UK Accountants' Perceptions of Research Journal Quality

The process of research quality assessment is now firmly established in UK universities. The quality of the journals in which academic papers are published is an important input to the assessment process. The relative quality of these journals is clearly difficult to establish in an objective manner. This paper contributes to the debate about relative quality by conducting a peer review. Eighty-eight UK accounting academics reported their degree of familiarity with, and perceptions of quality of, a total of 44 journals in the accounting and finance discipline. Accounting and Business Research and theBritish Accounting Review were the two most familiar academic journals. The most highly ranked journals were generally from the US.     

Students' Perceptions of a Scaffolded Approach to Learning Financial Planning: An Empirical Study

In the aftermath of the global financial crisis (GFC), one understandable area of scrutiny and pressure for reform is the educational background and professionalism of personal financial advisers. This Australian study reports on a three-year investigation into students' perceptions of ‘scaffolded’ instruction in financial planning. The scaffolded approach was used to assist learning in areas that previously had caused difficulty. The results indicate that students perceived the scaffolded tasks to be valuable learning experiences which increased their appreciation of the skills and knowledge required by financial advisers. Although students may bring different frames of reference to their learning, and the positiveness of perceived value of scaffolded instruction may vary between different demographic groupings, scaffolding techniques are shown to provide strong potential to assist university educators and their students in financial planning.     

纳税人个性特征与纳税遵从关系的实证研究

影响纳税人遵从的因素是多方面的,其中纳税人个性特征会影响纳税遵从.纳税人个性特征包括年龄、职业、受教育程度、风险偏好、价值取向、个人收入水平、纳税心理等.实证研究表明,因纳税人个性特征不同,致使纳税遵从也存在差异.了解哪些因素会影响纳税人的税收遵从行为,可以有针对性地采取措施,提升税务机关的征管质效,促进纳税遵从.     

Price-Fixing and Shareholder Returns: An Empirical Study

This paper examines the market reaction to three different events related to allegations of price-fixing: the initial charges, the firm's plea, and the resolution of the case. Negative, risk-adjusted shareholder returns are associated with the initial charge of price-fixing, while mixed results are observed during the two days immediately after the plea. The ultimate resolution of the case appears to be anticipated by the market. The overall decline in shareholder wealth from all three events combined is about 5 percent. These results suggest that shareholders are at least partial beneficiaries of price-fixing and that the presumption of an agency problem may be incorrect.     

对外直接投资与出口贸易:实证比较研究

对外直接投资与出口贸易呈现出互补或替代的关系,西方学者的研究也证明了这一点,因而对外直接投资与出口贸易之间的关系是一个实证而非理论问题.本文采用国际比较的方法,实证研究了西方发达国家与中国在此问题上的差异.     

Australian Financial Graphs: An Empirical Study

The use of graphs to disclose financial information in corporate annual reports represents a significant dimension of financial disclosure management. This study replicates and extends previous research into financial graphs by documenting the nature and extent of graph use and departures from representational neutrality among the 1991 corporate annual reports of the top one hundred companies listed on the Australian Stock Exchange. Eighty-nine per cent of companies use graphs; the mean number is 9.4, with diversified companies using the most graphs. The most commonly graphed financial variables are sales, profit, EPS and DPS. Evidence is found that graph use is contingent upon favourable performance. In addition, material measurement distortion is found in 34 per cent of all key financial graphs. Eighty-six per cent of companies have slope parameters which depart more than 10° from the optimum, thus impairing communicative effectiveness. A range of design strategies are employed which are consistent with the adoption of an impression management schema. No persistent systematic differences between forms of distortion and industry group are found. Comparison with prior single-country studies reveals that graphs are used more extensively in Australia than in the U.S.A., the U.K. or Canada, but that there is less evidence of impression management. This latter finding is consistent with the view that there are fewer short-term and capital-market pressures in Australia.     

我国货币替代成因的实证研究

货币替代问题已越来越受到学者们的关注。本文试图对影响我国货币替代的可能因素:规模性因素、本外币收益率差、汇率因素、国内通货膨胀率、人民币有效汇率波动和制度因素进行综合分析研究。考虑到2001年以前国内居民对外币的需求受到诸多限制,本文选取2001年第二季度到2009年第三季度的数据进行建模分析。结果表明:除了制度因素不是我国货币替代的显著影响因素外,其他的因素对我国的货币替代都有显著影响。     

Managerial Ownership and Accounting Disclosures: An Empirical Study

This study examines empirically the effect of managerial ownership on firms' disclosures. Agency theory predicts that investors' information requirements increase with the agency costs of the firm. Managerial ownership mitigates agency costs and therefore should reduce investors' information needs. This study tests the hypothesis that firms with lower levels of managerial ownership provide more extensive disclosures by examining analysts' ratings of firms' disclosures. In contrast to the proxies used in prior studies that test this relationship, such as the earnings-return correlation and management earnings forecasts, these ratings provide a more direct measure of firms' overall disclosure practices.I find that the relationship between managerial holdings and disclosures depends on the type of disclosure. Consistent with the hypothesis of this study, firms with lower levels of managerial ownership are more likely to receive higher ratings for the disclosures provided in their annual and quarterly reports, even after controlling for size, performance, volatility of returns, the frequency of securities offerings and proprietary costs. The more informal and flexible aspects of disclosures, however, as measured by the investor relations rating, are not influenced by the level of managerial ownership. These results are consistent with prior research that predicts that firms lower their costs of capital by signaling a commitment to maintain a more open disclosure policy. Because annual and quarterly reports are less flexible, and therefore less likely to change, they may represent a more credible commitment to provide more informative disclosures.     

Income Risk and Portfolio Choice: An Empirical Study

This paper investigates the relationship between portfolio choice and labor income risk in the National Longitudinal Survey of Youth 1979 Cohort. Permanent income risk (variability of shocks to income that have permanent effect) significantly reduces the share of risky assets in the household's portfolio, while transitory income risk (variability of shocks with no lasting effect) does not. This result provides strong evidence that households' portfolio choices respond to labor income risks in a manner consistent with economic theory.     

Management Information Needs and Perceptions in Smaller Charities: An Exploratory Study

This article explores the extent and nature of management information needs of trustees, as perceived by selected trustees of smaller charities. It links these perceptions to questions concerning charity performance, drawing on assumptions in the literature (often implicit) that the quality of management information can be gauged. Also, that there is a corresponding link between meeting management information needs and improving organisational performance. The research methodology comprised a general pilot study and trustee survey, followed by accounts analysis and in-depth interviews in selected charities. From this, vignettes of trustees' perceptions were drawn up and case study accounts of three charities' approach to trusteeship, management information handling strategies, and self-assessment of performance were developed. The study discovered the existence of an 'expectations gap'between what charity trustees are supposed to do and what they can actually achieve.     

股票收益率与通胀关系的实证研究

本文基于费雪理论,使用1991-2010年的月度数据对中国股市的收益率与通货膨胀率之间的关系进行实证分析,并进一步检验各行业股票对通胀风险的防御效果。研究结果表明,总体上股票收益率与通胀率显著负相关,即股票不是持续高通胀时期的有效保值工具,但是在材料、医药和消费等行业仍具有较好的通胀防御效果。     

我国外汇储备货币组合的实证分析

截至2006年2月我国外汇储备达8536亿美元,超过日本成为世界外汇储备持有量第一大国,其后我国外汇储备也呈不断增长的态势,到2007年3月已达12020.31亿美元.外汇储备的持续增加意味着面临的风险也在持续增加.因此,如何确定合理的外汇储备币种组合成为目前需要迫切研究的课题.本文根据国内外已有研究确定了外汇储备货币结构的影响因素,结合因子分析法,得出了我国外汇储备币种组合的新选择,提出了我国外汇储备货币组合的对策建议.     

The Choice Between Equity and Debt: An Empirical Study

This empirical study of security issues by UK companies between 1959 and 1974 focuses on how companies select between financing instruments at a given point in time. It throws light on a number of interesting questions. First, it demonstrates that companies are heavily influenced by market conditions and the past history of security prices in choosing between debt and equity. Second, it provides evidence that companies appear to make their choice of financing instrument as if they have target levels of debt in mind. Finally, the results are consistent with the notion that these target debt levels are themselves a function of company size, bankruptcy risk, and asset composition.     

金融压力指数及其政策应用:基于中国的实证分析

宏观审慎政策对系统性金融风险测度方法的有效性提出了更高要求。本文从货币市场、债券市场、股票市场、外汇市场和银行部门选取了10个代表性指标,结合CDF转换、等权重、主成分分析等方法构建了我国的金融压力指数,并通过事件识别和金融压力识别指数检验了其识别作用。通过将金融压力指数引入扩展的产出和通胀方程,本文进一步分析了金融压力指数对经济周期的预测能力。相关结果表明,金融压力指数对宏观经济周期具有良好的预测能力。本文的分析结论为加强金融压力的动态监测和通过构建金融压力指数作为宏观审慎政策的"关注目标"提供了初步的理论基础。     

An Empirical Study of Insurance Performance Measure

This author applies Insurance Performance Measure (IPM) to a set of Indian insurance companies over the period 2005–2016. This is the first article published that applies the IPM model on real industry data and studies its implications. The IPM was introduced in a Winter 2002 JACF article by Joseph Calandro, Jr., then at General Star management, a subsidiary of Berkshire Hathaway and by Scott Lane, then an accounting professor at the University of New Haven. Those authors explained why financial reporting for insurance companies was so challenging and presented the IPM metric as a better way to assess industry and company performance. Evaluating P&C companies is difficult because the unique format of insurance company financials does not lend itself to traditional financial accounting analysis and because the industry's preeminent performance measure, the Underwriting Ratio, captures underwriting and claims activity but says nothing about investment and risk distribution (reinsurance). By contrast, the IPM represents the interrelation of underwriting, investment and reinsurance along with a hurdle rate and is quite consistent with Warren Buffett's expressed desire for a balanced overview of industry performance. IPM uses financial data without modification thereby simplifying and fastening computation. Operationally, it could help in negotiations for reinsurance renewals and identify “Maximum Profitable capacity”—the threshold limit for overall profitability.     

基于并购视角的IPO动因实证研究

以2004-2010年沪深A股上市公司为研究样本,追踪企业IPO(首次公开募股,Initial Public Offerings,简称IPO)后5年,考察并购行为是否为企业进行IPO的重要动因之一.结果表明:现金对价方式的并购支出与IPO初始资金筹集量显著正相关,与SEO资金筹集量显著正相关;股票对价方式的并购支出与IPO抑价显著正相关,与Jensen指数显著正相关;并购总支出与IPO成本显著正相关,与企业债务资本筹集量显著正相关,与发行价格调整正相关但不显著.     

中国房地产价格波动与货币政策：一个实证研究

本文采用家庭还款额的支付性指数HAI来测算中国房地产价格的合理性,发现中国房地产市场自1998年以来就存在严重的泡沫;通过对央行货币政策操作目标与房地产价格波动做回归分析,得出央行货币政策对房地产价格波动作出显著响应;建立结构向量自回归模型研究房地产价格波动在给定货币政策准则下对产出缺口和价格稳定的）中击,得出近年来房地产价格波动对价格稳定冲击比较大,对产出冲击比较小的结论;最后提出货币当局应针对房地产价格波动制定最优货币政策准则。     

Pricing Warrants: An Empirical Study of the Black-Scholes Model and Its Alternatives

This paper uses a sample of over 25,000 daily warrant prices to empirically investigate potential problems with the commonly used warrant pricing model proposed by Black and Scholes as an extension of their call option model. One problem seems to be especially important: the constant variance assumption of the dilution adjusted Black-Scholes model appears to cause biases in model prices for almost all warrants and over the entire sample period. We show that more accurate price forecasts are obtained with a specific form of the constant elasticity of variance model.     

对上证50交易型开放式指数证券投资基金的实证研究

本文在借鉴国内外相关文献的基础上,对上证50交易型开放式指数证券投资基金(上证50ETF)的市场表现进行了实证研究。研究结果表明,上证50ETF在我国运行以来的市场表现是相对稳定的,其收益基本实现了对上证50指数的复制;但两收益率之间也存在跟踪误差,上证50ETF的管理费和股利分配是造成这种跟踪误差的重要原因。其次,对上证50ETF折、溢价水平的定量分析则表明上证50ETF较成功的套利机制保证了其二级市场价格的有效性,并且该价格的变动与上证50ETF的折溢价水平密切相关;但套利和折、溢价水平并不能有力地解释上证50ETF二级市场的交易量。三者虽然密切联系,但后者显然还与其他很多因素有关。