Of shepherds, sheep, and the cross-autocorrelations in equity returns

We present an economic mechanism and supportive empirical evidencefor the transmission of information between equity securitiesfirst documented by Lo and MacKinlay (1990). It is argued thatthe past returns on stocks held by informed institutional traderswill be positively correlated with the contemporaneous returnson stocks held by noninstitutional uninformed traders. Evidenceconsistent with this hypothesis is then presented. We documentthat the returns on the portfolio of stocks with the highestlevel of institutional ownership lead the returns of portfoliosof stocks with lower levels of institutional ownership. Thiseffect persists even after firm size is controlled for and isapparent at longer lags than the size-related lag effect documentedin Lo and MacKinlay (1990).     

How Representative Are Firms That Are Cross‐Listed in the United States? An Analysis of Accounting Quality

We provide evidence on the characteristics of local generally accepted accounting principles (GAAP) earnings for firms cross‐listing on U.S. exchanges relative to a matched sample of foreign firms currently not cross‐listing in the United States to investigate whether U.S. listing is associated with differences in accounting data reported in local markets. We find that cross‐listed firms differ in terms of the time‐series properties of earnings and accruals, and the degree of association between accounting data and share prices. Cross‐listed firms appear to be less aggressive in terms of earnings management and report accounting data that are more conservative, take account of bad news in a more timely manner, and are more strongly associated with share price. Furthermore, the differences appear to result partially from changes around cross‐listing and partially from differences in accounting quality before listing. We do not observe a similar pattern for firms cross‐listed on other non‐U.S. exchanges or on the U.S. over‐the‐counter market, suggesting a unique quality to cross‐listing on U.S. exchanges.     

Disentangling the Incentive and Entrenchment Effects of Large Shareholdings

This article disentangles the incentive and entrenchment effects of large ownership. Using data for 1,301 publicly traded corporations in eight East Asian economies, we find that firm value increases with the cash-flow ownership of the largest shareholder, consistent with a positive incentive effect. But firm value falls when the control rights of the largest shareholder exceed its cash-flow ownership, consistent with an entrenchment effect. Given that concentrated corporate ownership is predominant in most countries, these findings have relevance for corporate governance across the world.     

浅谈以财务报告为目的的投资性房地产评估业务

国际会计准则（以下简称IAS）经过长达十余年的修订,逐渐完善了公允价值和投资性房地产的概念．及投资性房地产计量和披露的要求。在世界范围内．各国或各地区会计准则制定机构逐渐认识到．统一或趋同的会计准则将给财务报告使用者带来便利,     

La Vía Campesina and its Global Campaign for Agrarian Reform

Vía Campesina's 'Global Campaign for Agrarian Reform' (GCAR) has made a significant impact (inter)nationally in reshaping the terms of the land reform debates. However, its impact on other land policy dynamics has been marginal. Meanwhile, the campaign inadvertently exposed latent class-based and ideological distinctions within the transnational network. This essay explains how the GCAR emerged, and has been able to influence the broader global land reform debates, but has not been able (so far) to significantly impact other major dimensions of the land policy debates. It argues that if GCAR is to retain relevance, it must deepen and broaden its current position on land to go beyond the parameters of conventional land reform. Moreover, it must also find ways to better integrate 'global issue framing from above' with 'local/national campaigns from below' if it is to strengthen its process of 'issue/campaign externalization/transnationalization'. Doing this may require the network to rethink some of its well-established organizational practices and ideological perspectives.     

THE ROLE OF MAJOR OIL COMPANIES IN LONG DISTANCE GAS PIPELINE PROJECTS

For several years now, BP has been trying to identify new opportunities to supply gas into North East Asia, including the rapidly expanding Chinese market. It expects gas demand to continue to increase faster in the Asia Pacific region than elsewhere in the world,and its analysis suggests gas demand there will grow to around 470 bcm by 2010 or by almost 6% per year. Since oil majors have rich escperience of managing large     

打造番禺成为广州新RBD的构想与对策

城市RBD的合理建设对于提高市民的生活品质、城市空间良性发展具有重要的意义。广州市南拓背景下,如何加快发展番禺的休闲旅游业,构建城市新的RBD,本文提出了一些构想和对策。