Information content of index inclusions： Evidence from China

This paper examines whether index inclusion has information content and the downward-sloping demand curve hypothesis in China. We investigate the stock price and volume effects when stocks are included in two major stock indexes, the Shanghai Stock Exchange 30 Index （SH30） and the Shenzhen Component 40 Index （SZ40）. Furthermore, we also study the performance changes after index inclusion. We find significant price and volume increases for the stocks selected by the SH30 when the index was created and announced. Thus, the original inclusion may not be an information-free event. For subsequent index inclusions, we observe significant abnormal returns but not abnormal trade volume around the announcement date. However, the stock returns quickly reversed at the post-announcement period. Moreover, the financial performance of index included firms does not improve. The evidence does not support the price pressure hypothesis in China.     

美国股市 在黑暗中寻找光明

1945年,当温斯顿·丘吉尔在选举中败北后,丘夫人认为这次失败可能是因祸得福。然而邱吉尔回应说：“这回福躲得远了些。”     

The degree of IPO underpricing in China

This paper studies the IPO underpricing in the emerging stock market of China. The empirical results reveal that in China, the degree of IPO underpricing measured by first-day return is more than 100%, which is a prevailing phenomenon for almost all IPO firms, regardless of the IPO time and the industry of the firm The degree of IPO underpricing in China is larger than the IPO initial returns documented in almost all the other countries. This considerable underpricing in China can hardly be explained by the information asymmetry theory and agency theory.     

What defines non-outstanding shares transfer premium in China？

We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value of transferred shares with control right is different from the others. We find that the larger percent of share transferred, the higher premium will be paid. Current liability ratio interpreting the premium of non-outstanding shares transfers is negative related to short term debt. Price ratio can determine the premium level when the ratio of transfer share under 30 percent     

无分你我 各自东西

“四大皆空,挂挂单,无分你我。万缘放下,养养神,各自东西。”     

案例分析：票据市场犯罪面面观

利用银行承兑汇票融资案经查,××集团于2000年成立,注册资本3.2亿元,葛某出任该集团董事长。同年进入股市,并坐庄该只股票。为了筹集坐庄所需的资金,××集团成立了上海××投资发展有限公司、武汉市××投资有限公司、北京××投资有限公司和香港××国际集团有限公司四家投资类公司。1998年葛某出任××轮胎集团公司汽车贸易中心总经理。汽车贸易中心法定代表人由××轮胎集团总经理黄某兼任,财务总监由××轮胎公司财务副经理王某出任。××轮     

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.     

出路在于市场—从原国家质量技术监督局系统杂志的情况看行业性报刊的出路

原国家质量技术监督系统共有报刊45份。作为质量技术监督工作的一部分,这些报刊在宣传质量法律法规、普及标准化、计量、质量知识,提高全民质量意识,在提高质量、规范市场、扶优治劣、引导消费、服务企业等方面发挥了质量新闻宣传与舆论监督的积极作用。但是,随着我国社会主义市场经济体制的逐步建立和完善我国报刊业,改革步伐也在加快,经过近年来的改革,我国报刊业     

Client importance and audit quality： Evidence from a-shares capital market data of 2002-2005

Using China A-shares capital market data of 2002-2005, this paper supports the conclusion that client importance is negatively associated with audit quality. Further, we partition the sample into Big 4 and Non-Big 4. In subgroup of Non-Big 4, client importance is negatively associated with audit quality statistically. However, this association isn＇t statistically significant in Big 4 subgroup. The conclusion is significant for the development of CPA finns.     

每月盘点之政策

中国4万亿元十项措施大救市;国土部酝酿耕地占补新算法;郑州政府购买空置房救市     

水中月

金融产品的虚拟性使它有些像水中月亮,有它美妙的一面,也有虚幻和易变的一面,它未来对我们的影响会越来越大.     

The evolution of fair value from a Chinese perspective： Concepts and related problems

On Jan. 1 st, 2007, Chinese public companies commenced the implementation of one basic and 38 specific accounting standards. A significant feature of these new standards is their focus on fair value （FV） and fair value measurement （FVM）. Company interviews and training sessions designed to promote understanding of the new accounting regime have revealed a number of problems relating to both theoretical understanding and practical application. This paper proceeds as follows. It commences with a discussion of the development of FV and FVM concepts by examining IAS 39, FAS 157, FAS 159 and CAS. There follows an analysis of the current status of FV and FVM theory and application. The paper concludes with an exploration of some related problems arising within the FV theoretical framework and its practical application.     

商品房预售：取消还是保留？

8月15日，由中国人民银行房地产金融分析小组撰写的《2004年中国房地产金融报告》正式对外公布。报告指出，当前房地产市场上的很多市场风险和交易问题都源于商品房新房的预售制度，鉴于目前经营良好的房地产商已经积累了一定的实力，因此可以考虑取消现行的房屋预售制度，改期房销售为现房销售。     

华视传媒：破势而立

在美国次贷危机风暴袭来时成功上市,华视逐一兑现对投资者的承诺,让华尔街重新定义中国传媒企业。     

公允价值所面临的问题：次贷危机分析视角

次贷危机全面爆发以来,社会各界人士不断寻找导致危机的元凶．于是公允价值被推到了风头浪尖。人们对公允价值的批评主要集中在两方面,一是使用公允价值计量导致金融机构按市价大幅减计资产．使亏损增加,导致了财务报表更大的波动性,增加的金融系统的全面风险;二是在次贷危机期间,由于市场流动性枯竭．对金融工具的公允价值估计很困难．于是人们对公允价值估价的可靠性表示怀疑。本文对公允价值在次贷危机中所面临的问题进行全面梳理．并对会计界的新动向进行评述。