大义父母40年续写异国亲情

在山东省荣成市上庄镇小龙庄村外,一座石墓格外显眼.墓主是该村村民邹殿臣,立墓者是他的日本"儿子"渡边浩充.追随着这座石墓,一段感人至深的故事为世人所传颂.     

Are Fundamentals Priced in the Bond Market?*

To date, the discussion of the Lev and Thiagarajan 1993 fundamentals in the prior literature has been exclusively in the context of the stock market. Our study is the first to examine the value‐relevance of these fundamentals for default risk. By focusing on the market for new bond issues, we examine the value‐relevance of the fundamental score using expected rather than realized returns. Also, by focusing on the bond market we provide a different perspective than that brought by prior studies relying solely on stock prices. We find the fundamentals to be priced in the market for new bond issues as indicators of expected future earnings and to be value‐relevant in enabling the market to discern differences in bond credit quality over and above the published bond ratings.     

增强责任感和使命感努力做好经济责任审计工作

《审计署2003至2007年审计工作发展规划》把“加强法制建设,逐步完善经济责任审计制度”和“推动审计结果公告制度,充分发挥社会舆论监督作用”作为今后五年审计工作发展规划的重要内容。为贯彻落实《规划》提出的各项任务,本刊拟从2003年第21期起,在《实务探索》栏目中新辟《审计多棱镜》专栏。创办此栏旨在配合审计署各个时期审计工作的重点,从不同的层面、不同的行业、不同的角度关注审计、宣传审计、研究审计。我们将在此专栏邀请各级党政领导、企(事)业厂长(经理)、专家学者、审计机关主要领导论谈审计;刊登各种专题的审计论文及来自审计一线的即时报道。近期将以“经济责任审计”为专题,刊登部分党政领导从不同的角度谈审计的专题文章,以供读者参阅。     

Managerial Equity Ownership and the Demand for Outside Directors

This paper examines the linkage between the use of outside directors and managerial ownership. We conjecture there are two linkages: the standard incentive‐alignment demand for monitoring when managers own little stock and an entrenchment‐amelioration demand when managerial stock ownership is high. As a consequence, we predict the association between managerial ownership and board composition will be nonlinear (U‐shaped if the entrenchment effect is sufficiently pronounced). Using UK data, we find that both quadratic and logarithmic models outperform the simple linear relationship assumed in prior research and that the substitution between managerial ownership and board composition is stronger than hitherto supposed.     

Gentlemanly capitalism in New Zealand

This article responds to McAloon's contribution to this journal criticising the argument advanced by P.J. Cain and myself in British Imperialism . McAloon's research on Canterbury and Otago merits serious attention, but it is argued here that he is mistaken in claiming that it disproves the case we made for applying our concept of gentlemanly capitalism to New Zealand. Both the structure of 'settler capitalism' and the social characteristics of the settlers themselves provide a good fit with our interpretation. Nevertheless, McAloon deserves credit for putting this subject on the agenda, and it is to be hoped that other historians of New Zealand (and also of Australia) will now reconsider the relationship between the 'rules of the game' established by the imperial centre and the degrees of dependence experienced by the constituent parts of the empire.     

Evaluating FOMC forecasts

Monetary policy outcomes have improved since the early 1980s. One factor contributing to the improvement is that Federal Reserve policymakers began reporting economic forecasts to Congress in 1979. These forecasts indicate what the Federal Open Market Committee (FOMC) members think will be the likely consequence of their policies. We evaluate the accuracy of the FOMC forecasts relative to private sector forecasts, the forecasts of the Research Staff at the Board of Governors, and a naïve alternative. We find that the FOMC output forecasts were better than the naïve model and at least as good as those of the private sector and the Fed staff. The FOMC inflation forecasts were more accurate than the private sector forecasts and the naïve model; for the period ending in 1996, however, they were not as accurate as Fed staff inflation forecasts.     

Predicting the geo-temporal variations of crime and disorder

Traditional police boundaries—precincts, patrol districts, etc.—often fail to reflect the true distribution of criminal activity and thus do little to assist in the optimal allocation of police resources. This paper introduces methods for crime incident forecasting by focusing upon geographical areas of concern that transcend traditional policing boundaries. The computerised procedure utilises a geographical crime incidence-scanning algorithm to identify clusters with relatively high levels of crime (hot spots). These clusters provide sufficient data for training artificial neural networks (ANNs) capable of modelling trends within them. The approach to ANN specification and estimation is enhanced by application of a novel and noteworthy approach, the Gamma test (GT).     

电子商务的风险管理与审计研究

电子商务尽管现在处于低潮期，但是作为重要的变革力量，它仍然是2l世纪的一个必然趋势。另外，电子商务发展受阻的一个重要原因就是电子商务的安全问题，这一问题影响了消费的决策，也极大地改变了企业的整个风险结构。本从外部审计与内部审计两个角度分析了审计可以在应对电子商务风险中发挥的重要作用。从外部审计来看，数据完整性与机密性是网站审计与认证的重要方面，从内部审计来看，审计应该在包括了电子商务风险的全面风险管理框架内发挥重要的作用。