Financial integration and the price of world covariance risk: Large- vs. small-cap stocks

We investigate whether recent country-level evidence of global pricing is particular to large-cap stocks. Specifically, we examine cross-country return correlations and conduct asset pricing tests on three size-based stock portfolios for nine developed countries over the period from 1980 to 2004. We find that large-cap stocks realize significant comovements across countries, whereas small-cap stocks realize smaller average correlations (relative to both large-cap stocks and small-cap stocks across countries). More important, asset pricing tests suggest that while large-cap stocks are priced globally, global pricing is rejected for most small-cap stocks. Finally, the evidence indicates that financial integration deepened in recent years primarily for large-cap stocks. Overall, the results suggest that the global pricing pertains chiefly to large-cap stocks.     

烯烃装置的绩效分析—一种微观经济的比较研究方法

所罗门管理咨询公司（SAI）是成立于1981年一家美国咨询公司，其经营特色是通过研究企业（客户）绩效确定其获得成功的关键因素，并通过同类企业绩效对比研究的方法，为企业（客户）指明改进绩效跻身先进的途径和措施，创建20年来以其独有的服务特色和经营理念赢得了广大客户，行业覆盖面由初始的炼油，扩大到目前包括石油，化工，造纸，汽车制造，运输，电力，银行等多个领域，成为在某些行业，特别是炼,石化行业颇具声誉的咨询机构，其中企业绩效分析评估更是该公司时间最久，又最具领先地位的核心业务，即以石化行业中的烯烃工厂为例，就已八，九十家作为客户参与其每二年一次的绩效分析活动，我国于1998年开始有一家参与了ASI的第7次全球烯烃绩效分析，参评情况当时就受到了业内领导层重视，以国于1998年开始有一定参与了SAI的第7次全球烯烃绩效分析，参评情况当时就受到了业内领导层重视，以后陆续又有多家企业参加，使这一方法在国内有愈来愈大的影响，希望了解并对此感兴越的人士也逐渐增多，为了实践本刊关注新热点的报道方针，本刊在2000年即着大的影响，希望了解并对此感兴越的人士也逐渐增多，为了实践本直关注新热点的报道方针，本刊在2000年邓着手组织有关这方面的搞件，本文即为其中之一，由于出版安排的原因（其中也有尽先刊载SAI作者来稿的考虑），延至本期才得以达览，而其间，应《 乙烯工业》要求，在该刊2001年第1期上先行发表，则是为了配合中石化集团公司七展烯烃装置绩效比较分析活动的需要，所作出的适应性调整而为之的，请读者谅察，同时本刊热希望并允迎已尼参与此项工作的科技，经济工作者，充分利用本刊这个载体，就绩效分析这个题目，与读者进行更具体，更务实的沟通与交流。所罗门管理咨询公司（SAI）的烯烃装置绩效分析方法是一种将同行各装置进行相对比较，然后确定各装置在其产的相对位置的方法，该方法与国内现行的竞争力分析方法相比更具科学性和可比性，此方法中包含了许多国内企业比较陌生的概念和做法，在此对该方法的特点，作用以及参评装置在提供数据时应注意的问题作了简单介绍，并以国内较早参与此项工作的J装置为例，介绍了该方法进行了情况。     

收购兼并在上市公司发展战略中的地位和实施策略

本文主要阐述了以下三个方面的问题：（1）公司为何及时从事购并交易；（2）如何使购并活动获得成功；（3）制定中国进行购并行动的战略。     

The Information Content of Nonfinancial Performance Measures in the Airline Industry

This research extends the literature on nonfinancial performance measures (NFPMs) by assessing (1) the information content of a broader set of NFPMs and (2) whether NFPMs provide information not provided by financial performance measures (FPMs) from all previously identified FPM categories, rather than just earnings and book value. Specifically, exploratory and confirmatory factor analysis results presented in this paper demonstrate that nineteen NFPMs of major airlines capture seven underlying constructs not captured by eighteen common FPMs. Additionally, this research develops reliable composite measures of the identified performance measure constructs, which prior research argues are superior to individual performance measures.     

From rationality to hyperreality: paradigm poker

This paper, following McGoun's (1997) seminal article comparing the economy of financial securities to a hyperreal poker game, argues that finance and accounting researchers should take the “linguistic turn” that has rejuvenated theory and research in many, if not most, of the social science and humanities in recent decades. In general terms, this means following Ludwig Wittgenstein's language game paradigm rather than Karl Popper's scientific deductive hypothesis testing methodology. The paper illustrates this by drawing on some of Jean Baudrillard's' ideas, particularly his concept of hyperreality and his phases of the image theoretic.The paper presents a poststructuralist genealogical analysis of the radical ruptures and reformulation of the meaning attributed to the accounting sign of earnings over the feudal, counterfeit, production, and simulation eras. It concludes that, as with many other signs in contemporary society, the earnings sign no longer has any relationship with, nor does it any longer refer to, any real or intrinsic profit but instead floats ungrounded in today's financial economy.The paper recommends that researchers in finance and accounting adopt paradigms from literary theory, semiotics, linguistics, and semiology rather than continue to rely on economics-based theory, which has lost its power for explaining and predicting happenings in today's financial economy of self-referencing models and images.     

Reporting Performance: Comprehensive Income and its Components

The underlying question raised in this article is: why is the accounting profession's conceptual framework (CF) so authoritative when it is conceptually incoherent? A supplementary question is how can ‘conceptually robust’ accounting standards be derived from an incoherent framework? This article draws on Page and Spira's (1999) contrasting framework metaphors to suggest that the appearance of conceptual robustness is more important than the reality, and illustrates the point with the International Accounting Standards Board's (IASB’s) progress report on its reporting performance project. Some inherent weaknesses in the move towards internationally enforceable financial regulations have been acknowledged, but this article suggests the IASB's project demonstrates two additional weaknesses: internal incoherence, and the potential for political ends to drive supposedly technical regulations.     

Does price reflect emotional,structural or performance quality?

Three denim jeans products from the same manufacturer with differentiated pricing and labels (antiqued, sandblasted, and stonewashed) were used to determine the relationship between price and quality. Both qualitative and quantitative procedures were used to analyse the garments. All three jeans were made of twill weave with 3 × 1 repeat. Both structural and performance characteristics were compared using standardized tests. Analysis of variance was used to compare the selected structural and performance characteristics among the three jeans products. Tukey’s HSD tests were used for post hoc multiple comparisons for three jeans. The findings revealed that despite the fact that all three jeans products were from the same store, and that the fabrics used the same weave, degree and direction of twist, the jeans differed significantly for several structural and performance characteristics. Several possibilities for future research were explored.     

360度绩效评价研究

绩效评价是现代人力资源管理的重要内容之一,如何客观、公正地评价员工的绩效,采用更加灵活的模式评价管理者的工作,是当前人力资源管理与实践亟待探讨和解决的问题。本文阐述了360度评价法的产生和发展过程,通过对案例的分析进一步说明其优缺点,最后提出展望。     

Optimal investment with fixed financing costs

Models with a premium on external finance produce counterfactual predictions about liquidity management. We address this shortcoming by introducing a fixed cost of increasing external finance into an otherwise standard investment/financing problem. This additional financial friction is well-motivated by case studies and our analysis shows that it generates more realistic predictions about liquidity management: firms hold external finance and idle cash simultaneously, and may invest an additional dollar of cash flow in liquidity rather than repaying external funds or investing in productive capital. In addition to better fitting the stylized facts about the time-series and cross-sectional pattern of liquidity holding, these results may help shed light on the fragility of estimates of investment–cash flow sensitivities.     

我国投资基金业绩的持续性分析

基金业绩的持续性是指业绩优秀的基金以后一段时间继续保持优秀的业绩,而业绩差的基金继续表现出差的业绩。如果基金具有持续性,对于投资者来讲,他们可以买进前期业绩优秀的基金,而卖出前期业绩差的基金,来获取超额收益,投资者不必耗费大量的资金和时间去评价和选择基金经理。本文就基金业绩持续性的研究理论方法进行阐述,并对我国投资基金作实证分析。