On the Asymmetric Recognition of Good and Bad News in France, Germany and the United Kingdom

We investigate whether accounting systems recognise bad news more promptly in earnings than good news, where news is proxied by changes in share price. The analysis is based on a sample of firm/years drawn from France, Germany, and the UK during 1990 to 1998. These three countries are the originators of three distinct legal traditions. Previous studies have argued that asymmetric recognition, one manifestation of conservative accounting, is sensitive to legal background and history. We find that in all three countries the contemporaneous association between earnings and returns is much stronger for bad news (i.e. when price changes are negative) than for good news, and although the results are strongest for the UK, and then France, the inter-country differences are not statistically significant. The stronger reaction to bad news is more pronounced for firms with relatively low capitalisation. We also find that the relative persistence of profits and losses are consistent with asymmetric recognition in France and the UK, but not in Germany, and that the more timely recognition of bad news is maintained even when we control for earnings persistence. When we extend the model to include price changes from previous periods, we see that the stronger reaction to bad news decays over time. The results from this model also suggest that 'pervasive' conservatism, unrelated to news, is observed in Germany and France, but the UK results are consistent with optimism. Although asymmetric recognition is generally strongest in the UK and weakest in Germany, and this broadly conforms to our expectations, the differences are less clear than the results from earlier periods.     

保障石油供应 维护石油安全

通过我国与美国石油工业供需发展情况的对比，在分析美国石油工业发展的经验、结合我国石油工业自身特点和不足的基础上，对我国的石油供应提出了几点建议。     

Effects of an animal disease shock on meat markets and producer income

This paper simulates pig producer and slaughterhouse income losses due to a classical swine fever outbreak in Finland. The analysis explicitly takes into account that an outbreak of a highly contagious animal disease can shrink export demand for pig meat. After having observed the disease and its impact on pig meat price, producers can optimize animal stocks thought insemination decisions, which affects the number of animals in a dynamic manner. The income losses of pig industry were estimated to be less than €30 million. The losses were mainly due to price movements caused by an export demand shock. The results suggest that if the outbreak causes distortions in meat trade, the disease can cause substantial losses to the industry even if it has directly a small impact on the number of animals on farms. We also found that the optimization could reduce disease losses significantly, even more than 50%.     

城市生态旅游可持续发展策略研究——以深圳市宝安区石岩街道为例

城市生态旅游对于保护城市环境,满足居民休闲、娱乐需求以及促进地方经济发展具有的重要意义。在规范城市生态旅游概念的基础上,文章总结了城市生态旅游的特点。同时,为实现城市生态旅游的可持续发展,文章提出了地方经济、环境与生态旅游的协调发展理念。并根据深圳市宝安区石岩街道发展生态旅游的优势和劣势,提出了一系列的生态旅游发展策略。     

汕头市城市定位与发展模式选择研究

本文系统地分析了汕头市城市发展的基本条件,在此基础上提出汕头市城市定位为“区域中心城市、现代化港口城市、滨海生态城市和国家经济特区”,并从产业发展、空间配置、要素整合、城市创新和城市特色等方面进行了思考。     

Energy and habitat: Designing a sustainable urban ecosystem

As the world's cities grow so new ways of satisfying their demands for food and fuel resources will have to be found, especially in the third world where total fuel demands are expected to expand several fold in one generation. An ecological model for a future complex urban community is presented to illustrate the place of energy in a growing system and how habitat—the physical component—possesses life cycles interdependent with living species. Recycling, biomass fuels, telecommunications, marine living and the propagation of viable organizations are all elements that will enable the globe to sustain future expanding metropolises.     

Ambiguous Social Welfare Effects of Price Regulation Under Imperfect Competition

Conventional wisdom is that a binding price ceiling increases output and so increases social welfare if imposed on an imperfectly competitive market. However, this paper shows that a price ceiling can be harmful to social welfare even though it increases industry output and consumer surplus. This model can be applied to the pharmaceutical industry under price control in many countries, e.g., U.K., Canada, Germany and Japan.     

城市人口研究的视点

从城市人口的一个重要视点——“居住地”和“工作地”的人口概念出发 ,对城市中发生的许多现象进行了解释。对“工作地”和“生活地”的城市人口的研究 ,把人口学研究和社会学、经济学、地理学等多学科的研究结合起来 ,能丰富和拓展人口研究的内容。还介绍了“居住地”和“工作地”的人口资料来源     

经济评价中“决策油价”确定方法的探讨

原油销售价格是油田开发项目必须及石油石化项目经济评价应采用的重在参数之一,但随着我国与国际原料市场的接轨,近年来原油价格变化非常大,油田开发项目的建设周期又比较长,原油价格常常具有可变性,如何利用该参数进行项目经济评价是摆在我们面前的一个重要课题。引入“决策油价”的概念,并根据对世界的油价史和油价影响因素的分析,结合油介变化动态,确定“决策油价”进行经济评价工作,对冀对进一步开展该类项目的经济评价工作起到参考作用。