金融资产定价与普通商品定价的比较研究

站在时间的维度上,我们可以更加清楚地了解一般商品价格理论和金融资产价格理论的区别和内在联系。一般商品的价格理论是构建在个体和厂商之上的一般均衡分析,从时间的维度看,它是一种面向历史的分析范式。金融资产的定价则是建立在无套利均衡思想上的资本化定价,从时间的维度看,它是一种面向未来的分析范式。     

Gender-diverse boards and audit fees: What difference does gender quota legislation make?

We investigate the effect of board (audit committee) gender diversity on audit fees in the French context. We also examine whether the relationship between the proportion of female directors and audit fees is moderated by the enactment of the gender quota law in 2011. We use the system GMM estimation approach on a matched sample of French firms listed in the SBF 120 index between 2002 and 2017. Consistent with the supply-side perspective, we contend that female independent directors and female audit committee members, by improving board monitoring effectiveness, affect the auditor's assessment of audit risk, resulting in lower audit fees. Our findings also document that, by breaking the glass ceiling, the effectiveness of the gender quota law lies not in increasing the proportion of female insider directors, but in boosting the appointment of female independent directors and female audit committee members. Using the difference-in-difference approach, our results reveal that female independent directors and female audit committee members are more willing to assert their monitoring skills after the quota law, leading to lower audit fees. Moving beyond tokenism, we show that, after the quota law, the negative impact on non-audit fees is strengthened only for female independent directors.     

Coopetition,standardization and general purpose technologies: A framework and an application

We argue that coopetition and standardization are important dimensions in the analysis of general-purpose technologies (GPT). We synthesize ideas from GPT, standardization, and coopetition literatures and introduce a framework for empirical analysis of GPTs that are enabled by standards development and related coopetition. We apply this framework and analyze the role of coopetition in standardization of wireless cellular technology, which has been recently discussed as a GPT. We document that coopetition and standardization have been associated with increasing improvement, innovation spawning, and pervasiveness—the characteristics of GPTs—in the context of wireless cellular technology. The perspective of standardization and coopetition could shed further light on the technological progress and evolution related to emerging GPT candidates, such as artificial intelligence and blockchain.     

近代英法立宪主义之分野与融合

所有的政治思想,都是对如何协调个体与整体（人和国家）之间冲突关系的回答。立宪主义对协调两者的关系有其特别的回答。近代立宪主义形成的前提为文艺复兴后个体主义政治哲学的诞生,而18世纪英法两国立宪主义的分野及其在19世纪的融合,塑造了近代立宪主义的主要特征及其要素。     

论我国个人所得税功能定位

随着收入分配差距不断拉大,要求设计一套完美的个人所得税制减小收入差距的呼声很高。笔者认为,现行的个人所得税制度的调节功能没有发挥出来,同时由于我国居民所得来源的多样化,因此仅依靠个人所得税来调节收入也是不现实的。因此在设计一套我国个人所得税制之前有必要对个人所得税的功能进行重新定位,这对我国个人所得税的未来改革具有指导意义。     

对我国高校通识教育现状的几点思考

近年来,“通识教育”无疑是我国高等教育界使用频率最高的词汇之一。但令人不得不关注的是,通识教育在我国高校的推行并非一帆风顺,许多理论与实践上的问题仍然有待解决。     

Corporate Information Systems Engineering and Business and Information Systems Engineering as a Necessary Application-Oriented Extension of General Computer Science – Proposals for Enhancing Academic Education in the Field of Automated Data Processing in the Federal Republic of Germany

Reprint of an article from elektronische datenverarbeitung 11(11)1969:544–548.     

An alternative three-factor model for international markets: Evidence from the European Monetary Union

In this paper, we construct the three-factor model introduced by Chen et al. (2010) for a European sample covering 10 countries from the European Monetary Union and the period from 1990 to 2006. Two key findings result. First, we show that the properties of the European factors are comparable to those of the US factors. Second, we show that the alternative three-factor model’s explanatory power is either equal or superior to the explanatory power of traditional models when applied to five commonly known stock market anomalies. Our results thus suggest the use of international versions of the Chen et al. (2010) factor model in addition to traditional factor models in international empirical finance research.     

Equilibrium prices in the presence of delegated portfolio management

This paper analyzes the asset pricing implications of commonly used portfolio management contracts linking the compensation of fund managers to the excess return of the managed portfolio over a benchmark portfolio. The contract parameters, the extent of delegation, and equilibrium prices are all determined endogenously within the model we consider. Symmetric (fulcrum) performance fees distort the allocation of managed portfolios in a way that induces a significant and unambiguous positive effect on the prices of the assets included in the benchmark and a negative effect on the Sharpe ratios. Asymmetric performance fees have more complex effects on equilibrium prices and Sharpe ratios, with the signs of these effects fluctuating stochastically over time in response to variations in the funds' excess performance.     

Taking the ontological and materialist turns: Agential realism,representation theory,and accounting information systems

Karen Barad’s (2007) agential realism conceives the world as intra-acting agencies that take definite form only when an agential cut is made. In the information systems discipline, her theory underpins much of the work that goes under the rubric of sociomateriality. Importantly, her work challenges the validity of theories about the world based on representationalism and so-called Cartesian dualism. At least some scholars who subscribe to sociomateriality argue that one consequence of Barad’s theory is that information systems theories such as representation theory stand on shaky grounds. I subject this proposition to scrutiny. I begin by summarizing the major tenets of representation theory and agential realism. Next, I use agential realism to provide an account of phenomena that are associated with an accounting information systems case study. I then evaluate the account, particularly from the perspective of what novel, innovative insights occur by using an agential realism lens. Compared to existing theories such as actor-network theory and general systems theory, I conclude that little new is learned. Moreover, I argue that representation theory provides an alternative, robust account of the case-study phenomena. I also consider the question of whether agential realism potentially provides accounting information systems scholars with a means of identifying the core of their field and constructing theories about any core they might identify.