股指期货不同推出方式对股票市场的影响

本文构建一个多期理论模型研究股指期货以非预期方式推出的影响。本文比较了它和按确定时间表推出这两种方式对股票现货价格、流动性以及波动性的不同影响。在无其他冲击环境下,我们发现按确定时间表推出期货,市场的流动性与波动性将增加,另外股市会在期货推出后短期下行。而以非预期的方式推出期货对市场的流动性与波动性的影响要低于前一种方式,且股市在期货推出后将短期上行,然后回调。如果管理层的目标是使股指期货推出对市场流动性和波动性冲击最小化,那么选择以非预期的方式推出更为合适。     

基于安全防范和应急处置的铁路应急管理初探

从突发事件应急管理的概念入手，探讨铁路加强应急管理的必要性，结合郑州铁路局应急管理现状，分析应急管理工作存在的问题，提出相应的对策和建议。     

Unexpected Accruals and Conditional Accounting Conservatism

Abstract:  This paper examines the impact of management discretion over accruals on conditional accounting conservatism, defined as the tendency of accountants to recognize bad news on a timelier basis than good news. Prior research suggests that conditional accounting conservatism reflected in earnings is mainly due to the accrual component of earnings, not the cash flow component of earnings. After decomposing total accruals into expected and unexpected accruals, I find that (1) conditional accounting conservatism reflected in accruals is mainly due to unexpected accruals; (2) the negative association between unconditional and conditional accounting conservatism is mainly attributable to unexpected accruals; and (3) firms with higher leverage exhibit conditionally more conservative accounting primarily through unexpected accruals. These results are robust to accrual models that take into account the systematic association between accruals and cash flows and their non-linearity and to the asymmetric persistence of earnings changes specification of conditional accounting conservatism. Taken together, these results suggest that managers exercise their discretion over accruals to expedite the recognition of bad news rather than good news.     

论突发事件对中小投资者交易行为的影响

在风云变幻的投资市场环境下,风险被突发事件引爆、传播和放大的过程具有自我驱动、自我增强和自我加速的特性,会造成一系列的严重后果。对突发事件产生的原因、事态发展和对中小投资者交易行为产生的影响进行分析,结合金融、法律、心理等多方面知识,旨在提高中小投资者的操作技巧和获利能力,维护市场稳定发展和培养成熟投资者。     

Why Are Earnings Kinky? An Examination of the Earnings Management Explanation

Prior research has documented a kink in the earnings distribution: too few firms report small losses, too many firms report small profits. We investigate whether boosting of discretionary accruals to report a small profit is a reasonable explanation for this kink. Overall, we are unable to confirm that boosting of discretionary accruals is the key driver of the kink. We caution the use of the ratio of small profit firms to small loss firms as a measure of earnings management. We investigate and discuss a number of alternative explanations for the kink.     

预约披露日变更特征与时机选择：一项实证研究

预约披露制度是与披露时间相关的一项重要规范，其目的在于提高定期报告披露的均衡性，但预约披露时间的变更与管理者选择披露时机的行为密切相关。本文以沪、深股市上市公司年报预约披露制度的执行情况为研究对象，时间涵盖2001-2004年四个可获得数据的年度。通过实证分析，我们发现：（1）未预期盈余越低，公司越可能延迟披露年报时间，并且未预期盈余为负的公司相对未预期盈余为正的公司延迟披露的可能性较大；（2）亏损公司和年报被出具非标意见的公司倾向于延迟披露年报，而且非标审计意见的严重程度越高，延迟的可能性越大。     

盈余管理的计量模型研究综述

目前存在三类盈余管理计量模型：(1)总应计利润模型；(2)具体应计利润模型；(3)盈余及应计利润分布模型。本文对这三类模型进行了分析和研究,指出当前的盈余管理计量模型还存在许多问题,尤其是在研究处于转轨经济时期的中国盈余管理问题时。同时,提出发展一种更有效的计量盈余管理模型仍然是业界重要的工作。     

新疆火电企业节能减排效率评价及影响因素分析

基于新疆26家年综合能耗在20万吨标准煤以上火电企业的实地调研数据,运用非期望产出松弛量测算的数据包络分析(SBM-DEA)模型测算了26家企业的节能减排效率值,通过Tobit模型实证探索了各火电企业的节能减排效率产生差异的原因。结果表明,新疆火电企业总体节能减排效率较低,其中北疆地区平均节能减排效率低于南疆地区;企业技术进步、成立时间、政府补贴及地区经济发展等因素均可显著提高火电企业的节能减排效率,针对研究结果从政府、企业两个层面提出相应对策建议。     

Earnings management following chief executive officer changes: the effect of contemporaneous chairperson and chief financial officer appointments

Using a sample of listed Australian firms from 1999 to 2007, we examine the relationship between discretionary accruals and concurrent senior management appointments. Employing panel data regression models and focusing on a measure of discretionary accruals that excludes the effect of transparent write‐downs such as restructuring charges, we find that chief executive officer (CEO) appointments, as a general phenomenon, are not significantly associated with opaque earnings management in the year of appointment or the following year. However, we find that CEO changes accompanied by a concurrent change in board chairperson are associated with significant income‐decreasing earnings management in the year of appointment. We detect no significant relationship between contemporaneous CEO and chief financial officer changes and discretionary accruals. We find no evidence of earnings management in the first compete financial period following CEO appointment, regardless of whether or not concurrent Chair or chief financial officer appointments occurred.