浙江省电荒原因及对策研究

浙江经济的高速发展正在经受能源、原材料等基础行业瓶颈的严重制约。能源的全面短缺对于正处于新的扩张上升阶段、并加速向工业化迈进的浙江来说,既在宏观上暴露出素质性、结构性发展制约,也将在微观上对现存企业决策、经营模式提出质疑。2003年和2004年,浙江遭遇了历史上最为     

Productivity revolutions and science driven growth

This paper presents a simple model of growth over the very long run that distinguishes between scientific knowledge and technology. Making this distinction highlights the importance of the scientific revolution to the emergence of modern sustained economic growth.     

面向交通运输系统应用的综合集成理论

随着社会经济的发展,传统交通运输模式将被强调运输方式之间集成和协同的新模式所取代.文中分析和阐述了系统集成的相关理论,探讨了在交通运输系统研究中应用综合集成理论的重要意义.     

预约定价安排在防止和解决转让定价争议中的作用

本文介绍了预约定价安排在全球的历史沿革、发展与展望,分析了预约定价安排在实际开展中的难点及在中国的开展情况,并提出了中国税务机关预约定价安排税收管理方面的相关建议。     

Are CEOs’ purchases more profitable than they appear?

Little is known about why CEOs voluntarily purchase shares of their firm other than to earn direct profits. Since CEOs are risk-averse, undiversified, and face litigation costs from trading on private information, direct profits are unlikely to be the sole motive—especially since many purchases are ultimately unprofitable. We find that CEOs who have recently purchased shares are less likely to be terminated following poor performance and that this relation varies predictably with (i) their cost of purchasing shares, (ii) the profitability of their prior purchases, and (iii) their board's access to alternative sources of information about them. We find that some CEOs voluntarily purchase shares despite the cost of foregone diversification—and, sometimes outright unprofitability—to indirectly benefit by prolonging their tenure. Our estimates imply that the average abnormal returns that CEOs earn from their purchases increases from 3% to 58% after incorporating the indirect benefit of prolonged tenure.     

Dynamic mean–variance problem with frictions

Finance and Stochastics - We study a dynamic mean–variance portfolio selection problem with return predictability and trading frictions from price impact. Applying mean-field type control...     

The effects of audit partner pre-client and client-specific experience on audit quality and on perceptions of audit quality

We examine the associations between audit partner pre-client and client-specific experience and audit quality using data from Taiwan, where signing audit partner names are disclosed. Using discretionary accruals and interest rate spreads to proxy for audit quality and perceptions of audit quality, respectively, we find that both pre-client and client-specific experience improve audit quality and creditor perceptions of audit quality. We also find that audit partner pre-client experience is positively associated with audit quality early in the engagement, but not when the partner has been with the client for at least five years. Our findings provide evidence consistent with the assumption underlying the Public Company Accounting Oversight Board’s decision to require the disclosure of engagement partner names. They also suggest that pre-client experience cannot completely mitigate the loss of client-specific knowledge when partner or audit firm turnover occurs.