Investor protection and price informativeness about future earnings: international evidence

This study draws on the investor protection literature to identify structural factors in a country’s information environment that are likely to explain cross-country differences in the extent to which future earnings information is capitalized in current stock returns. Using a sample of 55,900 firm-years from 32 countries, we find that greater financial disclosure, higher quality earnings, and greater information dissemination through news media are associated with stock prices that are more informative about future earnings, whereas strong enforcement of insider trading laws is associated with stock prices that are less informative about future earnings. We also find that, on average, price informativeness about future earnings is greater in countries with strong investor protection. Our results illuminate the importance of structural factors constituting a country’s information environment in explaining cross-country variation in price informativeness about future earnings.     

社会责任与企业可持续发展研究——基于PE支持企业的视角

随着近几年企业社会责任问题凸现以及部分私募股权投资基金支持企业上市后业绩变脸,使得人们质疑私募股权投资基金的参与是否有利于支持企业社会责任的改善.文章以92家私募股权投资基金支持企业为样本,研究了社会责任与企业可持续发展的关系,结果显示企业可持续发展与对政府的责任、供应商的责任正相关,而与债权人的责任、社会的责任负相关.     

盛世走向封闭的教训值得汲取

关于苏联是怎么垮掉的,世界上论述很多,有人是说和平演变的,有人说是因为内部体制的问题.作为一个长期观察世界变化人来看,苏联兴盛起来,是开放带来的.苏联的第一个五年遍地计充分利用了1929年到1933年西方的经济危机,斯大林讲,他2/3的工厂是从美国引进的.但是战后苏联走向了封闭.     

人力资本、国内研发、技术外溢与技术进步——基于中国省际面板数据和一阶差分广义矩方法的研究

本文研究了人力资本、国内研发和技术外溢与我国全要素生产率(TFP)之间的关系,并采用动态面板数据一阶差分广义矩估计方法对1985至2005年我国28个省(自治区、直辖市)的面板数据进行了实证检验.实证表明,进口和国内研发都显著地促进了TFP水平的提高,但我们没有发现外商直接投资对TFP有显著的促进作用,不同层次人力资本中也只有高等教育人力资本促进了TFP水平的提高;实证还表明,在吸收能力指标如人力资本、国内研发、收入水平以及综合技术水平中,只有综合技术水平促进了以进口为渠道的国际技术外溢.     

Selecting suitable compensation plans of executive stock options

Theoretical and empirical works have emphasized that executive stock option plans play an important role in compensation management and corporate governance owing to the incentives to increase firm stock price and volatility levels. This study not only proposes models of executive stock options and constructs value-matched financial variables for comparing the incentive effects towards these options, but also develops an empirical study exploring the characteristics of executive stock options and suitable compensation management for companies. This investigation examines the daily value and compares incentive effects of six kinds of executive stock options with the empirical data of TSMC, the world's largest dedicated semiconductor foundry, which is listed on the TSE and NYSE. Empirical results indicate that purchased options would be the best choice for companies that are unsuitable to undertake risky investments, while the relative indexed options are appropriate for bear markets and good for companies whose executives are highly risk averse. Repriceable options are not recommended due to their high costs and weak incentive effects.     

Cross-country growth regressions: problems of heterogeneity,stability and interpretation

The paper discusses the issues of heterogeneity and stability of cross-country growth regressions that have been used to study the problem of convergence. Almost all studies use pooled regressions. The paper considers the issue of pooling under heterogeneity using a hierarchical Bayesian method and estimates growth regressions for different panels studied in earlier papers, and different regimes. The conclusion is that the convergence rates are higher than those obtained from pooled regressions under the assumption of homogeneity and that there is instability over time in the relationships.     

盾构在湖底砂层中掘进姿态控制及易出现问题应对措施

分析盾构在苏州地铁一号线金鸡湖湖底砂层中掘进时姿态的控制,易出现的问题和风险,并针对可能出现的问题和风险提出采取的应对措施,对盾构顺利穿越湖底具有重要的意义。     

高职教材发展阶段理论研究

正如产品具有经济周期一样,职业教育的发展也必将具有诞生、生长、成熟及至衰败几个阶段,而教材作为教育过程中的重要道具,也有一个与之相匹配的发展过程。本文就是从教材发展过程中的几个阶段进行研究。     

基于企业文化的中国乳品企业核心竞争力构建

企业核心竞争力的培养和提升是促进中国乳品企业健康发展必须解决的一个现实问题。在分析企业文化与企业核心竞争力关系的基础上,选取43个较为成功的乳品企业作为样本,采用文本信息挖掘方法,从乳品企业的企业文化中提炼出核心竞争力因子,运用聚类分析法将乳品企业分成三大类,给出每一类企业核心竞争力因子的构成,通过核心竞争力因子的拓展,使中国乳品企业能顺应时代发展的需要,也为相关食品企业构建核心竞争力提供借鉴。     

小议会计诚信缺失的反思与应对

对当前会计诚信缺失、会计信息失真的状况进行分析,提出治理会计诚信缺失的应对措施。