我国政府审计结果公告制度完善浅探

实行审计结果公告有利于提高政府行为的透明度,保证公众的知情权;有利于政府部门行为的公开化,减少权力部门搞暗箱操作,从源头上预防和治理腐败。我国政府审计结果公告制度虽然得到了发展,但还存在审批程序不合理、整改落实不到位、地方政府积极性不高等问题,使得审计结果公告制度在我国的发展中存在审计结果公告范围小、国家审计机关对审计公告认识不够、审计公告风险防范机制薄弱、不完善等重大不足等。应完善我国政府审计结果公告制度,健全法律体系;树立审计结果公告的正确理念,建立专门的审计结果公告载体,扩大审计公告的范围,切实完善审计公告风险的防范机制,规避审计公告风险。     

Earnings announcement timing,uncertainty, and volatility risk premiums

We examine the relationship between firms’ quarterly earnings report timing and uncertainty before quarterly earnings announcements. Prior research provides conflicting predictions on how investor uncertainty and report timing are related. Using implied volatilities from equity options and the realized returns to straddle positions, we find evidence that uncertainty and volatility risk premiums are higher for firms that report later in the quarter. Further tests show that the increase in option premiums is unexplained by risk factors suggesting a mispricing by investors. These results are not associated with static firm-level factors and our findings are concentrated in high growth firms.     

Termination notice of mobile network operator customers after a tariff switch: An empirical study of postpaid subscribers in Germany

Proactive subscriber churn management strategies of mobile network operators (MNOs) require that steps are taken to keep customers before they hand over a formal notice of termination to their provider. Therefore, several studies have analyzed how MNO customers who gave a termination announcement differ from individuals who did not communicate this message. However, no work has examined such differences among subscribers who recently switched to another tariff of their MNO. Therefore, this paper explores socio-demographic, service consumption and tariff change differences between contract cancellation “announcers” and “non-announcers” in a sample of 1810 postpaid customers who had changed their rate plan not long ago. Cancellation announcers were more likely to be males who decreased their mobile voice consumption after their tariff switch, had already attempted to churn in the past, had moved from an unmetered to a metered rate type, paid higher monthly bill amounts and received no discounts on their current rate plan that was introduced on the market some time ago. Among subscribers who gave a termination notice, early (late) cancellation announcers were more likely to be older (younger) customers with a growing (shrinking) SMS consumption after their tariff switch, had not attempted (had already tried) to leave their current MNO in the past, and were in a rate plan that was (not) recently introduced. The findings contribute to the literature on mobile customer retention and have implications for practitioners and scholars.     

Operational risk and its impact on North American and British banks

This study examines the financial impact of operational risk and its loss announcements on the value of publicly traded banks in United States, UK and Canada. There are three main findings: (1) on average, the market reacts more negatively to a loss’s initial announcement than its settlement news; (2) operational loss events cause strong reputational damage to the announcing banks and (3) the market is particularly sensitive to the announcement of losses caused by internal fraud, of a large magnitude, resulted in the order of restitution, and that are the rulings of a regulatory investigation.     

试论会计信息披露问题

本文从七个方面分析损害会计信息披露质量、造成会计信息不对称的原因。上市公司内部是产生虚假信息的源头,是治理的重点。     

Asymmetric Trading Costs Prior to Earnings Announcements: Implications for Price Discovery and Returns

We show that the cost of trading on negative news, relative to positive news, increases before earnings announcements. Our evidence suggests that this asymmetry is due to financial intermediaries reducing their exposure to announcement risks by providing liquidity asymmetrically. This asymmetry creates a predictable upward bias in prices that increases preannouncement, and subsequently reverses, confounding short‐window announcement returns as measures of earnings news and risk premia. These findings provide an alternative explanation for asymmetric return reactions to firms' earnings news, and help explain puzzling prior evidence that announcement risk premia precede the actual announcements. Our study informs methods for research centering on earnings announcements and offers a possible explanation for patterns in returns around anticipated periods of heightened inventory risks, including alternative firm‐level, industry‐level, and macroeconomic information events.     

Overreaction to stock market news and misevaluation of stock prices by unsophisticated investors: Evidence from the option market

This paper examines investors' option activity on value and growth stocks before earnings announcements. The main finding is that unsophisticated investors enter option positions that load up on growth stocks relative to value stocks in the days leading up to earnings announcements. This occurs despite the fact that at earnings announcements value stocks outperform growth stocks by a wide margin. The paper's results provide evidence that unsophisticated option market investors (1) overreact to past news on underlying stocks and (2) mistakenly believe that mispriced stocks will move even further away from fundamentals at impending scheduled news releases.     

我国上市公司资产出售的公告效应研究

文章以1999-2004年间185家企业226次资产出售事件为样本,检验了我国上市公司资产出售的公告效应,并对2008-2009年间我国上市公司的资产出售进行了稳健性检验.研究发现,我国企业的资产出售具有明显的年中和年末效应；企业股价对资产出售的反应显著为正,尤其是在(-2,0)区间内,资产出售的公告效应得到集中释放.对资产出售公告效应影响因素的检验表明,我国上市公司的资产出售更加符合有效配置假说,融资假说不能解释这种行为.     

有限元方法在某水电站地下厂房顶拱层开挖施工方案比选中的应用

在地下洞室开挖中,由于岩体中原有结构面的存在,再加上洞室开挖后应力重新分布与集中,以及爆破作业的影响,在洞室顶部一定范围内会形成岩石松散圈.某水电站地下厂房开挖有中导洞先行和两侧导洞先行两种方案,利用有限元方法并参照类似工程,确定了中导洞先行的顶拱层开挖方案.     

The Effect of Short Selling on Market Reactions to Earnings Announcements*

This paper examines the effect of the inherent demand implied by short interest by studying how stock price reactions to earnings announcements depend on the level of short interest. We find that, for extreme good and bad news events, the inherent demand increases stock prices around the earnings announcement date, with the effect being stronger for good news relative to bad news. Specifically, the initial market reaction to an extreme positive earnings surprise is larger for firms with high levels of short interest. On the other hand, for an extreme negative earnings surprise event, the initial market reaction is less negative for heavily shorted firms. Furthermore, we find that the post‐earnings‐announcement drift is smaller (larger) in magnitude for extreme positive (negative) earnings surprises for the heavily shorted firms.