Pension Fund Manager Tournaments and Attitudes Towards Corporate Characteristics

Abstract:  This paper explores the relationship between the tournament incentives of pension fund managers and the characteristics of equities they choose to hold. Using a comprehensive data set on pension fund portfolio holdings, we determine the intensity of fund manager tournaments by sorting pension funds into portfolios based on the number of concurrent managers each pension fund employs. We then investigate which corporate characteristics are preferred by each of these portfolios by estimating share selection models that include a range of corporate characteristics that are expected to shape the returns to investment in stocks over the short and long run. We find that the intensity of the tournament faced by fund managers plays a significant role in shaping preferences over corporate characteristics. Managers facing more intense tournaments exhibit significantly weaker preferences for attributes associated with long run payoffs, such as social performance and growth potential, and significantly stronger preferences for short term attributes, such as operational efficiency, when compared to managers that face weak or no tournament incentives.     

中国企业内部控制评价系统研究

我国企业内部控制基本规范配套指引的发布,为我国企业内部控制体系中构建企业、注册会计师和有关监管部门三位一体的内外部监督评价体系目标的实现奠定了基础。考虑到我国的制度背景以及注册会计师对企业内部控制审计的局限性和可信度等因素,在企业内部控制披露和注册会计师内部控制审计披露的基础上,建立反映企业内部控制综合状况和水平的企业内部控制评价结果指标,由政府监管部门或外部非营利性机构实施对我国企业内部控制整体状况和各企业内部控制水平的评价是十分必要的。本文正是基于此环境和目标,结合国内外企业内部控制评价理论研究和实践状况,构建了我国企业内部控制评价系统。     

基于COSO风险管理框架的企业财务风险控制评价研究

COSO发布的风险管理框架完全适用于企业财务风险管理,是衡量企业风险管理有效性的一个标准。依据此标准,通过对企业财务风险控制体系的评价在评价的基础上,进行符合性测试,可以确定企业财务风险控制体系的健全程度和得到遵循的程度,进而确定财务风险控制体系是否可以依赖以及可以依赖的程度,以此来发现企业财务风险控制体系的不足。     

当前会计人员继续教育中存在的问题与对策

随着经济社会的发展,世界各‘国的会计制度改革、会计理论、会计知识体系、相关法规日益完善,会计工作方式也不断推陈出新,这些都对会计人员的素质提出了更高的要求。当前,我国会计人员继续教育存在着认识不足、管理体制不完善、教育内容缺乏针对性、教学方法较为单一和考核方式不严格等问题。会计人员继续教育是一项系统工程,需要管理部门、培训单位、会计人员所在单位共同努力,采取完善管理制度、创新教育内容、提升教育效果、完善考评制度等措施,不断提升会计人员继续教育的实效和水平。     

如何运用数据库设计与实现超市管理平台

超市管理是商场后台管理的核心,也是整个商业自动化管理最基本、最重要的应用,它直接影响了商业销售企业的经济效益。本文基于数据库技术设计并实现了一个超市管理系统。系统主要包括进货、销货、库存这三个功能模块,实现了商品查询、商品添加和商品删除等功能。本系统不仅可以提高商场和超市运作效率,杜绝人为因素带来的损失,还可以使管理者实时了解商品的销售情况,及早调整销售策略,以保证能够长期稳定发展并在市场上取得自己的竞争优势。     

Comparing schools in the U.K. and New Zealand: individualizing and socializing accountabilities and some implications for management control

This paper contrasts educational reforms in New Zealand and the U.K. exploring the role of accountability in processes of management control. The paper focuses on the use of performance measurement in schools. Performance evaluation in the U.K. is, arguably, individualized, in New Zealand an organizational focus is retained The paper will seek to provide an account of the way that individuals have been called to account for their performance (Townley, 1996). Roberts' (1996) discussion of individualizing and socializing accountability is central because of its key claim that some forms of organizational accountability provide a separation of the strategic and moral consequences of action. This is seen as potentially damaging as it may free instrumental action from any form of ethical constraint, equally it may undermine any potential for collective action. In exploring this dimension we will examine the technologies of both financial accounting and management accounting which promote particular approaches to performance evaluation, accountability and control. Our argument raises questions as to the relevance of management accounting as a tool of control and whilst recognizing that financial accounting is also limited suggests that it is worth reconsidering its role in the context of a broader approach to performance evaluation.@e$g0     

建立激励相容的银行内部风险控制制度

通过对我国商业银行现行组织结构、管理方式、考核方式、授信风险管理方式、监督制衡机制的分析,提出我国现有的风险管理制度是激励不相容的,必须进行改革,并提出改进建议。     

基于主观违约性的银行客户信用评级改善

商业银行信用评级是银行风险防范的基础,但是目前的客户信用评级体系中缺乏主观违约指标,不能全面反映客户的信用等级.主观还款意愿应作为信用评级不可忽略的要素,为此,本文在充分考虑影响客户违约的客观指标基础上,纳入主观违约这一刚性指标,以反映客户还款意愿,并基于模糊综合评判方法,某银行对运用该指标前后的违约客户进行信用评级,评级结果的假设检验显示,纳入该指标前后,存在着显著性差异,表明主观违约指标纳入信用评级体系具有合理性,有利于推进国内评级的改善.     

基于效率评价和信息披露的上市公司内部控制研究

本文通过分析效率评价和信息披露对上市公司内部控制体系建设的重要性,同时考虑目前内部控制效率评价体系中存在的局限性和信息披露工作中的不合理性,分别就效率评价和信息披露两方面提出了改进的综合评价模型和优化方向,以期达到促进上市公司内控体系建设的根本目的。     

The effects of performance report layout on managers’ subjective evaluation judgments

Managers tend to provide subjective performance evaluations that are relatively high (leniency) and not very dispersed (compression). This paper reports on an experiment that investigates whether the layout of performance reports affects the leniency and compression of managers’ subjective evaluations. Relying on psychology theory, we predict that subjective ratings will be higher and more compressed if performance reports contain alphabetically listed indicators rather than categorically listed indicators (as in a balanced scorecard). Moreover, we predict that ratings will be higher and more compressed if performance reports present indicator target and actual values in tables than when this information is presented in graphs. The results from the experiment provide support for the hypothesis that performance ratings are higher if measures are listed in alphabetical order as opposed to presented in a four-category balanced scorecard format. However, there is no support for the other hypotheses. We discuss the implications of the study for accounting research and practice.     

企业内部控制评价浅析

内部控制评价,是对内部控制制度的完整性、合理性和有效性进行分析和评定,并提出改进意见。通过内部控制评价,一方面可以帮助企业发现并堵塞控制纰漏,加强内部管理,提高竞争能力;另一方面,也可以指导和帮助企业按照市场经济的要求完善内部组织机构、岗位责任制度和其他管理制度。     

企业质量管理体系有效性评价研究

企业需要一种简便易行的质量管理体系有效性定量评价方法。本文从质量管理体系设计有效性和质量管理体系运行有效性两个方面提出了质量管理体系有效性评价指标体系,一级指标包括方针目标设计、过程设计、质量目标实现、产品质量、顾客满意和质量成本等方面。运用层次分析法设计了指标权重,提出了属性指标值的评分规则和计算方法。     

An empirical study of research and development top managers' perceptions of short-term pressures from capital markets in the United Kingdom

It is often argued that capital market pressures are increasingly directed towards short-term performance evaluation of managers and their operations. Whether these external capital market pressures actually exist or not, short-term pressures on firms are influenced by managers' own perceptions of these external pressures. If managers perceive the existence of these external pressures it is likely that this will lead to short-term behaviour on their part. The purpose of this paper is therefore to examine (a) research and development (R&D) managers' perceptions of short-term behaviour in capital markets in the UK, and (b) patterns of behaviour relating to R&D which may be influenced by these perceptions. The findings of this study indicate that approximately half of the UK research and development managers perceive capital markets as responsible for putting inappropriate short-term pressures on their companies' management. However, an even larger proportion report short-termist behaviour relating to R&D and its evaluation, suggesting that some at least of the problem of ‘short-termism’ is internally generated.     

纳税评估的国际此较与借鉴

纳税评估是一项国际通行的税收管理方式,建立和完善纳税评估制度对完善我国税收征管体系有着重要的作用。因此,他国的成功经验可资借鉴:用健全的法律和规章作制度保障;设置相应的评估机构;以现代化的信息手段为依托;注重评估人员素质的培养和提高。