果表明该工艺稳定、可行。     

零部件拆装及测绘实践

针对工程制图的课程特点,简要介绍在建构主义教育理念的基础上,进行的零部件拆装实践教学。在教学内容上,给定真实的拆装与测绘环境,用逆向设计模式,画出相应的零部件装配图和零件图。教学手段上加强了数字化教学资源的建设。教学方法上,更注重于以项目为载体,理论教学与实践教学相结合。     

What drives idiosyncratic volatility over time?

We document the patterns of market-wide and firm-specific volatility in the Portuguese stock market over the 1991–2005 period and test several explanations for the behavior of firm-level idiosyncratic volatility. Unlike previous studies we find no evidence of a statistically significant rise in firm-specific volatility. On the contrary, the ratio of firm-specific risk to total risk slightly decreases. We show that this result stems from new listings of large privatized companies that display lower firm-specific risk. Our findings are consistent with the idea that changes in idiosyncratic volatility are related to changes in the composition of the market.