Does Accrual Management Impair the Performance of Earnings‐Based Valuation Models?

This study examines how accrual manipulations affect firm valuation in the years surrounding the passage of the Sarbanes‐Oxley Act (SOX). We compare the absolute percentage pricing errors of RIM and DCF valuation models for a group of US firms suspected to have engaged in accrual manipulations to avoid a small loss or a small earnings decline vs. ‘Normal’ firms matched on industry, year and size. We find that RIM can better estimate intrinsic value than DCF for the matched Normal firms in the pre‐SOX period, but not so for accrual manipulators, and that SOX mitigates the harmful effect of accrual manipulations, completely eliminating the difference in RIM's accuracy advantage over DCF between Normal firms and accrual manipulators. As a further analysis, we redefine Suspect firms as real‐activity manipulators and find a significant across‐group difference in accuracy wedge in both sample periods, implying that SOX has prompted firms to favor real‐activity manipulations over accrual manipulations.     

Marx,Sraffa, and Surplus: Observations Prompted by Garegnani (2018)

ABSTRACT

In a posthumously published article, Pierangelo Garegnani (2018. ‘On the Labour Theory of Value in Marx and in the Marxist Tradition.’) depicts Marx’s project in Capital as that of ‘developing systematically the theory of Ricardo and [the] implications of social conflict’ implied by Ricardo’s ‘surplus approach to value and distribution’. This paper argues to the contrary that Marx’s theory of surplus value and exploitation differs from (neo-)Ricardian surplus theory in fundamental ways, and modifies Garegnani’s simple Sraffian model to illustrate the distinctive implications of Marx’s theory.     

论大学生思想道德教育的根本途径

由于社会转型、学校教育的缺陷及家庭影响,当代大学生在思想政治、道德素质、心理素质方面出现一些问题.大学生思想道德教育的根本途径在于回归现实生活,即注重联系现实生活教育、培养道德情感、引导思想道德能力的提高.     

Allocative efficiency measurement with endogenous prices

In the nonparametric measurement of allocative efficiency, output prices are fixed. If prices are endogenous, the overall output in the market determines the allocative efficient point. We develop an alternative semi-nonparametric model that allows prices to be endogenously determined.     

CUSTOMER POWER,STRATEGIC INVESTMENT,AND THE FAILURE OF LEADING FIRMS

Why might firms be regarded as astutely managed at one point, yet subsequently lose their positions of industry leadership when faced with technological change? We present a model, grounded in a study of the world disk drive industry, that charts the process through which the demands of a firm's customers shape the allocation of resources in technological innovation—a model that links theories of resource dependence and resource allocation. We show that established firms led the industry in developing technologies of every sort—even radical ones—whenever the technologies addressed existing customers' needs. The same firms failed to develop simpler technologies that initially were only useful in emerging markets, because impetus coalesces behind, and resources are allocated to, programs targeting powerful customers. Projects targeted at technologies for which no customers yet exist languish for lack of impetus and resources. Because the rate of technical progress can exceed the performance demanded in a market, technologies which initially can only be used in emerging markets later can invade mainstream ones, carrying entrant firms to victory over established companies.     

MARKETS VS. MANAGEMENT: WHAT ‘DRIVES’ PROFITABILITY?

This study addresses the issue of the relative degree of variance in ROA accounted for by industry, corporate, and SBU effects while controlling for the business cycle and the interaction between the business cycle and industry. Two key articles, Schmalensee (1985) and Rumelt (1991), are discussed in detail. Research results on a recent data base (COMPUSTAT), using variance components analysis (VARCOMP) are presented that not only confirm most of the Rumelt (1991) findings, but also suggest the existence of a corporate effect, heretofore undetected.     

关于公证赔偿制度的探讨

《中华人民共和国公证法》首次以法律的形式将赔偿制度引入我国公证领域,建立中国特色的公证赔偿制度是推动我国公证事业发展的客观要求,需要在公证工作的实践中不断探索完善.文章对我国公证赔偿的法律属性、公证赔偿的构成要件、公证赔偿的方式及公证赔偿的举证责任问题进行了探讨.     

Structured packings for use in oxygen service: Flammability considerations

Metallic structured packings have found increasing use in the cryogenic distillation of air. An experimental program was performed to test the flammability of selected metal packings under simulated high oxygen concentration operating conditions. Aluminum flammability in gaseous oxygen has been shown to be very dependent upon argon dilution, and in the presence of liquid oxygen, strong energy releases have been observed. Brass packing exhibited an unexpectedly high relative flammability whereas copper has been found to be non-flammable in all tested oxygen purities. These findings suggest the use of copper structured packing in higher purity GOX/LOX regions of an air separation distillation column and aluminum structured packing in the remainder of the column.