Information Content of Business Methods Patents

We examine the market reaction to business method patents granted to publicly traded firms. Our findings suggest that the State Street decision represents a turning point not only for the growth in the number of business method patent filings, but also in the market's awareness and perception of value creation for the filing firms. The granting of a business method patent evokes a positive average stock price reaction, especially in the post‐State Street period. Cross‐sectional differences in abnormal returns depend on the type of patent granted. The market reaction also differs based on industry classification.     

Adoption of International Financial Reporting Standards: Impact on the Value Relevance of Intangible Assets

We examine whether the value relevance of reported intangibles differs between financial reporting regimes pre- and post-adoption of Australian Equivalents to International Financial Reporting Standards (AIFRS) and Australian Accounting Standards (AGAAP) respectively. Using AIFRS and AGAAP measures of goodwill and identifiable intangible assets for the same financial year and testing their association with share prices, we find evidence that AIFRS generally convey incremental useful information for investors about goodwill. For aggregated identifiable intangible assets there is no evidence that AIFRS conveys information beyond that in AGAAP. In contrast, we find evidence that AGAAP provides incremental information for investors in relation to identifiable intangibles, but not goodwill .     

建立适合本国实践与国际接轨的评估准则

国际评估准则委员会（IVSC）由世界评估行业的若干主要组织为全球经济利益和全球经济的发展而提议设立,并最终于20世纪80年代初正式创立。国际评估准则委员会的建立有利于促进一项评估协议的实施,该协议包括： 一为那些已经建立评估规范和评估准则的国家提供能被全球接受且一致采用的实务操作准则：     

UNIVERSITY OF GEORGIA ROUNDTABLE ON: Enterprise‐Wide Risk Management

For many years, MBA students were taught that there was no good reason for companies that hedge large currency or commodity price exposures to have lower costs of capital, or trade at higher P/E multiples, than comparable companies that choose not to hedge such financial price risks. Corporate stockholders, just by holding well‐diversified portfolios, were said to neutralize any effects of currency and commodity price risks on corporate values. And corporate efforts to manage such risks were accordingly viewed as redundant, a waste of corporate resources on a function already performed by investors at far lower cost. But as this discussion makes clear, both the theory and the corporate practice of risk management have moved well beyond this perfect markets framework. The academics and practitioners in this roundtable begin by suggesting that the most important reason to hedge financial risks—and risk management's largest potential contribution to firm value—is to ensure a company's ability to carry out its strategic plan and investment policy. As one widely cited example, Merck's use of FX options to hedge the currency risk associated with its overseas revenues is viewed as limiting management's temptation to cut R&D in response to large currency‐related shortfalls in reported earnings. Nevertheless, one of the clear messages of the roundtable is that effective risk management has little to do with earnings management per se, and that companies that view risk management as primarily a tool for smoothing reported earnings have lost sight of its real economic function: maintaining access to low‐cost capital to fund long‐run investment. And a number of the panelists pointed out that a well‐executed risk management policy can be used to increase corporate debt capacity and, in so doing, reduce the cost of capital. Moreover, in making decisions whether to retain or transfer risks, companies should generally be guided by the principle of comparative advantage. If an outside firm or investor is willing to bear a particular risk at a lower price than the cost to the firm of managing that risk internally, then it makes sense to lay off that risk. Along with the greater efficiency and return on capital promised by such an approach, several panelists also pointed to one less tangible benefit of an enterprise‐wide risk management program—a significant improvement in the internal corporate dialogue, leading to a better understanding of all the company's risks and how they are affected by the interactions among its business units.     

Employment relations and labour market indicators in ten industrialized market economies: Comparative statistics

The acceleration of the internationalisation of business and the division of labour has been led by improvements in technologies and communications, decreased barriers to trade, increased competition and the growth of multinational enterprises (MNEs). Employers, government organizations and unions, practitioners and academics are increasingly concerned with locating comparable statistics. This article reviews employment relations and labour market data for ten major industrialized market economies (IMEs) and discusses some of the challenges in the measurement and interpretation of such data. For a fuller discussion of such data, and of the ten IME, see Greg J. Bamber and Russell D. Lansbury (eds) International and Comparative Employment Relations 3rd edn, to be published by Sage, London, and Allen & Unwin, Sydney, in mid-1998.     

International advertising: Developmental and implementational issues

This paper reports on a study which investigated the international advertising practices of a sample of major advertising spending multinationals, and the rationales behind their policies. The objective was to obtain insights into the efficacy of international advertising standardization options. When the rationales behind the international advertising practices of the sampled companies were examined, it was found that the executives concerned brought a wide‐ranging agenda to the decision‐making process and that factors beyond the specific benefits of standardization influenced their policies. As regards their actual policies, the practice of some form of standardization was found to be widespread, but the practice of total standardization was rare. As such, the data indicate that standardization is a flexible option, with many possible variants, i.e. it can be adapted to circumstances and is not an either/or policy. The paper concludes that the focus on whether or not multinationals should practice international advertising is misplaced, if only because, just as at the local or national level, there will be good and bad international advertising. Accordingly, more emphasis should be placed on reviewing issues relating to how to improve the quality of international advertising campaigns.