The Influence of a Credit Rating Change on Dividend and Investment Policy Interactions

We examine firms’ alterations in dividend and investment activities following credit rating changes. We find that downgraded firms reduce both dividends and investments more than no‐rating‐change firms. However, a silver lining of this doubly negative impact for shareholders is an increase in investment efficiency in firms that are most likely to overinvest. For upgraded firms, investments increase, but dividend outlays do not, compared to firms without rating changes. Our findings of asymmetric dividend stickiness and symmetric investment changes on a credit shock suggest that dividends and investments should not always be considered competing uses of funds.     

管理科学发展对会计理论发展的影响

人类的管理思想对会计科学理论的影响,可首先从经济学视角分析经济管理思想演变对会计科学理论发展的影响,再从管理学视角沿着管理思想的理论脉络探究管理思想变化与会计科学理论的关系。文章认为管理思想的每一内核变化对会计科学理论的影响都是深远的,不同程度上促进了会计科学理论的形成、发展与繁荣。     

农民收入结构变化对农民种粮积极性的影响——基于粮食主产区与主销区的对比分析

本文基于1993—2017年中国粮食主产区和主销区的面板数据,在比较两个区域农民收入及其结构变化的基础上,使用面板矫正标准误(PCSE)和面板向量自回归(PVAR)模型实证研究并比较主产区和主销区农民收入结构变化对农民种粮积极性的短期和长期影响。结果表明:无论从短期还是从长期来看,对于主产区而言,工资性收入和政策变量对粮播比有显著的负向影响,家庭经营性收入、转移性收入对其有显著正向影响,而财产性收入对其影响不显著。对于主销区而言,家庭经营性收入、转移性收入和财产性收入对粮播比的影响方向与主产区相同,但是工资性收入对其影响与主产区不同,有显著正向影响,政策变量的影响不显著。在长期,工资性收入对主产区和主销区粮播比的影响程度逐渐增加,经营性收入与财产性收入对主产区的影响更大,而转移性收入对主销区的影响更大。因此,在粮食播种面积连续3年下降的背景下,需要进一步优化农业补贴政策,转变粮食生产方式,鼓励主销区增加粮食播种面积,建立多层次农业保险体系。     

21世纪以来江苏省水稻种植面积的变化与启示

目的 研究21世纪以来江苏省水稻种植面积稳中有增的机制,为新时期稳定粮食播种面积保障国家粮食安全提供科学依据。方法 文章采用时间序列描述性统计与区域空间比较分析、因素分解相结合的研究方法。结果 （1）2001—2020年江苏省水稻种植面积经历了“两增两减”的变化,由201.03万hm²波动增长至220.28万hm²,增长9.6%;同期广东、浙江分别减少了53.48万hm²、70.40万hm²,与江苏省水稻种植面积差距不断扩大;（2）2001—2020年江苏省苏南地区水稻种植面积减少了26.94万hm²,苏中地区水稻种植面积基本稳定,苏北地区水稻种植面积增加了45.11万hm²,苏北地区水稻种植面积增加对全省水稻种植面积增长的贡献率达234.2%,是江苏省水稻种植面积稳定的主要原因;（3）水稻生产竞争力不高和有效灌溉面积减少共同导致了苏南地区水稻种植面积的衰减,有效灌溉面积增长是苏中地区水稻种植面积基本稳定的主要原因,有效灌溉面积增加和水稻生产竞争力提升共同促进了苏北地区水稻种植面积的增加。结论 对于拥有较多后备稻田或耕地的区域,在一定时期内区域经济发展不一定导致区域内粮食种植面积的下降,但长期稳定粮食种植面积面临挑战。继续稳定江苏省水稻种植面积需要全省协同努力,苏南地区要稳定并适度增加水稻种植面积,苏中地区要积极探索稳定水稻种植面积的有效途径,苏北地区要着力发展稻米产业经济,探索水稻生产与区域经济协调发展的新路径,同时要高度重视江苏省沿海地区滨海盐土水稻生产的发展,为未来全省水稻种植面积增长开辟新空间。     

Do rating agencies’ decisions impact stock risks? Evidence from European markets

This article analyses the effect of rating agencies’ decisions on stock risks for European issuers concerning five kinds of events. Our approach is an extension of dummy variable regression event study methodology, using a GARCH(1,1) estimation to capture simultaneously the impact on both systematic and specific stock risks. This new methodology allows us to obtain both global results by categories of rating decisions and individual results, event by event. We document, globally, a positive impact of upgrading on systematic risk, a negative impact of rating confirmation on specific risk, and no significant impact in all other cases. Regarding event-by-event results, the proportion of rating actions exhibiting a significant effect on risk is almost always observed between 20% and 30%. The weak evidence of a global effect on systematic risk may be due to the lack of informational content of the rating decisions on the stocks’ risk, or the existence of rebalancing effects between systematic and idiosyncratic risks. Furthermore, it should be noticed that the decline in volatility in case of a rating affirmed is an insight of the certification role played by the agencies.     

The Differential Value Relevance of S&P's Core Earnings Versus GAAP Earnings: The Role of Stock Option Expense

In 2002, Standard & Poor's (S&P) introduced Core Earnings as a proprietary, uniform earnings metric, with the goal of improving financial reporting. The distinguishing feature of Core Earnings is its consistent treatment of seven adjustments to GAAP earnings for which there is no consensus adjustment by managers and analysts. We use stock price and return data to assess whether investors perceive Core Earnings to be more value relevant than GAAP earnings. The implementation of FASB 123R changed the calculation of GAAP and Core Earnings. This change allows us to assess the role of stock option expense in the valuation of earnings numbers by partitioning the sample into pre‐ and post‐FASB 123R periods and creating consistent measures of GAAP and Core Earnings. Our price results indicate that Core Earnings is more value relevant than GAAP earnings in the pre‐period after controlling for stock option expense, and in the post‐FASB 123R periods. The price results provide empirical evidence consistent with S&P's expectation that a uniformly calculated earnings measure is a more consistent and useful indicator of current performance and future earnings.     

IFRS within the Multi‐GAAP Canadian Reality: A Teaching and Learning Imperative for Intermediate Financial Accounting

Intermediate accounting instructors need to be engaged in the specific complexities and challenges of the new international financial reporting standards (IFRS) reality within the Canadian multi‐GAAP environment. Intermediate accounting courses are directly affected because they represent substantive coverage of the corporate reporting environment. In this article I make the case that these courses should primarily reflect IFRS standards in order to entrench IFRS competencies in students who wish to pursue a professional designation, to prepare students for the global environment, and to concentrate IFRS expertise issues in a robust instructor group. The competency maps of each of the three Canadian professional accounting bodies clearly reflect IFRS. Students can analyze the implications of major areas of policy differences between IFRS and private enterprise GAAP (PEGAAP) through specific targeted course coverage, but also through active learning elements, particularly research elements. This commentary reflects some of the active debate occurring regarding postsecondary curriculum as Canada adapts to IFRS and PEGAAP, and encourages action.     

Six Decades of Total Factor Productivity Change and Sources of Growth in Bangladesh Agriculture (1948–2008)

This study applies the Färe–Primont index to calculate total factor productivity (TFP) indices for agriculture in 17 regions of Bangladesh covering a 61‐year period (1948–2008). It decomposes the TFP index into six finer components (technical change, technical‐, scale‐ and mix‐efficiency changes, residual scale‐ and residual mix‐efficiency changes). Results reveal that TFP grew at an average rate of 0.57% p.a. led by the Chittagong, Rajshahi, Rangpur, Dinajpur and Noakhali regions. TFP growth is largely powered by technological progress estimated at 0.74% p.a. Technical efficiency improvement is negligible (0.01% p.a.) due to stagnant efficiency in most of the regions. Decline in scale efficiency is also negligible (0.01% p.a.), but the decline in mix efficiency is high at 0.19% p.a. Decomposition of the components of TFP changes into finer measures of efficiency corrects the existing literature’s blame of a decline in technical efficiency as the main cause of poor TFP growth in Bangladesh. Among the sources, farm size, R&D investment, extension expenditure and crop specialisation positively influenced TFP growth, whereas the literacy rate had a negative influence on growth. Policy implications include encouraging investment in R&D and extension, land reform measures to increase average farm size, promotion of Green Revolution technology and crop diversification.     

How can the EU climate targets be met? A combined analysis of technological and demand-side changes in food and agriculture

To meet the 2 °C climate target, deep cuts in greenhouse gas (GHG) emissions will be required for carbon dioxide from fossil fuels but, most likely, also for methane and nitrous oxide from agriculture and other sources. However, relatively little is known about the GHG mitigation potential in agriculture, in particular with respect to the combined effects of technological advancements and dietary changes. Here, we estimate the extent to which changes in technology and demand can reduce Swedish food-related GHG emissions necessary for meeting EU climate targets. This analysis is based on a detailed representation of the food and agriculture system, using 30 different food items.We find that food-related methane and nitrous oxide emissions can be reduced enough to meet the EU 2050 climate targets. Technologically, agriculture can improve in productivity and through implementation of specific mitigation measures. Under optimistic assumptions, these developments could cut current food-related methane and nitrous oxide emissions by nearly 50%. However, also dietary changes will almost certainly be necessary. Large reductions, by 50% or more, in ruminant meat (beef and mutton) consumption are, most likely, unavoidable if the EU targets are to be met. In contrast, continued high per-capita consumption of pork and poultry meat or dairy products might be accommodated within the climate targets. High dairy consumption, however, is only compatible with the targets if there are substantial advances in technology. Reducing food waste plays a minor role for meeting the climate targets, lowering emissions only by an additional 1–3%.     

新形势下会计变更为上市公司带来了什么

本文列举了从2001～2004年以来发生会计变更的上市公司.对上市公司的会计变更与会计报表收益之间的关系进行了描述以及对变更方式进行了归纳,并对会计变更的动机进行了详细的解析.最后浅谈了对上市公司会计变更的启示.