An Empirical Investigation of the True and Fair Override in the United Kingdom

Abstract:  The True and Fair View concept requires companies to depart from GAAP or the law if necessary to present a true and fair view of the corporation's financial affairs. We analyze UK public companies invoking a true and fair override to assess whether overrides are associated with weakened performance, earnings quality and informativeness. We find quantified overrides increase income and equity significantly, and firms that invoke more costly overrides report weaker performance. We also find that firms invoking the most costly overrides have less informative financial statements than control firms, and lower earnings quality. In contrast, firms invoking less costly overrides do not exhibit weaker performance, less informative financial statements or weaker earnings quality. These findings are relevant for the debate on principle- vs. rules-based accounting.     

Fiscal Policy in Southeast Asia

Monetary policy was ineffective in dealing with the 1997 Asian macroeconomic crisis. Fiscal policy might have been more effective but was not considered for a variety of reasons.     

中心辐射式铁路物流管理体制的探讨

物流管理是改善物流系统性能，提高物流效率的关键。本文论述了铁路物流体制改革的历史；结合市场经济、铁路运输业特性、高新技术发展等因素提出了中心辐射式铁路物流管理体制；并论述了该体制对铁路供应物流的积极作用。     

Are Corporate Restructuring Events Driven by Common Factors? Implications for Takeover Prediction

Abstract:  The paper shows that variables commonly used in takeover prediction models also help to explain the likelihood of several other restructuring events, including divestitures, bankruptcies and significant employee layoffs. This finding helps to explain the larger misclassification errors in binomial takeover prediction models commonly used in prior research. The results show that modelling takeover prediction models in a binomial setting is likely to lead to misspecification in the parameter estimates and, further, result in erroneous conclusions about the determinants of takeover likelihood. The paper shows that controlling for other restructuring events by using a multinomial framework results in consistently lower misclassification errors in out-of-sample prediction tests, when compared to the benchmark of a typical binomial model.     

über die Wirkung der Optionsbündelung auf die Ablaufplanung einer Variantenflie?fertigung Option bundling and its impact on operating mixed-model assembly lines

Bei der Optionsbündelung werden einzelne Ausstattungsmerkmale (Optionen) zu Paketen (Bündeln) zusammengefasst, so dass der Kunde, von einem Grundmodell ausgehend, durch die Auswahl unterschiedlicher Optionsbündel eine bestimmte Produktvariante konfigurieren kann. Im Mittelpunkt dieses Beitrags steht die Beantwortung der Frage, ob eine solche Optionsbündelung den Produktionsablauf positiv beeinflusst. Dabei richtet sich das Augenmerk auf die Produktionsform der Variantenflie?fertigung, die in der Endmontage variantenreicher Endprodukte (etwa in der Automobilindustrie) eine dominierende Stellung einnimmt. Eine umfangreiche computergestützte Evaluierung verdeutlicht einerseits den generell positiven Einfluss der Optionsbündelung und identifiziert andererseits im Rahmen der Betrachtung unterschiedlicher Bündelungsarten die kumulative Bündelung als besonders geeignet.     

STRUCTURAL SHIFTS IN UK UNEMPLOYMENT 1979–2005: THE TWIN IMPACTS OF FINANCIAL DEREGULATION AND COMPUTERIZATION

This paper analyses UK unemployment in the period 1979–2005. Structural breaks are identified endogenously and they coincide with key institutional changes associated with financial deregulation and computerization in the New Economy. A vector error correction model is estimated and it confirms that computerization and financial deregulation have had counteracting impacts on UK unemployment. The results are consistent with three hypotheses: technological advances associated with computerization have moderated inflationary struggles between firms and insiders by increasing total factor productivity; financial deregulation has generated financial fragility fostering rises in unemployment; financial deregulation and computerization together have been associated with shifts from manufacturing towards services, fostering structural unemployment.     

Die Bedeutung verhaltensorientierter Aspekte in der Controllingausbildung an deutschen Universit?ten

Die gestiegene Relevanz des verhaltensorientierten Wissens in der Controllingforschung und -praxis gab Anlass zu einer Studie über die Bedeutung verhaltensorientierter Aspekte in der Controllingausbildung an deutschen Universit?ten. Auf Basis einer schriftlichen Befragung von Controllingprofessoren wurde der Status Quo und die erwartete zukünftige Entwicklung der Controllinglehre erhoben. Im Vordergrund der Untersuchung stand die Frage, ob und inwieweit verhaltensrelevantes Wissen vermittelt wird. Die Ergebnisse zeigen, dass der Umfang, in dem verhaltensrelevantes Controllingwissen in den Lehrveranstaltungen vermittelt wird, auch und gerade vom zugrunde gelegten Controllingverst?ndnis des Lehrstuhlinhabers abh?ngt. Die Befragten gehen zudem davon aus, dass verhaltensorientierte Aspekte in Zukunft vermehrt in der Lehre thematisiert werden.     

Do Casinos Cause Economic Growth?

A bstract .   Casino gambling is a popular form of entertainment and is purported to have positive effects on host economies. The industry surely affects local labor markets and tax revenues. However, there has been little evidence on the effects of casino gambling on state economic growth. This paper examines that relationship using Granger-causality analysis modified for use with panel data. Our results indicate that there is no Granger-causal relationship between real casino revenues and real per capita income at the state level. The results are based on annual data from 1991 to 2005. These findings contradict an earlier study that found that casino revenues Granger-cause economic growth, using quarterly data from 1991 to 1996. Possible explanations for the differences in short- and long-run effects are discussed.     

汽车电子技术发展现状

本文主要阐述了电子技术在汽车中的应用,接着论述了国外汽车电子技术发展的三个阶段以及我国汽车电子技术的发展现状,然后指出开发汽车电子产品的关键技术。最后提出了作者的一点建议。