The complementary relationship between financial and non-financial information in the biotechnology industry and the degree of investor sophistication

We examine whether financial and non-financial variables, separately and in tandem, are value relevant in explaining market returns, equity values and the degree of investment by sophisticated investors for a sample of drug development companies. Patent counts, number of collaborations and probability-adjusted portfolios of drugs under development are the non-financial information metrics used in this study. Earnings are the main financial information variable. We show that news about these non-financial measures is significantly associated with abnormal returns. We also find that earnings are value relevant in explaining cumulative abnormal returns and equity prices around earnings announcement dates despite the fact that R&D expenditures are large and usually expensed as incurred. We further show that non-financial information is value relevant in explaining annual returns, equity prices and degree of investment by (long-horizon) sophisticated investors. Moreover, non-financial variables are value relevant after controlling for financial variables suggesting that the two types of variables are complements.     

Waste Is Our Business,Inc.: The importance of non-financial information in the audit planning process

The objectives of this case are: (a) to alert students to the importance of non-financial information in the audit process; (b) to develop students’ ability to search for relevant financial and non-financial information in the audit planning process; and (c) to emphasize the importance of resisting the natural tendency to over-rely on financial information when conducting the financial statement audit. Students are asked to consider both financial and non-financial information when evaluating a client’s account balances. The client is in the waste business where there are a number of market, regulatory, and political factors that may affect the valuation of different accounts. Students are also directed to consider the importance of non-financial information in the integrated audit mandated by PCAOB Standard 5 and in fraud detection. The case can help students learn to explicitly consider non-financial information and understand the significance of integrating such information with financial data. The case is suitable for use in undergraduate or graduate auditing and assurance courses.     

Does the financial analysts' usage of non-financial information influence the analysts' forecast accuracy? Some evidence from the Belgian sell-side financial analyst

This paper examines whether the use of non-financial information by sell-side financial analysts influences the accuracy of analysts’ forecasts. The research findings, based on a survey of Belgian financial analysts, suggest that financial analysts who use more forward-looking information and more internal-structure information offer more accurate forecasts. Furthermore, the listed Belgian firms examined in this study have improved their non-financial information reporting over time. However, neither the frequency nor the quantity of non-financial information mentioned by financial analysts in their reports appears to have increased over time.     

The impact of information systems and non-financial information on company success

This study aims to develop and evaluate a model that seeks to measure the impact of Accounting Information System Quality, Internal Control System Quality and Non-Financial Information Quality on company success (Decision-Making Success and Non-Financial Performance). This model is empirically tested with data obtained from the managers of 381 Portuguese companies. We use structural equation modelling in the analysis of causal relationships between different constructs. The results show that information and control systems quality (accounting and internal control) have a direct impact on Non-Financial Information Quality and an indirect impact on Decision-Making Success. The results also indicate that Quality Non-Financial Information does not contribute directly to Non-Financial Performance but contributes indirectly via Decision-Making Success. The exploratory variables prove to be crucial for the companies’ Non-Financial Performance, accounting for its 62% variance. Previous research focuses primarily on financial information quality and financial performance. This study is the first to empirically prove that information and control systems contribute favourably to the transparency and value-relevance of non-financial information and, consequently, to business success.     

构筑安全平台维护金融稳定发展——2007金融业信息安全策略研讨会撷要

随着金融市场竞争的日益激烈和用户需求的日益多元化，中国金融机构急需创新产品、完善服务和提升运营水平，信息技术已经成为金融体制创新、业务创新及流程再造的重要推动力之一。随着信息技术与金融业务的不断深入融合，也使得金融企业操作风险愈益突出，已经成为金融业重大潜在经营风险之一。特别是当前，以商业银行为代表的我国金融机构信息化发展已基本实现数据集中和业务系统整合，高度集中的数据处理和业务系统，使得信息安全的全局性影响日益加大，信息安全问题更加严峻。     

A cross-category examination of consumer price awareness in financial and non-financial services

Consumer awareness of prices is a fundamental requirement for sound purchase decisions. However, while in recent years the volume of research on consumer price awareness for manufactured goods has grown significantly, studies of price awareness in services, and in particular in financial services are almost nonexistent. As a result, the overall understanding of the level price awareness for financial services and its potential determinants has been limited. This paper profiles the level price awareness for a series of financial services as well as non-financial services. Systematic differences between financial and non-financial services are empirically examined, and the related drivers are contrasted between the two types of service. The paper concludes with a discussion of the implications of the findings on the pricing and marketing of financial services.     

2007金融业信息安全策略研讨会在京召开

2007年中国银行业全面对外开放，不仅外资银行纷纷抢占国内市场滩头，国有商业银行和股份制商业银行也先后加快了改制和上市的战略目标。在这种新形势下，各家银行从风险控制的战略高度进一步提高了对信息安全的要求。为了帮助各家银行分享国内外同业的成功经验，促进行业内关于制定信息安全策略和部署解决方案等方面的学术交流，中国金融电脑杂志社于2007年4月20日在北京举办了“2007金融业信息安全策略研讨会”，中心主题是“运用文件传输卓越操作的最佳实践化解金融风险”。     

Predicting default of Russian SMEs on the basis of financial and non-financial variables

This article develops two models for predicting the default of Russian Small and Medium-sized Enterprises (SMEs). The most general questions that the article attempts to answer are ‘Can the default risk of Russian SMEs be assessed with a statistical model?’ and ‘Would it sufficiently demonstrate high predictive accuracy?’ The article uses a relatively large data set of financial statements and employs discriminant analysis as a statistical methodology. Default is defined as legal bankruptcy. The basic model contains only financial ratios; it is extended by adding size and age variables. Liquidity and profitability turned out to be the key factors in predicting default. The resulting models have high predictive accuracy and have the potential to be of practical use in Russian SME lending.     

金融业信息安全策略研讨会在京召开

信息作为金融机构的重要资产，保障其安全性是金融业得以快速健康发展的前提和必要支持。特别是金融业完成数据集中和应用整合之后，如何为存储、传输、备份等各个环节提供有效的技术保障和规范管理，已成为金融业甚为关注并希望交流探究的重大课题。     

集思广益,构筑信息安全体系--金融业信息安全策略研讨会撷要

伴随着金融机构采集、存储、传输、处理的信息量越来越大，信息系统的安全性已成为“十一五”期间金融业决策层关注的焦点。因此，中国金融电脑杂志社与Sterling Commerce公司（下称史特林公司）于2006年4月底联手举办了“金融业信息安全策略研讨会”。来自各大银行、保险公司的科技部门高管和业内专家、学者等都在会上做了精彩发言。在发言中就金融业信息安全的现状、存在的问题以及解决方案、策略制定等进行了充分交流。与会者集中研讨的几个话题，是现阶段金融信息安全领域中普遍关注的问题，也是本次研讨会的亮点所在。     

运用信息技术促进金融创新提高金融信息服务水平

如何实现金融信息化?这是一个需要银行、保险、证券、税务等行业共同面对的课题。如何实现银行信息化?则需要人民银行和各商业银行以及IT企业一起回答。在日前召开的2002中国国际金融（银行）技术暨设备展览会上,银行数据大集中和管理信息化等话题成为备受关注的焦点。本刊特别刊发以几位银行系统高层管理者在第三届金融信息化发展论坛上的主题演讲为蓝本的精彩文章,以期与广大读者共同关注金融信息化的深层次问题,希望各界人士对此作进一步探讨。     

推进信息安全建设保障金融业务健康发展

一个国家的信息化建设成功与否是其综合国力的集中体现，是实现社会生产力跨越式发展的重要途径。商业银行信息化建设作为国家信息化建设的重要组成部分，是商业银行增强核心竞争力的关键要素，对银行综合贡献能力和管理水平将起到重要的提升作用。在科学技术高度发达的今天，信息技术已经渗透到了经营管理的全过程，要成为一流的现代商业银行，必须依靠和发展信息技术，努力推进并做好信息安全建设，保障商业银行业务健康发展。     

The synergy of financial sector development and information sharing in financial access: Propositions and empirical evidence

This study assesses the role of information sharing in financialization (or coexistence of financial sub-systems) for financial access. The empirical evidence is based on contemporary and non-contemporary Fixed Effects and Quantile regressions on 53 African countries for the period 2004–2011. The positive complementarity of information sharing offices (ISOs) and financial formalization is an increasing function of financial activity (or access to credit) whereas the negative complementarity of ISOs and financial informalization is a decreasing function of financial activity. In order to leverage on the synergy between ISO and financial formalization for enhanced financial access, some policy measures are proposed.     

IMF-related announcements and stock market returns: Evidence from financial and non-financial sectors in Indonesia,Korea, and Thailand

We examine the changes in daily financial sector stock returns in Indonesia, Korea, and Thailand in response to IMF-related news during the Asian crisis and compare them with those in non-financial sectors. We find that news of both program negotiations and approval increased financial sector returns in Indonesia and Korea, whereas only program approval is associated with higher returns in the financial sector in Thailand. Sectors such as cyclical consumer goods and non-cyclical services experienced higher returns in Thailand and Indonesia, while almost all sectors enjoyed higher returns in South Korea. We interpret the empirical results based on the characteristics of corporate governance and industrial development policies in these countries.     

Financial versus non-financial information: The impact of information organization and presentation in a Balanced Scorecard

This paper investigates how the organization and presentation of performance measures affect how evaluators weight financial and non-financial measures when evaluating performance. We conduct two experiments, in which participants act as senior executives charged with evaluating two business-unit managers. Performance differences between business units are contained in either a financial or one of the three non-financial categories. Specifically, the first experiment studies how organizing measures in a Balanced Scorecard (BSC) format affects performance evaluations. Our results show that when the performance differences are contained in the financial category, evaluators that use a BSC-format place more weight on financial category measures than evaluators using an unformatted scorecard. Conversely, when performance differences are contained in the non-financial categories, whether measures are organized into a BSC-format or into an unformatted scorecard has no impact on the evaluation. The second experiment shows that when performance markers are added to the scorecards (i.e., +, −, and = signs for above-target, below-target, and on-target performance), evaluators that use a BSC-format weight measures in any category containing a performance difference more heavily than evaluators using an unformatted scorecard. Our findings suggest that firms should carefully consider how to present and organize measures to get the intended effect on performance evaluations.     

A structured approach to conflict prediction in information systems strategy implementation

Organizational power and politics are the central issues of this paper. By developing a model of organizational power it is possible to determine whether an organizational change initiative is likely to be politically feasible. The formal model described has been derived largely from research reported in the social sciences. The modelling process involved using formal methods, in logic and entity relationship analysis, to discover an effective and consistent means of representing key organizational power concepts. The result is an advisory expert system called MP/L1 that can be employed by change agents to predict likely sources of potential resistance to major change initiatives and to suggest tactics that might be effective in combating anticipated resistance. Industrial experience with MP/L1 to date indicates that it has significant potential as a change management tool within the IS strategy-implementation domain. © 1998 John Wiley & Sons, Ltd.     

中国平安：强化实施IT战略 打造综合金融服务优势

中国平安保险（集团）股份有限公司（以下简称“中国平安”）是中国首家以保险为核心的,融证券、信托、银行、资产管理、企业年金等多元金融业务为一体的紧密、高效、多元的综合金融服务集团。2008年7月,《财富》“世界500强”排行榜公布,中国平安以2007年180亿美元的营业收入,首次进入全球500强,位列第462位,并成为入选该榜单的中国非国有企业第一名。     

证券公司转型为金融超市的信息技术平台规划与实施方案

在证券业大集中交易和多品种代理的大背景下,如何在较短的时间内,使信息技术的发展适应业务发展的需要,提供一个开放的平台,进而促进业务的发展,是国内证券公司面临的迫切课题。现在证券公司间的竞争已日趋白热化,将证券营业部转型为金融超市乃是大势所趋。一、证券公司信息系统现状1.现有系统的基本状况证券公司的业务部门(营业部)当前经营的经纪业务品种主要有证券(含股票、债券、基金)和期货业务,正准备开展开放式基金、外汇、保险、彩票等代理业务。经过多年的发展,国内各证券公司的证券交易系统已经比较成熟,各证券营业部都有自己的柜…     

引领业新潮流推动金融信息化发展——爱普生携新品亮相2008中国国际金融展

改革开放30年来,中国金融信息化的快速发展为金融机构提升核心竞争力起到了极其重要的作用.在日前举办的2008年中国国际金融(银行)技术暨设备展览会(以下简称"2008中国国际金融展")上,爱普生公司为满足中国金融信息化快速发展的需求,推出了一系列汇聚科技创新成就的新产品和解决方案,凸现了绿色节能和大客户服务等主题,吸引了众多参观者的关注.