Are all investment decisions to subscribe to new stocks mindless?Investor heterogeneity and behavior in the process of subscribing to new stocks

The IPO process is a way for companies to improve their corporate governance and for investors to assess company quality.This paper posits that investor choices...     

Contrarian investment strategies work better for dually-traded stocks: Evidence from Hong Kong

We investigate the profitability of contrarian investment strategies for equities listed on the Hong Kong Stock Exchange (HKEX), which are separated into cross-listed firms and firms listed only in Hong Kong. We also investigate the relationship between stock returns and past trading volume for these equities. We report significantly higher contrarian profits for the period investigated and find that this is a persistent feature of stock returns for cross-listed companies. We also document that contrarian portfolios earn returns as high as 8.01% per month for the dually-traded companies and just 1.83% for only HKEX-listed firms. We find that volume has only a limited ability to explain contrarian profits. All extreme profits disappeared after adjusting for the Fama and French three-factor model.     

Speed of convergence to market efficiency for NYSE-listed foreign stocks

This paper contributes to the cross-listing literature by documenting the speed of convergence to market efficiency for foreign stocks listed on the NYSE. We find that, on average, it takes 30–60 minutes for a foreign stock to achieve market efficiency. For a comparable US stock, it takes only 10–15 minutes. The significant difference between foreign and US stocks remains robust when the speed is measured by the number of transactions rather than in calendar time. After relevant firm characteristics are controlled for, the time that it takes for foreign stocks to reach efficiency is significantly negatively related to the quality of their home country institutions. We find that one possible channel through which institutions affect the speed is through their impact on information asymmetry.     

Determining the contributions to price discovery for Chinese cross-listed stocks

We study the price-discovery process for a number of Chinese cross-listed stocks. For the stocks cross-listed on the New York Stock Exchange (NYSE) and the Stock Exchange of Hong Kong (SEHK), we find that the stock prices of these two exchanges are cointegrated and mutually adjusting, and that the SEHK makes more contributions than the NYSE to the price-discovery process. The SEHK contributions are 81.6% and 89.4%, computed from Gonzalo and Granger [Gonzalo, J., Granger, C., 1995. Estimation of common long-memory components in cointegrated systems. Journal of Business and Economics Statistics 13, 27–35] permanent–transitory (PT) and Hasbrouck [Hasbrouck, J., 1995. One security, many markets: Determining the contributions to price discovery. Journal of Finance 50, 1175–1119] information share (IS) models respectively.     

规制证券短线交易法律制度的现存问题与对策

起源于美国的上市公司内部人短线交易(short-swing trading)收益归入权制度,是证券内幕交易法律规制制度的一个重要组成部分,其立法目的在于通过对上市公司内部人的短线交易收益予以归入这一威慑手段,建立内幕交易的事先防范和吓阻机制,以维持投资者对资本市场公正性和公平性的信赖,保障资本市场的健康、有序发展。本文试从投资者权益保护的视角,在对我国现行的相关法律制度、司法和监管实践进行研究分析的基础上,借鉴美国、日本、韩国、台湾地区等境外成熟市场的成功经验,提出了完善我国短线交易法律规制制度的若干建议与对策。     

对企业债转股的财务评价和分析

债权转股权是金融资产管理公司作为投资主体,将商业银行原有的不良信贷资产转为金融管理公司对企业的股权,以及国家开发银行对企业的股权,由原来的债权债务关系,转变为金融资产管理公司和国家开发银行与实施债权转股权企业之间的持股与被持股或控股与被控股的关系。但是,并非所有国有企业都符合债转股条件,债转股对具体企业也不是都有利。对于符合条件,能考虑实施债转股,并对企业长期发展有利的企业,需要利用现代财务分析评价方法来分析评价债转股。     

碳定价新全球路径为可持续投资带来资金

2017年5月29日,柏林:由诺奖得主约瑟夫·斯蒂格利茨和尼古拉斯·斯特恩勋爵领导的碳定价高层委员会得出的新结论,为促进气候友好型增长、投资和创新适时地提出了合理的建议.世界银行气候变化高级局长表示. 由碳定价领导同盟召集、法国政府和世界银行支持的高层委员会集合了来自九个发达国家和发展中国家的13位著名经济学家,共同确定了帮助实现将全球气温控制在2°C度之下的巴黎协定核心目标的碳定价范围.     

注册会计师考试几个热点问题解答

随着注册会计师在市场经济活动中的作用日益受到重视,近几年报名参加全国注册会计师考试的人数以年均20%的速度增加,2001年达到61.9万人,目前注册会计师考试已成为国内报考人数最多的深受社会瞩目的职业资格考试之一.截至2000年底,我们已成功组织了九届注册会计师考试,积累了很多有益的经验.下面就当前广大考生关注的几个考试热点问题作一解答.     

Dependent on one but vulnerable to another: opportunism threats and control solutions for customization providers

While economic theory suggests that identifying alternate customers is costlier than identifying alternate specialized employees for customization providers, substantial field research evidence indicates the opposite, where providers are reportedly more dependent on employees than customers. We inquire into this contrasting picture between theory and practice through an in‐depth case study that suggests that what begins as customer dependence transforms into vulnerability to employees. While perceived vulnerability to customers is efficiently removed through ex ante controls, the physical asset specificity in each customer order generates task uncertainty, specialization and teamwork, which become the new sources of opportunism threat for the customization providers. Compounded layers of ex ante and ex post controls with frequent iterations suggest a need for continuous management (as against removal) of vulnerability to employees.     

营管结合:农业银行二级分行扁平化管理必须把握的关键——兼论农业银行二级分行城区机构扁平化改革中的若干问题

文章探讨农业银行二级分行实行扁平化管理后的营管结合问题.     

是无形资产还是有形资产--土地使用权价值评估中的困惑及其解析

文章认为作为用益物权的土地使用权,因其资产形态不清、界定不明给资产评估造成了困惑和不便.文章主张,土地使用权的价值应尽量使用市场法进行评估.在市场数据难以获取的情况下,选择收益法也不失为次优的解决方式.文章建议将土地使用权作进一步细致的划分,如划拨土地使用权、出让土地使用权、土地作价出资权(或入股权)、租赁权、一定程度的转让权和破产清算时处置土地的权利等,从而根据其权利内涵的不同,确定其评估价值.     

An active learning strategy for the classroom—“who wants to win … some mini chips ahoy?”

Skillfully presenting technical accounting material has been identified as an important dimension of effective teaching [Issues in Accounting Education (1993) 8(2), 436]. Faculty may more effectively present material by modifying the traditional lecture approach to incorporate visual-based instruction and increase student involvement through active learning exercises. One approach to presenting accounting material more effectively is described in this article. A “Who Wants to Win…?” game, similar to that seen on television, is constructed with the instructor in the role of master of ceremonies and one class member, a group, or the entire class in the role of contestants. The method described can be adapted and used to present a variety of accounting topics. Anecdotal evidence from two very different college classroom settings indicates a high level of student enjoyment, increased class participation, and an increased level of advance preparation on the part of the students. While a significant amount of material is presented in a concise, novel, and effective manner, the game provides a relaxed classroom atmosphere for the students and an enjoyable method of presentation for the instructor.