共查询到20条相似文献,搜索用时 46 毫秒
1.
Gerard McCormack 《国际破产评论》2009,18(2):109-134
This paper challenges the standard characterisation that US law in the sphere of corporate bankruptcy is ‘pro debtor’ and UK law is ‘pro creditor’. It suggests that the traditional thesis is, at best, a potentially misleading over‐simplification. It also offers the conclusion that there is functional convergence in practice, while acknowledging that corporate rescue, as distinct from business rescue, still plays a larger role in the US. The functional convergence has partly come through the UK Enterprise Act 2002 but the paper suggests that the main move has been that of US law and practice in a UK direction with more emphasis on business disposals and speedier cases than on corporate reorganisations, as traditionally understood. This mirrors practice in the UK where the emphasis has always been on business disposals. Unfortunately, the current economic recession on both sides of the Atlantic has shone a heightened spotlight on business bankruptcy and is likely to generate further changes in practice and ultimately legislation. Copyright © 2009 John Wiley & Sons, Ltd. 相似文献
2.
3.
4.
Bates Gill 《银行家》2004,(7):101-101
The United States and China are entering an entirely new and complex era in their economic relationship. In a nutshell, China is both partner and competitor, and simplistic efforts to cast the complexity of U.S.-China economic relations as either one of partnership or competition are unhelpful to the development of 相似文献
5.
《China Journal of Accounting Research》2020,13(1):1-30
We examine the association between network centrality and research using the accounting research community setting. We establish co-authorship network using papers published in the five top accounting journals from 1980 to 2016. We find that the co-authorship network in accounting is a “small world” with some most connected authors playing a key role in connecting others. We use machine learning to label published papers with multiple topics and find patterns in topics over time. More importantly, we find that co-authorship network centrality is positively associated with future research productivity and topic innovation and that the impact of centrality on productivity is higher with more senior authors. Further, centrality of an author’s co-authors also has an incrementally positive impact. We conclude that network centrality positively influences research output. 相似文献
6.
《金融博览》2006,(3):31-31
A story goes that two friends were walking through a desert. During some point of the journey they had an argument, and one friend slapped the other one in the face. The one who got slapped was hurt. But without saying anything, he wrote in the sand with his finger: "TODAY MY BEST FRIEND SLAPPED ME IN THE FACE. " 相似文献
7.
From a theoretical point of view, the relationship between corruption and the shadow economy is ambiguous: They can either
be substitutes or complements. This paper contributes to this debate by using a structural equation model with two latent
variables to extract information on various dimensions of corruption and the shadow economy. Analyzing a sample of 51 countries
around the world over the period 2000 to 2005, we present empirical evidence for a complementary (positive) relationship of
corruption and the shadow economy. 相似文献
8.
The Financial Accounting Standards Board (FASB) describes its public interest function as “…developing standards that result in accounting for similar transactions and circumstances in a like manner and different transactions and circumstances…in a different manner (Facts about FASB).” This statement implies that rule-makers possess an expertise that makes analogizing transactions or circumstances to other transactions or circumstances unproblematic. In this paper we utilize two instances of standard-setting, SFAS 123R and SFAS 143, to demonstrate from FASB's analogic reasoning in these cases that similarity and dissimilarity are not so easily ascertained. A judgment about similarity invariably involves ignoring some perspectives of similarity that would lead to substantially different conclusions about the appropriate accounting. We also illustrate via the two examples the inherent value judgments that underlie the conclusions reached by FASB and how these value judgments raise questions about the ethics of the current standard-setting process. 相似文献
9.
CEO stock options and analysts’ forecast accuracy and bias 总被引:1,自引:1,他引:0
Kiridaran Kanagaretnam Gerald J. Lobo Robert Mathieu 《Review of Quantitative Finance and Accounting》2012,38(3):299-322
This paper investigates the relationship between CEO stock options and analysts’ earnings forecast accuracy and bias. A higher
level of stock options may induce managers to undertake riskier projects, to change and/or reallocate their effort, and to
possibly engage in gaming (such as opportunistic earnings and disclosure management). These managerial behaviors result in
an increase in the complexity of forecasting and hence, less accurate analysts’ forecasts. Analysts’ optimistic forecast bias
may also increase as the level of stock options pay increases. Because forecast complexity increases with stock options pay,
analysts, needing greater access to management’s information to produce accurate forecasts, have incentives to increase the
optimistic bias in their forecasts. Alternatively, a higher level of stock options pay may lead to improved disclosure because
it better aligns managers’ and shareholders’ interests. The improved disclosure, in turn, may result in more accurate and
less biased analysts’ forecasts. Our empirical evidence indicates that analysts’ earnings forecast accuracy decreases and
forecast optimism increases as the level of CEO stock options increases. This evidence suggests that the incentive alignment
effects of stock options are more than offset by the investment, effort allocation and gaming incentives induced by stock
options grants to CEOs. 相似文献
10.
Craig Foltin 《Research in Accounting Regulation》2018,30(2):112-120
State and local government pension underfunding has become a major focus of public policy debate due in large part to recent Governmental Accounting Standards Board (GASB) actions that have brought national attention to the issue. The extent of these plans underfunding has been debated, along with the necessity for state government intervention and the level of regulatory actions that should be enacted by state legislatures. State and local public pension plans do not fall under the enumerated powers of the federal government in the Constitution and are therefore left to each individual state to regulate. The amount of plan underfunding and enacted public policy by state varies greatly. Additionally, in contrast to numerous state balanced-budget laws, legal directives for fully funding public pensions are virtually non-existent. This paper analyzes the state and local public pension crisis, examines current and long-term risk, studies public employee fiscal conditions, considers the societal impacts of these plans, considers the strengths and weakness of pension plan types, recommends public policy and regulation, and offers strategies for managers, board members, and public officials to adopt. 相似文献
11.
Li-Chin Jennifer Ho Chao-Shin Liu Thomas F. Schaefer 《Review of Quantitative Finance and Accounting》2007,28(3):307-326
This study examines whether reported values for firms’ research and development (R&D) affect analysts’ annual earnings forecast
revisions following quarterly earnings announcements. Because R&D introduces uncertainty into earnings forecasts, analysts
may benefit from additional information searches in an effort to increase forecast accuracy. Also, accounting standards mandate
an immediate expensing of R&D, in essence projecting a zero value for the R&D. To the extent that R&D will produce future
payoffs, the expense treatment reduces the informativeness of reported earnings for forecasting future earnings. Thus, the
marginal benefit of analysts’ efforts to produce more information may increase with the magnitude of the R&D component of
earnings announcements and trigger additional forecast revisions. Alternatively, if the cost of information searches exceeds
the benefit, analysts’ forecast revisions may decrease.
Our results show a positive relation between R&D expenses and analysts’ forecast revision activity. We also find a positive
and significant association between the level of R&D expenses and the magnitude of analysts’ forecast revisions following
quarterly announcements. These results point to a greater amount of analyst scrutiny when reported earnings are accompanied
by high levels of R&D expenses.
相似文献
Li-Chin Jennifer HoEmail: |
12.
13.
We investigate the effect of the community values surrounding a firm's headquarters on the percentage of women on a firm's board of directors. We use religiosity and political affiliation measures to capture the values associated with the community norms. We find that firms headquartered in counties with lower religiosity and a lower percentage of Republican voters are more likely to have a greater number of female board members. Furthermore, firms with more female directors located in more Republican areas or more religious cities are more likely to have lower valuations, as measured by Tobin's Q. These results have implications for corporate culture and the supply of female directors. 相似文献
14.
This paper is a response to the critical comments of Alexander (2006) and Nobes (2006) on our article on revenue recognition, which was published last year in this journal (Wüstemann and Kierzek, 2005). While Alexander primarily objects to our statement that there is a ‘requirement of legal certainty in the European Union’, Nobes challenges our interpretation of the true and fair view principle and its role in the endorsement and application of International Financial Reporting Standards (IFRS) in the EU. We rebut Alexander's objections by providing references, which evidence that the principle of legal certainty represents a fundamental concept of Community law. We refute Nobes' counterarguments by inferring from the objective of the IAS Regulation and the purpose of the endorsement mechanism that a common meaning of the true and fair view principle must exist in the EU, that IFRS should only become applicable in the EU if they are not contrary to this ‘European’ true and fair view principle and that the true and fair view principle should also be considered in the application of IFRS in the EU, particularly in the choice of accounting policies for unregulated issues. 相似文献
15.
Using a parsimonious heterogeneous-agent general equilibrium model, this study reveals a positive causal effect of income inequality on the aggregate saving rate. In the model economy, benevolent individuals save to leave offspring bequests. Since bequests are luxury, the rich have a higher marginal propensity to save. Then, else equal, a fall in income inequality will lower the economy-wide saving rate. The model predicts an augmented aggregate saving function: the aggregate saving rate depends positively not only on the aggregate income level, but also on the dispersion of income. We find some empirical support for this hypothesis using China’s province-level longitudinal data. 相似文献
16.
17.
Ben Farr-Wharton Joseph Azzopardi Yvonne Brunetto Rod Farr-Wharton Natalie Herold Art Shriberg 《公共资金与管理》2016,36(5):333-340
This paper investigates the quality of support for police officers in the USA and Malta to use as protection against stress. The authors found a significantly different organizational work context for police officers doing the same tasks. Police officers in both countries would benefit from upskilling in psychological capital and police managers require upskilling in management training as a means of increasing support for police to reduce the impact of stress. 相似文献
18.
Kim Loader 《公共资金与管理》2013,33(4):287-294
This article determines how local authority procurement practices affect their ability to successfully procure from small and medium enterprises (SMEs). It found that smaller suppliers are more likely to thrive where a broader-based value-for-money decision factor is required and where shorter and smaller-scale contracts are available through open competition. However, trends in local government buying appear to be towards partnership, with an increasing emphasis on cost. Public sector organizations and SMEs may need to reflect further in order to determine more realistically where the scope for SME suppliers exist. Further research is required to determine the scope of SME-friendly opportunities. 相似文献
19.
Yusaku Nishimura 《新兴市场金融与贸易》2018,54(2):450-467
This article investigates the effects of China’s exchange-rate regime reform on trade between China and the eurozone. Both the exchange rate between the euro (EUR) and the renminbi (RMB) and exchange-rate volatility are included in the autoregressive distributed lag (ARDL) model, and our empirical work also considers the third-country effect. Our findings show that, during the reform period, China’s exports to the eurozone are affected only by the EUR–RMB exchange rate per se and not by its volatility. However, neither the exchange rate nor its volatility significantly influences the eurozone’s exports to China during the reform period. Such asymmetry might be attributed to the discrepancy between Chinese exporters and their eurozone counterparts in the knowledge and ability to manage exchange-rate risk. 相似文献