浅谈商誉的会计处理

从商誉的定义、国内外对商誉的界定出发，重点阐述了商誉负商誉两方面的会计处理。     

Salmon's critique of Hempel: an alternative view of statistical explanation and theory building

This paper outlines and discusses Wesley Salmon's S-R model of explanation, and commends it to the favorable attention of political scientists. The discussion undertaken here proceeds in three general sections. The first recounts Hempel's account of deductive-nomological (D-N) and inductive-statistical (I-S) explanation. The discussion will particularly note those aspects of Hempel's account that impart special stringency to the requirements of I-S explanation. Section Two unfolds Salmon's S-R model of explanation, which is both a positive account of his model and a critique of the Hempelian account. The third section illuminates those aspects of Salmon's account that make it particularly useful to researchers who are attempting to develop and test theories en route to explanation. The paper concludes with some comments about the usefulness to political scientists of Salmon's S-R model.     

上市公司EVA实证分析——来自沪市制造业

本文以2001年沪市制造业93家上市公司的财务与交易数据为依据,采用相关分析和回归分析的方法,对EVA、传统会计指标与公司市场价值间的相关性进行了分析。结果表明:沪市制造业上市公司的EVA与MVA存在正向相关,且对MVA具有一定的解释能力,但其解释能力并不优于传统指标。现阶段EVA对MVA具有增量解释能力,但并不能替代传统指标。     

基于行为公司财务的上市公司异常财务政策分析

上市公司进行财务决策时表现出许多异常行为,传统公司财务理论往往对此无法做出圆满解释。本文基于新崛起的行为公司财务理论,从一个新的视角进行了分析,结果发现:资本市场上投资者的非理性行为以及企业管理者自身的非理性行为都会导致企业财务政策的扭曲。     

A Simple Explanation of the Forecast Combination Puzzle*

This article presents a formal explanation of the forecast combination puzzle, that simple combinations of point forecasts are repeatedly found to outperform sophisticated weighted combinations in empirical applications. The explanation lies in the effect of finite‐sample error in estimating the combining weights. A small Monte Carlo study and a reappraisal of an empirical study by Stock and Watson [Federal Reserve Bank of Richmond Economic Quarterly (2003) Vol. 89/3, pp. 71–90] support this explanation. The Monte Carlo evidence, together with a large‐sample approximation to the variance of the combining weight, also supports the popular recommendation to ignore forecast error covariances in estimating the weight.     

Trends and Cycles in GDP

The recent experience in the UK of substantial growth in GDP following the recession of the early 1980s has led to renewed interest in the measurement and explanation of business cycles. Development of economic as well as econometric theory has improved our ability both to measure the cycle more accurately and to offer a better explanation of its behaviour. In this Briefing Paper we present an analysis of these two developments.     

浅谈建设工程合同实施保证体系的构建

在我国目前，许多承包企业仍固守着“按图施工”的传统观念，在工程实施过程中疏于对合同的管理，往往未能全面完成合同责任并造成损失。从提出用“合同交底”来取代“图纸交底”这一思路入手，系境地阐述了合同实施保证体系的构建原则和内容。     

基于博弈论视角的西安、咸阳两市区域关系分析

本文从博弈论的视角对西成两市区域关系进行了分析,主要成果包括两方面,一是构建了西成两市区域关系的博弈模型,该模型考虑了博弈双方在面临相同战略选择时所获收益的不均等性,使模型更趋近于实际状况,从而对区域一体化进程中区域关系发展缓慢的原因具有更好的解释力.二是在上述博弈模型的基础上,通过对欧盟各国博弈共赢启示的总结,构建 了西成两市区域一体化合作进程的解释框架.     

The metropolitan hierarchy of occupations: An economic interpretation of central place theory

The usefulness of central place theory, as a general explanation of the spatial distribution of activities in a system of cities and of the spatial ordering of urban places within that system, clearly relies on economic phenomena. Christaller's original formulation of the theory was similarly economic in basis, yet economic phenomena have been ignored in subsequent empirical testing of the theory. These tests, chiefly by geographers, have relied on population size as the chief, if not sole, determinant. This paper demonstrates that an economic explanation is a necessary component of the general theory of central places. Moreover, explicit economic variables not only alter the ordering of activities based strictly on demographic size, but generally offer a more powerful explanation of ordering.     

The effect of transaction costs, payment terms and power on the level of raw materials inventories

This paper proposes and tests an explanation for the level of raw materials inventories based on transaction cost economics theory and the role of power in a supply chain. According to this explanation, raw materials inventories are larger the higher a company's transaction costs and the lower its storage-related production and management costs. Factors that affect these costs are the company's vulnerability to opportunism, whether the input becomes more or less costly to store and manage as it moves through the supply chain, payment terms and the company's power in relation to its supplier. This explanation for the level of raw materials inventories was tested on a large sample of customer industries matched to their main supplier industries. Consistent with this theory, the empirical results show that companies hold larger raw materials inventories the more money their suppliers spend on research and development and the less important the customers are to their suppliers. These results are important because they indicate companies must consider a wider range of factors than previously thought necessary when establishing inventory policy.     

Patterns of Property Tax Exploitation Produced By Infrequent Assessments

A bstract . Out of dace assessments of real property for ad valorem taxation may give rise to systematic inequities in the distribution of the tax burden. One such inequity is the exploitation of a taxing jurisdiction's core area by its periphery. We provide an explanation of how such exploitation may arise. This explanation is tested empirically by observing the patterns of assessment in a sample of Pennsylvania school districts. We find a consistent pattern of overpayments, supporting an hypothesis that core areas are exploited by peripheral areas. The overpayments to school districts could be claimed by city governments.     

A paradigm for location and multidimensional problems in planning

Several theories, concepts, methods, or alternatively, “paradigms” have been suggested for the explanation and prediction of the location behavior of urban households. Increasingly, hwoever, “behavioral” approaches to the explanation of the dimensions of “choice” and/or exploration of alternative hypotheses have been cumbersome in the “mechanistic” paradigms of the social system and its related subsystems.An alternative paradigm of Analytic Hierarchy Process (AHP) is proposed to explore alternative structural specification hypotheses (sequential versus simultaneous) on the grouping and changing relative importance of “instrumental” and “non-instrumental” factors affecting location decision-making. AHP estimates of the “locational shares” of an urban (corridor) zonal population provide a paradigmatic basis for behavioral, vis-a-vis environmental, explanation of location decision-processes in a methodologically efficient, robust and theoretically inclusive framework of hierarchy systems.This paradigm is proposed for locational analysis requiring an effective integration of multilevel, environmental (contextual) and behavioral measures of relative importance, with limited data, and, for multidimensional problems in planning and policy-making, formidably requiring the integration of positive with normative analysis of systems.     

The Demand for ‘Guard Labour’: Another Explanation

We consider the argument that inequality drives society to expend more resources on supervision, which imposes an extra cost on doing business – an argument advanced notably by Samuel Bowles, who framed it as a coordination failure. We propose an alternative, though not mutually exclusive, explanation in the form of government failure. We argue that the efforts of government to prohibit drugs leads to increases in violence and policing failure, which in turn force private actors to deploy resources to supervise workers and protect themselves. Our explanation complements and moderates the argument regarding the link between inequality and ‘guard labour’.     

The CPE Aversion to Innovations: Alternative theoretical explanations

Conclusions Three competing theoretical approaches address the factors determining the low technological capability of the CPEs. One, here called the risk-reward explanation, focuses on the excessive riskiness of innovation to enterprises or the lack of sufficient rewards for taking on additional risk. Another theory, called the zero-price explanation, links their lackluster technological performance to the state's willingness to rescue failing enterprises. Finally, the closed-economy explanation relates the CPEs' incapacity to the autarkic nature of CPE systems.If one restricts discussion to internal matters, the zero price theory appears to be the most plausible. Where a permissive state offers help to any unfortunate or mismanaged enterprise, this weakens interest in efficiency and in pursuing innovations whose purpose is to economize on resources. The risk-reward explanation loses force if one assumes the presence of a permissive (or paternalistic) state because it implies little real risk for managers, which makes the size of rewards for innovative actions rather irrelevant.However, one can scarcely be satisfied with a discussion of the factors behind the lackluster performance of the CPEs that remains within the framework of a national economy. Technological changes in contemporary economies are highly international, so that developments in one country are very dependent on those occurring elsewhere. Therefore, what most undermines the CPEs' efforts is their limited degree of openness to the world market, which reduces enterprises' exposure to foreign competition and limits the inflow of foreign direct investment. Unfortunately, this closedness is not compensated for by their extensive—but bureaucratized—trade with one another in the CMEA.Parts of this article have been presented in Poznanski (1987). The author has benefited from comments by Irena Grosfeld.     

Team formation with complementary skills

One explanation for the prevalence of self‐managed work teams is that they enable workers with complementary skills to specialize in the tasks they do best, a benefit that may be enhanced if workers can sort themselves into teams. To assess this explanation, we design a real‐effort experiment to study the endogenous formation of teams, and its effect on productivity, when specialization either is or is not feasible. We find a strong positive interaction between endogenous team formation and the ability to specialize, indicating that endogenous team formation is a particularly effective mechanism for promoting team output in production environments that enable the exploitation of skill complementarities.     

Portfolio choice,behavioral preferences and equity home bias

We provide a plausible explanation of aggregate portfolio behavior, in a framework where economic agents have behavioral (narrow framing) preferences. The representative agent derives utility not only from consumption (standard models) but also from risky financial wealth fluctuations. Moreover, the investor frames the stock market risk narrowly and has loss averse preferences. We numerically solve, for the foreign equity share, a simple model of international portfolio choice, providing a possible explanation for the equity home bias puzzle. Only economic agents able to process correctly information deriving from stock markets exploit the diversification opportunities provided by international financial markets.     

Disciplinary Takeovers and Industry Effects

This paper presents a disciplinary explanation for some seemingly paradoxical stylized facts from the takeover literature. Most notable among these are: (1) hostile takeovers are predicted better by industry-wide than by firm-specific performance failures; and (2) gains from a successful bid for a specific firm extend to other firms in the same industry. Our explanation is based on the idea that managerial incentives based on relative performance evaluation may induce an inefficient industry-wide equilibrium in which all firms underperform with respect to a value-maximizing firm, but no firm underperforms with respect to the industry average. A takeover can serve as a means to destroy such an inefficient industry-wide incentive equilibrium.     

Social Networks and Prestige Attainment

A bstract Several hypotheses are derived that relate social networks to the occupational prestige attainment process. These hypotheses are evaluated using theoretically derived indicators and ordinary least squares regression. Most of the hypotheses considered in this paper do not receive support, and the one hypothesis that does lacks a consistent theoretical explanation. From this analysis, I draw two important conclusions: First, the relationship between the prestige of a social network contact and prestige attainment may be empirically strong, but the theoretical explanation linking them lacks consistency. Secondly, empirical work performed to test social network theories should no longer focus on dyadic-data alone. The broader implications of these conclusions for future research are considered.     

水引射制冷机及其机理初探

文章简要阐述了制冷基本原理及现有制冷技术存在的主要问题,通过对蒸喷制冷技术与溴化锂抽排气装置的分析,提出液态水引射制冷的可能性,并设计出水引射制冷机,阐述了其运行原理与结构。最后,利用流体力学与分子运动学原理,对引射制冷机理进行了初步探讨并提出新的解释。     

Revisiting managerial perspectives on dividend policy

We survey managers of Nasdaq firms that consistently pay cash dividends to determine their views about dividend policy, the relationship between dividend policy and value, and four common explanations for paying dividends. The evidence shows that managers stress the importance of maintaining dividend continuity and widely agree that changes in dividends affect firm value. Managers give the strongest support to a signaling explanation for paying dividends, weak to little support for the tax-preference and agency cost explanations, and no support to the bird-in-the-hand explanation. The study provides new evidence about how managers view dividend life cycles and residual dividend policy. The authors would like to thank two anonymous referees for helpful comments and suggestions, and Maheshan Fernando and Sumeet Chawla for providing research assistance.