Fourier-analytic measures for heavy-tailed insurance losses

We propose a family of three ‘Fourier-analytic’ measures to extend the conventional concepts of standard deviation, variance, and coefficient of variation to insurance losses with arbitrarily heavy tails. After motivating and computing their mathematical forms, we apply the proposed measures to the case of Lévy-stable loss portfolios. Finally, the new measures are used to study the diversification properties of heavy-tailed losses.     

企业的利润结构与可持续增长 ——基于A股竞争性上市公司的经验证据

企业的可持续增长是社会经济可持续发展的基础,企业的可持续性增长能力与利润总额和利润构成密切相关.在新企业会计准则下,利润总额由核心利润、资产减值损失、公允价值变动损益、投资损益、营业外收支净额等五个部分构成,利润总额不同构成部分的来源不一样,稳定性和持久性也不一样.实证研究发现,盈利对企业增长的可持续性具有正面影响,利润总额的不同构成部分会对企业增长的可持续产生不同影响,利润结构可以提供有关企业可持续增长的增量信息,新企业会计准则下利润表项目的调整变化提高了利润表的信息含量.     

The relationships between IFRS,earnings losses threshold and earnings management

An increasing number of countries have adopted International Financial Reporting Standards (IFRS). Prior research indicates that IFRS increase the relevance of financial statements, but also increase opportunism in earnings management (EM). Despite this, no evidence is found in this study to demonstrate that the adoption of IFRS increases the use of EM by companies as a whole. Furthermore, the results indicate that the use of IFRS can enhance the neutrality of financial statements. However, these phenomena occur only in the case of firms with positive earnings. Therefore, if a firm faces earnings losses (ELOSS), the manager will often exhibit EM behaviour after implementing IFRS. Thus, when the firm has ELOSS and adopts IFRS, the situation that results will usually decrease the neutrality of financial statements. As for the management implications, these findings suggest that the government and regulator should implement more in-depth supervision to prevent the increased use of EM by managers following the adoption of IFRS.     

公允价值计量、资产价值变动与审计收费——基于2009—2012年沪深上市公司的经验证据

公允价值计量具有价值相关性,但也存在资产估价的风险性,这一会计估计风险对以风险成本为基础的审计定价及其变化至关重要。以后金融危机时期2009--2012年沪深上市公司的数据为样本,实证研究公允价值计量下的资产价值变动对审计收费的影响,结果显示：持有资产价值变动总体和公允价值变动损益、资产减值损失分项均显著正向影响审计收费,这表明持有资产价值变动幅度越大,审计收费越高;在持有资产价值变动总体正向影响审计收费的强度逐年显著增强的情况下,公允价值变动损益对审计收费正向影响的显著性提升,但是影响强度下降;资产减值损失对审计收费正向影响的强度和显著性均逐年提升,这表明审计收费蕴含公允价值估计风险和资产计价的公允性。     

关于我国期货核算的几点思考

本文从目前我国期货核算的现状,比较美国的期货会计准则,浅谈对我国期货交易核算的几点思考。     

Banks' Use of Accounting Discretion and Regulatory Intervention: The Case of European Banks' Impairments on Greek Government Bonds

This paper analyzes troubled banks' use of accounting discretion and its interaction with regulatory intervention in a time of financial distress. We analyze impairment losses that Europe's largest banks recognized on Greek Government Bonds (GGB) during 2011, the time during which GGB were considered impaired. Our findings reveal considerable variation in the impairment ratios across banks. Banks with larger GGB exposures, for which a full impairment would deplete a large share of regulatory capital, recognize significantly lower impairment ratios. Furthermore, we find that troubled banks delay full impairments until state aid is provided. Troubled banks recognize significantly lower impairment ratios in the quarter before they are provided with state aid, but substantially increase their impairment ratios afterwards. This pattern is consistent with the notion that troubled banks initially understate impairments to conceal the full extent of their financial difficulties from less sophisticated non-regulator outsiders (e.g., depositors and the general public), which increases regulators' ability to practice forbearance by not intervening immediately.     

A composite indicator model to assess natural disaster risks in industry on a spatial level

In the event of natural disasters, industrial production sites can be affected by both direct physical damage and indirect damage. The indirect damage, which often exceeds the direct ones in value, mainly arises from business interruptions resulting from the impairment of information and material flows as well as from domino effects in interlaced supply chains. The importance of industry for society and the domino effects often result in severe economic, social, and environmental consequences of industrial disasters making industrial risk management an important task for risk managers at the administrative level (e.g. civil protection authorities). Since the possible industrial disaster damage depends not only on hazard and exposure but also on the vulnerability of a system, an effective and efficient industrial risk management requires information about the system’s regionalized vulnerability. This paper presents a new methodology for structural industrial vulnerability assessment based on production factors that enables to assess the regional industrial disaster vulnerability. In order to capture industry-specific vulnerability factors and to account for the processes underlying regional industrial vulnerability, a two-stage approach is developed. This approach combines a composite indicator model to assess sector-specific vulnerability indices (V_s) with a new regionalization method. The composite indicator model is based on methodologies from the field of multicriteria decision analysis (MultiAttribute Value Theory) and the Decision-Making Trial and Evaluation Laboratory Method is applied to correct the (V_s) for interdependencies among the indicators. Finally, the developed approach is applied to an exemplar case study and the industrial vulnerability of 44 administrative districts in the German federal state of Baden-Wuerttemberg is assessed.     

企业核心人才流失与HR的危机管理

企业的核心人才是掌握企业重要资源、核心技术,并拥有绝对权利的核心员工。他们的稳定性直接决定着企业的生存和发展。本文围绕企业的核心人才,在分析企业核心员工流失的现状和原因的基础上,基于诺曼·R·奥古斯丁的危机管理理论,指出了应对企业核心人才流失的策略——企业HR危机管理。通过对人才危机的多角度防范、危机的准备、危机的确认到危机的控制、危机的解决、最终化危为机分步骤探讨,建立一套针对企业核心人才流失的预警机制和危机处理机制,以减缓企业核心人才流失为企业带来的负面影响。     

非经常性损益研究综述

本文对非经常性损益相关文献进行了梳理和述评。从非常项目的具体内容及披露、非经常性损益与股票价格相关性、非经常性损益信息含量的研究、非经常性损益与盈余管理四个方面进行综述,在厘清非经常性损益研究脉络的同时,指出了进一步研究的方向与内容。