Earnings management and abnormal returns: Evidence from the 1970–1972 Price Control Regulations

We examine the association between abnormal returns and earnings management in the context of price control regulations to test the construct validity of the earnings management model. Abnormal returns are used as a market–based measure, and discretionary accruals are employed to measure earnings management. Our results support the hypotheses that (1) price control regulations affect firms' security prices negatively, (2) firms make income–decreasing discretionary accruals to increase the likelihood of price increase approval, and (3) firms that are affected most negatively by the regulations manage earnings more aggressively. We conclude that the earnings management model we use in this study is capable of predicting opportunistic discretionary accruals.     

征地现状调查

２００３年７月以后，中央政府三令五申，不准滥征耕地，大肆圈地的势头得到遏制。但违规征地没有止息，耕地仍在减少，形势不容乐观，仍须从严控制。     

浅论我国农产品流通企业扩张的基本规律与政策规制

通过对农产品流通企业扩张形式全面的理论梳理, 研究总结了二种类型的农产品流通企业扩张基本规律,即纵向扩张和横向扩张,并对中国农产品企业扩张问题进行了实证研究,最后对我国农产品流通企业扩张提出建议.     

Labour use efficiency in the Indian and Pakistani commercial banks

The Indian and Pakistani banking industry is said to have an excessive use of labour due to the significant market share of government owned banks. Both countries have undertaken a process of regulatory reform to bring about market discipline in the usage of inputs and to increase the labour use efficiency and productivity. The focus of this paper is the estimation of productivity and efficiency of labour use in the banking sectors of the Indian sub-continent. The results show that the efficiency of labour use across the Indian sub-continent is improving over time and that foreign banks are more efficient compared to domestically owned banks in their usage of labour.     

The Market's Assessment of the Financial Services Modernization Act of 1999

We examine the impact of the events leading up to and including the passage of the Financial Services Modernization Act (FSMA) of 1999 on the stock returns of banks, brokerage firms, and insurance companies. We find that the impact is positive for all institutions. Bank gains are positively related to size and capitalization. Brokerage firms gain regardless of size, but the gains are inversely related to capitalization and insurance companies gain regardless of size or capital position. The strong positive reaction suggests that the market expects the institutions to benefit from the new opportunities created by the FSMA's passage.     

反倾销规则与“中欧石材案”

反倾销规则是 WTO允许的世界各国均可采用的维护公平贸易秩序、抵制不正当竞争的重要手段之一 ,其规则非常严密 ,主要是明确规定了反倾销必须同时具备的三个条件及反倾销的程序。WTO成立以后 ,各成员方纷纷修改本国的反倾销法律 ,我国于 2 0 0 1年 12月 10日颁布了《中华人民共和国反倾销条例》,使之与 WTO的反倾销规则相一致。同时 ,也在积极利用 WTO反倾销规则来反对他国反倾销的滥用。 2 0 0 1年引起各界广泛关注的欧盟对我国石材业反倾销申诉案 ,经涉诉的我国 2 7家企业的积极应诉 ,终以欧盟撤诉 ,我方取得全面胜利而告终。这是我国按照 WTO原则建立自我保护体系 ,有效保护本国经济利益和经济发展的重要举措。意味着我国政府也将利用反倾销这把“利剑”来保护国内企业     

干预行为——经济法中的“法律行为”

在我国法学界,"法律行为"有两种不同含义,一是民法上的含义,意指意思效果行为。这也是法律行为的原初含义。另一是法理学上的含义,意指具有法律效果的行为。经济法的法律行为应采何意?从相关的论述看,多是在法理学意义上使用的。笔者之见,法律行为应回归其原初含义,而最能反映经济法特征的法律行为就是"干预行为",即公共经济组织的"公意"表示及执行行为,包括宏观调控和市场规制行为。     

Triple jump about urban land potential release in China

Recent two decades, the great changes take place in China, especially in land use area. After the marketization, the urban land potential of China releases gradually. Three models in this paper show the three stages of reforming land use system. This paper will give a clear picture of urban land use in China that spans nearly thirty years.     

从“大萧条”看中美两国应对当前金融危机之策

本文站在历史的角度，审视与检讨中关两国政府在应对当前由次贷风暴引发的金融危机中的得与失。历史是一面镜子，发生在20世纪30年代的世界性大萧条与今日美国金融危机在很多方面具有相似之处。以史为鉴，在百年一遇的危机面前，各国政府应携手并进，同舟共济，避免陷入更深的困境。当前的局势为中国充分展示负责任大国的形象提供了契机。     

Competitive effects of Basel II on US bank credit card lending

We analyze the potential competitive effects of the proposed Basel II capital regulations on US bank credit card lending. We find that bank issuers operating under Basel II will face higher regulatory capital minimums than Basel I banks, with differences due to the way the two regulations treat reserves and gain-on-sale of securitized assets. During periods of normal economic conditions, this is not likely to have a competitive effect; however, during periods of substantial stress in credit card portfolios, Basel II banks could face a significant competitive disadvantage relative to Basel I banks and nonbank issuers.