Earnings management and abnormal returns: Evidence from the 1970–1972 Price Control Regulations

We examine the association between abnormal returns and earnings management in the context of price control regulations to test the construct validity of the earnings management model. Abnormal returns are used as a market–based measure, and discretionary accruals are employed to measure earnings management. Our results support the hypotheses that (1) price control regulations affect firms' security prices negatively, (2) firms make income–decreasing discretionary accruals to increase the likelihood of price increase approval, and (3) firms that are affected most negatively by the regulations manage earnings more aggressively. We conclude that the earnings management model we use in this study is capable of predicting opportunistic discretionary accruals.     

"红色管理"探析

"红色管理"是对中国共产党的管理理论、管理思想和管理方法的总结.在现代社会有许多组织独具慧眼,兴起了向中国共产党学习"红色管理"的浪潮.与此同时,"红色管理"理论体系也开始构建."红色管理"在现代社会的盛行有其独特的原因,它是中国管理现状发展的必然选择.但在借鉴"红色管理"的过程中应深刻领会和把握"红色管理"内涵,应紧密联系自身实际借鉴"红色管理",还应面向未来借鉴"红色管理".     

Should there exist secondary markets for executive stock options?

This paper investigates the potential disadvantages of the secondary markets for executive stock options (ESOs). The benefits of such markets are evident, but they might also have negative effects for shareholders. Executives might, for example, use inside information to time their ESO selling. We investigate two personal motives of managers that can be assumed to affect their optimal selling decision, that is, managers' personal portfolio management issues and the use of inside information. We explore these motives by analyzing unique data from Finland, where there are secondary markets for ESOs. The results of the study support the traditional portfolio diversification hypothesis according to which managers tend to sell their ESOs when holding an ESO is equivalent to holding the underlying stock; that is, in such a case a manager's wealth is closely tied to the stock price of the firm. With respect to the use of inside information the results indicate that ESO selling activity is not related to future stock price behaviour, suggesting that managers do not use inside information to determine the selling time of their ESOs. These results imply that the existence of secondary markets for ESOs does not weaken the usefulness of ESOs as the management compensation, although the benefits of such markets are evident.     

工业控制机的特点及在机电一体化中的应用

工业控制机是应用于工业领域自动控制的一类计算机，在机电一体化系统中有着重要作用。本文介绍了不同形式的工业控制机的特点及应用     

浅谈应收账款的管理

章出自于实践，针对欠款这一顽症，作提出了一系列解决措施，具有对实践的普遍指导意义。     

A note on incentive incompatibility under franchising

This note provides a formal demonstration of the incentive incompatibility problem that exists in franchisor — franchisee relationships. It is shown that incentive incompatibility exists with respect to both price and quality. Several contractual mechanisms designed to mitigate the incompatibility problem are examined.     

塑窗组装与安装的管理

塑窗组装与安装的管理是塑窗厂的一项重要工作，章对塑窗组装与安装的管理环节，应采取哪些控制和协调进行了分析，提出了加强这些管理的措施。     

自动化驼峰作业预想控制法

襄樊北站驼峰自动化控制系统于2001年11月28日正式投入运用,根据该系统在运用中出现的问题及产生原因,通过采用自动化驼峰作业预想控制法,将人的作业经验与自动化精确控制相结合,取得了扬长避短充分发挥自动控制作用、提高编组站驼峰作业能力的效果。     

SUPPLY CHAIN INFORMATION SHARING IN A VENDOR MANAGED INVENTORY PARTNERSHIP

Vendor Managed Inventory (VMI) involves the vendor making the replenishment decision for products supplied to a customer based on various inventory and supply chain policies. Information sharing between supply chain members is required in VMI. Sometimes VMI decisions are delayed and/or the information shared is inaccurate. This research examines the effects of information delay and accuracy, and the sharing of sales and forecast information in a VMI environment facing stationary and nonstationary demand. The simulation experiments show the impact of information delay, information inaccuracy, and information sharing on a variety of performance measures, including inventory levels and fill rates.     

Effectiveness and Effects of China’s Capital Controls

I. IntroductionNations at every stage of development and in every region of the world are more closelylinked through trade in goods and services, through flows of funds and investments ineach others’ economies than ever before. But in sharp contrast to more and more nationsloosening restrictions on international trade, controls over capital flows are still substantialnearly everywhere except in the most developed economies. This is certainly the case inChina, where restrictions on movements …