Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 2 Design,Structure, and Content

In this commentary, we summarize stakeholder views articulated during roundtables addressing the 2021 International Auditing and Assurance Standards Board's (IAASB) Exposure Draft: Proposed International Standard on Auditing of Financial Statements of Less Complex Entities (ED LCE). In support of its mission, the International Association for Accounting Education and Research (IAAER)—together with the IAASB—organized by-invitation roundtables bringing together audit practitioners, academics, and financial statements users. A structured agenda was followed and addressed some of the topics on which the IAASB sought views. This commentary provides a summary of views heard during the second roundtable breakout session focused on Design, Structure, and Content and provides recommendations to the IAASB regarding the way forward. A paper addressing the first breakout session on Authority and Group is available in a previous issue of the Journal of International Financial Management and Accounting.     

The 2016 U.S. presidential election and the Stock,FX and VIX markets

The U.S. presidential election is one of the global political events that have the profound effects on the Global Financial Markets (GFMs). The aim of the study is to examine Stock, FX and VIX markets under the U.S. presidential election 2016. The findings strongly suggest that ‘U.S. presidential election effects’ hold in equity and FX markets across the GFMs. The empirical outcome signifies that markets are inefficient in the short-run (election year) and allows the opportunity to make abnormal gains from the market. The ‘Republican president elect’ has shown negative effects on the Nifty50, S&PASX200, and IPC equity markets while FTSE100, DJIA, Top40, EuroStoxx50 and Nikkei225 have reported positive returns. The Trumps’ proposal on international trade has caused major loss in the global currency market against the U.S. dollar. The investors’ sentiment to be measured extremely low on the poll announcement day but VXJ and AXVI based market participants have shown very high degree of concern. The Bearish-run election effects to be observed during the election period while post election period has shown Bull-run effects (Asia-pacific markets).     

International graduate students' perceptions and interest in international careers

This research developed and tested a comprehensive model of the antecedents of international graduate students' interest in an international career. Based largely on Social Cognitive Career Theory (SCCT), the model included elements that pertain to perceptions of external constraints (perceptions of the labor market, family pressure to return), international student experience (adjustment in the foreign country during graduate studies, exposure and immersion to the international context) and individual factors (self-efficacy with respect to working abroad and outcome expectancy). Participants were 139 international graduate students in the UK. Individual factors and perceived constraints were directly related to interest in an international career. The factors that comprised current international student experience were indirectly related to interest via their relationship with self-efficacy, while adjustment moderated the relationship between self-efficacy and interest. Although the hypothesized moderating role of family pressure to return did not materialize, the findings suggest that perceptions of constraints play a more substantial role in the formation of interest than has been assumed by SCCT theory thus far. The findings are discussed with respect to their implications for the literature and for the policies of host country stakeholders.     

High-temperature exposure risk,corporate performance and pricing efficiency of the stock market

Using the daily temperature data of the national meteorological stations, we measure the high-temperature exposure risk of Chinese A-share listed enterprises, investigate the impact of high-temperature exposure risk on corporate prime operating revenue and performance, and further discuss securities analysts' forecasts for this risk. We find that increased exposure to high temperature reduces corporate prime operating revenue, and the response of enterprises to high-temperature risk will lead to a rise in management expenses and the deterioration of business performance. Further evidence suggests that securities analysts generally underestimate or ignore the impact of high-temperature exposure risk, and our results are robust to different measures and samples.     

Threatened by wildfires: What do firms disclose in their 10-Ks?

We examine the determinants of firms’ 10-K disclosures on the threat of and exposure to wildfires. We match the location of wildfires in the United States to firms in the same county as the wildfire. We first establish that wildfire disclosure is far from widespread. On average, 6.1% of firms with wildfires in their headquarters county mention wildfire information in their 10-Ks. Second, we find that the number of wildfire days in a company's headquarters county is a key determinant of wildfire disclosure. The sensitivity of wildfire disclosure to wildfire exposure has also increased in recent years, emanating mainly from firms having experienced wildfires impacting their past operations and in the western states and the utility and banking industries, and from those exhibiting a high level of tangible assets. Third, we find that wildfire exposure has no bearing on stock price, whereas more wildfire-related disclosure lowers stock price.     

2010年上半年银行间市场运行报告

2010年上半年,银行间货币、外汇、债券、利率和汇率衍生品市场整体运行平稳,主要特点是：货币市场资金面由松到紧,短期利率大幅上涨,波动性明显增强;Shibor各期限品种均大幅上扬;银行间国债指数震荡上行;人民币对美元汇率中间价与2010年初相比升值0．55％,境内外1年期远期报价显示对人民币存在升值预期。     

外汇风险的多维分析

本文采用数量分析的方法对外汇风险进行解析，在明确外汇风险的构成（三要素：外汇暴露，汇率的不确定性被动和持有期）的基础上，对外汇风险的概念做出相对完善的描述，在此基础上再展开封外汇风险的衡量及组成要素的针对性管理的探讨。     

Inflation and interest rate derivatives for FX risk management: Implications for exporting firms under real wealth

Firms that export goods face risks such as product price, cost, and exchange rate risks. Price and cost risks can substantially reduce the FX hedging performance in real wealth. We thus investigate hedging strategies that are intended to improve the performance of the FX hedge in real terms using inflation and interest rate derivatives. The impact of these additional instruments is not clear and has only been briefly analyzed in the hedging literature so far. For this purpose, we derive variance-minimizing hedge positions of an exporting firm. A cointegrated VAR and bootstrap methods are used to evaluate the efficiencies of several hedging strategies. While inflation derivatives work better in the short run, interest rate derivatives perform better over longer hedge horizons.     

市场运行平稳，人民币继续走强——2008年1月银行间外汇市场运行简报

2008年1月，银行间外汇市场运行平稳。与2007年12月相比，外汇远期交易量增长近两成，外汇掉期交易量增长一成五，外币对交易量增长两成五，外币拆借交易量增长一成。2008年1月，人民币兑美元和港币继续保持升值趋势，兑日元贬值，兑欧元持平，兑英镑升值。与2007年末中间价比，1月末，人民币兑美元汇率中间价累计升值1．66％。与2005年汇改当日中间价比，1月末，人民币累计升值15．19％。     

Effects beyond click-through: Incidental exposure to web advertising

While Web advertising tends to be based on a direct response model, there is a growing debate about the brand building potentials of Web ads. Click-through rates (CTR) are disappointingly low, but Web ads can be effective at brand building in an environment where Web ads are outside of consumers' attentional focus. With this in mind we conducted two experiments. The first experiment examined the effects of incidental exposure to banner ads. Subjects who were incidentally exposed to banner ads reported greater priming effects induced by implicit memory, more favorable A_ad, and greater likelihood for the advertised brand to be included in a consideration set over no exposure to the ad. These effects were found without significant improvement on explicit memories (i.e. recall and recognition) and click-through intention. The second experiment to assess the conditions conducive to incidental exposure examined two advertising strategies: format (animated vs. static) and placement (congruency vs. incongruency). Findings suggest that the level of congruency between an advertised product and Webpage content play significant roles in affecting consumers' responses to incidentally exposed banner ads. This paper examines the results of these two experiments before discussing the implications for the role of Web ads on brand building and directions for future research.