An investigation of the weekend effect during different market orientations

Studies of stock returns over short horizons indicated irregularities in returns, the weekend effect, and consequently the notion of market efficiency has been questioned. Despite extensive research on the weekend effect, little research has been conducted to define the prominence of the seasonal anomaly in Bear markets versus non-Bear markets. In the paper the weekend effect is investigated for daily returns in the Dow Jones Industrial Average (DJIA), the S&P 500, and the NASDAQ for Bear and non-Bear markets. Results support a weekend effect but only during non-Bear market orientations and a possible day-of-the-week effect during Bear and non-Bear markets.     

Machiavellianism in public accountants: some additional Canadian evidence

The current study surveys practising Canadian public accountants in Canada in both Big 4 and non-Big 4 firms to determine their orientation with respect to Machiavellianism, defined as 'attending to one's interests much more than to others'. Results indicate that while there are no significant differences in Machiavellianism between public accountants in the upper-level positions (managers and partners), partners are significantly less Machiavellian than seniors. These results are consistent with previous studies on Canadian public accountants.     

民营书业竞争力研究

经过改革开放30年的不懈努力,民营书业获得了长足的发展,与国有书业一样,已经成为国内书业的重要组成部分.在民营书业的发展过程中,充分表现出产权明晰、机制灵活、服务优质等竞争优势,也暴露出社会信誉较差、经营规模较小、管理水平较低、人员素质不高等竞争劣势.民营书业必须重塑自身形象、引入现代企业制度、走专业化经营之路,方能进一步提升经营竞争力,实现可持续的大发展.     

立法时机决策论——《劳动合同法》引发的思考

立法时机是指立法者做出是否立法以及何时立法的决策时所应考虑的各项主客观条件。立法需求和立法可能是正确地决策立法时机的两大要素。前者包括社会关系的广度、深度等三个层面,后者则涵盖了立法能力等三个层面。     

A Time‐series Approach to the Feldstein–Horioka Puzzle with Panel Data from the OECD Countries

This paper estimates the Feldstein–Horioka equation from 1960–2007 with a panel of 13 OECD countries with the Pedroni method. It is found that the Feldstein–Horioka puzzle exists in a weaker form. Structural break tests indicated that there was a break in the mid‐1970s or in the early 1990s. These break dates seem to capture the effects of the last decade of the Bretton Woods agreement and the early years of the Maastricht agreement. In the post‐break periods, this relationship is weaker and the saving retention coefficient has declined, implying that capital mobility has increased between these OECD countries. It is likely that these two agreements may have decreased investor uncertainty and improved capital mobility. However, this conclusion should be interpreted cautiously because alternative explanations for the observed correlation between the saving–investment ratios are possible. For example, Byrne et al. (2009) have argued that the observed correlation between investment–saving ratios could be due to common global factors and therefore may not be useful for testing whether capital mobility has decreased or increased.     

Evolution of Statistics in India

This is a brief history of the evolution of official and academic Statistics in India which focuses mainly on the period 1930 to 1960 but traces its origins in antiquity and recent history. We also comment on how Statistics has continued to evolve since the 1960's. This is a history of both institutions and people, who built and shaped them, and of ideas.     

Performance monitoring in R&D projects

Project Management Systems can use a variety of tools to model and visualise project status. This paper discusses the application of an integrated approach for project modeling and proposes a new graphic tool called PACT for evaluation of project status. An integrated performance monitoring system comprising many tools, including PACT, was used successfully with multiple advanced technology projects within the Indian Guided Missiles Development Programme. The approach provided a better insight into the status and problems of projects, and enabled management to initiate the most appropriate actions towards better performance.     

促进就业的税收政策分析与建议

现行促进就业的税收政策存在一些不足:优惠期限短、临时措施多、配套办法少、适用范围窄、过渡色彩浓等;在内、外资企业,中央与地方财政,优惠对象内、外人员之间造成不公平;从效率层面上看,从促进整个社会就业增长的情况看效果却较差。应从扩大对就业优惠的适用范围等方面入手,完善现行促进就业的税收政策,并制定相关配套政策。     

Are Accruals during Initial Public Offerings Opportunistic?

We find evidence that initial public offering (IPO) firms, on average, have high positive issue-year earnings and abnormal accruals, followed by poor long-run earnings and negative abnormal accruals. The IPO-year abnormal, and not expected, accruals explain the cross-sectional variation in post-issue earnings and stock returns. The results are robust with respect to alternative abnormal accruals and earnings performance measures. IPO firms adopt more income-increasing depreciation policies when they deviate from similar prior performance same industry non-issuers, and they provide significantly less for uncollectible accounts receivable than their matched non-issuers. The results taken together suggest opportunistic earnings management partially explains the new issues anomaly.     

Determinants of rural-urban migration in Andhra Pradesh: an inter-district analysis

"This paper is an attempt to analyze the process of rural-urban migration based on the data relating to the ?Place of Birth' for Andhra Pradesh [India]. The specific objective of this study is to present a rigorous economic analysis of the process of inter-district rural-urban male migration as seen from 1971 migration data. With the help of a simple model...the direction and magnitude of relationships between selected explanatory variables and migration have been identified."