Optimism bias in financial analysts' earnings forecasts: Do commissions sharing agreements reduce conflicts of interest?

Implemented in May 2007, the French rules governing commission-sharing agreements (CSAs) consist of unbundling brokerage and investment research fees. The goal of this paper is to analyze the effect of these rules on analysts' forecasts. Based on a sample of one-year-ahead earnings per share forecasts for 58 French firms during the period from 1999 to 2011, we conduct panel data regressions. We show that the analysts' optimistic bias declined significantly after CSA rules, which suggests that these rules are effective at curbing the conflicts of interest between brokerage activities and financial research. Our results are robust to the impact of the Global Settlement and the Market Abuse Directive.     

经理人股票期权会计问题研究

近年来,经理人股票期权激励机制在我国开始实施,如何在借鉴国外已有的先进经验的基础上,根据我国现有国情和“本土化”的股票期权计划的发展程度构建的我国股票期权会计制度就成为迫切需要解决的课题。本文认为我国经理人股票期权应当费用化确认,同时采用服务单位法在经理人提供服务期间进行摊销;选择公允价值为计量基础,行权日为计量日;采用公允价值法计算考虑经理人股票期权稀释效用后的每股收益并进行充分的信息披露。     

浅析ESP外保温墙体建筑的优越性

随着城市建设规模的迅速发展和住宅商品化的深入,人们对节约能源和保护环境要求不断提高,建筑节能和建筑环保日益得到人们的重视,出现了不少新技术、新工艺、新材料,建筑结构围护保温(即建筑外墙的保温)便是其中之一。外墙苯板外保温饰面系统的墙体,我国从20世纪80年代开始试点到现在全国基本上全面开花。在国外经验的基础上,结合国内情况,我国制定了《外墙外保温工程技术规程》JGJ144-2004,按照此规程进行设计与施工,确保工程质量,促使EPS外保温墙体建筑更加迅速发展起来。     

EPS大模内置在外墙中的应用

随着社会经济发展,近年来高层建筑发展较快,为响应国家节能减排相关政策,高层建筑墙体保温尤为重要且形式多样,EPS钢丝网架板现浇混凝土外墙外保温系统工艺目前在国内外墙保温施工中应用较为广泛,本文结合单位职工住宅楼项目外墙保温施工,详细介绍了EPS钢丝网架板现浇混凝土外墙外保温系统的施工方案、技术要求、施工工艺及质量控制。     

聚苯乙烯(EPS)板墙体外保温在建筑工程中的应用

综合阐述了聚苯乙烯(EPS)板厚度尺寸的采用及主要技术性能,提出了现场聚苯乙烯(EPS)板施工中必须注意的一些问题,重点论述了聚苯乙烯(EPS)板施工的注意事项及施工技术措施。     

Expected EPS and EPS Growth as Determinantsof Value

This paper develops a parsimonious model relating a firm’s price per share to, (i), next year expected earnings per share (or 12 months forward eps), (ii), short-term growth (FY-2 versus FY- l) in eps, (iii), long-term (asymptotic) growth in eps, and, (iv), cost-of-equity capital. The model assumes that the present value of dividends per share (dps) determines price, but it does not restrict how the dps-sequence is expected to evolve. All of these aspects of the model contrast sharply with the standard (Gordon/Williams) text-book approach, which equates the growth rates of expected eps and dps and fixes the growth rate and the payout rate. Though the constant growth model arises as a peculiar special case, the analysis in this paper rests on more general principles, including dividend policy irrelevancy. A second key result inverts the valuation formula to show how one expresses cost-of-capital as a function of the forward eps to price ratio and the two measures of growth in expected eps. This expression generalizes the text-book equation in which cost-of-capital equals the dps-yield plus the growth in expected eps.This revised version was published online in August 2005 with a corrected cover date.     

EPS应急电源在事故氯装置中的应用

氯碱企业对供电负荷的要求;简要介绍EPS应急电源的工作原理;重点介绍了EPS应急电源在事故氯装置中的应用。     

EPS材料在防治桥头跳车中的应用

EPS材料具有超轻、耐水、不易老化、力学性能良好和施工便捷等优点,在处理桥台和路基相接处差异沉降,防治桥头跳车中得到广泛应用。为保证EPS应用效果,路基应按照施工质量标准进行填筑。     

超预期股本扩张与分析师每股盈余预测

卖方分析师的每股盈余预测在实证文献中被广泛使用。该指标同时依赖于分析师对目标公司未来净利润的预测和对目标公司未来股本数量的预测。因此,如果在分析师发布预测后,目标公司的股本数量发生超出分析师预期的扩张,则每股盈余预测将无法代表分析师对目标公司未来基本面的预测。本文构建了"调整后每股盈余预测"指标,该指标可剔除超预期股本扩张对每股盈余预测的影响,真实反映分析师对目标公司未来基本面的预测。本文应用该指标,在两个具体的实证研究场景中证明了,忽略超预期股本扩张的影响可能得出错误的实证结论。本文还进一步指出了三个忽略超预期股本扩张的影响可能导致错误实证结果的研究场景。     

通信网络核心网技术发展探究

移动通信核心网技术发展迅猛,国内通信网络从2G、3G到目前正在建设的4G-LTE,核心网技术也从电路交换发展到分组交换、软交换、到IP包交换技术,为整个通信服务提供了越来越快的速度,越来越低的成本及客户体验。