2000年全球主要空难

7月25日下午．一架法航超音速协和客机刚从巴黎戴高乐机场起飞，突然起火并坠毁在巴黎北郊．机上100名乘客和9名机组人员无一生还，另外致使地面4人死亡．数人受伤。     

元月：空难何其多

翻开新千年1月份的航空大事记，7起空难令人怵目惊心：1月10日瑞士克劳斯航空公司的一架萨布340型双引擎客机在瑞士苏黎世起飞后不久便坠地，机上包括乘客和机组人员共10人全部丧生。     

关于大型客机和新支线飞机增值税政策的通知

<正>财税[2016]141号各省、自治区、直辖市、计划单列市财政厅(局)、国家税务局,新疆生产建设兵团财务局:经国务院批准,现将大型客机和新支线飞机有关增值税政策通知如下:一、对纳税人从事大型客机、大型客机发动机研制项目而形成的增值税期末留抵税额予以退还。本条所称大型客机,是指空载重量大于45吨的民用客机。本条所称大型客机发动机,是指起飞推力大于14000公斤的民用     

华为的国际化悖论

5月5日,肯尼亚航空公司一架载有百余人的客机从喀麦隆的杜阿拉机场起飞后不久坠毁,华为公司驻南非地区部喀麦隆地区的市场产品经理刘胜遇难。     

掘金低空商务机市场

尽管中国公务航空业发展迅速．但相比欧美等发达国家．还处于“婴幼儿阶段”。未来10年，中国通用飞机保有量将上升到5-10万架，每年潜在市场购买力将超过5000架。     

刘捷音:民营航空拓荒者

2005年3月11日上午9时45分,天津滨海国际机场。一架波音737-900客机轰鸣着刺向蓝天。那一刻,坐在机舱内的刘捷音创造了一项国内纪录——他掌舵的奥凯航空有限公司成为第一个起飞的中国民营航空公司。时光飞逝。一年后,奥凯航空有限公司董事长兼总经理刘捷音在接受笔者采访时,用了四个“很”字对奥凯的表现做了概括:“经营得很好,飞得很好,很安全,上座率很高,比我们想象的好。”56岁的刘捷音在一夜之间名气冲天,留给外界的却是一层神秘色彩。“我不是什么人物,真的没什么可写的。”刘捷音说。     

中国（上海）自由贸易试验区利好融资租赁业的专业化发展

自9月27日中国（上海）自由贸易试验区总体方案公布以来，作为试验区扩大开放的三大金融服务领域之一的融资租赁业备受关注。其实早在2010年，上海综合保税区就启动了融资租赁业务。到2012年，已引进了16家境内外融资租赁母公司和64家单船单机融资租赁公司（SPV），运作的租赁资产包括35架民航客机、6架直升机、4艘远洋船舶以及飞机发动机等大型设备．资产价值总额达25亿美元。目前，我国融资租赁行业规模已经达到1．55万亿元，位列全球第二，随着中国（上海）自由贸易试验区的设立，融资租赁业务无疑将迎来新一轮更深更广的发展。     

创意生活

“缩小版”上海世博会；海上奥运城；百层高楼的玻璃阳台；“3D派出所”；奥迪百年；世界首架“零排放”飞机起飞；21世纪新型月球车。     

南航难题难解

2006年11月22日下午1时,有史以来最庞大的客机——空中巨无霸A380降落在广州白云国际机场,正式开始了在中国内地的技术验证飞行。亲手完成这架迄今为止世界上最先进、最宽敞和最豪华客机在中国首飞的,正是南航的老总刘绍勇。然而,作为南方航空股份有限公司董事长,刘绍勇此刻的心情并不轻松。由于空客公司方面的技术原因,南航于两年前预订的5架A380要延迟到2009年才能正式交付给南航。另外,据民航总局一高层人士透露,目前国航正在秘密运作,争取将南航的这5架A380飞机购买指标争夺过去。     

国际两大飞机公司争夺中国市场

被誉为“本世纪最后一款新机型”的波音777客机4月中旬在北京、广州上空亮相。而在此前的半个月,欧洲航天局一架 A—340空中客车也飞抵北京、广州、上海进行飞行表演。航空界人士称:这是国际上两大飞机公司在争夺中国宏大的航空市场。据欧洲空中客车公司今年3月底公布的对全球市场预测,北美地区已趋饱和,亚太地区增长为7%,而中国大陆航空需求量将增长最快,达到10%。面对着中国庞大的航空运输市场,欧洲航天局和波音公司来一番比技术、比机型以争夺中国市场。与中国航空事业有着60年合作之久的波音公司去年8月宣布在北京设     

内部控制、治理环境与投资者保护

本文研究了内部控制质量对投资者保护的影响,以及不同治理环境对内部控制治理功能的影响。研究发现:内部控制质量的提高,或更为充分的内控信息披露有助于抑制大股东资金占用,有助于抑制经理人与股东之间的代理成本;治理环境越差的地区,内部控制治理效应越高。这说明,对于投资者保护较弱的地区,内部控制可能成为补偿弱投资者保护负面影响的一种替代机制。本文研究意味着,近年来推出的内部控制相关制度起到了积极的效果;此外,完善上市公司内部控制,对于治理环境较差、投资者利益得不到有效保障的地区显得尤为重要。     

Corporate Board Composition, Protocols, and Voting Behavior: Experimental Evidence

We examine voting by a board designed to mitigate conflicts of interest between privately informed insiders and owners. Our model demonstrates that, as argued by researchers and the business press, boards with a majority of trustworthy but uninformed “watchdogs” can implement institutionally preferred policies. Our laboratory experiments strongly support this conclusion. Our model also highlights the necessity of penalties on insiders when there is dissension among board members. However, penalties for dissent appeared to have little impact on the experimental outcomes.     

The Equity Premium

We estimate the equity premium using dividend and earnings growth rates to measure the expected rate of capital gain. Our estimates for 1951 to 2000, 2.55 percent and 4.32 percent, are much lower than the equity premium produced by the average stock return, 7.43 percent. Our evidence suggests that the high average return for 1951 to 2000 is due to a decline in discount rates that produces a large unexpected capital gain. Our main conclusion is that the average stock return of the last half-century is a lot higher than expected.     

US macroeconomic surprises and the emerging-market sovereign CDS market

Our primary aim is to examine whether US macroeconomic surprises affect the slope of the term structure of ‘sovereign credit default swap’ (SCDS) spreads in emerging markets. Our empirical results show that positive (negative) US macroeconomic surprises are likely to reduce (increase) the term structure slope of SCDS spreads in emerging countries. We find that the slope values in emerging markets are positively related to future market returns over 1- and 2-day horizons. Our results provide general support for the future informational role played by SCDS spreads for the national stock market within emerging markets.     

From Origination to Renegotiation: A Comparison of Portfolio and Securitized Commercial Real Estate Loans

We examine long-run house price convergence across the twenty Paris districts using a quarterly dataset that spans from 1991 to 2014. Our approach is based on two stages. In the first stage, we apply methods of unit root testing. Our econometric modelling exercise adopts a pair wise approach that is built on a probabilistic test for convergence based on all house price differentials across the Paris districts. We find that more than 50 % of the intra-city house price differentials that can be computed are stationary. In the second stage of our investigation, we analyse the drivers of convergence. The probability of stationarity is negatively affected by unemployment differentials across districts, demographics differentials and supply-side characteristics. Our findings further reveal that the half-life of a shock to long-run price equilibrium is affected positively by unemployment, distance and housing supply. Our analysis suggests that smaller distances between Parisian districts are associated with a faster speed of adjustment back towards long-run equilibrium.     

The January effect for individual corporate bonds

We examine the presence, magnitude and determinants of a January effect for individual corporate bonds. Our results provide empirical evidence of positive and statistically (but not economically) significant abnormal returns in January across different event windows and models. Our results suggest that, in the addition to the term and default factors, the excess stock returns, size and book-to-market factors are priced for individual bond returns. We investigate a number of determinants of the January abnormal returns for individual bonds. Our findings suggest that the reversal and tax-loss selling effects are important determinants of the abnormal returns on individual bonds.     

Continuous disclosure compliance: does corporate governance matter?

Our study investigates the quality of firms’ continuous disclosure compliance during mandatory continuous disclosure reform, and whether the compliance quality is impacted by corporate governance, using the New Zealand market as the setting. We use a novel coding of different categories of disclosures (non‐routine, non‐procedural and internal), which represents the extent of proprietary insider information inherent in disclosures, to evaluate firms’ compliance quality. Our findings provide evidence that firms’ compliance quality improved after the reform, and this improvement is inconsistently impacted by corporate governance. Our findings provide important implications for regulators in their quest for a superior disclosure regime.     

An investigation of wholly‐owned foreign subsidiary control through transaction cost economics theory

This paper investigates the management control systems used by multinational corporation headquarters to control wholly‐owned foreign subsidiaries. Our theory development is based on transaction cost economics. First, we conduct a series of exploratory interviews, providing an insight into the context, and second, we provide empirical evidence based on cross‐sectional survey data. Our results indicate that activity traits (uncertainty, asset specificity and post hoc information impactedness) have significant implications on control choices, in particular the control archetype combinations chosen by headquarters, although not all results are consistent with theory predictions. Our findings are supported by extensive alternative testing.     

Carbon disclosure,carbon performance and financial performance: International evidence

This study examines how carbon performance affects carbon disclosure and how carbon disclosure affects financial performance. With a sample of global firms, the study analyses how relationships between carbon disclosure, carbon performance and financial performance vary in institutional contexts. Our results show that carbon disclosure positively affects carbon performance, consistent with the signalling theory. We find that carbon disclosure negatively (positively) affects financial performance in the short-term (long-term). Our findings have significant implications for investors as some firms use carbon disclosure as part of impression management. Our results help regulators to monitor carbon disclosure and assist investors with investment decisions.     

Cross-Jurisdictional Income Shifting by U.S. Multinationals: Evidence from International Bond Offerings

We examine whether tax incentives influence where U.S. multinationals locate their interest deductions worldwide. Our sample includes international bond offerings by U.S. multinationals during 1987–1997 denominated in the currencies of Australia, Canada, France, Germany, Italy, Japan, or the United Kingdom. Our results suggest that U.S. multinationals' debt location decisions take into account the effect of jurisdiction-specific tax-loss carryforwards and binding foreign tax credit limitations on the value of debt tax shields. Our results are also consistent with U.S. multinationals locating interest deductions in different tax jurisdictions as a mechanism to achieve tax-motivated income shifting.