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1.
Privatization and fiscal deficits have been linked theoretically as emerging market countries completed transitions from command to market-based economies. This study examines the joint relationships among relative fiscal deficits, privatization, and exogenous factors for twenty-five Central and Eastern European emerging market countries. Pooled regression models suggest that increased privatization does not reduce fiscal deficits, but fiscal deficits increase as privatization increases over time. These effects are dependent upon the set of countries considered and the privatization measure employed. There is limited support for the hypothesis that privatization is increased when fiscal deficits decline for the nine early privatizers.  相似文献   

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《Accounting in Europe》2013,10(2):129-145
On many important accounting problems there seems to be a gap in knowledge and understanding between the academic world and those whose views are most prominent in public debate. The paper explores the reasons for this gap, and suggests that the biggest problem is the perception of irrelevance. The paper discusses how the gap can be narrowed, using ICAEW's Information for Better Markets work, in particular on business reporting models, as an example.  相似文献   

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文章探讨案例课的功能与问题。  相似文献   

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四、单位资质在企业产权交易中的实现形式及其披露虽然单位资质作为一种能为其所有者或控制者获取未来收益的权利具有无形资产属性,但在现行的企业产权交易实践中,对资质类无形资产进行界定和披露还存在许多认识误区和障碍,所以有必要讨论单位资质在现行企业产权交易中的实现形式和信息披露方式。  相似文献   

6.
In this study, we investigate the effect of the European Union integration process on banks' efficiency and the convergence of cost efficiency across banking systems from Central and Eastern European countries for the period 2004-10. We observe large differences in the levels of cost efficiency among national banking systems, and we notice an increase in banking efficiency for all banking systems until 2008. However, starting with 2009, the evolution of the average scores of cost efficiency declines. The results provide evidence of β-convergence and σ-convergence in terms of cost efficiency among the banking systems, especially during the period 2009-10.  相似文献   

7.
Expanding the currency investment universe makes a lot of sense from a diversification point of view. Nevertheless, 60% of the total foreign exchange turnover is still only traded in three currency pairs (USD/EUR, USD/JPY and USD/GBP). The share of trading in local currencies in emerging markets is only around 5%. This can be explained by the fact that some currency managers fear investing in emerging market currencies. Many believe that political risk is the most dominant driver in these markets and that traditional investment rules do not work. In this paper, I apply four technical trading strategies for the developed market currencies and for the most traded emerging market currencies. The empirical results show some striking differences. They suggest that trend-following rules work better for emerging market currencies, while carry trading strategies perform better across developed market currencies. Nevertheless, it seems that conventional techniques could be successfully applied to both developed and emerging market currencies. I conclude that currency managers should not be afraid to diversify into emerging market currencies. They should, however, adjust their trading style accordingly.  相似文献   

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对新形势下注册会计师教育与培训问题的思考   总被引:1,自引:0,他引:1  
这里说的新形势,就是中国加入世贸组织.正如有关专家所言,当今世界经济舞台上的三大演员,一个是政府,一个是企业,另一个就是中介机构.我们必须重视这些中介机构的壮大和发展.这也是政府简政放权的一个重要方面.不然,一旦政府的职能精简之后,就会出现一个很大的管理空白.随着知识经济的发展,会计审计知识体系也会发生极大变革,同时随着国际服务市场的开放,客观可靠、透明、可比的财务信息在贸易、投资和金融稳定方面将起着重要作用.  相似文献   

9.
与国际会计师事务所合作的思考和体会   总被引:5,自引:0,他引:5  
当前会计师事务所扩大规模的工作正在全国积极展开.上规模的确是当务之急.但如何上规模却有不同的方式.第一种是内涵扩大的方式,以我为中心,自我积累,自我发展,其好处是一切在我的控制之下有序地进行,缺点是发展的速度受到限制.  相似文献   

10.
This paper studies 14 companies that were subject to an official investigation arising from the publication of fraudulent financial statements. The research found senior management to be responsible for most fraud. Recording false sales was the most common method of financial statement fraud. Meeting external forecasts emerged as the primary motivation. Management discovered most fraud, although the discovery was split between incumbent and new management.  相似文献   

11.
Abstract

Volatility movements are known to be negatively correlated with stock index returns. Hence, investing in volatility appears to be attractive for investors seeking risk diversification. The most common instruments for investing in pure volatility are variance swaps, which now enjoy an active over-the-counter (OTC) market. This paper investigates the risk-return tradeoff of variance swaps on the Deutscher Aktienindex and Euro STOXX 50 index over the time period from 1995 to 2004. We synthetically derive variance swap rates from the smile in option prices. Using quotes from two large investment banks over two months, we validate that the synthetic values are close to OTC market prices. We find that variance swap returns exhibit an option-like profile compared to returns of the underlying index. Given this pattern, it is crucial to account for the non-normality of returns in measuring the performance of variance swap investments. As in the US, the average returns of selling variance swaps are found to be strongly positive and too large to be compatible with standard equilibrium models. The magnitude of the estimated risk premium is related to variance uncertainty and past index returns. This indicates that the variance swap rate does not seem to incorporate all past information relevant for forecasting future realized variance.  相似文献   

12.
In this paper, we analyze the causality among inflation, output growth, and their uncertainties in all European countries with emerging economies. For these countries, high uncertainty regarding economic growth during the current economic and financial crisis that started in 2008 caused their governments to increase their efforts to sustain growth, and to maintain a low level of inflation. Of the twelve possible hypotheses regarding the causal relationships among inflation, output growth, and their uncertainties, we consider five relationships for which we find strong theoretical arguments and empirical evidence in the literature. The empirical evidence strongly supports the Friedman-Ball hypothesis that inflation Granger-causes inflation uncertainty. For the other four tested hypotheses, fewer significant causal relationships are obtained.  相似文献   

13.
The object of this study is to evaluate the consequences of the application of the EEC Regulation 4064/89 to non–European companies. We focus on the Boeing–McDonnell Douglas merger case, one of the first non–European mergers considered by the Commission. The analysis of abnormal returns on the two securities shows that the threat of a ban of the merger by the Commission were not perceived as credible at first. But when Boeing decided to ask the support of the American government, just after the decision of the European Commission to extend its investigations to the long term exclusivity contracts, the role of the Commission emerged.  相似文献   

14.
In recent decades, financial development policies in emergingmarket economies have been shaped by a fundamental shift towardmarket-based financial systems and the lessons from financialcrises. Today, there is consensus that financial developmentdepends on financial stability and convergence toward internationalstandards. While the debate on some issues has matured, policythinking in other areas is changing, fueled by recent experiences.This article analyzes the evolution of policy thinking on financialdevelopment and discusses three areas that are important toachieving deeper financial systems: stock market development,small- and medium-size enterprise financing, and defined-contributionpension systems. The main emerging issues in these areas areillustrated using recent experiences in Latin America. The articleconcludes that there is a need to take a fresh look at the evidence,improve diagnoses, and revisit expectations. JEL codes: F36, G15, G18, G20  相似文献   

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Emerging and re-emerging infections have changed the course of human history from the beginnings of human civilization. Currently, emerging infections such as HIV-AIDS and re-emerging infections such as cholera and diphtheria are plaguing our society. There is now increasing concern about future emerging and re-emerging infections — arising on their own, induced by excessive or inappropriate use of antibiotics or deliberately inflicted on society (biologic warfare).There are multiple approaches to prevention, early detection and control of these infections. At present, the major focus is on achieving better surveillance, developing more sophisticated diagnostic techniques, and creating more effective public health infrastructures. An additional approach, which may be the most effective in minimizing the frequency and severity of these society-threatening epidemics, is amelioration of critical societal determinants that provide the milieu in which emerging infections arise and flourish.Excessive population growth and global warming are the two superordinating variables, in particular because once they have supervened, it would take decades, even centuries, to effectively mitigate their consequences.Other variables include: massive urbanization; wars; poverty; malnutrition; forced migration; human behavior (particularly sexual behavior); massive irrigation projects and dam construction; extensive travel; and planetary population aging. These determinants which, for the most part, are closely inter-related, are virtually all modifiable by individual actions, by small but important changes in our educational system, and by political actions.  相似文献   

17.
黄贤福 《新金融》2002,(6):13-15
一、欧洲商业银行组织架构重组原则的演变 从商业银行内部组织结构的发展演看,20世纪70年代,各国大部分银行组织的内部结构都根据业务种类或产品来划分的.  相似文献   

18.
This paper analyses EC rule-making, using the Seventh Directive as a case study. Three stages of a Directive's life are identified, with different key players taking the lead. The paper analyses the evolution of the Seventh Directive up to its adoption in 1983, looking at 19 key features. The adopted Directive is close to previous UK consolidation practices, but investigation shows that, from its origins in the late 1960s to the published drafts of the late 1970s, it showed clear German parentage. The coalition of forces leading to the major changes from German to UK practices is examined.  相似文献   

19.
受全球系统性金融危机的影响,新兴市场国家的资本流人出现了突停和逆转.与以往的地区性金融危机造成新兴国家的资本流动变化相比,此次新兴国家资本流入突停和逆转的特征更鲜明、原因更复杂、影响更深远,对中国经济也会带来一些难得的机遇和新的挑战.  相似文献   

20.
Liquidity and Expected Returns: Lessons from Emerging Markets   总被引:5,自引:0,他引:5  
Given the cross-sectional and temporal variation in their liquidity,emerging equity markets provide an ideal setting to examinethe impact of liquidity on expected returns. Our main liquiditymeasure is a transformation of the proportion of zero dailyfirm returns, averaged over the month. We find that it significantlypredicts future returns, whereas alternative measures such asturnover do not. Consistent with liquidity being a priced factor,unexpected liquidity shocks are positively correlated with contemporaneousreturn shocks and negatively correlated with shocks to the dividendyield. We consider a simple asset-pricing model with liquidityand the market portfolio as risk factors and transaction coststhat are proportional to liquidity. The model differentiatesbetween integrated and segmented countries and time periods.Our results suggest that local market liquidity is an importantdriver of expected returns in emerging markets, and that theliberalization process has not fully eliminated its impact.  相似文献   

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