Do Stock Prices of Property Casualty Insurers Fully Reflect Information about Earnings,Accruals, Cash Flows,and Development?

This paper examines whether the stock prices of property and casualty (P&C) insurers fully reflect information contained in earnings, cash flows and accruals, and one particular accrual—development of loss reserves. The reserve for policy losses is a major accrual for P&C firms, requires substantial judgment and is the subject of unique disclosures that reveal the ex post error in management estimates. We find that investors underestimate the persistence of cash flows and overestimate the persistence of accruals for P&C insurers, but our evidence suggests the market does not underestimate the persistence of the development accrual.     

Discretionary and Non-Discretionary Revisions of Loss Reserves by Property-Casualty Insurers: Differential Implications for Future Profitability, Risk and Market Value

We develop and estimate a PC-industry specific model in which proxies for both discretion and non-discretion are used to partition loss reserve revisions into discretionary and non-discretionary components. The use of such proxies enables us to test directional hypotheses about the relations between the revision components and future profitability, risk and market value. We predict and find that discretionary revisions are negatively associated with future profitability, positively associated with firm risk, and negatively associated with market-to-book ratios. We predict and find that non-discretionary revisions are positively associated with future profitability and risk but are not associated with market-to-book ratios.     

质押为目的的知识产权价值评估特性分析

以质押为目的的知识产权价值评估的业务性质,决定了该项评估业务的特殊性,并对评估师的执业能力提出更高的要求。本文通过分析以质押为目的的知识产权价值评估在评估目的、标的物特征、价值因素、评估程序和评估信息披露等五个方面的特殊性,提出评估师专业能力相关要求。     

美国企业财产征用过程中的商誉损失及其评估

财产所有者在其财产被政府征用后可以就被占财产的价值取得补偿,目前我国一般只是对其有形资产的损失进行补偿.实际上,这种损失既可能体现为有形财产的损失,也可能体现为无形资产,主要是商誉的损失.本文简要介绍了国外商誉损失及其评估的有关情况.普通评估方法是比较征用前的商誉价值与征用后的商誉价值的差异.企业价值评估师可以使用现代经济和金融理论估算企业商誉损失.文中还举出国外的几个案例阐述了如何使用该理论来评估商誉的损失.     

Discussion of: “Do Stock Prices of Property Casualty Insurers Fully Reflect Information About Earnings,Accruals, Cash Flow and Development?”

My remarks are intended to accomplish two primary objectives. My first objective is to describe how this paper contributes to several streams of current research, offer a few observations on the strengths and limitations of the research design, and consider several ways one might interpret the results. My second objective is to describe several opportunities for future studies by Bill Beaver and Maureen McNichols or other researchers to extend this line of research to address related questions. I have organized these remarks into the following sections: overview of the paper; strengths of the analysis; opportunities to refine the analysis; interpretations of the results; and potential extensions.     

保险公司保障属性的衡量与影响因素分析

本文聚焦保险保障功能,提出保障属性的概念,并运用熵值法构建衡量保险公司保障属性的多指标综合评价模型,计算了保险公司的保障属性指数,并衡量了财险业、寿险业及保险业的保障属性,分析了导致保险公司保障属性差异的影响因素。研究表明,构建的保障属性综合评价模型具有一定的有效性。财险公司保障属性集中在高水平,外资和小型财险公司的保障属性明显较高。寿险公司间保障属性差异明显,外资和小型寿险公司的保障属性明显较高。保险行业的保障属性整体上在样本年显著增强。财险公司和寿险公司的保障属性受不同因素影响。整体上,公司年龄、学历结构、国有股份比例、董事长学历及是否兼任总经理等因素对两者有着共同的影响。     

The Market Valuation and Trading Volume Effects of the Creation of the Florida Hurricane Catastrophe Fund on Property-liability Insurers

The Florida Hurricane Catastrophe Fund was officially created in November, 1993. This study analyzes investor reactions during the creation of the Florida Hurricane Catastrophe Fund. We find significant share price reactions for four of six legislative events consistent with the predictions of the theory outlined. We use both a generalized least squares portfolio approach and Corrado's (1989) rank statistic, a nonparametric event study methodology, to arrive at our findings. Empirical analysis of trading volume corroborates the findings involving share price reactions. We also find that the market is able to discriminate between property-liability insurers on the basis of hurricane exposure and firm size.     

基于知识产权视角的无形资产评估问题研究

一、无形资产的界定与知识产权的转化 （一）无形资产的界定 无形资产评估首先应界定其评估对象。无形资产迄今为止尚无一致的,科学的定义,基本上是采用描述性定义并通过列举来界定无形资产。     

The Hierarchical Trend Model for Property Valuation and Local Price Indices

This paper presents a hierarchical trend model (HTM) for selling prices of houses, addressing three main problems: the spatial and temporal dependence of selling prices and the dependency of price index changes on housing quality. In this model the general price trend, cluster-level price trends, and specific characteristics play a role. Every cluster, a combination of district and house type, has its own price development. The HTM is used for property valuation and for determining local price indices. Two applications are provided, one for the Breda region, and one for the Amsterdam region, lying respectively south and north in The Netherlands. For houses in these regions the accuracy of the valuation results are presented together with the price index results. Price indices based on the HTM are compared to a standard hedonic index and an index based on weighted median selling prices published by national brokerage organization. It is shown that, especially for small housing market segments the HTM produces price indices which are more accurate, detailed, and up-to-date.     

知识产权评估的支撑与研发

我们已经进入了知识经济时代．根据世界知识产权组织（Wodd Intellec-tual Property Organization,WIPO）统计资料．各国之间通过以专利技术为主的许可贸易方式成交的贸易额由1965年的20亿美元增长到1995年的2500亿美元,     

The Effects of Customer Satisfaction on Company Profitability: Evidence From the Property and Casualty Insurance Industry

Prior literature presents a positive link between customer satisfaction and firms’ financial outcomes, including greater revenue, profitability, and prices. However, few studies approach the topic of customer satisfaction in the insurance industry. Using a unique data set obtained from J.D. Power, we observe customer satisfaction among U.S. auto insurers and link their customer satisfaction rating to insurer profitability metrics. Our results support the notion that greater customer satisfaction leads to reduced expenses and increased profitability. A potential explanation is that more satisfied customers are more likely to remain with an insurance company and refer others to the insurer, reducing customer acquisition expenses.     

森林景观资产价值特点及评估方法选择与评价

对森林景观资产进行评估研究,是盘活森林旅游市场中森林景观资产的必然需求.本文在研究森林景观资产价值特点的基础上,对森林景观资产评估中的三种方法进行了较为详细的分析,讨论了这三种方法的原理与应用范围,为森林景观资产评估实践活动的开展提供了参照.     

知识产权质押融资中资产评估的研究

本文分析了知识产权质押物（评估对象）的界定、价值类型的明确和选择、并就知识产权资产价值评估中应注意的问题和评估值的应用进行了探讨。     

企业搬迁损失评估之我见

随着我国经济高速发展．越来越多的工厂需要搬迁,由此产生企业搬迂损失的评估项目也不断增加。与某些业内人士主张将工厂搬迁损失评估人为地划分为三个阶段不同,我们在参与企业搬迁评估的一个项目中．从评估结论的适用性、评估资料的可获得性和评估工作简易性出发．将某上市公司搬迁损失评估分为不动产损失、停产损失和搬迂费三个子项。由此产生的评估结论和评估报告获得了相关政府主管部门和公司董事会、大股东、股东大会的认可。我们的体会如下：     

不动产价格公示和鉴定评价法

本期刊载韩国价值评估行业最重要的法律《不动产公示与鉴定评价法》。在这一法律中,我们可以了解到我们这个邻国在土地、住宅与其他不动产价值评估方面的统一规定,以及政府专门设立的管理组织与行业协会的各项规定。虽然我国与韩国的国情不同,尤其是该法不涉及企业与无形资产的评估,但制订行业统一的法律规章始终是世界各国的成功经验。     

美国、加拿大知识产权评估工作考察情况介绍

为充分借鉴国外知识产权资产评估的先进经验,从而加强知识产权资产评估的管理,规范知识产权的资产评估行为,使知识产权资产评估更好地服务于我国创新型国家的建设,国家知识产权局和中国资产评估协会联合组团,于2007年9月8日至9月21日赴美国、加拿大进行知识产权评估工作考察。     

质押贷款中知识产权的价值评估实务

一、知识产权质押贷款的现状 过去,银行贷款主要以有形的实物资产作为抵押品,但是,无论是银行还是知识产权的所有人都认识到,专利、商标和计算机软件著作权等知识产权也是公司的重要资产.既然它能在衡量企业价值时被认可,也应该能作为有效的质押资产.1995年,我国颁布了《担保法》,其中明确规定了知识产权可以作为一种担保形式,用于银行质押贷款.为在同业竞争中赢得优势,作为一种金融创新,质押贷款业务迅速在一些银行正式开展.但是,由于知识产权的特殊性,知识产权质押融资业务一直没有真正开展.直至2006年11月1日,交通银行北京市分行将知识产权质押贷款作为该行的一项金融品种,才真正开展起来.     

工厂搬迁中损失评估时需要分析的问题

随着我国城市规模的不断扩大,以及对城市污染控制的要求越来越严格,使得越来越多的工厂需要搬迁。此外,因不少企业在不断扩大生产规模,当原生产场地达不到发展需求时．也需要搬迁。     

CEO Overconfidence and Earnings Management: Evidence from Property-Liability Insurers' Loss Reserves

This study investigates the relation between managerial overconfidence and loss-reserving practices in the U.S. property-liability insurance industry. We find robust evidence that CEO overconfidence is significantly associated with relatively low loss reserves, resulting in relatively high reported earnings. This finding is consistent with the theoretical predication that overconfident managers overestimate the returns on their investment projects and underestimate losses. Our result contributes to the literature linking CEOs' personality traits and firms' accounting policy as well as to the literature on insurer loss-reserving practices.