The Emergence of Second‐Tier Auditors in the US: Evidence from Investor Perceptions of Financial Reporting Credibility

We examine changes in the association between auditor type (Big 4, Second‐Tier, and Other non‐Big 4) and perceived financial reporting credibility in the wake of events (e.g., Andersen's failure, the implementation of SOX, creation of the PCAOB, etc.) which led to significant growth in Second‐Tier client portfolios and increased scrutiny of Second‐Tier audit practices. Our results reveal that financial reporting credibility of Second‐Tier clients was lower than that of Big 4 clients and was indistinguishable from that of Other non‐Big 4 clients pre‐Andersen. However, post‐Andersen, we find that financial reporting credibility of Second‐Tier clients is higher than that of Other non‐Big 4 clients and is indistinguishable from that of Big 4 clients. We expect that our results will be of interest to regulators, both in the United States and in the European Union, who have expressed concerns about the current state of competition in the audit market, management and boards of directors that are contemplating switching to a Second‐Tier audit firm, and academics investigating quality differences among audit firm types.     

Credible assignments can improve efficiency in laboratory public goods games

This paper reports an experiment investigating how assignments improve economic efficiency in a modified version of the standard voluntary-contributions mechanism. The experiment uses a non-binding message that makes common information assignments in the repeated game. A credible assignment is one actually followed by the participants. It turns out to be difficult to credibly assign the symmetric efficient outcome in four person cohorts, but we did discover one assignment that was credible in the last match of the evolutionary repeated game.     

对“4T1C”管理模式的剖析

文章对江苏油田物探公司创建并形成 4T1C管理模式的基本内涵 ,运作机制 ,实施效果等进行了分析探讨 ,指出建立一套先进的符合行业特点且具有实践基础的管理模式 ,是拓展企业发展空间的必然出路。     

Predator or prey?: Parasitic enterprises in economic development

In many developing and transition economies Mafia-like activities are rampant. Extortion and other forms of predation lower profitability in private businesses and distort investment incentives. Incorporated in a model of industrialization, bimodal club convergence may result. Economies may get stuck in a Predators’ Club characterized by a vicious cycle of poverty and predation. Societies with a low flow of new entrepreneurs are especially vulnerable to predation and never get out of this club. Poor societies with a high flow of new entrepreneurs, however, may grow out of the trap and join the rich Producers’ Club.     

C4烃资源的生产、利用及发展设想

本文介绍了目前大庆石化公司炼油、乙烯装置碳四烃资源的生产及实际利用情况,并结合我国的实际情况对未来碳四烃的综合利用提出了一些设想和建议,最后对我院的高端基聚异丁烯的研制情况作一简单的介绍。     

Monetary shocks, the exchange rate, and the trade balance

This paper investigates the response of the exchange rate and the trade balance to monetary policy innovations for the US economy during the period 1973:01–1993:12. The empirical findings indicate that contractionary monetary policy shocks lead to transitory appreciations of the real and the nominal exchange rate. Exchange rate appreciations that are caused by a temporary contractionary shock to monetary policy are correlated with a short-lived improvement in the trade balance which is then followed by a deterioration, giving support to the J-curve hypothesis.     

试论品牌竞争时代与关系资源

品牌竞争时代实质是对关系资源竞争的时代。关系资源将在企业的运作中发挥越来越多的作用。企业的关系营销和企业工作作为发挥关系资源的重要手段，其重要性也愈加凸现重要。     

日本自卫队信息化建设的特点、体系结构及发展趋向

本文就日本自卫队信息化建设的主要特点、体系结构、列装情况，及发展趋向作一简要的剖析与评述。