Effect of the Sovereign Credit Ratings in East Asia Countries: Evidence from Panel Vector Autoregression

We study the effect of the sovereign credit ratings on the economies of seven East Asian countries, applying panel vector autoregression (VAR). We find that rating has less effect than outlook of rating on the credit default swap (CDS) spreads, the stock indexes, and the GDP growth rates. Rating upgrade and positive outlook have stronger effects than rating downgrade and negative outlook, and the effects of positive outlook and rating are greater after the financial crisis. There is evidence of contagion in that the economic variables of a country seem to have been affected by the outlooks of the other countries.     

机构投资对我国资本市场资产价格影响的实证研究

本文以1999年3月到2011年3月的沪深主板上市公司月收益率为样本,通过定义机构投资者的投资策略,对加入机构投资者影响后的CAPM扩展模型进行实证研究,发现扩展模型消除了经典CAPM中存在的异方差性,且不存在一阶自相关性;资产组合的收益率同市场组合收益率呈反比关系,与基准投资组合收益率呈正比关系;模型拟合度有了很大的改善。机构投资对我国资本市场资产价格产生了积极的影响。因此,我国资本市场应该大力发展机构投资者,机构投资者本身也应该朝着健康的方向发展。     

Voluntary disclosure practices by foreign firms cross-listed in the United States

This is one of the first large-scale studies to examine the voluntary disclosure practices of foreign firms cross-listed in the United States. We proxy for voluntary disclosure using three attributes of firms’ management earnings guidance: (1) the likelihood of issuance; (2) the frequency of earnings guidance; and (3) a guidance quality measure. After first establishing that market participants view these firms’ disclosures as credible and economically important (i.e., the disclosures are negatively related to analyst forecast errors and the implied cost of equity capital), we compare cross-listed firms’ disclosure practices with comparable US firms and explore variations in disclosure practices among cross-listed firms. We find that cross-listed firms issue less frequent and lower quality management earnings guidance than comparable US firms. We further show that the gap between US and cross-listed firms widened after passage of Regulation FD, a regulation which induced greater public disclosure of firm-specific information. Focusing on the sample of cross-listing firms, we show that firms from common-law countries disclose more than firms from code-law countries. Finally, our results indicate that cross-listed firms that do not list on an organized US exchange provide more frequent and higher quality disclosure than those that do list on organized exchanges.     

影响会计信息质量的因素分析

文章从会计信息的各个环节入手,通过考察会计信息的"生产"过程,来分析影响会计信息质量的因素,揭示出会计从业人员的专业水平和企业负责人对会计业务的干预等是影响会计信息质量的主要因素。从而提出完善会计内部控制、提高会计人员的素质以及建立权力约束机制等是提高会计信息质量的有效途径。     

矿业安全与健康供给的社会管制研究

以行政问责、矿产资源整合、区域性停产整顿等方式遏制矿难,见效不大。矿主是安全物品供给主体,但缺乏强迫矿主为矿工提供安全与健康物品的制度安排。只生产矿产品不生产安全与健康物品,让矿工承担成本而矿主增加收入属于市场失灵,市场失灵时的政府管制应定性为保护矿工基本人权的社会管制,必须通过社会管制强迫矿主供给矿工享用的集体物品而阻止矿主的不当收入。     

基于实物期权的房地产最优开发时机

本文主要利用实物期权定价理论,结合房地产实际投资状况,通过处理房地产开发项目的单位价格和单位建设成本之间的相互影响,建立了关于价格与成本之间的房地产最优投资决策时机模型,探讨了房地产开发的最适时机的选择问题。     

现阶段财政政策与货币政策协调配合的几个问题

本文分析了宏观间接调控所主要依仗的财政、货币两大政策的异同及协调配合的必要性,提出财政政策侧重于调结构和货币政策侧重于调总量的分工,并具体讨论了在国债、财政存款、外汇储备等"结合部"领域的合理协调,最后强调了优化我国两大政策协调配合所应注重的制度建设问题。     

强制性垄断分拆的机制设计

本文研究政府主导的"强制性垄断分拆"对价格、竞争以及公司收益的影响.假定政府通过对垄断公司的产品空间进行分割来建立若干独立的公司,并且同组产品完全互补,跨组产品存在一定程度(但非完全)替代.结论为,当跨组产品之间的替代性较弱时,"强制性垄断分拆"的不利影响较小;当产量的增加占主导地位时,"强制性垄断分拆"不仅不会影响公司的收益,甚至可能增加公司的收益.中国电信业的案例研究支持模型的基本结论.