由信托财产的独立性看信托公示登记制度

信托是从英美法系中移植到大陆法系中,由于各国文化和法律传统存在差异,对“信托”的描述和规定也有所不同,但都没有脱离信托财产独立性的基本理念。建立信托公示登记制度,既是信托财产独立性的必然要求,也是信托物权特性的必然体现。我国应考虑对有关信托公示登记的规定进行修正,以期既符合我国国情,又能与国际接轨。     

Optimal Hedging and Valuation of Nontraded Assets

This paper examines a number of valuation problems faced byan expected-utility maximizing investor who, over a given timehorizon, is constrained to hold an asset which cannot be replicatedby dynamic trading and which therefore does not have a uniqueno-arbitrage price. We first derive the private valuation whichthe investor assigns to the nontraded asset in order to determinehis optimal investment in the traded assets. We thereby showthat, as part of this portfolio, the investor hedges the privatevaluation process of the nontraded asset, rather than its marketprice process. We also study the price at which the investorwould be willing to sell the nontraded asset if he were subsequentlyprohibited from trading in it, as well as the amount the investorwould be willing to pay to remove the trading restriction. Allthree values are shown to depend in an intuitive manner on theinvestor’s risk aversion, the residual risk of the nontradedasset unhedged by the traded assets, the difference betweenthe constrained holding and optimal unconstrained holding ofthe asset and the length of the time horizon over which theasset cannot be traded. JEL Classification: G11     

The subprime credit crisis and contagion in financial markets

I conduct an empirical investigation into the pricing of subprime asset-backed collateralized debt obligations (CDOs) and their contagion effects on other markets. Using data for the ABX subprime indexes, I find strong evidence of contagion in the financial markets. The results support the hypothesis that financial contagion was propagated primarily through liquidity and risk-premium channels, rather than through a correlated-information channel. Surprisingly, ABX index returns forecast stock returns and Treasury and corporate bond yield changes by as much as three weeks ahead during the subprime crisis. This challenges the popular view that the market prices of these “toxic assets” were unreliable; the results suggest that significant price discovery did in fact occur in the subprime market during the crisis.     

Strategic assets and organizational rent

We build on an emerging strategy literature that views the firm as a bundle of resources and capabilities, and examine conditions that contribute to the realization of sustainable economic rents. Because of (1) resource-market imperfections and (2) discretionary managerial decisions about resource development and deployment, we expect firms to differ (in and out of equilibrium) in the resources and capabilities they control. This asymmetry in turn can be a source of sustainable economic rent. The paper focuses on the linkages between the industry analysis framework, the resource-based view of the firm, behavioral decision biases and organizational implementation issues. It connects the concept of Strategic Industry Factors at the market level with the notion of Strategic Assets at the firm level. Organizational rent is shown to stem from imperfect and discretionary decisions to develop and deploy selected resources and capabilities, made by boundedly rational managers facing high uncertainty, complexity, and intrafirm conflict.     

无形资产对煤炭企业收益与风险的影响研究

本文采用实证对比分析方法,研究无形资产与煤炭企业盈利以及风险的关系,得出以下结论:无形资产与煤炭企业经营业绩、负债风险呈正向关系,并且对风险的放大效果大于对收益的放大。通过研究分析,进一步指出了煤炭企业利用无形资产经营、投资时获得高收益的同时伴随高风险,从而提出了相应的解决对策:均衡收益与风险、建立无形资产风险分散和补偿机制、建立无形资产内部控制机制。     

关于管线路工程项目增值税抵扣问题的思考

针对增值税一般纳税人在管线路工程项目涉税管理上存在的问题,依据税务政策,提出了规划方案,并就规划方案的设计与实施进行了总结与思考。     

Derrick's Ice–Cream Company: applying the BCG matrix in customer profitability analysis.

This case highlights the differences in the profitability possible when different customers are in receipt of substantially the same product. It provides the opportunity to develop a customer portfolio, along the lines of the Boston Consulting Group (BCG) portfolio matrix, as part of a customer profitability analysis.     

代理成本与内部控制自我评价报告的自愿披露——基于2010年沪市A股上市公司数据

使用2010年沪市A股公司数据,对代理成本与内部控制自我评价报告自愿披露的关系进行实证分析,结果表明内部控制自我评价报告的自愿披露水平与管理费用率负相关,与总资产周转率显著正相关。此外,公司的规模显著正向影响自愿披露水平,资产负债率与公司上市年限显著负向影响自愿披露水平。因此,监管部门有必要强制要求上市公司披露内部控制自我评价报告。     

地勘单位矿业权资产会计核算与处置

加强勘探矿业和开采矿业的权利核算可以使其获得显著的经济效益。本文就是要对会计核算在勘探单位的应用做一个初步的讨论,从而更好的加强对矿业单位的经营管理。     

浅谈无形资产管理问题

一个企业的资产是由有形资产和无形资产共同组成的。长期以来,人们关注的焦点只是有形资产,衡量一个公司的业绩也均是以有形资产为标准的,可以说是一切以有形资产的价值论英雄。随着中国加入世界贸易组织和经济全球化进程的推进,无形资产越来越被重视,无形资产质量的高低往往对一个企业具有决定性的影响。