Inflation,Translation and Conflicts in Statements of Financial Accounting Standards*

This paper utilizes the concept of aggregative consistency defined in Rubinstein and Fishburn [1986], and the FASB's concept of representational faithfulness to evaluate foreign currency translation and accounting for changing prices as embodied in SFAS 70. The paper shows that SFAS 70 produces measurement errors and creates a foreign currency translation adjustment which does not reflect the effects of exchange rate changes. The conditions defined in the paper also facilitate an evaluation of the relative merits of restate/translate and translate/restate. Restate/translate can conceivably be used if there is no consolidation. In the more usual case where consolidation is required, translate/restate using the relevant shareholders' consumption index will yield aggregatively consistent values under fewer restrictive conditions.     

Financial competence,overconfidence, and trusting investments: Results from an experiment

Financial transactions sometimes occur in an environment where third-party enforcement is lacking. Behavioral explanations typically allude to the social preferences, where an individual’s utility is directly affected by another’s outcome, as the driver of the trusting investments and reciprocal returns. We hypothesize that, in part, these decisions are determined by an individual’s financial literacy and overconfidence in one’s knowledge. Experimental evidence is coupled with an innovative financial literacy assessment, which measures general competence, numeracy skills, and overconfidence in one’s knowledge. Results indicate that overconfidence is a significant determinant of behavior. Specifically, overconfident individuals make larger contributions in the investment game. We also document that there is an escalated effect in overconfident individuals who are also exhibit risk loving preferences.     

金融结构与货币传导机制:一个资产组合一般均衡分析框架

本文在一个比较现实的综合账户下，探讨了研究金融结构与货币传导机制关系的一个资产组合一般均衡分析框架。通过引入间接证券和货币性银行、货币当局的优化行为并进行数理分析，该框架吸纳了Tobin(1969)关于银行优化行为的设定，对Turnovsky(1996)的模型框架进行了拓展；同时，也是对国内基于简单金融结构的资金宏观配置和综合平衡理论的一个延伸。其隐含的结论：一是货币政策不仅在一定的金融结构制约下对均衡价格发挥系统性影响，而且作为冲击引致各种资产偏离均衡价格并实现新的组合，从而对实体经济发挥影响；二是有效的宏观调控金融政策，必须根据其相应的金融结构而注意内在的协调和均衡。     

金融发展、FDI技术溢出与中国经济增长——基于省际面板数据的实证分析

基于1990年-2008年中国省际面板数据,就金融发展水平决定的FDI溢出效应对中国经济增长影响的实证研究表明,样本期内FDI通过其资本积累效应,对中国经济增长产生了显著的促进作用,且这一作用有随时间而强化的趋势;金融发展具有放大FDI技术溢出效应的作用,并由此对中国经济增长产生正面影响,但目前来看这一影响还比较小;"金融抑制"现象依然存在并对中国经济增长产生了不利影响,但在经历了多年的金融体制改革之后,"金融抑制"现象已有所减轻,其对经济增长的负面影响趋于减弱。     

Inflation,output and stock prices: evidence from Latin America

Research in economics and finance documents a puzzling negative relationship between stock returns and inflation rate in markets of industrialized economies. The present study investigates this relationship for the developing markets of Peru and Chile. Fama's model of linkages between inflation and real economic activity constitutes the theoretical framework of this paper. The study tests whether the negative relationship between equity returns and inflation is a result of a ‘proxy effect’, namely, a negative relationship between inflation and real economic activity. The evidence for Peru and Chile does not provide strong support for Fama's hypothesis. It is shown that the negative relationship between the real stock returns and unexpected inflation persists after purging inflation of the effects of the real economic activity. The long‐run equilibrium between stock prices and general price levels is weak, as indicated by the findings of the Johansen and Juselius co‐integration tests. However, in both economies, stock prices and general price levels seem to show a strong long‐run equilibrium with the real economic activity. These findings suggest that in the long‐run, Fama's propositions A and B are supported for Peru and Chile. The disparity between traditional regression and co‐integration test results suggest that it may be prudent to re‐examine the proxy effect in the framework of a long‐run relationship before denying its validity. Copyright © 1999 John Wiley & Sons, Ltd.     

财务会计概念框架结构国际比较与启示

财务会计概念框架是由目标和相互关联的基本概念组成的连贯的理论体系,具有连贯、协调和内在一致性。内容主要涉及财务报告的目标、财务信息的质量特征、会计要素的划分、会计要素的确认、计量、列报和披露原则等。财务会计概念框架可以评价现有会计准则,指导未来会计准则的制定。本文通过对美国、英国、IASB、澳大利亚、加拿大、韩国、日本及我国的财务会计概念框架进行比较评价,发现各国概念框架体系结构及具体内容的不同,并分析了产生差异的背景原因,以期为我国构建财务会计概念框架提供借鉴参考。     

金融深化、FDI溢出效应与区域经济增长:基于1997～2004年省际面板数据分析

本文构建了一个包含金融深化程度变量的内生增长模型,通过设定一个金融深化程度函数,并将其引入最终产品部门的生产函数,证明了金融深化程度是FDI技术溢出效应的重要因素。采用我国1997~2004年31个省市的面板数据的实证结果也表明,金融深化程度是FDI溢出效应的决定因素之一。从实践来看,相对于我国现有的外资规模,我国的金融深化程度滞后是造成FDI溢出效应为负的原因之一。而且,金融深化程度的不同也是造成FDI溢出效应跨区域差异和阶段性变化的重要原因。文章最后针对如何推进金融市场化进程以获取正向FDI溢出效应提出了政策建议。     

金融发展与经济增长的非线性关联研究——基于门限模型的实证检验

本文对Odedokun(1996)的理论模型进行了扩展,并利用多元门限模型对我国金融发展与经济增长之间的非线性关联进行了考察。实证结果表明金融发展和经济增长之间呈现出显著的非线性关联,这就否定了通常将两者关系设定为线性的研究模式。进一步的分析表明单纯在总量关系上讨论我国金融发展和经济增长关联性的意义并不明显,这启示我们在日后的研究中应该更加重视金融发展作用于经济增长的途径和机制问题。     

Inflation, output, and stock prices: Evidence from two major emerging markets

Research in economics and finance documents a puzzling negative relationship between stock returns and inflation rates in markets of industrialized economies. The present study investigates this relationship for Korea and Mexico. We show that the negative relationship between the real stock returns and unexpected inflation persists after purging inflation of the effects of the real economic activity. Johansen and Juselius cointegration tests verify that the long-run equilibrium between stock prices and general price levels is weak. However, in both economies, stock prices and general price levels seem to show a strong long-run equilibrium with the real economic activity. This paper benefited from the constructive suggestions of an anonymous referee. The remaining errors are the authors’ responsibility. Financial support from the Dr. Robert B. Pamplin, Jr., School of Business Administration, University of Portland, is greatly appreciated.     

Financial social innovation to engage the economically marginalized: insights from an Indian case study

Abstract

New sources of finance within the label of ‘impact investing’ have emerged as mechanisms to promote entrepreneurship within marginalized communities. Different vehicles for impact investment have emerged over the years; however, our understanding around their emergence, configuration and adoption is limited. Hence, the main purpose in this research is to study the role of the contextual drivers and conditions that gave rise to a unique form of impact investment in India, a financial social innovation – developmental venture capital (DVC). Through the lens of capital theories, insights from the case of India’s largest and oldest DVC firm along with three of its most prominent investees are presented. Findings highlight that the social entrepreneurs behind the case DVC wholly re-conceptualized silicon valley-style venture capital financing to suit small brick and mortar investments in rural India, developed mechanisms for deploying funding frugally, and created partnerships of equals between themselves and their investees. Investee founders leveraged human and social capital throughout the social innovation process via deep immersion in the socio-cultural milieu of India.     

The empirical linkages among market returns,return volatility,and trading volume: Evidence from the S&P 500 VIX Futures

The purpose of this study is to examine the relationships between return and trading volume as well as between return volatility and trading volume by analyzing the asymmetric relationships of contemporaneity and lead-lags between these factors for the S&P 500 VIX Futures Index. We apply the threshold model with the GJR-GARCH framework for empirical analysis herein. The main findings demonstrate that the threshold effects exist in both the contemporaneous and lead-lag relationships between return-volume and volatility-volume. Moreover, the delayed effects of a one-trading-day lag through to three-trading-day lags exist from trading volume to returns and return volatility. Larger trading volume is beneficial for investors to gain returns, but it also leads to higher volatility. The implication of our findings offers a suggestion as to the opportune timing for investors to buy S&P 500 VIX Futures.     

基于哈佛框架杜邦分析的财务综合分析——以雅居乐地产为例

财务分析在有效评判企业发展能力方面扮演了越来越重要的角色.通过对报表数据的整合与研究,反映了企业的盈利能力和全面经营效果.文章利用哈佛框架为主要分析方法,并在该方法的财务与会计分析板块结合杜邦法,以雅居乐地产为例,对该公司2014-2018年度运营状况进行全面分析.研究发现该企业在2014-2015年的财务核心指标—净...     

中国是否存在最优通货膨胀区间——通货膨胀和经济增长关系实证研究

利用门限回归模型(threshold regression model)分析中国通货膨胀与经济增长之间的关系,实证研究发现中国通货膨胀对经济增长的影响不是单一形态,而是具有非线性特征。中国经济存在最优通货膨胀区间1.4%～5.1%,而当通货膨胀高于5.1%或低于1.4%时,通货膨胀(通过影响生产要素)对经济增长有负的影响。     

中国是否存在最优通货膨胀区间——通货膨胀和经济增长关系实证研究

利用门限回归模型（threshold regression model）分析中国通货膨胀与经济增长之间的关系,实证研究发现中国通货膨胀对经济增长的影响不是单一形态,而是具有非线性特征。中国经济存在最优通货膨胀区间1.4％～5．1％,而当通货膨胀高于5．1％或低于1．4％时,通货膨胀（通过影响生产要素）对经济增长有负的影响。     

Measuring Intersectoral Technology Spillovers: Estimates from the European and US Patent Office Databases

This paper presents several new methods for measuring intersectoral knowledge spillovers, and applies these methods in an analysis of productivity growth in manufacturing for a cross-country, cross-sectional sample for the 1980s. It is argued that existing methods of measuring such intersectoral knowledge spillovers are mostly aimed at measuring so-called crent spillovers'. The methods developed here are aimed at measuring knowledge spillovers—an additional aspect of the spillover process. The empirical analysis shows that there are indeed differences between these two types of spillover measure.     

Nonlinear Thermodynamics and Social Science Modeling: Fad Cycles, Cultural Development and Identificational Slips

The paper argues that the application of nonlinear dynamics borrowed from thermodynamics for the study of the evolution of institutions amounts to an identificational slip. While the paper welcomes the importation of techniques from the natural sciences, thermodynamic feedback is simply an inappropriate technique for the study of evolutionary change. Thermodynamic feedback is only appropriate for the study of social dynamics like mob behavior, stock market gyrations, and fad cycles. One should rather appeal to the evolution of species-as recorded by change of gene frequency and phenotypic traits—as the appropriate metaphor for the study of evolution of culture—as manifested by change of rules and principles and their consequent order.     

Inflation aversion in transition countries: Empirical evidence from the Baltic States

In command economies, inflation is either absent or at least unrelated to supply and demand. However, when the economies in Eastern Europe started transforming into market economies, they suddenly experienced high and volatile inflation rates. Transformation countries are therefore interesting laboratories for studying individual inflation aversion. In this paper we study the level and determinants of individual inflation aversion in the three Baltic countries. Using data from 11 waves of the Eurobarometer survey, we find age, education and the macroeconomic situation to have significant effects on the likelihood to mention inflation among the most important problems facing the country. Moreover, we find the populations of all three Baltic countries to be significantly more inflation averse than the population of the United Kingdom, a western democracy with a long tradition as a market economy. We attribute this finding to the specific experiences of the Baltic populations with inflation.     

Inflation, tax advantages to homeownership and the locational choices of households

The U.S. tax system encourages investment in owner-occupied housing by allowing consumers to deduct mortgage interest and to exclude net imputed rental income from taxable income. The primary purpose of this paper is to analyze how this tax treatment affects the housing and locational choices of urban households. It is shown that the effect of the tax treatment on these choices is sensitive to the preferences of consumers and the rate of anticipated inflation. To illustrate the likely size and direction of these effects, an example is constructed based upon econometric estimates of the parameters of the model.     

极值理论(EVT)在金融机构操作风险建模中的应用与改进

极值理论(EVT)是用来研究极端事件分布特性的理论。EVT理论应用于金融机构的操作风险衡量大致有两种方法:一种是POT方法,以点过程方法为基础,选择一个安全阈值,忽略操作损失事件的发生时间;另一种方法BM (Block MaXima)考虑操作损失事件的发生时间,并选择采用GEV分布。对操作风险的EVT衡量方法的改进,大致可以分为两类方向:一类是对POT和BM方法进行改进,把随机变量的非平稳性、相关性特性纳入模型的构建、参数估计和模型检验之中;另一类方向是设法建立新的统计建模分析方法,如因果关系模型、贝叶斯网络技术等。