加强评估准则建设 服务市场经济发展

一、完善的评估准则对规范行业行为,服务市场经济具有重要的意义 市场经济是法制经济,也是规则经济,市场经济正常运转离不开规则。经过近30年以市场经济为导向的改革,我国的经济运行体系发生了深刻的变化。目前,我国市场经济体制已初步建立,经济改革已步入新的时期,改革的重心由创建市场经济体制转向健全和完善市场体系,各行各业建立和完善了许多新的规则,这些规则已经渗入社会经济生活的各个层面,对社会经济产生了深刻影响。     

基于产权行为研究的人本资本会计模式构造

随着经济形态从工业经济到知识经济的转变,知识、技术、管理等在不同资本中相互滲透,使企业资本呈现出一种泛化的趋势,从传统财务会计中的单元资本转变组合资本,而知识、技术、管理等必须由人主宰和运用,突出以人为本的思想。所以,新经济时代的人本资本会计应为组合资本所有者提供其多元产权价值实现和保障情况的共性化的信息。     

Asymmetric information as a barrier to knowledge spillovers in expert markets

This paper investigates barriers to effective knowledge spillovers for markets in which the product can be characterized as a credence good, i.e. its complexity impedes the evaluation of quality by customers both ex-ante and ex-post. We focus on the German market for energy efficiency consultants, as an emerging and subsidized sector in which the service offered has strong credence good properties. Based upon in-depth interviews with stakeholders, we analyze the determinants and barriers to knowledge spillovers. We find that the incentive to foster spillovers to increase suppliers’ knowledge is limited by the difficult commercialization of additional capabilities. The implementation of a public certification scheme has failed to increase the sectoral knowledge spillovers. By contrast, the participation in formal knowledge networks has been more effective in prompting companies to foster knowledge spillovers, which has also led to a higher degree of specialization. We conclude that access to certification schemes should be further restricted to increase market transparency and private networks should be supported to achieve the aim of increasing knowledge spillovers.     

Do directors perform for pay?

Many corporations reward their outside directors with a modest fee for each board meeting they attend. Using a large panel data set on director attendance behavior in publicly-listed firms for the period 1996–2003, we provide robust evidence that directors are less likely to have attendance problems at board meetings when board meeting fees are higher. This is surprising since meeting fees, on average roughly $1,000, represent an arguably small fraction of the total wealth of a representative director in our sample. Thus, corporate directors appear to perform for even very small financial rewards.     

Institutional effects on information content of US and French management earnings forecasts: Evidence from market reactions and analyst revisions

The United States and France are both most developed economies in the world. Their socio-economic institutions, however, are very different. These differences are indications of their dichotomous legal regimes: common law in the US versus code law in France. The political influence of these legal regimes, in turn, leads to a dichotomized classification of accounting systems: the British-American Model and the French Continental Model. This study extends these institutional effects into the field of management earnings forecast. We find that earnings forecasts by French firms are less informative than those made by US firms matched-up by industry and firm size. We also compare US and French financial analysts' revisions of their forecasts following the management forecasts. We find that revisions by French analysts are more influenced by management forecasts. Our findings are consistent with prior studies that argue that information asymmetry in code-law countries is largely resolved through private information channels, rendering less information content in management announcements and less demand and incentives for original research by financial analysts.     

Firm diversification and earnings management: evidence from seasoned equity offerings

Popular press suggests that diversified firms are more aggressive in managing earnings than non-diversified firms. We examine this claim in the seasoned equity offering (SEO) setting, where firms have been shown to have the incentive to manage earnings upwards. Using the cross-sectional modified Jones [(1991) J Accounting Res 29:193–228] model to measure discretionary current accruals, we find that discretionary current accruals are higher among diversified firms than in non-diversified ones. Our evidence is consistent with the view that the extent of firm diversification is directly related to the degree of earnings management. We further show that diversified issuers with high discretionary accruals underperformed other SEO firms.

Economic and financial crises and the predictability of U.S. stock returns

We argue that the use of publicly available and easily accessible information on economic and financial crises to detect structural breaks in the link between stock returns and macroeconomic predictor variables improves the performance of simple trading rules in real time. In particular, our results suggest that accounting for structural breaks and regime shifts in forecasting regressions caused by economic and financial crises has the potential to increase the out-of-sample predictability of stock returns, the performance of simple trading rules, and the market-timing ability of an investor trading in the U.S. stock market.     

Central Bank Actions and Words: The Intraday Effects of FOMC Policy Communications on Individual Equity Volatility and Returns

We compare intraday impacts of the release of Federal Reserve decision announcements and of Federal Open Market Committee minutes between 2004 and 2015 on 1,997 equity return and volatility series. We find that returns are unresponsive to either news release, but conditional volatility increases for both, manifesting immediately after each information release, and persisting for 30 minutes post‐announcement. These effects are larger for decisions than for minutes. On stratifying firms by trading intensity, we find most “high trading intensity” firms respond to these announcements, while “low trading intensity” firms are less affected. Our results show that traders respond, albeit differently, to both sets of information releases.     

The bond event study methodology since 1974

In the spirit of methodology reviews for stock event studies, like the one prepared by Binder (Rev Quant Financ Account 11:111–137, 1998), this paper discusses the development of the event study methodology for corporate bonds since its first application with Katz (J Financ 29:551–559, 1974). The motivation to conduct this review stems from two sources: First, the methodology utilized for stocks cannot simply be applied to bonds, as bonds present several features that strongly distinguish them from stocks. An erroneous model could lead to false conclusions about the impact of new information on a firm’s debt. Second, the availability of new sources for bond data enables the application of bond event studies for an increasing number of research frameworks. Thus, future research ought to be interested in the selection of the proper methodology. Consequently, this paper illustrates past and present event study methods utilized to calculate abnormal bond returns and reviews the applied parametric and non-parametric test statistics. Besides, insight on how the availability of corporate bond data has evolved through the last four decades, as well as the impact on prevailing methodology is provided. Altogether, this paper provides a first extensive snapshot of the current bond event study methodology and offers guidance for future research.     

Market completion with derivative securities

Let \(S^{F}\) be a ?-martingale representing the price of a primitive asset in an incomplete market framework. We present easily verifiable conditions on the model coefficients which guarantee the completeness of the market in which in addition to the primitive asset, one may also trade a derivative contract \(S^{B}\). Both \(S^{F}\) and \(S^{B}\) are defined in terms of the solution \(X\) to a two-dimensional stochastic differential equation: \(S^{F}_{t} = f(X_{t})\) and \(S^{B}_{t}:=\mathbb{E}[g(X_{1}) | \mathcal{F}_{t}]\). From a purely mathematical point of view, we prove that every local martingale under ? can be represented as a stochastic integral with respect to the ?-martingale \(S :=(S^{F}, S^{B})\). Notably, in contrast to recent results on the endogenous completeness of equilibria markets, our conditions allow the Jacobian matrix of \((f,g)\) to be singular everywhere on \(\mathbb{R}^{2}\). Hence they cover as a special case the prominent example of a stochastic volatility model being completed with a European call (or put) option.