Does CEO duality constrain board independence? Some evidence from audit pricing

This study examines whether CEO duality affects the association between board independence and demand for higher quality audits, proxied by audit fee. The findings show that there is a positive association between board independence and audit fees. This result is consistent with findings of Carcello et al. (2002) that more independent boards demand higher audit quality and effort. However, this positive association is only present in firms without CEO duality, thus suggesting that CEO duality constrains board independence. The results support recommendations against CEO duality by showing that dominant CEOs may compromise the independence of their board of directors. Additionally, evidence is provided that board size (the number of directors on the board) is positively associated with audit fee pricing. This is consistent with prior studies that indicate that larger board sizes are associated with inefficiency and negative firm performance.     

试论大数据技术在生态环境保护领域的应用架构及相关技术

促进大数据在生态环境保护领域的深化应用,可以提高生态环境监管能力,并实现环境管理工作精细化。实践中需要把握生态环境信息化的大数据需求,对其应用架构及相关技术进行深入探究,以从多维度出发挖掘有价值的信息,更好地服务生态环境保护工作。     

Agency costs and product market competition: The case of audit pricing in Greece

Jensen and Meckling (1976) argue that agency costs are not dependent on product market competition. However, elsewhere in the economics literature, theoretical analysis and empirical research have indicated that product market competition reduces agency costs by reducing the marginal cost of eliciting effort from agents. We investigate the relationship between product market competition and audit fee, as an example of agency cost. Taking advantage of a proprietary data set for Greek audit firms, we find that the audit fee and audit hours are inversely associated with client firm product market competition. We conclude that audit effort, as an agency cost, is reduced where competitive forces reduce the need for shareholders to bear the costs of monitoring agents.     

Strategic framework for commercialisation of fly ash innovations

Numerous innovative applications have been developed to utilise large quantity of fly ash generated at coal fired thermal power plants (TPPs) worldwide. However, this requires power plants to undertake the role of third-party innovation intermediaries, that is, commercialising technological innovations developed by others. As commercialising an innovation requires considerable resources, a well-considered selection and promotion are desired. The paper presents a strategic framework for commercialisation of fly ash innovations. Explanation for step-by-step implementation and generic pointers for strategy formulation for typical problems are suggested. The proposed framework is expected to assist coal-fired TPPs in formulating strategies to commercialise innovative utilisation of fly ash. The study contributes to scarcely addressed aspects of an open innovation paradigm, that is, challenges faced by third-party intermediaries.     

The use–make framework and the derivation of functional forms in production theory

The use–make framework is employed to explain functional forms in production theory, including Cobb–Douglas and Leontief. Productivity and efficiency are interrelated by augmenting the framework with a linear program that determines the frontier output.     

基于VVA的多分辨率交通仿真建模过程评价框架研究

文章从多分辨率交通仿真的建模过程入手,研究了系统仿真的校核、验证与确认(Verification Validation Accreditation,VVA)过程评价的原理。在此基础上,提出了基于VVA的多分辨率交通仿真建模的过程评价框架。通过研究仿真系统生命周期中的一系列活动来评价研究结果的正确性和有效性,提高了系统的可信性,使仿真系统能够满足实际应用的需要。     

When Auditors Say ‘No,’ Does the Market Listen?

Previous research on whether the market responds to auditors’ opinions has provided mixed results. We revisit this issue in China, where individual investors who are more likely to neglect value-relevant information dominate the stock market. In addition to going concern opinions (GCOs), China permits modified audit opinions (MAOs) on violations of accounting standards or disclosure rules (GAAP/DISC MAOs), providing an opportunity not available in the literature to enrich the study of audit-opinion pricing. We find that, ceteris paribus, MAO recipients underperform in the future and have a higher incidence of adverse outcomes such as misreporting and stock delisting, and the market reacts negatively to MAOs during the short window around MAO disclosure. Importantly, MAO disclosure is not followed by negative long-term stock returns, suggesting stock price adjustments to MAOs are speedy and unbiased. These findings hold for both GCOs and GAAP/DISC MAOs. Together, our findings support the informativeness of audit opinions and cast doubt on the argument that investors inefficiently price audit opinions due to information-processing bias.     

基于指数平滑法的G市主要货物流通量预测

随着国家发展西部地区的力度不断加大,贵州省作为西部地区省份也乘着这股力度不断在各方面完善自己,G市作为贵州省的主要城市之一近几年在经济、政治等方面都有显著的提高。物流的发展在一定程度上可以带动一个地区产业的发展,物流的构架在一定程度上可以反映出一个地区产业的构架。通过对G市物流运营现状的分析,发现G市的产业结构的特性,然后,通过分析建立符合G市物流发展的预测模型,最后结合模型和分析对G市物流发展提出合理化建议。