共查询到20条相似文献,搜索用时 15 毫秒
1.
Corporate restructuring has become a major component in the financial and economic environment all over the world. Industrial restructuring has raised important issues for business decisions as well as for public policy formulation. Since 1991, Indian industries have been increasingly exposed to both domestic and international competition and competitiveness. The companies started restructuring there operations around their core business there M & A. But M & A is an area of potential good and harm in corporate strategy including manufacturing industry. Therefore, an attempt has been made to analyze the security returns and to find out the net wealth increase or decrease to the shareholders of acquiring firms. In India, there are totally 58 manufacturing companies which have undergone mergers and acquisitions during 2000, 2001 & 2002. Thirty percentage from the total population was taken as sample size (i.e., 17 companies out of 58). The present study is mainly based on secondary data. The Market Model and Market Adjusted Returns Model analysis are used as tools of analysis. 相似文献
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Calibrating the wealth effects of decoupled payments: Does decreasing absolute risk aversion matter?
David R. Just 《Journal of econometrics》2011,162(1):25-34
Arrow’s hypotheses regarding the relationship between wealth and risk aversion measures have formed the basis for a large body of empirical research and theory. For example, many have suggested that decoupled farm subsidy payments may increase production as they decrease farmers’ risk aversion. This paper develops a new calibration technique designed to measure the minimum change in concavity of a utility of wealth function necessary to describe a particular change in production behavior for some discrete change in wealth. I conclude that measurable changes in production levels should not be produced by changing levels of risk aversion except when wealth changes are a substantial portion of wealth. This tool draws into question the usefulness of Arrow’s hypotheses in many current applications. 相似文献
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Caferra Rocco Nuzzo Simone Morone Andrea 《Journal of Economic Interaction and Coordination》2023,18(2):233-250
Journal of Economic Interaction and Coordination - We provide experimental and empirical evidence on the role of information distribution and accuracy in solving market inefficiency and the related... 相似文献
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《中国经济体制改革年鉴(英文版)》1996,(1)
SinceDecember14,1991whentheStateCouncilapprovedandforwardedthenoticeonthe“AskingforInstructionsAboutSelectingabatchofLargeScaleEnterpriseGroupsforExperiment“(No71<1991>centralgovernmentdocument)submittedbytheStatePlanningCommission,StateCommissionforRestructu… 相似文献
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XIONG Yuan 《现代会计与审计》2007,3(2):41-44
The financial comprehensive evaluation of listed company is a grey problem. In this paper, a grey relational analysis method is used to evaluate the financial situation of listed companies. A grey relational evaluation model is set up and studied practically, and then a conclusion about the order of the comprehensive financial situation of these six listed companies is drawn. This analysis method is flexible and can avoid the disadvantages of evaluating financial situation from only one aspect in the past. 相似文献
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This study examines predictors of work–care arrangements in South African organisations. It investigates the adoption of 23 work–care arrangements in organisations listed on the Johannesburg Stock Exchange. Organisational size, female presence in the organisation and in trade unions, female leadership and trade union density are tested as predictors of the adoption of these arrangements. In addition, foreign ownership, a previously untested variable predicting the adoption of work–care arrangements, is included in this study. The findings show that the level of adoption of work–care arrangements in South African organisations is low. Organisational size and female presence in senior managerial positions are found to be associated with the greater adoption of work–care arrangements. The study adds to existing work–family research by examining work–care integration in a non-Western context. Furthermore, the study is innovative in the addition of foreign ownership as an independent variable and the inclusion of a broader range of work–care arrangements in the study. The study is relevant for other developing nations and extends the existing research on employer involvement in work and care in developed nations. 相似文献
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The special status of an interpreter in the cross-cultural communication impels him or her nurture and use cross-cultural awareness in communication. The cross-cultural awareness promotes the understanding of both sides,avoid communication barrier in cross-cultural communication. Therefore,cross-cuhurul awareness is undoubtedly significant. This text introduces the concept of cross-cultural awareness, the relationship between cross-cultural awareness and interpreting, the significance of cross-cultural awareness to an interpreter,and carries on preliminary research in how an interpreter nurtures cross-cultural awareness. 相似文献
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Chaomi Zhang Qinru Qian 《现代会计与审计》2005,1(7):1-10
This paper discusses three issues, raised by Relevance Lost (Johnson & Kaplan, 1987), about historical evaluation of the development of management accounting. The first issue is when management accounting system was formed; the second is how to evaluate its development in subsequent decades; the third is how to evaluate the development of practice and research of management accounting in almost twenty years after Relevance Lost was published. The role of Relevance Lost in practice and theoretical research of management accounting is widely recognized, and the disagreement with it in this paper is in the specific area of the development history of management accounting. The authors of this paper believe that the development, through having its ups and downs over time, is generally speaking a continuous process, not separated by disconnected phases, leaping from one to another. Along with the progress in practice and research, researchers and practitioners are deepening their understanding about the theoretical foundation and practical development of management accounting. The history of development of management accounting is consistent with the process people gradually understand it. 相似文献
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Haiyu Huang 《现代会计与审计》2006,2(6):46-49
"Conservatism" is a widely accepted accounting convention in the industrialized world, but it has long been slated and prohibited under the orthodox ideological influences. To date, the conservatism convention has not been fully adopted or implemented although the governments have made substantial efforts to reform its accounting system to bridge the gaps between the accounting practices in recent years. The study findings will facilitate a proper assessment of the future development of accounting standards and practices. 相似文献
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《中国经济体制改革年鉴(英文版)》1996,(1)
1995Wasaveryimportantyearinthehistoryofdevelopmentofthesupplyandmarketingcooperatives.TheCentralCommitteeoftheChineseCommunistPartyandtheStateCouncilmadeadecisionondeepeningthereformofthesupplyandmarketingcooperativeandinMayofthesameyear,restoredtheChin… 相似文献
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Determinants of market price of stock: A study on bank leasing and insurance companies of Bangladesh
Mohammed Belal Uddin 《现代会计与审计》2009,5(7):1-6,20
Financial firms make up a substantial fraction of the domestic equity market. A number of studies subsequently used different conceptual and methodological approaches to model equity return of financial services firms. Movement of the stock price as the consequence of the movement of the micro and macroeconomic factors is strongly supported by the literature review. Dhaka Stock Exchange in Bangladesh is inefficient in weak form. Multiple regression analysis is conducted to find out the relationship microeconomic factors with the stock price. In this study found a significant linear relationship among market return and some microeconomic factors such as net asset value per share, dividend percentage, earning per share of bank leasing and insurance companies. Also found non-linear relationship among the variables is insignificant at 95 percent level of significance. 相似文献
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Liangliang Han Li Song 《现代会计与审计》2005,1(5):43-48
This paper selects 11 Chinese listed companies as the sample and compares the effect of premanagement buyouts and post-management buyouts (hereafter MBO). The authors evaluate the effects of MBO according to the change of earnings capacity, management ability, debt paying ability, development ability and capital structure. The result shows that the obvious change does not take place in earnings capacity of the company and management ability, but the development ability of the company improves notably, and most of companies have taken advantage of financial leverage withir two years of post-MBO. 相似文献
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The extent to which the emergent structure of an organization remains the same, regardless of the turnover of the members,
is one of the most interesting questions raised by the analyses of its evolution. This paper uses longitudinal network analysis
to provide an answer to this question. Its shows the usefulness of combining both dynamics and comparative statics (here,
blockmodelling) in the study of this evolution. An empirical study examines the evolution of the structure of the advice network
among judges of the Commercial Court of Paris. The combination of dynamics and comparative statics answers the initial question:
Radical structuralism turns out to be wrong. An answer depends on the dimensions of the structure on which observers focus.
The pecking order in the advice network remains relatively stable, regardless of members’ turnover. However, social differentiation
measured in terms of role relationships and division of work shows that the relational structure does not remain the same
regardless of members’ turnover. Specifically, relational processes within the organization, such as collective learning,
impose varying constraints on different kinds of members over time and the overall relational structure reflects these members’
changing reactions and responses to these constraints. Since the former vary, so do the latter, and so does the resulting
emergent overall structure. 相似文献
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Many finance questions require the predictive distribution of returns. We propose a bivariate model of returns and realized volatility (RV), and explore which features of that time-series model contribute to superior density forecasts over horizons of 1 to 60 days out of sample. This term structure of density forecasts is used to investigate the importance of: the intraday information embodied in the daily RV estimates; the functional form for log(RV) dynamics; the timing of information availability; and the assumed distributions of both return and log(RV) innovations. We find that a joint model of returns and volatility that features two components for log(RV) provides a good fit to S&P 500 and IBM data, and is a significant improvement over an EGARCH model estimated from daily returns. 相似文献
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Guanting Chen 《现代会计与审计》2005,1(7):71-81
The paper testes the relationship between audit opinions and financial sensitive zones and accounts on the basis of the data of A-share companies in China. The author finds that when ROE of listed companies is in the small-profit zone or in the large-loss zone, the probabilities that they get modified audit opinions increase. But the right-offering zone, accrual accounts and accounts below the line have no significant effects on the modified audit opinions. Besides, the author also finds that the ratio of accounts receivable to asset, debt ratio, previous year's audit opinion and change of CPA firms have significant positive effects on the modified audit opinions, while the ratio of major business revenue and size of companies have no notable effects. Some other factors such as cash ratio, age of the listing and CPA firm ranking have no consistent and continuous effects. 相似文献
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