Earnings management and abnormal returns: Evidence from the 1970–1972 Price Control Regulations

We examine the association between abnormal returns and earnings management in the context of price control regulations to test the construct validity of the earnings management model. Abnormal returns are used as a market–based measure, and discretionary accruals are employed to measure earnings management. Our results support the hypotheses that (1) price control regulations affect firms' security prices negatively, (2) firms make income–decreasing discretionary accruals to increase the likelihood of price increase approval, and (3) firms that are affected most negatively by the regulations manage earnings more aggressively. We conclude that the earnings management model we use in this study is capable of predicting opportunistic discretionary accruals.     

The Market's Assessment of the Financial Services Modernization Act of 1999

We examine the impact of the events leading up to and including the passage of the Financial Services Modernization Act (FSMA) of 1999 on the stock returns of banks, brokerage firms, and insurance companies. We find that the impact is positive for all institutions. Bank gains are positively related to size and capitalization. Brokerage firms gain regardless of size, but the gains are inversely related to capitalization and insurance companies gain regardless of size or capital position. The strong positive reaction suggests that the market expects the institutions to benefit from the new opportunities created by the FSMA's passage.     

反倾销规则与“中欧石材案”

反倾销规则是 WTO允许的世界各国均可采用的维护公平贸易秩序、抵制不正当竞争的重要手段之一 ,其规则非常严密 ,主要是明确规定了反倾销必须同时具备的三个条件及反倾销的程序。WTO成立以后 ,各成员方纷纷修改本国的反倾销法律 ,我国于 2 0 0 1年 12月 10日颁布了《中华人民共和国反倾销条例》,使之与 WTO的反倾销规则相一致。同时 ,也在积极利用 WTO反倾销规则来反对他国反倾销的滥用。 2 0 0 1年引起各界广泛关注的欧盟对我国石材业反倾销申诉案 ,经涉诉的我国 2 7家企业的积极应诉 ,终以欧盟撤诉 ,我方取得全面胜利而告终。这是我国按照 WTO原则建立自我保护体系 ,有效保护本国经济利益和经济发展的重要举措。意味着我国政府也将利用反倾销这把“利剑”来保护国内企业     

Dividend Imputation and Shareholder Wealth: The Case of New Zealand

On April 1, 1988, New Zealand stopped the double taxation of dividends by implementing a full dividend imputation program. Because many believed that the tax advantage of debt had led to more highly leveraged firms subject to greater financial risk than was socially optimal, it was hoped the removal of incentives to finance with debt would result in a more efficient allocation of capital. The empirical results suggest that the shareholder wealth gain from dividend imputation was more than offset in firms with large debt levels. Moreover, an examination of debt ratios indicates debt levels declined in the post–imputation period.     

《服务贸易总协定》及其对中国贸易的影响

我国已成为WTO成员国，因此必须遵守WTO所有规则，特别是要遵守《服务贸易总协定》，为我国服务业发展服务，解读和掌握这一协定的基本知识、规则，就显得极其重要和必要。     

元代安徽地区的土地开发与利用

元代安徽地区的官田和民田多得到了有效开发与利用。官田主要用于充当职田、屯田、赐田、草场、牧地等,占有主体为封建国家。在官田中,屯田最发达,分布广,延续时间长,在全国具有重要地位。民田占有主体为官僚地主、一般富户地主、宗族地主、自耕农、民办学校、寺院等,呈现多元化特征。在民田中,族田、学田较发达,地域特色明显。在官、民田中,租佃制经营方式十分流行,地租形态以实物地租为主,也存在货币地租,但不普遍。     

浅谈传统文化与艺术设计

平面设计是利用视觉图像、符号来传达意图的设计形式,由于表现方式限于于平面,只通过视觉认知传达,因此有一定的局限性,但并不是说平面设计所表达的内容会因此减少和单薄,相反,在有限的表达方式下却能传达出丰富多彩,变幻莫测的意义.如果完全背离传统艺术形式,一味模仿西方的现代艺术,惟西方现代艺术马首是瞻,简单地挪用西方现代艺术形式,将使我们的艺术丧失民族的个性.     

安徽省城市用地扩展研究——以六安市为例

以六安市为例,利用相关城市统计资料、相关城市图件,对撤地设市十年来六安城区土地扩展情况进行研究,并分析其驱动力因素。得出撤地设市以来六安市城市扩展速度明显增加,尤其2008—2010年扩展量占十年来总扩展量的34．07％,且年均增加4．88kmu;城市扩展动态度和城市用地效率也呈现明显的上：升趋势。城市扩展及其方向受到了社会经济条件、人口、交通、政策等因素的影响。     

金融管制理论和方法的演进

管制经济学通常包括经济性管制、社会性管制和反托拉斯管制三大部分。其中经济性管制研究的是自然垄断领域和存在严重信息不对称领域,后者典型的表现形式如金融业。一般的管制经济学因金融业内容丰富,需要独立的研究而较少涉及。而多数金融业管制研究侧重于监管的层面。文章从管制思想的演进、管制理论对金融业的实证研究、金融业管制经济分析和金融管制方法最新进展四个方面对金融管制经济理论进行分析和评述。     

监管控制的有效性与产业内部分工——以“山寨手机”现象为例

自2005年以来,中国深圳等地区出现了大量生产销售山寨手机的企业。尽管政府有关部门采取了多种措施,对违规生产和销售手机的企业实施监管,但在一段时间内山寨手机仍然充斥市场,造成客观上的监管失效。分析联发科手机芯片出现前后手机产业链和手机企业价值链的变化,并分析手机监管制度安排失效的原因,可得知随着技术变革引发的手机产业内部分工深化,被监管企业价值链进一步缩短,违期—州直环节更多地由生产转移到销售活动,造成了企业违规风险降低和监管措施的失效。