Effect of Concession‐Timing Strategies in Auditor–Client Negotiations: It Matters Who Is Using Them

In this study, we examine how norms about the use of negotiation strategies by different parties in an auditor–client negotiation influence the relative efficacies of these negotiation strategies. We conduct an experiment with experienced auditors/financial managers as participants, who enter into a negotiation on an income‐decreasing audit adjustment with a hypothetical client/auditor who uses a strategy where the same concessions are given either at the start, gradually, or the end of the negotiation. We find that the concession‐end strategy is more effective than the concession‐start strategy when used by auditors; however, the reverse is true when these same strategies are used by financial managers. The concession‐gradual strategy leads to superior outcomes when used by either auditors or clients. We also provide evidence that auditors’ and financial managers’ perceptions of the norms relating to the use of these strategies correspond to what we propose in our theory.     

基于“三条链”的无人机产业军民融合发展途径与策略

军民融合是国家重大发展战略,现有文献主要关注军民融合过程中的具体问题,缺乏综合性分析。基于产业生态系统“三条链”视角,以无人机产业为例,通过构建无人机产业生态系统的“三条链”,深入探讨无人机产业军民融合发展途径和策略。研究发现,从创新链角度构建军民融合研发创新平台、从产业链角度生产军民两用无人机、从价值链角度在研发环节成立技术联盟、在销售环节合力扩大彼此销售范围是无人机产业军民融合发展的有效途径和策略,该结论同样对其它产业军民融合发展具有指导作用。     

Wage–vacancy contracts and multiplicity of equilibria in a directed search model of the labour market

This paper studies a directed search model of the labour market, which is standard in all aspects except two. First, we allow firms to post wage–vacancy contracts advertising the number of workers they would pay as well as the payment all will receive. Second, we consider two cases: one where workers are risk neutral and one where workers are risk averse, both in finite and large economies. Our paper shows that when firms post wage–vacancy contracts, whether workers are modelled as risk neutral or risk averse matters: the types of symmetric equilibria and the nature of multiplicity of equilibria are different. Somewhat surprisingly, when there are finite numbers of risk‐neutral workers and firms, we obtain a finite number of symmetric equilibria, but when workers are risk averse, we obtain a continuum of equilibria. Furthermore, our paper sounds a cautionary note on using large economies as an approximation of finite economies: when workers are risk neutral, the nature of equilibrium is preserved going from a finite to a large economy, but the nature of equilibrium is different when workers are risk averse.     

Do board interlocks motivate voluntary disclosure? Evidence from Taiwan

Conference calls have become a widely used medium for voluntary corporate disclosure, especially among firms associated with greater information asymmetry, intangible assets, and external competition. These features are common in high-tech sectors, which dominate the Taiwanese economy and render it a useful research setting for investigating whether board interlock, as a social network, affects corporate decisions to hold conference calls. We show that firms connected to conference-call-making firms through interlocked directors are more likely to hold conference calls and the frequency of holding conference calls increases with interlocking directors’ relevant experience. Moreover, such evidence is more pronounced if the connections are held through independent directors and among firms with greater information asymmetry. These results support the argument that the spread of corporate practices is positively associated with board interlock networks. Our findings have implications for the choice of board of director members, and can be generalized to other emerging economies characterized by weaker corporate information environments.     

加入合作社提高了农户的收入水平吗——基于云南省微观调查数据的实证分析

目的/意义本文基于云南省哲学社科规划专题项目新时代基于农民合作社的精准扶贫研究的实地调研数据,检验加入合作社对于农户收入水平影响的边际效应。方法/过程我们以被调查农户的受教育水平和家庭类别作为工具变量,考察加入合作社可能具有的内生性而导致的估计结果误差。结果/结论研究发现,加入合作社显著提高了农户的收入水平,在加入各项控制变量及其他因素后仍然显著。此外,我们还通过分位数回归研究发现,加入合作社对不同收入农户的影响呈线性递减的影响,即对低收入农户影响程度最大,而对中高收入农户的影响越来越小,且低收入农户受益程度远高于其他。     

A transparency Disclosure Index measuring disclosures: Chinese listed companies

This study addresses the question whether transparency matters among Chinese listed companies. We construct a comprehensive scorecard, based on the OECD Principles of Corporate Governance, in order to assess the transparency of 100 major Chinese listed companies. Based on the scorecard, we construct a Transparency Index (TI) which is used to assess these major Chinese listed companies during 2004–2007. The results reveal that there is a positive and significant relation between company transparency and market valuation. When we further split the TI into Mandatory and Voluntary Disclosure Indexes, it is found that market valuation is only related to the Voluntary Disclosure Index. Finally, we find that more profitable, overseas-listed, and companies with a separate CEO and board chairman tend to disclose more on a voluntary basis.     

How much intraregional exchange rate variability could a currency union remove? The case of ASEAN+3

A multilateral currency union removes intraregional exchange rates but not the union rate. The pre-union intraregional exchange rate variability is thus latent; a two-step procedure is developed to measure this. The measured variables are used to model inflation and intraregional trade growth of individual union members. Counterfactual simulations of the union impact are carried out using the resulting models. Application to ASEAN+3 shows that the intraregional variability mainly consists of short-run exchange rate shocks, that the variability significantly affects inflation and intraregional trade of major ASEAN+3 members, and that a union would reduce inflation and promote trade regionwide.     

对县域农村支付结算服务环境现状的调查

本文在调查的基础上,指出了当前县域农村支付结算服务环境存在的问题,并对原因进行了分析,最后提出了优化农村银行业金融机构网点设置、大力推广非现金支付工具、加强非现金结算机具维护管理、抓好支付结算知识宣传、降低结算服务成本等对策建议.     

开放经济下中国货币政策独立性分析——兼论通货膨胀

开放经济下,中国货币供应量受制于外汇储备使货币政策丧失独立性。双顺差积聚起的巨额外汇储备是影响中国货币政策独立性的主要因素,通货膨胀也与货币政策的内生有关。应该改善一直以来实施的强制结售汇制度为意愿结售汇制度,加速利率市场化进程,尽快打通货币市场利率与金融机构存贷款利率的传导渠道,提高货币政策的效率,才能从根本上避免长期使用外汇冲销干预带来的各种政策弊端和机制扭曲。