Internal control quality and relationship‐specific investments by suppliers and customers

This paper investigates the association between the quality of internal control over financial reporting (ICOFR) and relationship‐specific investments by suppliers/customers. I find a significant negative association between the disclosure of a material weakness (MW) in ICOFR and changes in the relationship‐specific investments of suppliers/customers. Relationship‐specific investments of suppliers/customers have a stronger negative association with inventory‐related MW. The negative association between MW disclosures and the relationship‐specific investments of suppliers/customers is stronger when economic dependence between the firms and the suppliers/customers is more important and when the suppliers/customers have greater bargaining power. Also, suppliers/customers significantly increase their relationship‐specific investments following the remediation of ineffective ICOFR. Overall, my findings show that a firm's quality of ICOFR affects the relationship‐specific investment decisions of suppliers/customers.     

Reversal and momentum patterns in weekly stock returns: European evidence

We analyze short‐term reversal and medium‐term momentum patterns in weekly stock returns in Europe. Focusing on raw and stock‐specific returns, our empirical results show for both return specifications (a) a negative relation between weekly past returns and future returns in the short run and (b) a positive relation in the medium run. However, returns from reversal and momentum strategies based on stock‐specific returns are less volatile. In further analyses, we find short‐term reversal and medium‐term momentum patterns to be connected to stock characteristics. Looking at the potential causes of these effects, our results do not support the idea that short‐term reversal in weekly stock returns is due to an over‐ or underreaction to firm‐specific news nor that it is mainly driven by illiquidity. Medium‐term momentum in weekly stock returns, on the other hand, can be connected to behavioral biases. Our concluding tests confirm that our findings are robust among industries, in subperiods, for the January effect and in varying market states. Finally, while medium‐term momentum strategies remain profitable after accounting for transaction costs, short‐term reversal strategies can be mainly explained by transaction costs due to their high turnover.     

应收款证券化应用现状及发展对策研究

近年来,资产证券化凭借加快资金流动、降低筹资成本等优势在全世界范围内得到推广,我国也在不断探索资产证券化发展模式。本文选取应收款证券化这一细分类型,从应用资产类型、运作模式和应用领域三方面分析了应收款证券化的应用现状及现存问题,并相应提出解决对策,以加快应收款证券化在我国的推进。     

对等原则与最惠国待遇原则互逆共生

最惠国待遇原则是多边贸易体制的基石,WTO缔约方依据该原则而非歧视、无条件、自动地享有另一方给予第三方的优惠待遇,无须提供同等利益交换.美国近年来则积极推行对等原则,并以达成区域及双边协定、采取单边措施作为践行对等原则的突破口,要求各国享有优惠待遇必须付出同等对价,向WTO提出了巨大挑战.但是,对等原则与最惠国待遇原则之间的冲突是被过度放大的:对等原则不仅指美国片面强调的特定对等、完全对等、绝对对等,还包括与最惠国原则紧密共通的扩散对等.通过比较研究两项原则的真实含义、发展轨迹及实效优弊,中国可以全面认识二者互逆共生的实践关系,审慎接纳、有序践行特定对等,进而与各国一同坚守无条件最惠国待遇,巩固并扩大多边贸易体制来之不易的历史成果.     

Building and using nonlinear simulations in Excel with an application to the specific factors model

Excel simulation models have become increasingly common in the economics classroom, as their ability to combine numerical and graphical information has proved a useful support to traditional teaching methods. Recent efforts have tended to embed the solution within the Excel sheet, avoiding the need to use the Solver add-in and allowing changes in the exogenous characteristics of the model to be instantly reflected in the numerical solutions and any associated geometry. While this is quite simple in small-scale linear models, it is less straightforward in larger nonlinear models such as those that dominate the theory of international trade. We discuss various methods that can be used in building Excel simulations when it is not possible to solve the underlying model explicitly. We illustrate the ideas and describe our experiences along with a new simulation of the specific factors model.