群体评估在机器设备评估中的应用

制造业企业的机器设备数量较多,总价值也较高。而在采用资产基础法评估制造业企业的整体价值时,其机器设备评估侧重的是机器设备评估总值的准确性,而非每台设备评估值的准确性。那么,能否找到一种既保证机器设备评估总值准确度又高效合理的评估方式呢?     

无形资产评估的风险及控制

无形资产评估由于存在大量复杂的不确定因素,导致了评估风险的存在。本文就不同评估方法中存在的种种风险,进行了详细的分析研究,并就如何减少风险提出了一些建议。此外,本文还提出无形资产资本化途径是股权化和证券化,而这两者都需要定性和定量的确定其价值。     

The appraisal of ordinary shares by Saudi investors

This paper reports on a questionnaire survey about share valuation practices among investors and their intermediaries in Saudi Arabia. The findings suggest that fundamental analysis is used most by investor respondents where a P/E multiple is applied to an earnings forecast to generate a prediction of future price. However, technical analysis is also used to a much greater extent than in developed markets. Finally, the results indicate that quarterly and annual reports as well as newspapers are widely consulted by investors when forming their expectations about share valuations.     

项目评价:并购基石

项目评价是跨国并购行为最基础的环节之一,在企业战略确定的大前提下这些基础环节决定了一次并购行为是否能够获得预期收益。     

银行员工需要这样的企业文化

企业文化作为一个企业的灵魂和精神瑰宝．需要贯穿到企业的管理和员工的日常行为之中．所以它既要有雄心壮志、豪言壮语、海誓山盟、鼓舞士气、又要切贴实际、设身处地．善气迎人、望而可即，让员工时时刻刻都能体会到，而且明确自己能够从中受益。[编者按]     

紫金TCR驱动软件功能简介

柜员现金循环机（Teller Cash Recycler,TCR）可用作柜员管理现金的辅助没备。TCR处理钞币的平均速度为每秒八张,是人工处理速度的两倍左右,使用TCR能提高柜员处理现金的速度;TCR在很大程度上隔离了柜员和现金的接触,可减少人为对现金处理不当导致的账务问题;TCR还提供了自动轧账功能,大大减少了人工轧账的工作量和轧账时间;TCR还可以替代柜员目前使用的钞箱和验钞机.     

公允价值的引入及其专业价值评估

一、公允价值引入,相关者利益倍受关注历史成本会计强调数据的精确性和可验证性,记录的通常是资产的原始购买价格或其他形式的交易价格。过去人们一直认为,基于历史成本的财务会计足以向企业提供其所拥有的财产、所进行的交易及其损益方面的有关信息,也足以为经济往来中的各方提供债权、债务等方面的有关信息。20世纪30年代以后,随着企业所有权与经营权的分离以及资本市场的发展,股份公司逐渐成为企业的主要组织形式。而股份公司制的企业拥有更加分散化的产权主体,除了股东之外还有债权人、政府等多个产权主体。     

紫金ATM日志无纸化软件简介

目前,各大银行的ATM日志管理均以纸质日志作为用户交易凭证。纸质日志存储有如下缺点：日志打印机相关耗材采购成本高;日志纸保管成本高;ATM查账、对账困难;日志打印机故障,影响设备开机率;造纸消耗大量的木材资源,不利于环保。     

The introduction of the Euro and its effects on portfolio decisions

Examining investment behavior related to the Euro introduction, we address the relevance of different investment determinants. With the advent of the currency union two potential sources of portfolio reallocation can be distinguished: First, the diminishment of exchange rate risk and transaction costs within the EMU. Second, the increase of correlation of EMU returns so that diversification benefits decreased. We test for structural breaks in the holdings of German investors and estimate a market model to account for the two effects. A significant decrease in national and an increase in EMU and rest-of-the-world investments can be observed. Comparing the observed holdings with benchmark portfolios, we find that investment home bias has diminished since the Euro introduction.     

A skeptical appraisal of asset pricing tests

It has become standard practice in the cross-sectional asset pricing literature to evaluate models based on how well they explain average returns on size-B/M portfolios, something many models seem to do remarkably well. In this paper, we review and critique the empirical methods used in the literature. We argue that asset pricing tests are often highly misleading, in the sense that apparently strong explanatory power (high cross-sectional R²s and small pricing errors) can provide quite weak support for a model. We offer a number of suggestions for improving empirical tests and evidence that several proposed models do not work as well as originally advertised.     

Future of North Cyprus: An economic-strategic appraisal

Based on qualitative methods of study of the future, including experts interviews and the deliberations of a symposium, this paper analyses the shape of things to come for North Cyprus in the light of its historical backlog and the present scenarios. It argues that the impact of globalisation is becoming very decisive in this part of the world: there are important players including the US, Russia, Turkey, Greece, European Union, Turkish Cypriots and Greek Cypriots in this strategic region with their vested interests and plans which will be deterministic for the fate of the Island. One of the most crucial of these plans is the Greater Middle East Initiative developed by the US. Given the vectors of forces now active in the political horizon, the future of North Cyprus to be an independent sovereign state looks within reach if Muslim countries continue recognising it.     

The impact of option introduction on the conditional return distribution of underlying securities

This paper combines several interesting econometric techniques to examine changes in the conditional return distribution of security returns following option introduction. An EGARCH model is used to characterize the return generating process. An intervention analysis is performed to determine whether the parameters of the EGARCH model shift following initial options listing. This paper finds that the conditional distribution of security returns is unaffected by option introduction. Estimation of a transfer function-noise model also shows that option introduction has no effect on conditional volatility.     

The ABCs of mutual funds: On the introduction of multiple share classes

We study a significant innovation with widespread consequences for the mutual fund industry: the introduction of multiple-class funds that give investors a choice among alternative load and fee structures. The transition to a multiple-class structure represents an important step in the evolution of the mutual fund industry. It also provides a well-controlled setting for research on the structure of funds, on investor clienteles and their impact on fund performance and, more generally, about the manner in which financial innovations tend to be adopted. We develop a simple model of a fund's decision on whether and when to introduce new classes and empirically investigate the model's predictions that: (a) Funds with more skilled management, less sensitivity of flows to performance, smaller size, higher existing loads and membership in larger families are better positioned to benefit and, therefore, more likely to switch to a multiple-class structure earlier; (b) The new classes increase the level and volatility of fund inflow by attracting investors with short and uncertain investment horizons – which, in turn, can negatively impact fund performance. Our empirical results are generally supportive of the model's predictions.     

Engaging staff with team-based performance sharing

Team-based performance sharing (TPS) is a tool that hospitals can use to achieve higher levels of performance by tapping into innovative thinking within a unit's staff regarding opportunities to improve performance. In a recent pilot implementation of TPS, employees were able to share in the financial gains from recommended and approved improvements, as long as patient satisfaction remained above a certain specified threshold. Proposals for improvements were vetted by a dedicated crossfunctional team composed of unit staff, who had to be in full agreement regarding the merits of a proposal for it to be accepted.