Review: Time machines,ethics and sustainable development: accounting for inter-generational equity in public sector organizations

This review paper explores the key challenges associated with effective inter-generational equity accounts in relation to the governance of public sector organizations and sustainable development transformations. Three different approaches to inter-generational equity accounting are evaluated and an outline for future research is provided.     

Financial development,corporate governance and cost of equity capital

Existing research suggests that external governance is more relevant than internal governance in affecting a firm’s value. We contribute to the literature by explicitly examining the interactive role played by country-level financial development and legal institutions in influencing the impact of firm-level governance on the cost of equity capital. Using a comprehensive sample of 7380 firm years drawn from 22 developed countries, we show that firm-level corporate governance attributes affect the cost of equity capital primarily in the Common Law countries with high levels of financial development. Our study is the first to highlight the complementary effects of legal origin, financial development and firm-level governance attributes in influencing the cost of equity capital.     

Firm-specific risk and equity market development

We show that the increase in firm-specific risk in the US stock market is the result of new listings by riskier companies. In addition, our results explain why prior researchers have found that growth opportunities, profit margin, firm size, and industry composition (among other factors) are related to increases in firm-specific risk. The new listing effect is not driven by small companies becoming riskier but instead by a riskier sub-sample of the economy becoming publicly traded. These results are consistent with prior research that documents time trends in financial market development.     

传承清洁理念，让发展可持续—2012清洁发展国际融资论坛暨2012十大绿色创新企业颁奖典礼举行

2012“十大绿色创新企业”的评选活动从《国际融资》杂志评选项目工作组征集、筛选到20家入围企业的推出,最终由41位评委评议、5．fA独立评审专家复议,评选出2012“十大绿色创新企业”。对这些当选企业,《国际融资》杂志主编李路阳评价说：“这是一群脚踏实地、以坚忍不拔的毅力从事高尚事业的企业。上苍给了人类纠错的机会,而这些绿色创新企业就是人类纠错的领航者”     

Domestic futures and sustainable residential development

Domestic ‘futures’ have been a long time coming. This paper questions the extent to which futuristic ‘vision’ linked to the rhetoric and sentiment of ‘sustainable development’ and the ‘livable city’ inform town and regional planning in England and Canada. Despite official commitment to ‘environmental’ objectives and media interest in ‘ecotech’ residential development, markets institutions and behaviour lag behind what is technically possible. Planning guidance encourages homes with less environmental impact. But this message has not reached most residential consumers. Is lack of mass markets in low impact housing a flaw in Government regulation, evidence of the cynical nature of official rhetoric, or proof of gradual product development as society redefines what is expected of living spaces? Or is it unwise to expect too much change in attitudes to property, or for innovation to come soon?     

Suboptimal international equity portfolio diversification and stock market development

Review of Quantitative Finance and Accounting - This paper examines whether the widely reported phenomena of home and foreign biases (i.e. suboptimal international equity portfolio diversification)...     

Regulatory harmonization and the development of private equity markets

This paper introduces a new dataset from 100 Dutch institutional investors’ domestic and international asset private equity allocations. The data indicate that the perceived comparative dearth of regulations of private equity funds impedes institutional investor participation in private equity funds, particularly in relation to the lack of transparency. The data further indicate that the perceived importance of regulatory harmonization of institutional investors has increased Dutch institutional investor allocations to domestic and international private equity funds. The Financieel Toetsingskader (regulation of portfolio management standards such as matching of assets and liabilities) has had the most pronounced and robust effect, followed by Basel II (regulation of risk management and disclosure standards) and the International Financial Reporting Standards (regulation of reporting standards and transparency).     

The Club of Rome and sustainable development

What remains of The limits to growth after 25 years? What impact would it have in the next 25 years? This essays attempts to answer these questions by examining the notions of sustainability and eco-technologies.     

Accounting and sustainable development: An exploration

As the social and environmental impacts of human activity have become more evident, the role of sustainable development as an organising principle in a variety of policy contexts and over multiple scales has become central. There are, at least, two implications that emerge from this observation. First, morally infused problems that need to be addressed have become more intractable, requiring innovation in our modes of thinking. Second, new spaces have emerged where the academy might explore how knowledge is created, validated and translated (or not) alongside policy and practice settings. One outcome of these trends has been the emergence of a stream of work (sustainability science) which investigates how disciplines might develop knowledge that progresses sustainable development. The aim of this paper, in line with the focus of the special issue, is to explore what possibilities emerge for accounting in light of a sustainability science approach. To achieve this end the paper starts with an exploration of the frustrations expressed in the literature over the perceived lack of progress made by social and environmental accounting towards addressing sustainable development. The paper then introduces sustainability science with the aim of imagining how an accounting for sustainable development might emerge. The paper closes with two illustrations of how a sustainability science approach to accounting could develop.     

逆向选择、系统性风险与政策性农业保险可持续发展

本文介绍了政策性农业保险在发达国家的成功经验和我国的发展状况,对政府补贴情境下的农业保险市场均衡模型进行了研究,并得到了市场均衡条件下的免赔率方程。利用上述市场均衡模型,针对农业保险市场普遍存在的系统性风险、逆向选择和道德风险问题,从统一的政策性农业保险公司、多层次再保险体系建设等方面阐述了政策性农业保险体系的可持续发展策略。     

Enacting the vision for sustainable development

Utopia, as a concept, is now used with varying intentions, engendering semantic confusion. When substituted with the notion of visioning, it can be also problematic, if sometimes for different reasons. An implicit engagement in visioning is examined in a community-based futures process for creating a strategy for the sustainable management of natural resources in the Mary River catchment, in Queensland, Australia. It is found that visioning, if it can be binding and impelling for common-interest groups, can be just as unrealistically utopian, or as slippery as the scaly creatures it is trying to protect, when applied afresh to a community exploring change from a variety of initial ideals and needs. It may be seen as an emergent property of active learning.     

银行的社会责任和可持续金融模式——从能效融资得到的启示

2007年6月7日,英国《金融时报》和国际金融公司联合颁发全球2006年度"可持续金融奖",表彰领先并创新于将社会环境目标和银行治理、业务模式相融合的优秀银行.兴业银行最终获得年度"可持续金融交易银奖",这是中国银行业首次获此荣誉.此文以兴业银行与国际金融公司能源效率融资合作项目为例,探讨银行的社会责任与可持续金融模式.     

Policies and strategies for sustainable development in Bangladesh

The concept of sustainable development, its relevance for Bangladesh, and policies and strategies for promoting it in Bangladesh are discussed. Economic growth, population growth, mobilization of resources, the role of women, devolution and decentralization, equity and protection of the environmental base are treated as key issues, with emphasis given to the effective implementation of strategies for promoting sustainable development.     

Utopian thought and the politics of sustainable development

This article argues that utopian thought is a necessary condition for the politics of sustainable development. Since utopian thought has so far been constrained by some typically Western features from the era of modernity, this requires a shift that transcends the following three fundamental aspects: the notions of fixed truth, fixed territoriality and fixed final goals for politics. The article argues that the concept of global sustainable development can entail three new elements of utopian thought: the disintegration of fixed territoriality, a never-ending story, and prismatic blueprints. Using these elements, utopian thought can provide transformative power, so that politics and policymaking can meet contemporary global challenges to development and the environment.     

以科学发展观引领注册会计师行业又好又快发展

根据党中央和财政部党组的统一部署,中注协认真开展深入学习实践科学发展观活动,本着联系实际、深刻分析,注重实效,着眼长远的原则,边学习边调研,边检查边分析,边整改边完善。通过学习和实践,我们深刻认识到,行业的发展离不开科学发展观的指导,只有全面贯彻落实科学发展观,才能引领行业又好又快发展。     

Home equity,mobility, and macroeconomic fluctuations

How does a fall in house prices affect real activity? This paper presents a tractable business cycle model in which a decline in house prices reduces geographical mobility, creating distortions in the labor market. This happens because homeowners face declines in their home equity levels, which makes it more difficult to provide the downpayment required for a new mortgage loan. Therefore, unemployed homeowners more often turn down job offers that would require them to move. The model can account for joint cyclical patterns in housing and labor market aggregates, and predicts a breakdown of the Beveridge curve in 2009. Counterfactual experiments are used to quantify the macroeconomic importance of the mobility channel during the Great Recession.