论企业法律文化与合规文化之间的共性和差异

企业文化是企业的核心竞争力,是企业发展的灵魂。中央企业经过多年的探索和发展,将企业文化建设有机地融入整体工作格局中,形成了以,员工为土壤,理念为根系,战略为枝干,企业文化为树冠,专业子文化为果实的企业文化树状体系。而法律文化与合规文化作为树上结出的2颗特色果实,由于文化思维及实践不同,彼此之间既有共性,也存在差异。如何使二者一脉相承、有机融合、相得益彰,成为当前企业文化建设的重要课题。因此,文章重点就2个子文化之间的共性和差异进行比较分析。     

关于产品绿色包装的相关法律问题的研究

随着经济的发展．包装业发展亦如火如荼．与日俱增的包装垃圾成为各国政府颇感头疼的问题。本文通过叶绿色包装相关法律的研究．为我国包装业遵守游戏规则．直面国际竞争的舞台．增强自身抵御风险的能力提供对策与供操作的理论模型。我国虽然有法律调控包装环境问题，但远远不能满足当前的现实需要，包装工业所引起的环境问题不容忽视，因此通过法律调控．逐步限制或禁止使用对环境有害的包装材抖与包装制品．完善绿色包装法律制度。这里我们就填补我国“包装法”的缺位．对绿色包装法律问题加以研究，为我国“包装法”的出台提供建设性的意见。     

Equity Valuation and Current Cost Disclosures: the Case of Mexico

This study uses an accounting-based valuation model to investigate the relation between the market value of publicly traded Mexican firms and their disclosures of price-level adjusted accounting information. The model is estimated on a sample of Mexican companies during 1987–1990, when annual inflation rates in Mexico decreased from 130 per cent to 20 per cent. The results indicate that general price level-adjusted and current cost disclosures explain a significant portion of the cross-sectional variation in the market-to-book ratios of the sample firms. Further, the explanatory power of holding gains is robust to decreases in the general level of inflation, which suggests that current cost and constant peso disclosures are relevant for determining firm value over a wide range of inflation rates. These results are particularly important now since the Mexican Institute of CPAs has proposed eliminating the measurement of holding gains in order to make Mexican financial statements more comparable to US and Canadian GAAP.     

Integrated Thinking and the Transparency of Tax Disclosures in the Corporate Reports of Firms

The purpose of our study was to link two global corporate developments, namely integrated thinking and the transparency of tax disclosures. The International Integrated Reporting Council's long‐term vision is for integrated thinking to be embedded in mainstream business practice, facilitated by integrated reporting. The development of the transparency of tax disclosures was driven by tax avoidance practices of multinational companies. The vision of embedding integrated thinking into mainstream business and the increased focus on the transparency of tax disclosures have developed independently, but thus far there has been no serious consideration of how they may be related. We argue that there is a natural relationship between these two developments. We use PwC's (2014) framework for measuring the transparency of tax disclosures and apply the framework to the corporate reports of a sample of 45 large firms. We use regression analysis to test the association between the transparency of tax disclosures in corporate reports and integrated thinking and find them to be positively associated.     

对新时期我国体育法制建设思考

我国体育法制建设在推动体育事业健康发展的过程中发挥了重要作用,但与体育领域迅猛发展的现实相比已显滞后,问题日益凸显。通过对《体育法》的五点突出问题,即立法指导思想的相对滞后,实施缺乏可操作性,重心不均衡,配套的法律缺失,法律责任体系不完整进行分析,并提出相应的完善措施,为我国体育法制建设提供了理论论证。     

How Analysts Process Information: Technical and Financial Disclosures in the Microprocessor Industry

Abstract

Following Bradshaw (‘Analyst information processing, financial regulation, and academic research’ [2009], and Analysts' forecasts: What do we know after decades of work? [2011]), this paper examines how analysts process information, particularly in an information environment characterised by multiple and potentially complementary information sources. The setting is the microprocessor industry, one in which technical information is particularly significant and complex to digest. Based on 3837 analyst earnings-forecast revisions, issued by 134 analysts, we examine quantitatively the speed, magnitude, and information content of the reactions of individual analysts and subgroups of analysts to both periodic and timely technical disclosures, and as a complement to periodic financial disclosure. We find that analysts are much slower to react to timely technical disclosures than they are to periodic financial disclosures. We find also that technical and financial disclosures complement each other. Furthermore, we find that there is a ‘hierarchy’ of analysts in this particular industry, as evidenced through the strength of reaction to timely technical disclosures. Finally, we find that lower speed in reacting to timely technical disclosures and a higher intensity in the use of timely technical disclosure (in conjunction with periodic financial disclosure) result in greater accuracy, and that more experienced analysts tend to be less accurate. We suggest that the findings may have implications for other industries such as Bio-Tech Pharma.     

上市公司自愿性信息披露和盈余业绩关系研究

本文以2002年201家中国上市公司为研究样本,利用Meek的研究方法、构建了我国上市公司自愿性信息披露指标体系,并在此基础上分析了盈余业绩对我国上市公司自愿性信息披露的影响。研究发现,盈余业绩因素显著地影响我国上市公司自愿性披露程度。     

依法治校,促进校园法治文化建设

依法治校是贯彻党的十六大精神,推进依法治国基本方略的必然要求,是深化教育改革,推动教育发展的重要内容。依法治校目前存在的主要问题是广大师生员工的法律知识缺乏,教育管理者的法律意识淡薄。采取措施是进行普法教育,增强管理者的法律意识,提高依法治校的自觉性。     

Credit constraints and R&D over the boom and bust: Firm-level evidence from Central and Eastern Europe

This paper studies the effect of credit constraints on R&D over the recent boom and bust episode in Central and Eastern European countries (CEECs). Given that financial and venture capital markets in CEECs are thin in comparison to those in high-income economies, it is proposed that credit constraints have a significant adverse effect on R&D activity in these countries. The paper uses three waves of Business Environment and Enterprise Performance Survey (BEEPS) data between 2005 and 2013 on manufacturing firms from ten CEECs. We find that credit constraints have a substantial effect on R&D engagement, as the probability of credit constrained firms undertaking R&D activities is around 30 % lower than for other firms. The adverse effect of credit constraints for R&D emerges during the years of fast economic growth.     

Market Risk Disclosures and Investment Efficiency: International Evidence from the Gulf Cooperation Council Financial Firms

This study examines the association between market risk disclosures (MRDs) and the investment efficiency of financial firms from six emerging markets in the Gulf Cooperation Council (GCC) region. Based on a sample of 553 firm‐year observations over the 2007–2011 period, we find that MRDs are significantly and negatively associated with both under‐investment and over‐investment and that this association is more pronounced for larger firms. We also find that the association between MRDs and under‐investment is moderated during periods of economic distress such as the Global Financial Crisis of 2008 and that the association between MRDs and over‐investment is magnified during periods of reduced financial distress. Our results are consistent with the idea that MRDs reduce information asymmetry, which ultimately improves investment efficiency. We contribute to the literature in an emerging market context by providing empirical evidence on the association between MRDs and investment efficiency across six emerging GCC capital markets. This study also fills a gap in the literature by providing evidence on the factors affecting the investment efficiency of financial firms.     

The Role of Institutional and Economic Factors in the Strategic Use of Non-GAAP Disclosures to Beat Earnings Benchmarks

Abstract

We use hand-collected data for a sample of large European firms to investigate the influence of countries’ institutional and economic factors on managers’ non-generally accepted accounting principles (GAAP) disclosures. We find that managers are more likely to use non-GAAP measures to meet or beat earnings benchmarks that GAAP earnings would miss in countries with efficient law and enforcement, strong investor protection, developed financial markets, and good communication and dissemination of information. We also find that managers in countries with developed institutional and economic conditions are more likely to adjust non-GAAP earnings for recurring expenses such as R&D, depreciation, and stock-based compensation expenses. Our findings suggest that in environments in which there is more pressure to achieve earnings benchmarks and less opportunity to manipulate GAAP earnings, managers use more non-GAAP earnings disclosures to meet the benchmarks.     

Karl Pearson and the Origin of Kurtosis

Although the kurtosis index proposed by Karl Pearson in 1905 is introduced in statistical textbooks at all levels, the measure is not easily interpreted and has been a subject of considerable debate. In this study, the theoretical development of kurtosis is surveyed from a historical perspective of Pearson's work on evolution. It surprisingly emerges that there was no emphasis in Pearson's papers on kurtosis as measuring (in part) tail heaviness. However, it is found that Pearson used to frequently adjust the formalisation of kurtosis depending on his changing needs. This complex development partly explains the confusion that would surround kurtosis in subsequent literature. Our conclusion is that most misunderstandings arise from improper use of the kurtosis coefficient outside the Pearson system of frequency curves.     

Forward-Looking Disclosures,Financial Verifiability and Analysts' Forecasts: A Study of Cross-Listed European Firms

Forward-looking disclosures are a crucial source of information when valuing a company. We study the effect of forward-looking disclosures on analysts' forecast properties, in particular accuracy and dispersion. Our sample includes all the non-financial firms from Italy, Germany, France and Switzerland that in year 2002 were cross-listed on local stock exchanges and on the New York Stock Exchange. We conduct a content analysis on the Annual Report and the 20F form of these companies for the years 2002, 2003 and 2004. We differentiate between forward-looking information on the basis of the disclosure of expected effects on future financial performance and the disclosure of a measure of this impact. We define forward-looking information disclosed with the characteristics of being quantified and directed (and financial) as financially verifiable as it facilitates the comparison with its subsequent realisation in relation to expected future financial performance. Our analysis finds support for the theoretical prediction that verifiable disclosures are more effective than unverifiable disclosures at improving accuracy and reducing dispersion of analysts' forecasts. Our sample also allows us to explore the effects of the difference between the degrees of verifiability between forward-looking disclosures of the 20F form versus those of the domestic annual report. Our analysis provides empirical support for the hypotheses that these differences are significant and have a significant effect on forecast properties.     

高尔夫球文化与中国传统文化的比较

高尔夫球运动历史悠久,由早期牧羊人游戏演化而来。高尔夫运动提倡礼仪、诚信、公平和平等,和中国传统文化非常相似,适合在中国发展。本文通过查阅中国传统文化相关资料,结合高尔夫自身特点和文化特征,从两者的共性来谈谈高尔夫球文化与中国传统文化的关系。     

Roles of Statistics in the Life Sciences

Quantitative methodologies have always been central in the life sciences, and some of these belong to the general area of statistics. Other methods of data analysis have their part to play, and it is of ongoing importance for the field of statistics to adapt to these developments.
Besides the role of statistical methods in generating new knowledge, there are also regulatory uses of statistics, particularly in drug registration and in environmental standard setting. These dual roles of statistical methods should not be confused.
Statistical data from official sources and elsewhere play important roles in the life sciences, and often necessitate very careful adherence to confidentiality.
The historical role of the ISI towards life sciences has been modulated by the existence of other international organizations in the area.     

Relative risk aversion and the transmission of financial crises

We study how investor behavior affects the transmission of financial crises. If investors exhibit decreasing relative risk aversion, then negative wealth shocks increase the risk premium required to hold risky assets. We integrate this into a second generation model of currency crises which allows for contagion through changes in fundamentals. Investor behavior can be a transmission channel of financial crises, as changes in risk premia increase the coverage ratio and makes the defense of a peg less attractive for the policy maker. The feedback effect of the risk premia on the probability of devaluation also makes multiple equilibria more likely. The possible stabilization effects of capital controls and a Tobin tax on the international transmission of financial crises are also studied.     

EVA管理的由来与应用

20世纪90年代,美国<财富>杂志曾预言:EVA管理将流行全世界.现在,正像<财富>所预言的那样,EVA管理正在受到越来越多的人的重视.EVA管理是什么,它对企业发展具有什么意义,本文将对这些问题加以探讨.