What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide

We examine how mutual funds from 26 developed and developing countries allocate their investment between domestic and foreign equity markets and what factors determine their asset allocations worldwide. We find robust evidence that these funds, in aggregate, allocate a disproportionately larger fraction of investment to domestic stocks. Results indicate that the stock market development and familiarity variables have significant, but asymmetric, effects on the domestic bias (domestic investors overweighting the local markets) and foreign bias (foreign investors under or overweighting the overseas markets), and that economic development, capital controls, and withholding tax variables have significant effects only on the foreign bias.     

Option Valuation with Systematic Stochastic Volatility

We use an extension of the equilibrium framework of Rubinstein ( 1976 ) and Brennan ( 1979 ) to derive an option valuation formula when the stock return volatility is both stochastic and systematic. Our formula incorporates a stochastic volatility process as well as a stochastic interest rate process in the valuation of options. If the “mean,” volatility, and “covariance” processes for the stock return and the consumption growth are predictable, our option valuation formula can be written in “preference-free” form. Further, many popular option valuation formulae in the literature can be written as special cases of our general formula.     

Limiting Auditors' Liability: The Potential Consequences

The recent revival of interest in the issue of limiting auditors' liability raises questions about the potential effect of such a limitation on auditors' performance. This paper considers the consequences of limited liability from the perspectives of contracting theory and economic arguments. We examine the potential effect of a reduction in auditors' liability on the standard of care or quality of service they provide, emphasising the "calculus of negligence" concept used by Australian courts. We consider the potential impact of reduced liability on the auditor's decision to shirk responsibilities (the moral hazard problem) and on the value placed on audit services. The analysis shows that placing a statutory cap on auditors' liability has the potential to reduce the effectiveness of bonding mechanisms; provide an avenue for divergent behaviour; lower the level of care provided by auditors; and decrease the value of audit services.     

Stock Price Dynamics and Firm Size: An Empirical investigation

We show that after controlling for the effects of bid-ask spreads and trading volume the conditional future volatility of equity returns is negatively related to the level of stock price. This “leverage effect” is stronger for small, as compared to large, firms. We also document that while the essential characteristics of the relations between stock price dynamics and firm size are stable, the strengths of the relationships appear to change over time.     

Major Issues Associated With the Reporting of Government Net Worth

Modern governments are increasingly making legislative commitments to adopt responsible fiscal policies and, as part of those commitments, undertaking to maintain their net worth and to report against that undertaking. With recent developments in public-sector accounting, reporting of government net worth and change of net worth has become possible. This paper examines some major issues relating to the reporting of government net worth. As attempts to provide for the measurement of assets and liabilities (the components of net worth) on a current value basis have met significant opposition in the private sector, some implications for the public sector are considered.     

WTO框架下中国服务贸易发展的初步构想

加入WTO五年，中国服务贸易迅速发展，但与世界服务贸易发展相比，仍存在很大差距。本文在简要介绍我国服务贸易发展现状的基础上，对我国服务贸易的竞争力进行分析，揭示了我国服务贸易发展过程中存在的问题，并构想解决的对策。     

精确重心算法在物流节点选址中的应用

首先介绍了国内外解决设施选址和布局问题的常用研究方法,其次研究了物流节点选址问题重心算法,并重点对精确重心算法进行了深入研究,最后利用计算机仿真技术实现了单一物流节点选址的精确重心仿真求解。     

区域能源消费总量控制方法述评

相对于提高能源利用技术和发展清洁能源而言,控制能源消费总量具有操作简单且快速有效的优势。本文对现有的有关研究文献进行梳理、比较各种目前应用较为广泛的区域能源消费总量控制方法,总结目前已经得到的研究成果、讨论现存的争议、分析进一步的研究方向。分析发现:部分现行的节能政策难以取得预期效果,且目前关于能源消费总量控制手段的研究多集中于价格、优化产业结构和提高能源效率等方面,且没有取得统一的结论。     

我国房产税试点效果评析与房产税作用探究

目前我国房产税在持有环节的征收处于试点阶段,其推进和改革仍有很多争议。文章在总结国际上发达国家房产税征收及我国房产持有环节税收试点情况的基础上,从三方面分别探讨了在我国房价高启的背景下开征持有环节的房地产税的作用。但是这些作用还不能全面准确地涵盖我国应征收房地产税的所有层面,由此提出了适合我国国情的差别化房地产税收政策的构建思路。     

高分辨率铁尾矿遥感光谱特征分析与信息提取

遥感监测尾矿是矿山调查和监管的科学方法,也是地理国情监测的基础内容。研究了铁尾矿遥感影像解译标志和光谱特征,建立铁尾矿遥感信息的提取技术流程。利用尾矿光谱特征与纹理结构的特点,构建了铁尾矿遥感增强处理的RTI数学模型。并以唐山地区的铁尾矿及固体废弃物作为研究区,分析了模型的影响因子和有效性。为尾矿资源的自动监测和目标提取提供了新的处理手段。