The intertemporal volatility structure of Euro CD rates

In this paper we examine the intertemporal volatility structure of Eurocurrency rates of five different maturities ranging from seven days to twelve months for six Euro CD currency denominations spanning the 1986–1992 period. the analysis used the common ARCH-feature testing methodology recently developed by Engle and Kozicki (1993). First, the results indicate presence of ARCH effects in the Eurocurrency rate series. This result suggests that modelling of Eurocurrency rates requires the inclusion of time-varying risk premia. Second, our evidence reveals that short- and long-term Eurocurrency rate series have the same volatility process. the results point out that a common time-varying volatility process characterises most Eurocurrency rate series across maturities and currency denominations. Hence, the common ARCH results imply that a common time-varying variance model would be the appropriate specification of the conditional heterscedasticity for most Eurocurrency rates.     

论财务管理环境变化与财务创新

财务环境正面临着比以往任何时候都严峻的风险，财务运作的范围与功能正日益拓宽，财务运作人员的智力含量日益凸现，责任日益加大，财务代理问题、诚信问题日益严重。为了应付这种急剧变化的环境，应从财务观念、财务目标、财务功能和财务治理制度等方面进行创新。     

关于完善失业保障制度的博弈分析

失业保障制度是反失业的稳定器和安全网，其主要功能是保障失业者的基本生活和促进失业者再就业。失业保障制度本身又是在政府与失业者工人之间的博弈中产生的，因此本文建立了一个博弈模型，力求通过分析博弈的策略均衡找出影响劳动者再就业的若干因素，从而对如何改善失业保障制度提出一些建议。     

CARE/CEASA Roundtable on: Liquidity and Capital Management

Five distinguished banking and accounting scholars explore the role of liquidity at not only the “macro” level of the economy, but also at the level of individual companies. The first of the four main speakers, who is the author of the preceding article, restates his argument that the stability of financial systems can be increased by directing bank regulators and executives to find the optimal combination of liquidity and capital requirements. The second of the four speakers shifts the focus to liquidity management by non‐financial companies, with particular emphasis on their use of lines of credit and their role in helping companies weather the financial crisis. The third speaker places liquidity in the context of capital markets, and presents suggestive evidence that improvements in corporate disclosure and transparency have beneficial effects on both the level and volatility of liquidity in those markets. The panel is rounded out by a discussion of liquidity in corporate bond markets and the proposal of a new way to measure such liquidity.     

财务共享视角下管理会计体系构建问题及对策研究

在大数据分析、云计算、物联网等新技术层出不穷的背景下,财务共享已成为促进管理会计发展的一个重要出发点,财务会计信息的纵向相接和财务业务数据的横向融合,为管理会计体系的建立提供了专业的数据信息支持。本文主要阐述了我国财务共享模式下构建管理会计体系的一系列重难点问题,并为如何更好地解决存在的问题提供相应对策,从而改进我国目前的管理会计体系,更好地为实践提供理论依据。     

中美科技关系走向研判

美国科技战略随着世界技术革命、经贸格局、政治形势的变化处于动态调整之中,其科技战略调整更关注国际科技合作的边界性、联邦政府研发投入的参与度、中长期科技收益的获得感及对美国价值观的认同感.为此,我们应当对战略调整下中美科技走向及可能带来的影响做好研判,从客观认识国力、坚定发展信念、加强科技顶层设计、完善科技激励体制、夯实基础教育、坚持深层对话机制等层面,做好战略应对.     

基于MA的森林生态系统服务价值评价——以浙江省遂昌县为例

森林生态系统服务价值评价有利于为区域可持续发展和生态文明建设提供指导和依据。基于联合国千年生态系统评估框架,运用市场价值法、费用替代法、替代工程法和防护支出法等,对浙江省遂昌县森林生态系统服务价值进行评价。结果表明,2009年遂昌县森林生态系统调节服务价值为192.839亿元;可计量的供给价值为4.495亿元,两项合计197.334亿元,相当于当年GDP的47.86亿元的4.12倍。文化服务类型多样,内容丰富。如果进行绿色GDP核算,将明显提升遂昌县地位。     

An Aristotelian approach to case study analysis

The purpose of this paper is to apply Aristotle's theory of causation to the administrative realm in an attempt to provide the manager/student with a more complete basis for organizational analysis. The authors argue that the traditional approach to administrative case studies limits the manager's/student's perspective to the positivistic world view at the expense of a more encompassing perspective which can be achieved through the use of an Aristotelian approach. Aristotle's four-part theory of causation is juxtaposed with contemporary views of organizational ideology/philosophy, culture, climate and leadership, and staff or personnel. The Mazda automobile plant in Flat Rock, Michigan is provided as a sample case study to demonstrate the comprehensiveness of the Aristotelian method in organizational contexts.David Cruise Malloy is an assistant professor in the Faculty of Physical Activity at the University of Regina, Canada. He has recently completed his PhD. in Education (Educational Administration) at the University of Ottawa where his research focus was ethical decision making in administrative contexts.Donald L. Lang, PhD. is the chief psychologist in the Directorate of Recruiting and Selection for Canadian Armed Forces. His research centres around the impact of values upon organizational commitment and motivation.     

纳税对企业偿债能力的影响分析

偿债能力是企业经营发展得以持续稳定的保障,因此,企业以及企业的利益相关者对企业偿债能力都非常关注。本文在分析企业的偿债能力及指标的基础上,阐述了纳税对企业偿债能力的影响,并提出了企业要进行税收筹划,以此增强企业的偿债能力。