From strategic urban planning to strategic urban management: Problems and solutions

This paper provides a short review of the history of urban development planning at different stages of urbanization, of the discussions and visions of the future of cities. It considers the urban planning doctrines in the Soviet Union and in today’s Russia (transition to strategic planning) and justifies the project of the system for managing the implementation of these strategic plans.     

Analysis of the relationship between urban management and urban planning

Recently years, urban management and urban planning are playing important roles in the urban development of China. During such fast urbanization era of China, it is important to understand the close relationship between the urban management and urban planning. On one hand, planners need to know the principles of how to manage a city and how to make plans. On the other hand, a scientific and rational urban planning keeping abreast of the times is a fundamental guarantee for achieving favorable economy, society and environment situation and strengthening the comprehensive competitive power of a city.     

The relationship between revenue diversification and bank performance: Do financial structures and financial reforms matter?

This paper contributes to the existing literature by investigating the impact of revenue diversification on bank performance through a broad array of financial reforms, including credit controls, interest rate controls, entry barriers, banking supervision, privatization, and financial account restrictions. This analysis is the first to investigate whether financial structures (bank- or market-based systems) change the effect of diversification on individual bank performance. We use a panel dataset sample from 29 Asia-Pacific countries covering the period between 1995 and 2009, for a total of 2372 banks. Unlike the results of previous studies based on data from the U.S. and Europe, this study confirms the hypothesis of the portfolio diversification effect for the Asia-Pacific banking industry. For bank-based groups, bank performance can be improved through diversification, supporting the “bank-based view” hypothesis. Finally, under different financial systems, the relationships among revenue diversity, financial reforms, and bank performances are multidimensional.     

Timeliness of financial reporting,the firm size effect,and stock price reactions to annual earnings announcements*

Abstract. Disclosure timeliness is of concern because a report's usefulness may be inversely related to the reporting delay. Although longer delays increase the likelihood that some of the information contained in annual earnings disclosures will be preempted by information from more timely sources, previous research investigating the relation between earnings-disclosure timeliness and the intensity of the associated market reaction has reported mixed results. These inconclusive findings may be at least partially due to the effects of a potentially confounding variable — firm size — which may have offset the reporting delay effect. Large firms usually disclose earnings relatively early, but the associated market reaction tends to be small due to the size effect. Small firms disclose later, but their associated market reaction tends to be high due to the size effect. Consequently, this study employs a multivariate approach, which controls for firm size, in investigating the relationship between the timeliness of annual earnings disclosure and the associated security price reaction. The study's results support the hypothesis that after controlling for firm size, the length of the reporting delay is inversely related to the magnitude of report period price revaluations. That is, longer delays are associated with smaller market reactions, when firm size is held constant. There is some evidence that this relation may be stronger for earnings announcements which convey “bad news.” Résumé. La publication rapide de l'information est un sujet de préoccupation, puisque l'utilité d'un rapport risque d'être inversement proportionnelle au délai de publication. Bien que des délais plus longs augmentent la probabilité que certaines des informations contenues dans la publication annuelle des bénéfices aient déjà été obtenues de sources plus rapides, de précédents travaux de recherche analysant la relation entre la rapidité de la publication des bénéfices et l'intensité de la réaction du marché à l'information publiée ont abouti à des résultats mixtes. Ces résultats non concluants peuvent être au moins en partie attribuables à l'incidence d'une variable pouvant porter à confusion — celle de la taille de l'entreprise — susceptible d'avoir compensé l'incidence du délai de publication. Les entreprises de taille importante publient habituellement leurs bénéfices assez tôt, mais la réaction du marché à cette information tend à être mitigée, à cause de l'incidence de la taille. Les petites entreprises publient plus tard l'infonnation relative aux bénéfices, mais la réaction du marché à cette information a tendance à être marquée, à cause de l'incidence de la taille. En conséquence, les auteurs ont opté dans la présente étude pour une méthode à plusieurs variables permettant de contrôler la taille de l'entreprise dans l'analyse de la relation entre la rapidité de la publication des bénéfices annuels et la réaction du prix de Taction à cette information. Les résultats de l'étude viennent confirmer l'hypothèse selon laquelle, lorsque la taille de l'entreprise n'influe pas, la longueur du délai de publication est en relation inverse avec l'ampleur des réévaluations de prix correspondant à la période de publication. En d'autres termes, des délais plus longs sont associés aux réactions plus mitigées du marché, la taille de l'entreprise étant constante. Certaines informations démontrent que cette relation peut être plus marquée pour la publication de bénéfices qui véhiculent de « mauvaises nouvelles ».     

The relationship between financial sector development and savings mobilisation in South Africa: An empirical study

This article examines the link between financial sector development and savings mobilisation in South Africa for the period 1980–2012. Taking the life-cycle hypothesis as our theoretical background and using Johansen co-integration that allows for hypothesis testing, the empirical results revealed a long-run relationship between savings, interest rates and financial sector development. We find an inverse relationship between the interest rate and savings, implying that South Africans are net borrowers because the income effect overwhelms the substitution effect. This in part explains the low level of savings in recent time. Important policy lessons for boosting the national savings rate are discussed.     

浅议平衡计分法的管理价值

本文从中日商业银行财务机构设置入手 ,分析我国商业银行财务机构设置的弊端并提出相应对策。     

The association between unexpected earnings and abnormal security returns in the presence of financial leverage*

Abstract. This study extends the growing literature on the deteminants of the variation in the relationship between unexpected earnings and abnormal security returns (the earnings response coefficient). We hypothesize that the firm's default risk as measured by financial leverage would affect the earnings response coefficient. We test this hypothesis by partitioning firms according to (1) the existence of debt in the capital structure (all-equity versus levered firms) and (2) the level of leverage (low-leverage versus high-leverage firms). The results are generally consistent with our hypothesis. Specifically, we find that the earnings response coefficients are larger for all-equity and low-leverage firms vis-à-vis matched-levered and high-leverage firms, even after controlling for the effects of equity beta, persistence, risk premium, and measurement error in unexpected earnings. Our findings are also robust with respect to the choice of earnings measure, either before or after interest charges. Résumé. L'étude s'inscrit dans le prolongement des travaux de plus en plus nombreux portant sur les déterminants de la fluctuation de la relation entre les bénéfices imprévus et les rendements anormaux des titres (le coefficient de réponse des bénéfices). Les auteurs posent l'hypothèse que le risque de non-paiement de l'entreprise, mesuré en termes de levier financier, influe sur le coefficient de réponse des bénéfices. Les auteurs testent cette hypothèse en classant les entreprises selon 1) l'existence ou non de capitaux empruntés dans la structure du capital (entreprises dont les capitaux sont exclusivement des capitaux propres par rapport aux entreprises dont les capitaux sont en partie empruntés) et 2) l'importance du levier financier (entreprises dont le levier financier est faible par rapport aux entreprises dont l'importance du levier financier est élevée). Dans l'ensemble. les résultats confirment l'hypothèse. De façon plus précise, les coefficients de réponse des bénéfices sont plus élevés pour les entreprises dont les capitaux sont exclusivement des capitaux propres et les entreprises dont le levier financier est faible, par rapport aux entreprises, classées selon la taille et le secteur d'activité, dont les capitaux sont davantage constitués de capitaux empruntés et dont le levier financier est élevé, même lorsque sont contrôlées les répercussions du bêta des capitaux propres, de la persistance, de la prime de risque et de l'erreur de mesure des bénéfices imprévus. Les résultats de leur étude résistent également à l'analyse lorsqu'ils font intervenir le choix de la mesure des bénéfices, avant ou après avoir tenu compte des intérêts débiteurs.     

The relationship between china and Siberia/Russian Far East: Economic cooperation and security conflicts*

This paper analyzes the current relationship between China and Siberia/Russian Far East from the economic and political‐security perspectives. The relationship between China and Siberia/Russian Far East is that of cooperation and conflict. China gains natural resources and energy from Siberia/Russian Far East, while Siberia/Russian Far East secures consumer goods, food and labor to fill its shortage from China. The two regions are in an economically complementary relationship. However, they show differences in their interests in issues such as the Tuman River Development Project. If their economic cooperation could be called the “bright” side of their relationship, there exists the “dark” side of their relationship, which is the border dispute. The paper argues that as a way to reduce conflict and increase cooperation in Northeast Asia, a multilateral security/economic organization, tentatively called the “Organization for Security and Cooperation in Northeast Asia,” should soon be established.     

The relationship between the real and financial economies in the Soviet Union: An analysis of government debts using newly available data

Newly available Soviet data reveal that government debt increased to compensate for inefficient use of funds for most of the Soviet period. Given the difficulty in managing fiat money without information and data generated by the market, and the simple Soviet financial structure, the increasing debt suggests that non-performing financial assets accumulated in the household sector, and inefficient real assets built up in the enterprise sector. The empirical analysis using a small time-varying parameter vector autoregression model identified that funds supplied to the economy had contributed at a decreasing rate to economic growth during nearly the entire Soviet period. Funds continued to be used wastefully, non-performing financial assets accumulated, and consequently the value of the ruble was decreasing. In this sense, Soviet monetary management was inefficient. Future research will include efforts to investigate responsiveness of price regulating authorities to changes in monetary and financial situation, to understand monetary management on the republic level, and to quantify the efficiency of use of funds.     

业财融合财务管控体系构建——以A信息公司为例

文章基于信号传递、企业流程再造等理论,结合A信息公司的实际情况,构建了由核心指标和效率效益2个一级指标,信息通信支撑效率、"两金"压降率、人工成本效率、利润总额、资产负债率、经济增加值6个二级指标组成的业财融合财务管控指标体系。     

The Relation between Market Values,Earnings Forecasts,and Reported Earnings*

Recently, much of the research into the relation between market values and accounting numbers has used, or at least made reference to, the residual income model (RIM). Two basic types of empirical research have developed. The “historical” type explores the relation between market values and reported accounting numbers, often using the linear dynamics in Ohlson 1995 and Feltham and Ohlson 1995 and 1996. The “forecast” type explores the relation between market value and the present value of the book value of equity, a truncated sequence of residual income forecasts, and an estimate of the terminal value at the truncation date. The analysis in this paper integrates these two approaches. We expand the Feltham and Ohlson 1996 model by including one‐ and two‐period‐ahead residual income forecasts to infer “other” information regarding future revenues from past investments and future growth opportunities. This approach results in a model in which the difference between market value and book value of equity is a function of current residual income, one‐ and two‐period‐ahead residual income, current capital investment, and start‐of‐period operating assets. The existence of both persistence in revenues from current and prior investments and growth in future positive net present value investment opportunities leads us to hypothesize a negative coefficient on the one‐period‐ahead residual income forecast and a positive coefficient on the two‐period‐ahead residual income forecast. Our empirical results strongly support our hypotheses with respect to the forecast coefficients.     

The Association between Changes in Interest Rates,Earnings, and Equity Values*

Numerous studies have documented that stock returns are negatively related to changes in interest rates, but there has been little corroborating research on the information in interest‐rate changes about the fundamentals that the stock market prices. The negative correlation is often attributed to changes in the discount rate, a denominator effect in a valuation model. However, there may also be a numerator effect on the expected payoffs that are discounted. This paper shows that changes in interest rates are positively related to subsequent earnings, but the change in earnings is typically not large enough to cover the change in the required return. Hence, the net (numerator and denominator) effect on equity value is negative, consistent with the results of the research on interest rates and stock returns.     

会计稳健性、高管团队特征与债务成本关系研究

文章选取2014年部分A股上市公司为研究样本,检验了会计稳健性对企业债务成本的影响,以及高管团队平均和异质性结构对二者关系的影响。研究结果表明,会计稳健性与债务成本负相关,公司会计稳健性越强,债权人所要求的补偿越低,公司债务成本越低;高管团队平均年龄、平均教育水平、男性占比、年龄异质性和教育水平异质性显著影响会计稳健性与债务成本的关系。文章的研究结论有利于从高管团队建设的视角,选择合理的会计稳健性政策,降低企业的债务融资成本。     

Entry,information, and financial development: A century of competition between French banks and notaries

Poorly developed financial markets are widely believed to block economic growth, because only modern financial intermediaries such as banks can mobilize large amounts of financial capital at low cost. This claim is supported by cross country regressions, but the regressions assume that credit intermediation is measured accurately before modern financial intermediaries arrive. If traditional intermediaries were mobilizing large amounts of financial capital before banks or other modern intermediaries appear, then the strength of the relationship between financial development and economic growth would be cast into doubt. Using an original panel dataset from nineteenth-century France, we provide the first estimates of how much financial capital key traditional intermediaries (notaries) were mobilizing for an entire economy during its first century of economic growth, and we analyze the lending that the notaries made possible in French mortgage market. The amount of capital they mobilized turns out to be large. We then analyze the effect that financial deepening had on the notaries as banks spread and find that the banks' and notaries' services were in all likelihood complements. The implication is that the link between financial development and economic growth may therefore be weaker than is assumed.     

Designing Internal Controls: The Interaction between Efficiency Wages and Monitoring*

Abstract. I examine how an internal auditor, called the firm, designs a control system for a strategic employee who conditions his thefts on the amount and types of controls. Society sets minimum testing amounts and fines for detected theft, whereas the firm determines the employee's wages and the amount of monitoring above the minimum. The results fall into three separate cases. When society's minimum testing standards and fines are sufficiently high, the employee never steals in any period. In this case, the firm performs the minimum amount of testing and pays the lowest feasible wage. In the remaining two cases, the testing standard and fines are too low to prevent theft by themselves. In these two cases the firm's control system determines whether there will be theft in the first period. I show that if the firm chooses to prevent all first-period theft, then it uses only one type of control. She offers a wage premium and monitors the minimum amount. The wage premium substitutes for a tine large enough to prevent all theft. If the firm designs controls that do not prevent all theft, then the firm also uses only one control. In contrast to the no-theft case, the firm pays the lowest feasible wage and monitors above the minimum. This choice reflects the increasing returns to scale of monitoring in preventing theft.     

Development planning in The Gambia: The gap between planners' and farmers' perceptions,expectations and objectives

This paper challenges the prevalent view that irrigation development largely depends on engineering, agricultural and managerial inputs and argues with reference to Gambian irrigation projects that new technologies may be adapted by farmers in ways that are incompatible with planners' objectives. The conclusion is that planners need to give greater attention to the organization and control of production and consumption within the household. This would require a change in attitudes among many planners, the recruitment of more social scientists into planning teams, and greater co-operation between planners, farmers of all socio- economic categories and extension agents.     

语言与文化的关系及了解文化的策略

语言是学习文化的主要工具,人在学习和运用语言的过程中获得整个文化;文化知识影响到语言学习者的各个学习阶段,对学习者变得越来越重要.文化教学的策略是创造一个真实的教室环境等.