对其他应付款科目会计舞弊及其审计的探讨

在会计舞弊中,对财务报表作出虚假报告导致的重大错报通常源于多计收入或少计成本。在对报表审计过程中,很多注册会计师特别关注资产类科目,     

Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable

Trade credit is an important source of finance for firms and has been well researched, but the focus has been on financial trade-offs. In this paper, we consider the trade-offs with inventories and develop a simple model that recognizes the incentives a firm faces to offer and receive trade credit. Our model identifies the response of accounts payable and accounts receivable to changes in the cost of inventories, profitability, risk and liquidity, and importantly, this influence operates through a production channel. Our results support the model and complement many existing studies focused on explaining the financial terms of trade credit.     

A dynamic systems perspective on fine art and its market

This article focuses on dynamic systems theory applied to art systems, especially the social system of art. By this integrative approach, the field of art and culture can be linked to, as well as profit from, other fields where systems-theoretical approaches have been influential, such as sociology, psychology, communication theory and the natural sciences. We show that systems models help to describe and conceptualize essential phenomena characteristic of the fine arts, such as pattern formation, reduction of complexity, and self-reference. Pattern formation can be observed in emerging artistic styles, fashions and trends. The property of self-reference becomes tractable by using the concept of endosystems, i.e. systems that include participating observers and second circularity feedback. The consequences of such dynamics are uncertainty, destabilization, and diversification. Endosystemic modeling promises to capture core properties not only of contemporary art, laying an emphasis on novelty and self-reference. Endosystems are appropriate models of further social systems, especially markets systems, which pose problems for foresight. Within the horizon of foresight that is at all possible in endosystems, three futures scenarios are worked out for the art system.     

Loan loss provisions and return predictability: A dynamic perspective

This paper examines the impact of loan loss provisions (LLPs) on return predictability during 1994–2017. We find that on average, LLPs are negatively associated with one year ahead stock returns. This effect is particularly significant during the global financial crisis but much weaker during the Basel II and III periods. Consistent with these findings, a long–short trading strategy based on LLPs generates positive abnormal returns during the Basel II and III periods but negative abnormal returns during the financial crisis. Cross-sectional tests show that this effect is more pronounced among banks with greater information asymmetry. Decomposition of LLPs suggests that these findings are driven mainly by nondiscretionary LLPs. Overall, our results suggest that the relationship between LLPs and future stock returns is not linear but contingent on bank regulations and macroeconomic conditions.     

The determinants of auditor switching from the perspective of corporate governance in China

This paper reports the association between firms' internal corporate governance mechanisms and their auditor switch decisions in the Chinese context. We identify two types of auditor switch, namely switching to a larger auditor and switching to a smaller auditor. Three variables are used to proxy for firms' internal corporate governance mechanism, including the ownership concentration (shareholding by the largest owner), the effectiveness of supervisory board (SB), and the duality of chairman of board of directors (CBoD) and CEO. We regressed the internal corporate governance variables over firms' audit switching types during a specific period of 2001-2004 when a bear market continued in China. The empirical results demonstrate that firms with larger controlling owners or in which CBoD and CEO are held by the same person are more likely to switch to a smaller auditor rather than to a larger one. However, the effect of the SB variable does not have a significant impact on auditor switching decisions. In general, the study findings suggest that firms with weak internal corporate governance mechanism tend to switch to smaller or more pliable auditors in order to sustain the opaqueness gains derived from weak corporate governance. On the other hand, with the improvement of corporate government, firms should be more likely to choose large (high-quality) auditors in making auditor switching decisions.     

On the determinants of SME capital structure in Central and Eastern Europe: A dynamic panel analysis

The purpose of this paper is to test how firm characteristics affect SMEs’ capital structure using a unique dataset of micro, small, and medium-sized firms (SMEs) in Central and Eastern Europe (CEE). We carry out a panel data analysis of 3175 SMEs from seven CEE countries during the period 2001–2005, modeling the leverage ratio as a function of firm specific characteristics hypothesized by capital structure theory. By using the cash flow as an explanatory variable, we test some of the predictions of the pecking order theory. According to this theory, firms with more available internal funds should use less external funding. We do find strong evidence in favor of the pecking order theory, given that there is a negative and significant correlation between profitability and leverage. When we control for other firm specific characteristics such as future growth opportunities, liquidity, sales growth, size and assets structure, the cash flow is found to be a strong determinant of firm leverage. We also argue that the determinants of firm leverage may be considerably different depending on firms’ size and age. The empirical results show that cash flow coefficient remains negative and statistically significant only for medium-sized firms, thus suggesting that larger firms with sufficient internal funds use less external funding than comparable smaller firms. We obtain similar results when we estimate the model by firm age; older firms demonstrate similar behavior as larger firms.     

数据大集中模式应付利息基础数据计提系统

随着信息技术的高速发展,在以网络化、数字化、信息化为特征的今天,各商业银行为了提高竞争力、节约设备投资和维护费用、降低应用系统的复杂度、防范业务处理的风险,纷纷将对公、对私业务数据集中到一级分行或总行.由于系统结构的改变,利息计提系统开发的方法和设计原则都较数据集中前有很大的不同.该系统是在全省数据集中的基础上开发的,利用柜面系统产生的客户数据,测算对公、对私存款当前或未来某个时点应支付的存款利息和应付利息率,真实地对银行的利息支付状况做全面分析,对银行业务经营与管理进行预测,从而更好地掌握全行的盈亏情况,为行领导决策提供帮助.     

Monetary policy and dynamic adjustment of corporate investment: A policy transmission channel perspective

We investigate monetary policy effects on corporate investment adjustment,using a sample of China’s A-share listed firms(2005–2012), under an asymmetic framewor...     

Acknowledging the importance of BAI accounts

For hospitals, balance after insurance (BAI) refers to revenue from uninsured patients and from patients with patient responsibility after insurance. BAI is a rapidly growing share of hospital revenue as a result of substitution from high-deductible commercial insurance plans-revenue that tends to convert to cash relatively easily and quickly-meaning that an increasing share of hospital cash flow is now due from the patient. Hospitals should make sure that their self-pay patients receive excellent customer service: It not only improves the likelihood of a greater yield, but also-perhaps more important-helps ensure customer loyalty and willingness to recommend the facility to others.     

Usefulness of consolidated government accounts: A comparative study

This comparative empirical study on consolidated government accounting reforms in the United Kingdom, Australia, New Zealand, Canada and Sweden reveals contextual differences affecting their adoption and usefulness. It can help policy-makers, public managers, and academics understand the gap between claims associated with the adoption of accounting technologies and their usefulness, as well as provide insights into dichotomies between their global proliferation and localized adaptations.     

A 10-year retrospective on the determinants of Russian stock returns

We study factors influencing returns at the Russian stock market from 1995 to 2004, putting emphasis on how these evolved over time. We find that the relationship is highly unstable and this instability is not confined to financial crises alone. Most computed statistics exhibit constant ups and downs, but there has been recently a sharp rise in explainability of stock returns. Domestic factors have been playing a gradually diminishing role, while the importance of international factors has been increasing. In recent years, the effect of oil prices and foreign exchange rates has diminished, the impact of US stock prices and international and domestic interest rates has increased, while the influence of monetary aggregates such as gold reserves and credit balances has fallen to practically zero.     

Research on stock volatility risk and investor sentiment contagion from the perspective of multi-layer dynamic network

In the post-epidemic period, the international economic structure has been readjusted, with risks contagious across financial and economic systems. This paper primarily uses the high-frequency TENET network and the Granger-causality network to describe the interconnectedness between the tail risk of stock volatility and investor sentiment, then the two-layer network is constructed by the generalized variance decomposition method to examine the inter-layer connectedness. Based on the two-layer network, the heterogeneity frequency response of network connectedness and dynamic network structure are further analyzed from the perspective of frequency domain. The study found that the tail risk of high-frequency stock volatility displays industry heterogeneity and time-varying property, and investor sentiment contagion network provides information transmission medium for stock risk. The double-layer network study found that stock volatility in consumer goods industry exhibits higher risk spillover to investor sentiment. The diversified financial industry, real estate industry and energy industry in the two-layer network are systemically important industries. In addition, the study of the frequency domain dynamic network found that the connectedness volatility in the short-term risk network of stock volatility was significantly higher than that of the investor sentiment network, and the short-term risk spillover effect of the network played a leading role in the total risk spillover. The research conclusions provide reference for preventing systemic risks from the perspective of systemically important industries and cyclical fluctuations.     

The profitability effect: Insight from a dynamic perspective

This study dynamically captures the trend changes in a firm's profitability over a period and explores the impact of the firm's profitability growth and acceleration on the cross-section of stock returns. The empirical evidence reveals a significantly positive dynamic profitability growth and an acceleration premium in the Chinese stock market, which are still robust in the out-of-sample test. The significantly positive predictive information contained in the dynamic profitability (DP) is not subsumed under the profitability level at a certain point in time. Moreover, the first-order DP growth has the strongest pricing power among the profitability strategies. We can obtain a higher excess return while simultaneously combining the dynamic and static profitability factors. In addition, this study provides ample evidence for the source of profitability anomalies, based on the behavioral finance framework. The findings under this framework indicate the substantial contribution of irrational mispricing, rather than rational pricing based on risk compensation or Q-theory, to the premium. This paper comprehensively explores the DP anomalies (fundamental characteristics of a firm), thus providing a novel perspective to better understand the pricing mechanisms of the emerging stock market and cultivate investors' philosophy on rational trading.     

The microeconomics of deposit rate ceilings : Inferences for NOW accounts and interest on checking accounts

This paper examines the specific set of market and product conditions which could support the theoretical argument, widely held among commercial bankers, that deposit rate ceilings, especially the prohibition of interest on checking accounts, are beneficial to bank earnings. The analysis points to the conclusion that ceilings are beneficial to bankers only if (a) bank deposits are homogeneous goods, (b) deposit markets are non-collusive oligopsonies, and (c) the regulated ceiling rate is not set too far below the ceiling that would exist in an unregulated monopsony. Empirical studies done elsewhere seem to indicate that none of these three necessary conditions are normally met in the marketplace. The NOW account, which is really an interest-bearing checking account, also extends demand deposit powers to non-bank thrift institutions. Under our analysis, the NOW account adds to the number of competitors offering checking-type deposits, driving up the cost of funds, other things equal, to the oligopsonist banker — perhaps by enough to offset the cost-reducing effect of repeal of the interest prohibition.     

A real options perspective on the future of the Euro

A break-up of the Eurozone is no longer regarded as implausible. This will be a costly and irreversible decision in conditions of continuing uncertainty; therefore it is amenable to analysis in the real options framework. We do so by solving as an n-dimensional optimal stopping problem with country-specific shocks and “convergence” of member economies. We compare a complete break-up with individual country departures. In calibrated solutions for a symmetric case we find a non-negligible but small option value. Furthermore, we find a new theoretical result on the non-monotonicity of abandonment threshold with respect to volatility.     

A note on modelling economic growth determinants in the Dominican Republic

The article models economic growth determinants in the Dominican Republic. The exercise considers a panel of 25 candidate explanatory variables observed during the last three decades of the twentieth century. The time series are selected on the basis of economic theory and previous findings in the cross-country empirical growth literature. The modelling reveals that the annual growth rate of real gross domestic product per capita is, on average, inversely associated to a proxy for market distortions, and positively related to government expenditure, economic growth in the United States of America, and an index of globalization comprising international trade and migration variables.     

The estimation and determinants of emerging market country risk and the dynamic conditional correlation GARCH model

Country risk assessment is central to the international investment, which recently has increasingly focused on emerging markets (EM). In this paper we proxy for country risk in EM by using time-varying beta. We extend existing literature by applying a dynamic conditional correlation GARCH model. After confirming beta is time varying in twenty EM over the period January 1995 to December 2008 we investigate the GARCH (1,1) model and find the t-distribution generates the lowest forecast errors compared to the normal error distribution and a generalised error distribution. In a comparison of previous modelling techniques the results of our modified Diebold-Mariano test statistics suggest that the Kalman Filter model outperforms the GARCH model and the Schwert and Seguin (1990) model. Using a DCC-GARCH model our evidence suggests that considering dynamic betas can improve beta out-of-sample predicting ability and therefore offers potential gains for investors. Finally, we find dynamic betas across EM are strongly associated with each nation's interest rates, US interest rates and the Consumer Price Index (CPI) and to a lesser extent the exchange rates. Our results have some similarities to those in previous studies of developed markets in the economic determinants of time-varying beta but differences exist in the results on best model to forecast time-varying beta. These findings have implications for estimating country risk for investment and risk management purposes in EM.