Contracting and Reporting Conservatism around a Change in Fiduciary Duties*

We exploit an influential 1991 Delaware court ruling to examine simultaneously two types of conservatism that play important roles in resolving creditor–owner agency conflicts: contracting conservatism and reporting conservatism. The ruling expanded managerial fiduciary duties in favor of creditors for Delaware-incorporated firms in the vicinity of insolvency. In those firms, following the ruling, debt contracts are less likely to include conservative adjustments to accounting numbers used for covenant compliance (i.e., contracting conservatism decreases), while public financial reporting becomes more conservative (i.e., reporting conservatism increases). The decrease in contracting conservatism is concentrated in firms that exhibit a greater increase in reporting conservatism, suggesting that reporting conservatism is more cost-effective in resolving agency conflicts. In addition, the substitution effect is more pronounced in firms facing greater business uncertainty and firms with greater board independence.     

浅谈单片机对Modem的控制

基于公用电话网的数据采集传输系统以其易用性、经济性和可靠性的特点,广泛应用于一些民用数据采集传输系统中。底层单片机系统对Modem的控制是数据有效传输的基础。文章介绍了单片机对Modem的控制,提出一种切实可行的设计方案,并且详细地分析了通讯的实现过程。     

GSM短信息模块在电视发射设备中控制原理

进入21世纪，手机成为人们不可或缺的联系工具，它不但体积小方便携带，只要由网络覆盖的地方都能实现GSM短信息通讯。GSM短信息灵活方便，可以跨市、跨省、甚至跨国传送，而且短信息非常可靠廉价。因此发射机利用短信息来实现遥控遥测、传输数据是一个非常实用的方案。目前该技术已经在工业测量等领域广泛应用。     

发动机测试数据采集与处理系统的设计及实现

文章探索的是有关发动机性能测试数据方面的技术。对发动机需要测量的数据有转速、扭矩、功率、耗油率、耗油量、机油压力、机油温度、冷却水温等参数。发动机测试数据采集与处理系统由上位机和下位杌组成。下位机主要采用AT89C52单片机，用汇编语言编写相应的程序，用模一数转换器ADC0809把模拟量转换为数字量；而上位机采用PC机，程序语言用VB，存储数据采用Access数据库，最终实现试验数据的显示、存贮与打印等功能。     

Tourism occupations,career profiles and knowledge

This paper summarizes the approach and main findings of a research study undertaken by the Tourism Society into occupations, career profiles and knowledge requirements of professionals engaged in tourism. It outlines the main stages in the research program, including the identification of a body of knowledge about tourism, the development of an occupational classification, and a survey of professionals employed in tourism. It then presents and comments on findings covering occupational classifications, career profiles and knowledge requirements, making particular reference to the implications for tourism education. The study is very much a pioneering work in this field and it is confined to the experiences of the United Kingdom.     

Goal programming: Planning process of tourism organizations

The complex rapidly changing environment faced by tourism organization officials makes tourism planning extremely difficult. Goal programming can aid the tourism planner in appraising the goal attainment potential associated with proposed tourism marketing program alternatives. By changing priorities of goals, budgetary limitations, and organizational constraints, the policy maker can test the effect of changes before they are implemented. By utilizing goal programming, a tourism organization can more systematically evaluate the nature and relative importance of organizational goals, critical constraints affecting the organization and marketing program alternatives.     

Youth on the road: Reflections on the history of tramping

Tourism is conventionally traced to the eighteenth century Grand Tour of aristocratic youth which, it is then suggested, was gradually democratized and adopted in modified form by the middle classes. In such a perspective, the road culture of contemporary youth travelers would simply represent one form of this democratized elite tradition. This paper argues instead that contemporary road culture is better seen as an upwardly rather than downwardly mobile cultural form. Tramping originated as a well-institutionalized travel pattern of working class youth. Despite its instrumental functions, it always had touristic components, serving as the young workingman's Grand Tour. When, in the course of the nineteenth century, it declined as a labor institution, it was romanticized and adopted by middle class youth for exclusively tourist purposes.     

Tourism and regional development a genetic approach

Research on tourism and regional development should include a temporal perspective, for studies of contemporary and economic impact are, by themselves, insufficient to explain tourism's contribution to regional development. Such a genetic approach is used to examine the growth and impact of tourism in Queenstown, New Zealand. Events and interrelationships are examined over the last twenty-five years to show the process of growth, changes in the patterns of local and outside involvement and the increasing sophistication of a resort once based largely on scenic factors alone. Certain sectors of the industry have been developed primarily by individuals and companies from the local region, while others have been dominated by outsiders. Although the former contribute the most to regional development through local participation in the development process, external developments have also generated complementary growth. A consideration of events over a certain time span allows these different factors to be placed more clearly in the context of regional development.     

计算机代替纸带阅读机在数控机床上的应用

采用计算机代替发那科11系统纸带阅读机输入输出程序,实践证明,系统具有高效性、精确性和适应性。     

The spa experience at Radium Hot Springs

This paper examines the spa experience at Radium Hot Springs from the earliest days to the present in an attempt to indicate similarities and differences between Canadian spas and those in the United States and Western Europe. Radium is examined for five time periods under the headings of environment, strategies and institutions, perceptions and attitudes, and technology. Western Canadian spas share many traits with those of the United States, especially the western states, but the emphasis on natural attractions and federal government involvement have caused them to differ from those in Western Europe.