The accounting valuation of bank stocks in Europe

In this study we examine the validity of the earnings-book value capitalization model in the pricing of bank stocks in Europe. We perform cross-sectional tests using a sample of banks operating in 21 European Union countries. We split our sample into code and common law countries to control for the influence of the financial reporting system upon the pricing of earnings and book value. Our empirical findings suggest that disaggregating total reported clean surplus income into reported gains and losses from securities and other income increases the explanatory power of the accounting valuation model. Indeed, reported gains and losses from securities are priced lower than other income, irrespective of whether the financial reporting system is classified as a code or a common law system, probably because the market considers the former as a less stable source of income. Additionally, we observe that the pricing of both earnings and book value is influenced by the financial reporting system. We conclude that earnings announced under a common law financial reporting system are priced differently from those reported under the respective code law system. Finally, we provide evidence that comprehensive and dirty surplus income are two value relevant variables for banks reporting earnings under the code law system, although dirty surplus income is priced lower than clean surplus income.     

On the informationization of accounting information in China： The perspective of accounting information systems and its regulatory framework in the USA

The informationization of accounting information systems has brought many improvements to those systems. This paper highlights some of those significant advances in the informationization of accounting information systems in China. As China has become a major industrial power in the international economy, further improvements for these information systems are critical to the continued successes of China. To additionally improve these systems, China can draw upon the systems from other world economic leaders. With its fully developed capital markets, the United States offers development experience for the external reporting components of a fully integrated information system. This paper discusses a typical integrated information system in the United States and addresses the regulatory milestones that were instrumental in the development of those external components of accounting information systems. Recommendations are presented for improving informationization of systems in China based on U.S. systems＇ responses to those milestones.     

The Voluntary Continuation in the Obligatory System of the Social Security Law

The system of obligatory insurance, regulated by the Social Security Law, includes the design of a mixed system, which allows workers to continue contributing to the social security. This mixed system, called voluntary continuation in the obligatory system, contemplates the option for workers who have concluded a work relationship and who wish to continue accumulating weekly contributions necessary to obtain the disability and life insurance rights, such as those of dismissal in old age, and are considered in the Social Security Act of 1973.     

Construction and Application of Vegetables Intelligent Expert System based on the Internet of Things Technology

Taking the intelligent expert system of an agricultural company in internet of things in Beijing as an example,this paper discusses construction of a new generation of expert systems and its application.The paper describes the system structure of intelligent expert system and its 9 function modules.This system includes mainly three function modules as follows: the module of real-time environment display with function of showing the live video pictures and greenhouse environment parameters,the module of pest warning with function of warning pest outbreak probabilities,the module of vegetables mature degree with function of showing vegetables' mature degree number.The two main functions in the course of practical application are automatic alarm of system and management assistances.The article later makes a brief summary of the problems encountered by the expert system in the process of application and popularization.The paper last listed the cost reduction measures and the improvements to increase extension effect.     

Study on CPAs＇ Audit Activities from System Perspective

This paper studies the nature of CPAs＇ audit activities based on neo-institutional economics. CPA auditing is not only a kind of technical activity serving for particular parties, but also systems arrangement for coordinate interests conflict in the capital market. The common belief in the elimination and prevention of fraud is the foundation of CPA audit system. Professional auditors and audit organizations possess skills and positions matching the stock market. The incentive of audit fees and the binding force of audit liabilities both guarantee the self-implementation of audit system. Audit reports signal the fairness of accounting information in simplified forms. CPA audit system also has inherent contradictions. The CPA audit activities should be viewed from a system perspective in order that ideas for the perfection of audit activities can be raised from system construction perspective.     

Banking crises and financial system in Turkey

The important part of the macroeconomic policies is related to financial sector. Banking, which is a portion of this sector, takes the most important place in both the operation of economic system and the realization of the institutional or individual activities. It is well known that the foundation of banking system is based on trust, stability and strong capital formation. The birth and development of the banking sector in Turkey is relatively new. If the roots of the Turkish banking are traced, it is seen that the history goes back to the middle of the nineteenth century. Since the establishment of the Republic of Turkey, the targets of the economic development have been tried to be reached through supporting the industry and banking in the leadership of the State. But the obstacles in the financial system have limited the development of the Turkish banking sector. Since the application of the liberalization policies in the markets, particularly after 1980＇s, the banking sector has been one of the most affected sectors from the liberalization. When the fundamental problems of the Turkish banking sector have been analyzed, they can be enumerated as economic instability, being the financier of the public deficits, being too sensitive to the market risks and being fragile, high input costs, inefficient use of capital, defects in the booking system or weaknesses in the control, problems with restructuring, defects in domestic control, lack of risk management and institutional inner-management. In this study, the development of banking sector will be briefly analyzed for determined periods since 1923. The analysis will include the developments which create economic crises, the role of banks in this process, the defects of the banking sector and the financial system, and the effects of crises on the banking sector on the basis of the cause and effect relation. Economic crisis of February 2001 and the banking crisis will be examined in detail. The new arrangements after the 2001 crisis in the banking sector have been overviewed.     

Becoming a historical thinker might be the first step for developing a consciousness of reasoned conciliation

The goal of this presentation is to examine the hypothesis that the ethno-political conflict in Israel can be utilized in history education to foster learning of historical thinking and to construct a tolerant space within the education system that will enable the structuring of in-principle criteria for coexistence prior to the ending of the conflict. I assumed that inculcation of historical knowledge in the education system in Israel by means of an attentive and reflexive cultural dialogue, which sensitively and skillfully confronts contradictory historical narratives as an everyday learning reality in class, will help structure a conciliatory consciousness of the kind we seek.     

A Comparative Study about Internal Auditing Approach between Germany and China

While internal audit is one of the most important functions and procedures for internal control of the firms＇ normal operations from the perspective of financial terms, different countries, due to their stages of economic developments （developed countries VS. developing countries）, unique governmental regulations, and different societal and cultural traditions, have implemented different internal audit systems and approaches. This paper describes a comparative study exploring some key differences between the internal audit system in China and its counterpart in Germany---from the following five important aspects： the origin and development of internal audit, the structure of internal audit system, the relationship between firms＇ internal audit and the government agency, the responsibility and accountability of internal audit, and the quality of internal auditors. Based on the comparative analysis, four suggestions are made for future improvement on the internal audit system in China, along with managerial discussions.     

Research on environmental accounting information disclosure for thermal power enterprises in China： Current situation, countermeasure and implement way

Along with the unceasing expansion of the human society production and the economic activity scale, the influence and harm of the social economy to the global environment is more and more serious. As one of the high-polluting industries in China, the environment problems of the thermal power enterprises attract attention from the country and society. It is crucial for the country to improve the laws and regulations about the disclosure of environmental accounting information gradually, and the thermal power enterprises should also disclose more valuable environmental accounting information to the public. This paper analyzes and elaborates the current situation, countermeasure and implement way of the environmental accounting information disclosure systematically.     

Financial Market of Montenegro： Evidence of Crisis and Beyond

The financial sector has played a small role in the restructuring of the manufacturing sector in transition economies, and in some cases, financial liberalization may have undermined real sector development. However, stable and stimulating business environment is crucial for economic development. The aim of this paper is to show the main changes that have been implemented in Montenegro so far, and guidelines for changes in the financial market in Montenegro, for further harmonization in accordance with the requirements of European Union （EU） accession. Also, the ability of governments of transition economies to enforce contracts and to achieve fiscal and monetary responsibility is of great importance for economic and financial development. By adopting the new Constitution of Montenegro, in the field of regulation of the financial system, there have been significant changes, recognizing the Central Bank as an institution responsible for financial stability. The authors will give a review of the actual state of the financial market in Montenegro, as well as recommendations for further changes in order to create a favorable climate for entrepreneurship and to strengthen the overall financial system.     

Study on Nepal-China Economic Relations

The Chinese economy is in the process of gradual transformation towards a market economy and opening to the outside world. Nepal is also committed to promoting private sector-led economic growth based on liberalization and deregulated competitive markets. To this effect the country has already introduced a range of policy reforms related to exchanged rate policy, trade and industrial policy, foreign investment policy and privatization. Both countries are now the member of the World Trade Organization. These changes in economic policies of the two neighbors have created favorable.     

陕西省电力设计院在推行经济责任制过程中的几点思考

陕西省电力设计院作为较早成立的省级电力设计院之一。自2009年起,在全院范围内实施经济责任制。作者从强化经济责任制度,实现责、权、利三为一体的管理,重视项目经理的选拔和考核,创造有利条件注重后继人员的培养三个方面深入讨论了经济责任制实施多年后,企业应当加强和改善的方面。     

The impact of foreign trade and FDI on environmental pollution

Over the past 30 years China＇s economy has made tremendous development and going on the road of opening-up is an important aspect of the successful experience, which should be unswervingly adhered to in the further. However, rationally looking at how different the impact of foreign economic activities on China＇s economy and society is economic workers＇ main task. From 1982 to 2006, based on six categories of China＇s environmental indicators, the paper improves the entropy method to calculate the environmental pollution index which can represent China＇s overall environmental situation, uses the VAR model of the impulse response function and variance decomposition method to study the impact of foreign trade, FDI on China＇s environmental pollution in the long-term. The results show that, FDI and import trade is conducive to the improvement of the quality of our environment and export trade is the deterioration of our environment, ＂pollution haven＂ hypothesis is proved in China. Export trade is an important variable that aggravates environmental pollution.     

China rural financial different demands and hierarchical supply behaviors ——Model analysis from the perspective of mechanism design theory

Based on the ideas and framework of Mechanism Design Theory, the paper establishes model analysis on the differences rural financial demands and the choices of hierarchical supply behaviors, studies the relevant variables constraints choices on the rural financial supply and demand behavior, and thus presents a further improvement of the rural financial market variables, promotes the matching efficiency behavior selection between rural financial supply and demand, improves efficiency of the rural financial markets, strengthens financial supports for agriculture, rural areas and farmers.     

The audit expectation gap： A review of the contributing factors

The audit expectation gap is critical to the auditing profession because the greater the unfulfilled expectations from the public, the lower is the credibility, earning potential and prestige associated with the work of auditors. The aim of this paper is to uncover the causes of an audit expectation gap. It is revealed that the existence of an audit expectation gap is due to complicated nature of an audit function; conflicting role of auditors; retrospective evaluation of auditors＇ performance; time lag in responding to changing expectation; and self-regulation process of the auditing profession.     

Environmental protection versus economic growth

This paper presents and analyses the differences in the eco-models implemented worldwide （such as whether and how carbon taxes being ＂recycled＂）, or in their efficiency parameters （inconsistent parameter values that account for different results）. This is the assumption that a real tradeoff exists between the production of environmental goods. The present article empirically proves that something must be given up in order to gain something else, and once equations are specified to trace out the path of the economy over time, the natural economic formulation of such equations will embody the notion of economic and bio-tradeoffs.     

Prediction difficulty, financial strength and debt maturity

In order to have the optimal capital structure, the company with higher volatility of return adjusts the capital structure more frequently and has shorter debt maturity. Investors also have shorter investment cycle on these companies. Investment cycle is also affected by information asymmetry. The less asymmetric the information is, the more information investors get and the longer the investment cycle is. The adjustment frequency is also restricted by financial strength. This paper measures the debt maturity structure of the firm as the weighted average of debt maturity, and it is more precise than the ratio of long term debt to total debt. In empirical tests on debt maturity, the results show that financial strength, volatility of return and asymmetric information all have negative impacts on debt maturity.     

The institution efficiency of stock price limits： An experimental analysis on the two stocks market with continuous bid

Price limits in product market have been discarded in classic microeconomics. However, price limits affect the trade behavior of the same agent, since agents in the stock market change their trade status frequently. Due to the controversy on the institution effectiveness of the price limits in stock market, this paper design an experimental market with two stocks with continuous bid, in which we investigate the impact of the price limits on the stock market. The results show that the price limits moderate the price volatility within and between the trades periods, thus can stabilize stock price. In addition, price limits, when measured by traditional approach, restrain the fluidity of the market, reduce the volatility of transaction shares and maintain durative of fluidity. While volatility-based fluidity measurements show that the fluidity is enhanced significantly in stock market with price limits.