Pension Plan Investment Management Mandates: An Empirical Analysis of Manager Selection

We examine the impact of several factors on the selection of portfolio managers for Australian pension plan mandates. Performance measures do not affect the probability of a mandate allocation. Pension sponsors tend to choose managers with top-quartile five-year performance who have recently beaten a market benchmark. Management expenses have a negative impact on a managers chances. A surprising result is sponsors tolerance for high portfolio trading costs. Mandates are spread across manager investment styles. The style and institutional attributes of preferred managers suggest trustees reputation and prudential concerns matter, particularly for the aggregate annual mandate allocations.     

The Valuation of Complex Derivatives by Major Investment Firms: Empirical Evidence

This article examines the auction of a portfolio of collateralized mortgage obligations (CMOs) to major broker dealers and institutional investors. The unique data set allows us to analyze a number of important empirical questions related to the valuation of CMOs by the bidders and the elasticity of demand for the securities. The results reveal that the valuations differ substantially implying a significant elasticity of demand.     

会计师事务所聘任模式的比较与选择

独立性是注册会计师审计的灵魂和基石,失去了独立性,没有了客观和公正,注册会计师的鉴证报告就将无法取信于社会。坚持独立、客观、公正,有可能失去已有的客户和业务;为留住客户和业务,一味迁就和满足客户要求,易使注册会计师丧失独立性,失信于公众。如何防止和减少客户对会计师事务所和注册会计师独立性的威胁,使注册会计师没有后顾之忧,事务所聘任模式的选择是关键。 事务所聘任模式的比较从国际上看,事务所聘任模式主要有定期聘任制、定期轮换制和自主聘任制三种。(一)定期聘任制定期聘任制是由政府有关部门或行业管理机构规定,企…     

资产评估机构应引入“知识管理”的理念

作为资产评估机构,其核心竞争力就是人和人所掌握的知识,因此,有必要进行知识管理.知识管理要认识知识运动的客观规律,还要和管理学的一般原理相结合,从企业的发展战略、激励措施、组织结构、组织文化等方面着手进行.具体实施可以利用平衡计分卡等工具.创造一个好的实施环境也是必不可少的,尤其是企业高层管理者的主动引导、参与、贡献.     

会计稳健性与上市公司投资行为——基于资产减值角度的实证分析

本文从资产减值角度考察会计稳健性对公司投资行为的影响。稳健性要求公司推迟确认不完全确定的收入,但是尽快确认可能发生的损失。在本文中,我们发现,由于及时确认损失有助于促使公司及早停止低效率的投资,因此资产减值准备计提会对公司的过度投资产生制约作用。由于及时确认损失也会促使厌恶风险的经理人放弃对风险较大但却可能盈利的项目进行投资,因此资产减值准备计提也会导致公司投资不足。我们的研究为公司过度投资问题的解决提供了一个新视角,同时也说明会计稳健性具有一定的两面性,该原则的运用应当权衡其利弊。     

Land as Production Input and Collateral: Land Investment by Japanese Firms

Is the collateral role an empirically important determinant of investment in land? We study what has determined the land investment by Japanese firms since the 1990s, after the collapse of the asset-price bubble. With a large panel data set, we estimate nonlinear land-investment functions and calculate q for land assets. The estimates confirm the dual roles of land assets: production inputs and collateral. Firms sold land assets in response to the decline in their sales and the deterioration in financial conditions. Partial q for land assets was generally below one during the period.     

上市公司投资价值评价模型及其实证分析

本文从投资者的角度出发,参考公司价值理论设计了我国上市公司的投资价值评价模型,并且以因子分析和聚类分析等定量分析方法为基础,结合定性分析以医药行业上市公司为例,对其进行了实证分析,从而得到关于我国医药行业上市公司的投资价值的分析结论.分析结论表明:以该评价模型为基础的因子分析和聚类分析可以有效评价和细致分析上市公司的投资价值,投资者可以参考分析结论和评价方法选择投资对象和构造合理有效的投资组合来降低风险、提高收益.     

财务中介服务机构如何进行项目投资评审

笔者所在的财务中介服务机构接受某银行的委托,对湖北某水泥生产投资项目进行了评审.经过一个星期的工作,认真审查了建设主体的资质,研读了项目可研报告,了解了同行业相关的技术参数,评审了项目建设的外部条件;凭借其机构人员所拥有的财务会计知识,合理评价了项目投资的效益并分析了投资项目中的不确定因素.     

Evidence on the Timing and Determinants of Overfunded Pension Plan Termination

This paper examines the factors associated with the timing of overfunded pension plan termination.     

风险投资公司对创业企业投资行为的影响

本文选取2013-2015年353家创业板上市公司,研究风险投资公司对创业企业后续投资行为的影响。研究发现,风险投资公司不仅可以通过对企业的监督职能抑制企业对现金流的过度投资,而且可以发挥自身资源优势获得外部融资,缓解企业因资金短缺造成的投资不足问题。研究还发现不同背景的风险投资公司对创业企业的投资行为有不同的影响,非国有背景风投公司比国有背景风投公司更能缓解创业企业因内部现金短缺引起的投资不足问题。     

A Comparison of Earnings Management Between KSE Firms and KOSDAQ Firms

Abstract:   This study investigates differences in earnings management practices of Korea Stock Exchange (KSE) firms and KOSDAQ (a Korean version of the NASDAQ market) firms during the period of 1996–1997. A sample of 1,256 KSE and 577 KOSDAQ firm‐year observations is used to compare earnings management practices of firms listed in the two different stock exchanges. The results of the study reveal that KOSDAQ firms tend to more actively manipulate earnings to avoid losses than KSE firms. KOSDAQ firms generally tend to increase reported earnings more aggressively than KSE firms when their operating cash flows are poor, and play down their reported earnings more when their operating cash flows are exceptionally good. The results of the study are quite robust in the sense that more aggressive earnings management practices of KOSDAQ firms persist even when operating cash flows are controlled.     

Investment Policy and Exit-Exchange Offers Within Financially Distressed Firms

This article examines the conflict of interest between shareholders and bondholders in a setting in which firms can renegotiate the terms of existing debt with public debtholders. In particular, we consider one of the most common types of debt restructuring: the exit-exchange offer. Our analysis explores the relation between exit-exchange offers and investment choice by the manager, and it concludes that managers, acting strategically on behalf of shareholders, may select inefficient investment projects in order to enhance their bargaining position vis-a-vis creditors. Holding the upside potential of an investment project fixed, managers/shareholders prefer projects with lower payoffs in states of bankruptcy because it induces individual bondholders to accept poorer terms in a debt-for-debt exit-exchange offer, thus generating a greater residual for shareholders in states of solvency. Additionally, we show how the investment inefficiencies in our analysis depend on (i) the inability of bondholders to coordinate their actions; (ii) the ability of managers to commit to suboptimal investment projects; and (iii) the coupling of an individual bondholder's decision to tender and her decision to consent to allow the firm to strip fiduciary covenants. We suggest conditions under which a ban on coupled exit-exchange offers—or alternatively, constraints on “debt-for-debt” exchanges—would be efficiency-enhancing.     

事务所应用信息化管理系统探讨

我们所从2005年10月底启动实施的内部管理信息化方案,目前系统已进入正常运行并持续改进的阶段。下面结合我们的实践谈谈信息化管理系统在事务所有效应用的问题,与大家一起探讨。一、对事务所内部管理借助信息技术的考虑1.事务所不论大小,管理始终是关乎其能否可持续发展的重要课题。这几年,我们一直在努力摸索与改进内部管理方式方法,以提高管理效率。借助信息化技术实现内部协同管理需要,正是我们经过探索认识到应关注的重点并视之为提升管理层次的所在。近几年我们所发展较快的同时,内部管理问题日渐凸现。如信息传递不及时,沟通难度加大…     

Investment Decisions of Nonprofit Firms: Evidence from Hospitals

This paper examines investment choices of nonprofit hospitals. It tests how shocks to cash flows caused by the performance of the hospitals’ financial assets affect hospital expenditures. Capital expenditures increase, on average, by 10 to 28 cents for every dollar received from financial assets. The sensitivity is similar to that found earlier for shareholder‐owned corporations. Executive compensation, other salaries, and perks do not respond significantly to cash flow shocks. Hospitals with an apparent tendency to overspend on medical procedures do not exhibit higher investment‐cash flow sensitivities. The sensitivities are higher for hospitals that appear financially constrained.     

Performance Management in Insurance Firms by Using Transfer Pricing

In this article, we analyze the asset and liability management and market risk systems of insurance companies. We discuss that the current system is not goal congruent and does not satisfy necessary conditions for effective control. It follows that managers are unable to run their business effectively. We develop a transfer pricing system that allows the clear separation of underwriting and investment activities, both on the risk and return aspects. It creates the appropriate incentive schemes. We illustrate this system with an example indicating the differences in incentives between the traditional embedded value measures and the proposed funds transfer pricing system.     

Investment Decisions in Anticipation of Recessions and Outperformance of Pre-Acting Firms

We empirically examine whether firms make investment decisions in anticipation of recessions and subsequently perform better. Using a large quarterly dataset of fixed asset investments for U.S. firms during 1984–2012, we show that not all firms efficiently adjust their investment decisions in anticipation of a recession. However, we find that pre-acting firms that properly adjust their investment decisions (i.e., underinvest) before a recession outperform re-acting firms that fail to make proper investment decisions (i.e., overinvest) before a recession in subsequent returns on assets, returns on investments, and market-adjusted return measures.     

Closed-End Fund Expenses and Investment Selection

Investment returns on closed‐end funds are highly volatile. Because expenses have a definite negative impact on closed‐end fund returns, investors should include the expense ratio as a criterion for fund selection in addition to performance, investment objective, and risk of the fund. This paper constructs a model of the expense ratio of closed‐end funds to explain cross‐sectional differences in the expense ratios for the period between 1989–1996. We relate closed‐end fund expenses to fund characteristics and identify the factors that can help investors choose low expense closed‐end funds.     

会计师事务所跨国经营策略研究——基于国际直接投资理论的分析

国际直接投资的概念及特征从20世纪90年代以来,在全球经济一体化和科技进步与产业革命的推动下,国际直接投资(FDI)作为在全球范围内优化资源配置、调整产业分工体系、整合企业制度的一种主要形式,始终保持着迅猛的发展势头,成为世界经济发展的主要推动力。国际直接投资是指一国     

The Impact of Strategic Investment Choices on Post-Issue Operating Performance and Survival of US IPO Firms

Abstract:  We examine the impact of strategic investment choices at the time of the IPO on: (i) the post-issue operating performance and (ii) the likelihood of failure and time-to-failure of newly public US firms. Our post-issue operating performance analysis uses various performance metrics, benchmarks, and expectation models. Overall, our evidence indicates that the extent of diversification and industry-adjusted capital expenditures intensity are generally positively related to changes in operating performance. We do not, however, document a consistent relation between industry-adjusted R&D expenditures and changes in operating performance. The results from our survival analysis suggest that pre-issue managerial commitment to R&D spending and developing diversified product lines enhance the ability of IPO issuing firms to remain viable for longer periods of time. Our study highlights the impact of various managerial investment decisions on the subsequent performance of newly public firms.