Has the IASB Been Successful in Making Accounting Earnings More Useful for Prediction and Valuation? UK Evidence

When producing International Financial Reporting Standards (IFRS), one of the main goals of the International Accounting Standards Board (IASB) was to create a set of standards which were more useful to investors as a predictive tool. We assess the success of the IASB in achieving this goal by investigating the effects of the introduction of IFRS on the relative information content of reported earnings and forecasted earnings under UK generally accepted accounting practices (GAAP) and IFRS. Results indicate that the value relevance of forecasted earnings is significantly lower under IFRS while the value relevance of reported earnings is significantly larger. These findings suggest that IFRS substitutes price‐relevant information previously provided to the market in the form of analyst forecasts with information encoded by companies in their reported earnings. This implies that the IASB was indeed successful in its stated goal and points towards IFRS forecasts being more accurate and less dispersed than UK GAAP forecasts. This, in turn, implies that analysts are able to provide more informative forecasts under IFRS than under pre‐IFRS regimes and that the aforementioned substitution effect is not a consequence of any decrease in the quality of forecasts under the new regime.     

Competency Training for Managing International Cooperation Engineering Projects

Organizations are becoming more and more aware of how important it is to strengthen the competences of their project managers. This fact acquires greater relevance in the development and international cooperation sector because of the need to have qualified professionals who can take up the challenges and address the specific demands of an ever more demanding and constantly evolving sector. This article provides the results of research that more than 100 experts in project management and administration participated in to detect which competences are the most relevant in this context.     

Optimal choice of a reserve price under uncertainty

The revenue function for a standard auction is typically asymmetric around the revenue maximizing reserve price. Thus, choosing a reserve price that is smaller than the revenue maximizing reserve price can result in a substantially different loss than choosing one that is larger by the same amount. Therefore, when the revenue function is unknown, it is important to consider uncertainty around the revenue function and its asymmetric structure. For this purpose, I propose a Bayesian decision rule and illustrate its typical revenue gains. I then apply the rule to the bid data from the U.S. timber sales.     

交流异步电动机变频调速应用

本文主要讲述了交流异步电动机变频调速系统的多段速应用,主要包括对西门子PLC、MM440变频器的程序设计以及各参数设置。     

Task‐Relationship‐Self: A Framework for Understanding Service Encounter Behaviors

Research conducted over past decades has investigated selected service encounter behaviors from either a customer or service provider perspective. However, a comprehensive, dual‐perspective framework is lacking. Such a framework is needed to organize knowledge of these behaviors, and thereby provide structure, clarity, and parsimony to the field. This paper describes a three‐tier framework of service encounter behavior that was developed by applying grounded theory principles to interviews with customers, service employees, and other stakeholders. These informants described many ways in which they behave when executing service exchanges, dealing with service difficulties, and managing themselves in the process. Using an iterative inductive approach, a conceptual framework was developed in which specific (Tier 1) behaviors were placed within broader (Tier 2) categories, and these lower classification levels were, in turn, interpreted within a conceptual space defined by the (Tier 3) dimensions of task, relationship, and self. This framework was then elaborated and refined by reference to the psychology and marketing literature, a set of 157 audio‐recorded service interactions, and an expert panel study. The paper includes comparisons between the framework and those previously proposed, propositions regarding service encounter processes and outcomes, and implications for future research and practice.     

CONTRACTING FOR AN INNOVATION UNDER BILATERAL ASYMMETRIC INFORMATION*

We analyze licensing contracts between informed innovators and developers exerting profit‐increasing effort. Those contracts must simultaneously induce innovators to convey information on the value of their ideas, while inducing developers to exert effort and protecting the innovators' intellectual property rights. We show that the best innovators signal themselves by taking more royalties even if it reduces the developers' share of returns and their incentives. Moreover, royalties are more likely to be used when property rights are easy to enforce and pre‐contractual evidence on innovation quality is hard to produce.     

Adolescents' body‐tanning behaviours: influences of gender,body mass index,sociocultural attitudes towards appearance and body satisfaction

The goal of this study was to identify and examine the various factors affecting adolescents' body‐tanning behaviours. Gender, body mass index (BMI), sociocultural attitudes towards appearance (SATA) and body satisfaction were examined in order to determine how these variables influence both outdoor sun‐tanning and indoor tanning‐bed use. Self‐administered survey data were collected from 155 adolescent boys and 202 adolescent girls with an average age of 14.3. Multivariate analysis of variance and multiple regression methods were used to analyse the data. Adolescent girls tended to engage in both outdoor and indoor tanning. Overall, adolescents' SATA significantly affected their body‐tanning behaviours. However, BMI and body satisfaction revealed a significant effect only on indoor tanning behaviour. Implications for the design of interventions and overall health promotion towards adolescents are discussed with suggestions for future research.     

Consumer response to online apparel stockouts

In two online experiments this research investigated the process by which consumers respond to online apparel stock outages (or stockouts) and examined the effectiveness of managerial responses in mitigating the adverse impact of stockouts. Results of Experiment 1 demonstrated that negative emotions evoked by stockouts depressed perception of store image, lowered decision satisfaction, and reduced behavioral intent. In addition, the effect of negative emotion on behavioral intent was mediated by perception of store image and decision satisfaction. The results of Experiment 2 showed that financial compensation was most effective in mitigating the negative impact of out‐of‐stock occurrences on consumer responses. © 2011 Wiley Periodicals, Inc.     

刍议企业行为文化建设

企业行为文化是通过企业人的行为表现出来的企业文化。一个企业如果有好的文化观念和文化习俗就决定了该企业具有正确的行为文化。它是引导企业与职工之间形成统一价值观,构建企业与职工的命运共同体和利益共同体的关键,这就要求企业应采取有效措施加强企业行为文化建设。