英格兰银行的内幕

蜚声国际的英国中央银行为英国带来了空前的繁荣,但其中却包含着泡沫一个房产泡沫。英格兰银行会使这种繁荣持续下去吗?     

Financial crises and reform of the international financial system

Between December 1994 and March 1999, Mexico, Thailand, Indonesia, Korea, Malaysia, Russia and Brazil experienced major financial crises, which were associated with massive recessions and extreme movements of exchange rates. Similar crises have threatened Turkey and Argentina (2000 and 2001) and most recently Brazil (again). This article discusses the reform of the international financial system with a focus on the role of the IMF—reforms directed at crisis prevention, and those intended to improve the responses to crises. The article concludes with an appraisal of what has been achieved, and what remains to be done to make the international financial system safer. JEL no. E5, E6, F3, F4, G1     

The effect of portfolio weighting on investment performance evaluation: The case of actively managed mutual funds

Among the factors influencing investment performance measurement is the weight dedicated to each security. This paper develops metrics for measuring the extent of equal weighting and value weighting of a portfolio. A sample of 506 actively managed mutual funds shows that funds tend to be equally weighted to a greater degree than they are value weighted, implying that investment performance based solely on a single value-weighted benchmark may not adequately identify excess performance. We propose a two-factor model utilizing both a value-weighted and an equally weighted index and show that the model provides a better fit than the single-index model.(JEL G1)     

Market‐oriented is more than being customer‐led

Connor, in ‘Customer‐led and market‐oriented: A matter of balance’, argues, among other things, that we propose that market oriented businesses focus on future customer needs to the neglect of current customer needs, that market oriented businesses over‐emphasize marketing activities in their value chains, that market oriented businesses emphasize generative learning to the neglect of adaptive learning, and that only large companies have the resources to become market oriented. These arguments are largely unfair extrapolations of our position and reflect a superficial understanding of the nature and benefits of being market oriented. We use this response to clarify our position on these issues. Copyright © 1999 John Wiley & Sons, Ltd.     

The educational impact of unresolved conceptual issues in interest capitalization

In SFAS 34, the FASB adopted “avoidable interest” as the measurement objective for interest capitalization. This article discusses the compromise which resulted in the avoidable interest concept, the circumstances under which the compromise took place, and the effect it has had on textbook presentations of interest capitalization.     

碳审计在总体规划中的角色

所有国家地区都会受气候变化影响,无一例外.全世界需要要走向低碳经济发展道路."低碳经济"一概念被提出.低碳经济是指一种发展模式,在经济增长中排放最少之温室气体,以高能源效率产出,推动可持续之社会发展.目前我国把城市经济、社会、环境体系作为单元出计量碳排放量之实施经验不多,更没有具体项目把碳审计概念融进我们之城市规划管理体系内.城市规划建设作为直接影响城市碳排放之决策环节,这缺口必须通过把规划编制过程和手法扩展.最基本任务是把"碳排放审计"概念实施在总体规划编制过程中.本文笔者就城市总体规划编制流程和规划管理提出建议,深化我国城市规划决策流程,应对气候变化之挑战.     

It’s time for a true and fair view

The standard unqualified United States audit report states that the firm’s financial statements present fairly, in all material respects, the financial position of the company at year end, the results of operations, and its cash flows, in conformity with generally accepted accounting principles (GAAP). The United Kingdom counterpart states that the company accounts give a true and fair view (TFV). The focus on conformity with GAAP in the US has created a rule-dominated audit arena which, in effect, means that if the audited financial statements are in accordance with GAAP, the auditor will find them acceptable. We offer modified audit report terminology that substitutes “true and fair view” for “present fairly”. Although Rutherford [J. Business Financial Accounting 12 (1985) 483], Houghton [Accounting Organizations Soc. 12 (1987) 143], and Karan (2002) have cited problems with the TFV language, especially in its interpretation, we find the phrase superior to “present fairly” and propose an operational definition for its application.