Unemployment insurance benefits and income smoothing

Labor unemployment insurance reduces unemployment concerns. We argue that these benefits moderate incentives to smooth earnings to reduce employees’ concerns about unemployment risk. Using exogenous variations in unemployment insurance benefits, we find evidence consistent with this argument. We also find that the link between unemployment insurance benefits and income smoothing is stronger when there is higher unemployment risk and when the firm is likely to employ more low-wage workers, who find unemployment insurance benefits especially useful. Our paper contributes to the literature by showing that public policy decisions such as unemployment insurance have significant, albeit probably unintended, externalities on corporate financial reporting.     

Communication and Comovement: Evidence from Online Stock Forums

We study investor communication and stock comovement using a novel data set from an active online stock forum in China. We find substantial comovement among the returns of a stock and its “related stocks,” which are frequently discussed in the subforum dedicated to the given stock. Comovement is greater when the discussion of related stocks is more intensive. Further, the effect of communication on comovement is stronger for stocks associated with higher information uncertainty. Codiscussed stocks are more actively traded and experience more correlated trading. A trading strategy that exploits communication‐driven comovement generates abnormal returns. Our findings highlight the impact of investor communication on asset comovement.     

A Multicriteria Approach for Modeling Small Enterprise Credit Rating: Evidence from China

ABSTRACT

As the engine of China’s economy, small enterprises have been the central to the country’s economic development. However, given the characteristics of the small enterprises loan (i.e., short borrowing period, large volume, small amount and incomplete information), it is extremely challenging for financial institutions to assess their creditworthiness. Thus, it seriously delays and restricts the financing access for small enterprises. In an attempt to relieve the financing difficulty of small enterprises, this article makes use of 687 small wholesale and retail enterprises in a regional commercial bank in China, to establish a credit rating indicator system composed of 17 indicators by using both partial correlation analysis and probit regression. It then utilizes TOPSIS together with fuzzy C-means to score the credit ratings of our sample of small enterprises. With the dual test of default discrimination and ROC curve, the prediction accuracy of the established indicator system has reached 80.10% and 0.917, respectively, indicating the robustness and validity of our credit rating system.     

国家审计机关能力提升视角下的审计干部培训研究

作为建设高素质审计干部队伍的先导性、基础性、战略性工程,审计干部培训对于促进国家审计机关能力提升和审计职业化建设具有重要的意义。文章首先梳理了国家审计机关能力建设的主要内容和目标;在此基础上,对审计干部职业胜任力以及审计干部培训工作提升的要求进行了论述;接着遵循学习活动的一般规律,对适应国家审计机关能力提升需要和审计干部需求的教学产品类型和功能作用进行了研究;最后针对目前的培训工作现状,从学科专业建设和课程建设、师资培养和教材、教案建设、多种培训方式的整体推进和系统应用、持续开发升级培训成果、培训机构自身的专业化建设等方面提出了培训工作水平整体提升的路径,以期为培训工作更好地服务于国家审计机关能力建设提供理论支撑。     

基于多重响应模型的中外资产评估执业准则比较研究

由于不同国家间的评估执业准则存在着异同,通过多重响应模型对中外资产评估执业准则因国情不同而产生的差异进行量化分析,可以更理性的把握不同国家(地区)执业准则的优劣,对中外资产评估执业准则的比较,首先界定其范围,其次结合不同国家的特点,找出准则存在的异同点,并用多重响应交叉表将其量化,从而更好的阐述不同国家执业准则的优劣势,最后根据检验结果,对我国资产评估执业准则的发展提出建议。     

从境外交易所经验看我国企业社会责任的推进和发展

在企业社会责任的推进和发展过程中,境外交易所通过发布企业社会责任指南及报告要求,直接或间接发布企业社会责任指数,以及建立精英板块提升溢价等途径,开展了卓有成效的工作。但是,其中揭示出的问题也值得思考,如公司化交易所能否中立行使监管者职责,企业上市地具有可替代性,以及企业社会责任报告质量受质疑等。综观我国企业社会责任的开展情况及其问题,在借鉴境外经验的基础上,本文就推进企业社会责任披露、企业社会责任投资,以及形成各方协同努力的社会责任运作体系等方面提出政策建议。     

一般均衡下的金融市场流动性黑洞研究

本文在一般均衡框架下建立了考虑投资者多样化程度,投机交易者比例以及宏观货币政策稳定性三因素的两期交易模型,得到了金融市场受到流动性冲击后可能出现的三种均衡状态。当流动性冲击加大时,市场在一定条件下无法找到合理的出清价格而出现大幅下跌从而引发流动性黑洞事件。研究表明:投资者越是多样化、投机交易者比例越小、宏观货币政策带来的流动性冲击越小,市场出现极端流动性黑洞的可能性就越小。     

An integrated system for information security management with the unified framework

Information security management plays an essential role for drawing the roadmap of information security; thus, many theoretical methodologies and practical standards are brought into this domain. However, many standards and methodologies are too cumbersome to be adopted by an organization. Additionally, there is no unified framework to systematically handle the tedious tasks of information security management. This study’s primary goal is to design an integrated system for information security management (ISISM) that aims to use current methodologies and standards to solve the above-mentioned issues. Because business impact analysis and risk analysis are the most important areas within this domain, we carefully select the related methods and then integrate them into a unified framework, upon which the proposed ISISM depends. To achieve this outcome for this study, security requirement engineering is adopted, which enables the designed system to support system users in generating risk assessment reports with related information security policies.     

Second-best income taxation and education policy with endogenous human capital and borrowing constraints

We formulate a two-period life cycle model of saving, labor supply, and human capital investment when individuals differ in their ability and initial wealth. Borrowing constraints result in sub-optimal choices for consumption and investments in human capital. We analyze optimal linear income taxes and education subsidies. The optimal income tax is shown to be positive—even in the absence of any redistributional concerns. A redistributive income tax relaxes borrowing constraints by redistributing resources from the unconstrained to the borrowing constrained stages of the life cycle. The income tax thus alleviates preexisting non-tax distortions in the capital market. Human capital is subsidized on a net basis in the absence of redistributional concerns. Education subsidies help to relax credit constraints and to reduce distortions from explicit and implicit taxes on human capital formation. When redistributional concerns are present, education is subsidized more if this helps to alleviate distortions on labor supply, but is subsidized less if education subsidies have a very regressive incidence. Simulations demonstrate that optimal income taxes are substantially higher when credit constraints are present. Education is generally subsidized on a net basis, and the more so if credit constraints are more severe.     

职业主义导向的国际法科人才培养改革

随着"卓越法律人才培养计划"正式把国际化列入法学教育的主要战略之一,以职业主义为导向的国际法科人才培养改革进入了新的阶段。然而,除了更为科学合理地规划和构建法科院校国际化办学观测指标体系,中国法科院校的国际法科人才培养,还应特别关注国际化法科师资的建制化引进及合理使用配置。在此基础上,进一步在体制内外进行更具市场适应度的改革和探索,主要包括面向国内生源的法科院校阶段及毕业后的"两段式"进阶过程更为精细化的涉外法科人才培养,以及面向境外生源的涉外法科人才关键性的体制内改革、国家留学规划的功能清晰及落实、提供更为优质的留华法学学位及过程优化方案等。