Analysts' Cash Flow Forecasts,Audit Effort,and Audit Opinions on Internal Control

We examine the economic impact of analysts’ cash flow forecasts by looking at how external auditors respond to financial analysts’ issuance of cash flow forecasts. Using a differences‐in‐differences approach, we find that financial analysts’ initiation of cash flow forecasts leads to reduced auditor fees and audit report lags. Moreover, after cash flow forecast initiation, firms report fewer Section 404(b) internal control weakness disclosures. These findings suggest that cash flow forecasts constrain earnings manipulation and improve management accounting behavior, thereby reducing inherent and control risk and strengthening firms’ internal control over financial reporting.     

媒介预算涌向电视的秘密

最近几年，媒体代理机构从客户那里得到的项目佣金已下降到2％～3％，媒体代理机构生存困难。集团化成为媒体代理机构应对困境的方式之一。因为规模大的公司购买力更大，可以同媒体业主谈判降低成本，进而可以用更为低廉的广告价格吸引广告主，从而得到更多的业务。     

The integration of fuzzy sets and statistics: toward strict falsification in the social sciences

Whilst statistics take up a prominent place in the social science research toolkit, some old problems that have been associated there with have not been fully resolved. These problems include bias through the inclusion of irrelevant variation and the exclusion of relevant variation, which may lead to hidden and spurious correlations in more extreme—however not at all unthinkable—cases. These issues have been addressed by Ragin by building a case for the usage of fuzzy set theory in social science. In this paper, we take a complementary view, insofar as we incorporate fuzzy set theory in current statistical analyses. Apart from shedding new light on the main issues associated with (population based) statistics, this approach also offers interesting prospects for the falsification of theories—rather than single relations between variables—in the social sciences.     

Latecomer catch-up strategies in electronics: Samsung of Korea and ACER of Taiwan

Very little is known about the strategies by which East Asian firms acquired foreign technology and managed to ‘catch up’ in electronics. Unlike Western and Japanese innovation ‘leaders’ and ‘followers’, East Asian firms are ‘latecomers’, dislocated from advanced markets, demanding buyers and international sources of technology. This work examines the cases of two leading latecomers - Samsung Electronics of Korea and ACER of Taiwan - to generate insights into how electronics manufacturers overcame barriers to entry and became strong competitors on the world stage. The aim is to highlight the sources, paths and mechanisms of learning in the two firms, relating these patterns to corporate strategy, organization and performance. This contribution argues that latecomers reversed the traditional research and development centred pattern of innovation, travelling backwards along the product life cycle, from mature to early stages. A simple model is put forward to show how latecomer firms progressed up the technological ladder within the electronics subcontract system called original equipment manufacture. Attention is also drawn to theoretical implications and the strengths, remaining weaknesses and future challenges facing latecomer firms.     

Who owns the long term? Perspectives from global business leaders

Day-to-day management is challenging enough for CEOs. How do they manage for the long term as well? We posed that question to four top executives of global companies. According to Maurice Levy, chairman and CEO of Publicis Groupe, building the future is really about building the present and keeping close to the front line--those who deal with your customers and markets. He also attributes his company's success in large part to knowing when to take action: In a market where clients' needs steer your long-term future, timing is everything. UPS Chairman and CEO Mike Eskew emphasizes staying true to your vision and values over the long run, despite meeting obstacles along the way. It took more than 20 years, and many lessons learned, to produce consistent profits in what is today the company's fastest-growing and most profitable business: international small packages. Wulf H. Bernotat, CEO of E.ON, examines the challenges facing business leaders and politicians as they try to balance energy needs against potential environmental damage. He calls for educating people about consumption and waste, and he maintains that a diverse and reliable mix of energy sources is the only way to ensure a secure supply while protecting our environment. Finally, Marianne Barner, the director of corporate communications and ombudsman for children's issues at IKEA, discusses how the company is taking steps to improve the environment and be otherwise socially responsible. For example, it's partnering with NGOs to address child labor issues and, on its own, is working to help mitigate climate change. IKEA's goals include using renewable sources for 100% of its energy needs and cutting its overall energy consumption by 25%.     

Measuring performance in the presence of stochastic demand for hospital services: an analysis of Belgian general care hospitals

Since demand for hospital services is subject to substantial variability, the relationship between uncertain demand, excess capacity, hospital costs and performance should be investigated thoroughly. In this paper a waiting time indicator to proxy hospital standby capacity is incorporated into a multi-product translog cost function for Belgian general care hospitals. The indicator is derived from queuing theory and improves on the conventionally used (inverse of the) occupancy rate. The multi-product stochastic frontier specification allows calculation of cost elasticities and marginal cost of seven hospital departments, as well as the degree of economies of scale and scope and enables identification of differences in efficiency.

How do bankruptcy laws affect entrepreneurship development around the world?

How do bankruptcy laws as formal institutions affect entrepreneurship development around the world? Do entrepreneur-friendly bankruptcy laws encourage more entrepreneurship development at a societal level? We posit that if bankrupt entrepreneurs are excessively punished for failure, they may give up potentially high-return but inherently high-risk opportunities to start new businesses. Amassing a cross-country database from 29 countries spanning 19 years (1990-2008), we find that lenient, entrepreneur-friendly bankruptcy laws are significantly correlated with the level of entrepreneurship development as measured by the rate of new firm entry.     

Severance Pay and Corporate Finance: Empirical Evidence from a Panel of Austrian and Italian Firms

This paper examines the empirical link between severance pay and corporate finance. Severance pay is an economic debt of the employer and hence should be taken into account by the market in its assessments of risk. Using a hand-collected dataset of accounting data from Italy and Austria we find there is only a limited relationship between severance pay and market risk indicators. This suggests that arguments that severance pay systems destroy corporate value may need to be reassessed.     

科技金融融合模式与科技型中小企业发展研究

科技型中小企业以其自身特有的创新性成为现代经济中的有生力量,对于一国科技水平和创新能力起着战略性的支撑作用.然而,在科技创新实践中,却普遍面临着融资难题,束缚其快速发展.本文比较借鉴美国"硅谷银行"商业模式,探索在商业银行组织架构中设立科技金融专营机构,构建"科技+金融"的业务平台,推进科技金融融合模式创新,进而实现银企多方共赢.