What do we know about audit quality?

This paper reviews empirical research over the past 25 years, mainly from the United States, in order to assess what we currently know about audit quality with respect to publicly listed companies. The evidence indicates that outright audit failure rates are infrequent, far less than 1% annually, and audit fees are quite small, less than 0.1% of aggregate client sales. This suggests there may be an acceptable level of audit quality at a relatively low cost. There is also evidence of voluntary differential audit quality (above the legal minimum) along a number of dimensions such as firm size, industry specialization, office characteristics, and cross-country differences in legal systems and auditor liability exposure. The evidence is very positive although there is some indication that audit quality may have declined in the 1990s, in which case there could be merit in recent reforms such as the Sarbanes-Oxley Act of 2002 in the US. However, we do not know from research the optimal level of audit quality and therefore whether we currently have ‘too little’ or ‘too much’ auditing? Despite this lacuna we are entering an era of more mandated auditing in response to high-profile corporate governance failures including the Enron–Andersen affair. Finally, while recent reforms have scaled back the scope of non-audit services due to independence concerns, a case can be made that audit quality will always be somewhat suspect if other services are provided that are perceived to potentially compromise the auditor's objectivity and skepticism. For this reason public confidence in audit quality may be increased by proscribing all non-audit services for audit clients. Recommendations are also proposed with respect to legal liability reform and changes in partner compensation arrangements.     

2014年2月国际金融市场运行综述

2014年2月,美元指数振荡走低;主要货币短期利率基本持平;主要国家中长期国债收益率先升后降;主要股指大幅上涨。     

城市公共交通规划项目案例的评选与处理

近年来,高等学校工科专业课程的教学模式改革受到了广泛重视。以案例为中心的项目化教学,有助于激发学生的兴趣与动机、整合学科知识、强化实际技能,尤其适合工科专业课程的教学,以交通规划课程中公共交通规划的教学为例,介绍和分析了公交规划项目案例的评选与处理方法。     

以均衡为目标的车辆调度问题研究

针对物流配送企业私人承包车辆以及均衡配送线路工作量等新的物流管理理念,提出新的车辆调度模型,将车辆调度问题（VRP）转换为车辆选型和车辆路径优化两个子问题,设计Ak-FirstFit混合算法解决车辆选型问题,运用遗传算法解决车辆路径问题。基于JAVA编写计算机程序,运行结果表明该两阶段算法能够在有效时间内得到满意解。与基于传统物流管理理念的模型进行比较,得出新的两阶段模型能充分体现兼顾效率与公平思想的结论,其理念在物流配送企业中具有相当的借鉴性和推广前景。     

运输管理信息系统的研究与设计

本文论述了运输管理信息系统的设计目标以及系统的功能结构，结合具体的应用背景。提出了运输管理信息系统的解决方案，并且以模块划分的方式对于系统功能的实现进行了探讨，介绍了系统的主要特点。     

Other financial institutions' portfolio behaviour and policy implications: A study of India

Abstract

Applied literature has largely neglected the asset decision of other financial institutions (OFIs), though it may possess important policy implications. In this paper, portfolio behaviour of OFIs in India is modelled by using the annual flow of funds data for 1951/52 to 1993/94. The long-run model of the Almost Ideal Demand System and the allied concepts of cointegration generated economically and statistically plausible results. We find a strong influence of interest rates on portfolio behavior, thereby the role of interest rates on resource allocation. The paper concludes that the macroeconomic management through monetary policy actions may not be unnecessarily limited through the channel of OFIs in the post-financial reform regime in India.     

基于遗传算法的多目标集装箱多式联运运输优化模型

基于集装箱多式联运在进行门到门的运输过程中可以选择多种运输方式和路径的组合进行优化运输这个特点，本文将多式联运的运输优化问题转化成为一个最短路径问题，以成本和时间为优化目标建立了选择最优路径的模型，并选择遗传算法作为求解算法对实例问题进行了求解验证。     

Finite Dimensional Affine Realisations of HJM Models in Terms of Forward Rates and Yields

Finite dimensional Markovian HJM term structure models provide ideal settings for the study of term structure dynamics and interest rate derivatives where the flexibility of the HJM framework and the tractability of Markovian models coexist. Consequently, these models became the focus of a series of papers including Carverhill (1994), Ritchken and Sankarasubramanian (1995), Bhar and Chiarella (1997), Inui and Kijima (1998), de Jong and Santa-Clara (1999), Björk and Svensson (2001) and Chiarella and Kwon (2001a). However, these models usually required the introduction of a large number of state variables which, at first sight, did not appear to have clear links to the market observed quantities, and the explicit realisations of the forward rate curve in terms of the state variables were unclear. In this paper, it is shown that the forward rate curves for these models are affine functions of the state variables, and conversely that the state variables in these models can be expressed as affine functions of a finite number of forward rates or yields. This property is useful, for example, in the estimation of model parameters. The paper also provides explicit formulae for the bond prices in terms of the state variables that generalise the formulae given in Inui and Kijima (1998), and applies the framework to obtain affine representations for a number of popular interest rate models.     

交通建设项目社会经济环境影响评价指标体系研究

根据交通建设项目社会经济环境影响评价的内涵,从社会环境、经济环境、美学及历史学环境三方面设置指标体系,并探讨了指标的表达方式和估算方法。     

关于优化运输路线提高物流增值的一孔之见

当前我国运输成本居高不下,物流无法实现真正意义上的增值,究其原因有很多,而不合理的运输是其中一个很重要的因素。文中在提出了合理运输对物流价值增值的重要意义的基础上,阐明了优化运输路线是保证合理运输的关键,并以公路货运为例,提出了几点优化运输路线的设计思路。