What Causes Banking Crises? An Empirical Investigation for the World Economy

We add the Bernanke-Gertler-Gilchrist model to a world model consisting of the US, the Euro-zone and the Rest of the World in order to explore the causes of the banking crisis. We test the model against linear-detrended data and reestimate it by indirect inference; the resulting model passes the Wald test only on outputs in the two countries. We then extract the model’s implied residuals on unfiltered data to replicate how the model predicts the crisis. Banking shocks worsen the crisis but ‘traditional’ shocks explain the bulk of the crisis; the non-stationarity of the productivity shocks plays a key role. Crises occur when there is a ‘run’ of bad shocks; based on this sample Great Recessions occur on average once every quarter century. Financial shocks on their own, even when extreme, do not cause crises—provided the government acts swiftly to counteract such a shock as happened in this sample.     

公共财政在社会保障发展中的贡献与作用：浦东案例

中国社会保障制度已经成为社会普遍关注的热点。在建设有中国特色的社会保障制度发展进程中 ,公共财政发挥了重要的核心作用。以浦东新区为案例 ,探讨公共财政在社会保障发展中的贡献与作用     

美国会计准则超载问题:思考与启示

随着社会经济的发展,美国会计准则出现了"会计准则超载"问题.会计准则超载问题的产生是由一系列影响因素所造成的,而我国在进行会计准则的修订及完善时也可从中获得一些启示.     

Can Management Turnover Restore the Financial Statement Credibility of Restating Firms? Further Evidence

This paper investigates the association between management turnover following financial restatements and the probability of subsequent restatements. We find that restating firms that replace management (CEO and/or CFO) are more likely to restate their financial statements again. We also find that subsequent restatements are mainly attributable to the new management. Overall, our results suggest that management turnover following restatements may not be an effective mechanism to remediate financial restatements, but the change to a new management results in a greater possibility of lower earnings quality (i.e., higher probability of subsequent financial restatements and accruals‐based earnings management). Our study supports prior literature's findings that the change in the top management leads to organizational instability and higher accounting information risk. Our findings have implications for internal decisionmaking with regard to top executive replacement.     

Is the quality of female auditors really better? Evidence based on the Chinese A-share market

Unlike previous studies in which a single index was used to measure audit quality, this study establishes a new comprehensive index to measure audit quality via Discretionary Accrual, as estimated by Jones’ basic model (1991) and Audit Opinions. The former is used to measure the quality of financial statements, and the latter is used to measure the auditors’ independence in the mainstream international literature. We examine whether and how an auditor’s gender affects the quality of his or her audits under the framework of empathy theory and gender role socialization theory. Using a large sample of 9861 auditor-firm-year observations from Chinese A-share–listed companies from 2011 to 2015, we find that the audit quality of signed auditors shows significant gender differences: these significant gender differences differ from the findings of previous studies that female auditors could provide a higher-quality audit than male auditors; that is, in our study the audit quality of the male auditors exceeds that of the female auditors. After distinguishing the positive and negative directions of the Discretionary Accrual, we find no significant gender differences in audit quality between male and female auditors when the earnings had been adjusted upward by the client; that is, female and male auditors had the same audit risk perception. However, when the client adjusted earnings downward, which indicates a lower audit risk for the auditor, the audit quality of female auditors was significantly lower than that of the male auditors. After controlling for the age and position of the auditors, we also find that the gender differences in the auditors’ audit quality decreased significantly or even disappeared when the auditor’s age exceeded 45?years and/or their position was manager or above. These results are consistent with the empathy theory and gender role socialization theory.     

How individualism–collectivism influences consumer responses to the sharing economy: Consociality and promotional type

With the explosion of online exchange of products, the sharing economy is experiencing ever-increasing growth. Despite the increasing popularity of lateral exchange market platforms as part of the sharing economy, research has not yet adequately investigated cultural effects on how consumers’ intentions to purchase products on these platforms. Using two studies, this paper examines whether consumers high in individualism versus consumers high in collectivism respond differently to platforms with low versus high consociality and how individualistic and collectivistic consumers respond differently to two types of promotions that relate to self-maximization. Findings in Study 1 indicated that consumers high in individualism (collectivism) have higher patronage intentions toward a platform low (high) in consociality. Findings in Study 2 suggested that in the presence of a promotion, collectivistic consumers respond comparably to promotional types across platforms, whereas individualistic consumers respond more positively to collective (individual) promotions when consociality is low (high). Further, felt commitment to others as a result of the consociality/promotional type relationship explains these effects. Theoretical and managerial implications are discussed.     

一种基于Radon变换的微表情识别算法

微表情是人们处在一些与平时生活环境不同的高强度环境下试图控制和掩饰的情感表现,也是一种不曾意识到的瞬时脸部表情,持续时间短,强度弱。为了提高其准确率,提出了基于Radon变换的微表情识别算法。首先,对数据库中的视频序列进行灰度归一化、尺寸归一化和二维主成分分析法（Two-dimensional Principal Component Analysis,2DPCA）降维预处理,使用光流法对降维后图像提取运动特征;然后使用Radon变换算法对光流图像进行处理,得到对应微表情的特征值和特征图像;最后使用支持向量机进行微表情分类识别。实验结果表明,使用Radon变换后得到的微表情特征图像得到了较好的识别效果,在微表情数据集CASME和CASMEⅡ上识别率分别为81.48%和82.17%,通过与选取的其他方法对比说明了该方法具有更好的识别性能。     

结合区域生长与颜色特性的迷彩伪装设计

为增强伪装效果,缩小目标与背景的差别,提出了颜色特性与区域生长相结合的数字迷彩生成算法。算法由主色提取与目标伪装两部分组成。首先,由用户选定待伪装目标区,根据归一化颜色相似性差最小准则,应用均值聚类方法优选出背景主色;然后,利用自适应区域生长法对图像目标区域进行分割,按照颜色相似性准则,选取背景主色对目标区块进行填充;最后,采用数学形态学滤波组合进行修正以完成目标区伪装。实验表明该算法伪装效果好,与其他迷彩方案相比,伪装目标与背景颜色相似性提高约40%。此外,迷彩设计无需颜色空间转换,计算开销低。该伪装方案可应用于军事目标迷彩伪装设计,有效保护特定军事目标。     

Using Signals to Initiate Importer-Exporter Relationships: Evidence from Vietnamese Importers

ABSTRACT

Purpose: Realizing the existence of information asymmetry in export markets and the use of signals to distinguish high-qualified sellers from low-qualified sellers, this study investigates the effects of signal consistency and signal clarity on exporter credibility, and subsequently, importer relationship intention.

Methodology: Using a survey data set collected from a systematic sample of 418 Vietnamese importers, the authors tested a model hypothesizing the impact of signal consistency and signal clarity on exporter credibility, and subsequently, on importer relationship intention.

Findings: The authors found that signal consistency and clarity have a positive impact on exporter credibility. Signal consistency also enhances the level of signal clarity. They also found that exporter credibility underlies importer relationship intension.

Research Implications: Under the condition of information asymmetry, importers face difficulties in identifying and evaluating the best supplier among available suppliers in order to make the most appropriate selection decision. The findings confirm that signal clarity and consistency can help exporters to overcome such problems. Exporters should ensure that all signals sent to importers are clear and consistent over time to encourage importers to build long-term business relationships with them.

Contributions: The findings of this study add to the literature on signaling in exporter–importer relationships and can serve as an initiation for further research in the area in transitioning economies.