从会计信息充分披露看财务报表附注的重要性

随着市场经济的日益发展 ,特别是现代股份制企业和证券市场的兴起 ,要求企业提供更为全面、完整的有效会计信息 ,以满足决策者的信息要求。针对会计人员信息的充分披露要求和企业报告模式及财务报表的未来发展趋向 ,阐述了会计报表附注的重要性。     

Renminbi exchange rate exposure: evidence from Chinese industries

This paper investigates sensitivity of stock returns of industry-sorted Chinese firms with respect to renminbi exchange rate movements. Strong evidence of significant exposure is documented for 7 out of 16 Chinese industries. Evidence is also found of the size asymmetry effects. In addition, we explore the characteristics of the exposure, and detect evidence of significant exposure among non-exporters in some of the industries. Special attention is given to examining the time-varying exposure under the impact of the new Chinese exchange rate regime in place since 2005, in which even stronger exchange rate exposure is reported. The conditional exposure estimated in this paper also reveals the close relation between stock returns and changes of the renminbi exchange rate.     

European bank stress test and sovereign exposures

We use an event study methodology to revisit the bank stress test conducted by the European Banking Authority in 2011. Instead of only considering the final results disclosure, we consider six key official announcements during the stress test. Our results indicate that abnormal returns reversed over the course of the stress test and that the emerging sovereign crisis contributed to the stock market perception of bank health.     

Some Methodological Issues on Estimating Foreign Exchange Exposure of US Multinational Firms: Evidence from the Asian Crisis

Abstract

This article asks whether sample specification of firm, period, and exchange rate matters in estimating foreign exchange exposure of US multinational firms. By sampling US firms that had Asian sales and assets from 1996 to 1998, we find that the firms’ returns are more likely to be significantly exposed to the Asian-oriented exchange rate changes for the Asian crisis, when the exchange rate changes were unexpectedly sizable. Also, by examining firms’ exposure in the share of Asian sales and assets, we find that the firms are more exposed as their operations are more involved in the Asian region.     

改革结售汇制度,完善汇率形成机制的关键一步--对近期外汇政策效果的思考

随着美元的不断贬值,人民币汇率又成为焦点,大量投机资金伺机进入境内。我国政府也在努力探索解决问题的办法,并出台了一系列的改革措施,但效果并不理想。本文认为必须从根本上解决这一问题,即对目前的结售汇制度进行改革,以使汇率形成的市场化机制创立,解决外汇储备被动增加     

International trade,job training,and labor reallocation

A large literature studies the impact of increased import competition on workers' outcomes, however, relatively few studies examine which policies can aid workers displaced by trade. In this article, we evaluate the impact of an industrial job training program in Brazil on workers displaced from manufacturing sectors. We find that industrial training increases the probability of re-entry into the formal labor market 1 year after displacement by about 17 percentage points and is even more effective for workers displaced from sectors exposed to high import competition. This effect is mainly associated with workers switching sectors and occupations after training.     

国际内部审计执业准则修正草案探讨

2008年1月公布的国际内部审计执业准则修正草案与原轨业准则相比，在结构和内容上都有较大变化，有助于内部审计质量的追一步提高。为了更好地理解该准则修正草案，本文对其修正前后内容进行了对比分析，井指出修正意义及影响。     

银行业市场约束初探

市场约束主要是通过银行的债权人或所有者对不稳健银行的逆向反应来起作用的 ,它可以有效地弥补官方监管的局限性 ,并能促进商业银行加强内部管理。市场约束作用的发挥需要一定的前提条件。只有将市场约束、官方监管与内部管理有机地结合 ,才能使监管效率达到极大化。