Derivative Usage by Nonfinancial Firms in Sweden with an International Comparison

This paper provides survey evidence on the use of derivatives among Swedish nonfinancial firms. The evidence is compared with the findings by Bodnar et al. (1995, 1996) and Berkman et al. (1997) for the USA and New Zealand, respectively. By comparing firms in Sweden with firms in New Zealand and the USA differences in derivative usage can be related to differences in their underlying economies and history of trading in derivatives. Among other issues, the results showed that (1) 52% of the nonfinancial firms in Sweden used derivatives compared with 53% in New Zealand and 39% in the USA; (2) the usage of derivatives was more common among larger than among smaller firms; (3) the principal use of derivatives was for hedging purposes and those firms that engaged in speculative activity tended to be larger rather than smaller firms; and (4) lack of knowledge about derivatives within the firm was the issue of most concern for financial directors. The latter was in contrast with the USA where lack of knowledge was the issue of least concern.     

浅谈EVA在企业管理中的运用

在世界经济学快速发展的今天，大多数公司经常使用不一致评价目标。EVA分析方法，是一种崭新的企业成就评价方法，一种基于会计系统的公司成就评价系统，在一家时间内反映出公司哪种方法更适合于评价股东创造的价值。     

Sterling and the Euro

The question of whether and when sterling should join Economic and Monetary Union is likely to be one of the key battlegrounds in the next election campaign. In this article, Erik Britton and Scott Livermore argue that there is no clear economic case in favour of sterling's entry to EMU. However, if as the government asserts – the political will to join exists, steps could be taken now, adjusting the mix of macroeconomic policy, to ensure that convergence was likely shortly after the next election.     

导数的经济意义

导数是高等数学的基本概念之一,导数的应用范围颇为广泛,运用导数对经济问题进行分析可以为企业的决策提供依据。本文将就导数在经济中的应用略做讨论。     

简述《电子教室》在课堂教学中的使用

本文介绍了《电子教室》的应用领域,演示了《电子教室》的教学功能及操作步骤。简述了《电子教室》教学方法对现代教育的重要性。     

The Reallocation of Labour and the Lifecycle of Firms

This paper uses a unique US panel dataset of firms and workers toinvestigate the relationship between the firm's lifecycle and the reallocation of labour. We distinguish labour reallocation associated with job reallocation, and reallocation of workers over a fixed configuration of jobs. We find that firms at the beginning and end of their lifecycles contribute disproportionately to labour market lows, with sorting between firms particularly important among young firms, whereas sorting within firms is moreimportant among mature firms. We also find that high churning lows are associated with a lower probability of a young firm surviving.     

Lost and Found in Translation: How Firms Use Anisomorphism to Manage the Institutional Complexity of CSR

Prior research on the internationalization of firms from emerging countries has fruitfully invoked institutional theory to emphasize the legitimacy benefits that firms that obtain from showing isomorphism with international norms such as Corporate Social Responsibility (CSR). Without denying the intuitive appeal for these firms to communicate acceptance of CSR, we suggest that firms face a legitimacy trade-off, where the hoped-for legitimacy benefits of isomorphism must be weighed against other home-country institutional considerations. We advance and test this notion that firms will navigate this institutional complexity by engaging in anisomorphism, i.e., espousing general acceptance with international values but with selective ‘translation’ based on home country differences. We test our predictions by analysing firms' communication of CSR, using a unique dataset comprised of 245 firms observed over the period from 2000 to 2018. Consistent with our predictions, we find that firms from countries more reliant on natural resource extraction (e.g., mining and fossil fuel industries) de-emphasize the environmental component of CSR, and firms from more autocratic countries de-emphasize the human rights component of CSR. Additionally, and consistent with our presumption of firms' weighing the international versus home-country legitimacy trade-off, we find that these main effects are sensitive to changes in firms' levels of internationalization.     

The New Keynesian Model and the Euro Area Business Cycle*

This paper describes a New Keynesian model incorporating transactions‐facilitating money and a time‐to‐build constraint into endogenous capital accumulation. The calibrated New Keynesian model performs almost as well as the estimated vector autoregressive model in replicating Euro area cyclical correlations between key variables such as output and inflation, although it fares less well in predicting the procyclical dynamics of nominal interest rates. The presence of a time‐to‐build requirement in the model helps to improve its fit to Euro area data, whereas the role of transactions‐facilitating money is much less important. Impulse–response functions and a decomposition of variance complete the analysis.     

The Regulation of Predatory Firms

This article investigates the issue of predation by a regulated firm. Since it has private information, a regulated firm obtains higher rents in case of successful predation: the fewer the competitors, the higher the marginal social value of the regulated firm's effort and the higher the informational rents. Both principals (the investor of a "target" firm and the regulator) have to provide some incentives to prevent predation: the investor has to reduce the sensitivity of refinancing to predation; the regulator has to lower the gain of successful predation. It is shown that there is a trade-off between the power of the regulatory incentive scheme and the regulated firm's incentives to prey. In addition, as deterring predation is costly, the investor and the regulator compete when offering contracts: each wants to free-ride on the other. Hence, predation may occur in equilibrium although it makes both principals worse off.     

The Regulation of Predatory Firms

This article investigates the issue ofpredation by a regulated firm. Since it has private information, a regulated firm obtains higher rents in case of successful predation: the fewer the competitors, the higher the marginal social value of the regulated firm's effort and the higher the informational rents. Both principals (the investor of a "target" firm and the regulator) have to provide some incentives to prevent predation: the investor has to reduce the sensitivity of refinancing to predation; the regulator has to lower the gain of successful predation. It is shown that there is a trade-off between the power of the regulatory incentive scheme and the regulated firm's incentives to prey. In addition, as deterring predation is costly, the investor and the regulator compete when offering contracts: each wants to free-ride on the other. Hence, predation may occur in equilibrium although it makes both principals worse off.     

Demand for money in the Euro area

We analyzed the stability of the money demand function using panel data from January 1999 through March 2006, covering the 11 EU countries (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain). First, we found that the money demand function was stable with respect to M3. This arguably supports the suitability of the ECB's focus on M3 money supply in its monetary policy. Second, the stability of the money demand function was recognized with respect not only to M3, but also to M1 and M2. Accordingly, the ECB's adoption of M1 or M2 growth as a reference value should probably be considered depending on how conditions change going forward.     

微观经济学案例的导数法解析

本文主要探析微观经济学中如何应用高等数学中的导数概念来解决问题,进而做好科学决策。通过借助导数方法开展经济问题的研究,可以简单明了的描述经济现象,解析其背后的经济规律。     

欧洲主权债务的违约风险及其对银行业的影响

欧债危机持续恶化,危机逐渐向意大利和欧洲银行体系蔓延。由于银行业持有巨额危机国家债券,部分国家国债收益率急剧飙升将导致欧洲银行业的融资成本、流动性风险和不良贷款率攀升,使银行的存款流失且贷款增长放缓。一旦希腊或意大利债务违约,可能触发CDS赔偿和放大衍生品市场的交易对手风险,造成金融机构的巨额赔付,导致难以估量的溢出效应。危机的持续蔓延,可能导致热钱流入,企业信用风险加剧,延缓中国解决房贷市场潜在风险的努力,从而对中国的银行业产生影响。     

会计师事务所业务范围与审计独立性

会计师事务所作为中介服务机构,能否在审计工作中保持独立性,不仅关系到注册会计师行业能否发展壮大,更关系到社会经济能否健康运行。影响注册会计师审计独立性的因素很多,本文从会计师事务所的业务范围角度考察,认为业务领域过于狭窄是造成目前我国会计师事务所难以保持审计独立性的重要原因。建议通过拓展事务所的业务范围来增强注册会计师的独立性,并对业务拓展中会出现的问题及相应的对策作了探讨。     

我国衍生金融工具研究述评

在国内,理论与实务界对衍生金融工具进行了多年的研究。研究的视角主要集中于金融和财务会计两大领域;研究的内容主要关注衍生金融工具介绍、衍生金融工具监管以及衍生金融工具会计信息的披露;研究的方法以规范研究为主。文章在梳理已有研究文献的基础上对未来的研究提出了进一步的思考:研究应以资本市场为轴心,市场参与者为主体,规范研究与实证研究相结合,强化公司基于衍生金融工具的投融资研究。