The new exchange rate policy in the Asian emerging economies – goodbye trouble,hello comfort?

In this paper, we discuss new aspects of exchange rate policy that can be observed in the Asian emerging economies. In the first place, we show the alternative regimes they may choose and their respective pros and cons. Secondly, we concentrate on the recent strategy of systematic undervaluation of one's currency – figuring prominently among ‘big’ Asian players such as China and India – and the most likely implications of such a strategy for domestic allocation, distribution and stabilization goals. With the background of Germany's experiences in 1969, almost on the eve of the Bretton Woods' system collapse, we model a speculative attack on an undervalued currency in the vein of the Flood–Garber seminal paper from 1984. Now, however, the country in concern (just like India and China) possesses strong rather than weak fundamentals. The continuous accumulation of international reserves, in addition, leads to the question of an ‘optimal management’ of foreign exchange reserves in Asian emerging economies with regard to size and composition. We finally propose a sequence of reforms/policies that should be implemented in those Asian emerging economies on their still long journey to a regime featured by autonomous monetary policy, flexible exchange rate and capital mobility. A brief summary and an outlook for future research close the paper.     

我国上市公司股权结构与现金股利政策关系研究——基于半参数模型的分析

多重委托代理关系的存在使得我国上市公司股权结构与现金股利政策之间的关系极其复杂。选取多个代理变量从不同的角度构建半参数模型,利用函数形式来刻画两者之间的非线性关系。利用我国565家上市公司的数据进行实证研究,结果表明:股权制衡度与现金分红数量之间存在倒"S"形关系,拐点分别在30%和60%左右;前十大股东持股比例与现金分红意愿及分红数量之间均存在明显的倒"U"形关系,拐点分别在60%和80%左右。     

可再生能源发电开发利用及经营情况实证分析——以江苏省为例

江苏省是能源消耗大省,又是资源小省,能源需求增长压力大,能源自给率不足20%。突破能源瓶颈,实现经济和社会发展主要有两个途径：一是节能降耗,二是增加供应。大力发展可再生能源,不失为江苏经济可持续发展的战略选择。     

How Safe Are the Harbors?

Abstract

With the growth of e-commerce has come the need for businesses to provide protection of personal, private data collected from internet users and consumers. The United States has favored a policy of industry self-regulation, while the European Union (EU) has responded to its consumer demands for privacy protection regulations and enforcement. Faced with the critical need for a middle ground, the US has proposed “Safe Harbor Privacy Principles” as a means of compromise with the EU. This article explores the market context of the Safe Harbor Principles, the European reaction, and the probable impact on businesses.     

Shutting up shop: understanding the international exit process in retailing

Internationalisation is a much-studied phenomenon. Exit from international markets has been less analysed. Where it has been studied, most work has been on motives and causes, with relatively little on processes. This article explores the process of international exit in a retail context. It examines the run-up to, announcement of and fall-out from the decision by Marks and Spencer (one of Britain's leading retailers) to close its French stores. The article concludes that understanding the process of market exit is at least as important both for theoretical and practical reasons as understanding the decision to exit or divest. Further research needs to be undertaken on market exit and the processes involved, in order to contribute further to the theory and practice of internationalisation.     

Some Reflections on U.S. Treaty Commitments

Abstract

The world oil price has risen significantly since the late 1990s and reached a record high in 2008. The recent oil price hike raises concerns regarding the possible negative effects of the rising oil price on the economy as in the 1970s. We investigate the effects of the oil price hike on the Korean economy using a Bayesian dynamic stochastic general equilibrium (DGSE) model. We explicitly model the small open economy nature of the Korean economy and its oil usage and estimate the constructed model within a unified Bayesian framework. We also examine possible changes in the effects of world oil shocks on the Korean economy using counterfactual simulations. We find the adverse effects of world oil shocks as well as their importance in Korean business cycles have diminished due to reductions in the relative usage of crude oil in the economy, while world oil shocks themselves have changed relatively little over time.     

Audit Market Response to PCAOB Censures of US Big 4 Firms

Abstract

Subsequent to the first-ever Public Company Accounting Oversight Board (PCAOB) censure of a US Big 4 firm (Deloitte) in December 2007, there were two other PCAOB US Big 4 firm censures as of 2016 year-end. We examine whether these two post-2007 PCAOB censures of US Big 4 firms conveyed new information to the audit market. For both censures, we find little or no evidence of any change in the factual audit quality of the censured firm over a three-year window surrounding the censure. Our findings suggest that the quality control deficiencies (identified during inspection of specific audit engagements) that triggered the PCAOB censure were isolated occurrences rather than systemic to the firm at large, i.e., the censures do not imply an impairment in the US Big 4 firm's overall factual audit quality. We also find that the negative response of investors and audit committees documented in prior research for the 2007 Deloitte censure disappeared for the later US Big 4 firm censures. Given that the PCAOB inspects (and can censure) non-US auditors who audit US-listed foreign companies, our findings are of potential interest to regulators, investors and audit committees outside the US.     

电子商务环境下网络审计面临的问题及解决对策

随着电子商务的迅速发展和广泛应用,电子商务环境下的网络审计面临许多问题。本文分析了电子商务的网络环境对传统审计的影响和目前我国网络审计存在的问题,并给出了相应的解决对策。     

新保守主义与布什的单边主义政策

新保守主义作为一种政治思想，从里根、老布什、克林顿、小布什、到现在的奥巴马政府。在不同的时期都对美国的外交政策产生了不同程度的影响，经历了它的产生、发展、繁极一时、最终一蹶不振。那么新保守主义对布什政府的外交产生了什么影响呢？在奥巴马时期又有什么变化吗？