国际投资的价值分配格局分析

作为中央党校“深化劳动价值理论”课题的子课题 ,本文通过对不同时期国际投资特点的剖析 ,分析了国际投资领域的价值分配格局的变化 ,认为发达国家虽然在分配格局中仍居主导地位 ,但随着发展中国家经济发展水平的提高 ,不公正的分配格局开始改变 ,发展中国家通过吸引外资和对外投资 ,提高了其在国际经济中的比较利益。     

完善公路监理体制确保公路工程质量

分析我国公路工程监理的现状，进一步阐述完善监理制度的必要性，并对监理工作的几个主要的关系进行了分析，巳达到确保工程质量的目的。     

Value creation in the relationship life cycle: A quasi-longitudinal analysis

Among the growing literature on value creation in collaborative buyer-seller relationships, most researchers examine relationship value at a single point in time. In the present research, we explore whether different stages of the relationship life cycle moderate the relative importance of value-creating dimensions. To shed light on the dynamic nature of value in B2B relationships, we present the results of a survey among purchasing managers using a quasi-longitudinal research design. Our findings confirm the moderating role of the relationship life cycle in value creation. More precisely, our results indicate that a key supplier's potential for value creation in customer's operations increases in relative importance as relationships move through the life cycle. In turn, supplier's capabilities to create superior value at the level of the customer's sourcing process display a decreasing role over the life cycle of a business relationship. No significant link was found in the present study between value creation through a supplier's core offering and different stages of a buyer-seller relationship.     

Changes in sponsorship value: Competencies and capabilities of successful sponsorship relationships

The sponsorship relationship has evolved considerably over the past few years. As a result, the value delivered to both sponsors and the sports entities with which they form relationships needed to be redefined. While some of these partners have made the necessary leap forward, some sponsors have also been confronted with resistance on the part of sport entities to adapt to evolving perceptions of value. Based on a qualitative study aimed at canvassing the views of some of the most prominent experts in the field and spanning 4 years and four continents, we document this evolution of sponsorship value and identify those key competencies that differentiate successful sponsors from less successful ones. Our research provides insights for other inter-firm relationships, particularly those in the service sector.     

Board Members and Company Value

This essay surveys research about the value of individual members of boards of directors. When directors join or exit corporate boards, company stock prices respond, often in magnitudes of 1% of firm value or more. Related research shows that when a significant event impacts the stock price of one company, the effects are transmitted to other companies that share board members in common with the primary company. Share price reactions are sensitive to variables such as a director’s occupation, independence, and professional qualifications. Together, this evidence suggests that a well-functioning market for directors might already exist, making direct regulation unnecessary and possibly counter-productive.     

How do investment patterns of independent and captive private equity funds differ? Evidence from Germany

Empirical literature emphasizes a positive contribution of private equity investors, which results from their combined provision of capital, monitoring, and management support. The aim of this study is to show that these previous results, which are based mostly on the analysis of US independent closed-end private equity funds, cannot be generalized since the private equity industry should not be treated as homogenous. We argue that it is necessary to distinguish between different types of private equity providers because their differing governance structures, strategic goals and experiences have a decisive influence on their value adding activities. The results of this study—which uses a data set of 179 German private equity-backed companies—are consistent with the conjecture that independent and corporate private equity providers tend to have a more pronounced role in corporate governance and monitoring of the companies they finance, than bank-dependent and governmental funds which often serve only as bridge investors.      

Market Valuation of Research and Development Spending under Canadian GAAP*

Section 3450 of the Canadian Institute of Chartered Accountants (CICA) Handbook requires Canadian firms to capitalize development costs that meet certain criteria and to expense those that relate to research. International Accounting Standard (IAS) No. 38 favours a similar approach. In the United States, Statement of Financial Accounting Standard (SFAS) No. 2 recommends the immediate expensing of all research and development (R&D) spending. The only exception is SFAS No. 86, which requires software development costs to be capitalized when a product successfully passes a technological feasibility test. Consequently, the Canadian financial disclosure regime provides a rich setting for testing the market valuation of capitalized R&D. Our primary research question asks whether capitalized R&D provides useful information to market participants investing in Canadian firms. We use price‐level and return models to assess the value relevance of capitalized R&D disclosed in the financial statements under Canadian GAAP. In line with expectations, using a price‐level model, we find that capitalized R&D and R&D expense as disclosed in the financial statements provide information that is value relevant to market participants. However, we find that R&D capitalized during the year helps explain returns while R&D expense does not. Thus we conclude that the application of section 3450 of the CICA Handbook produces value‐relevant information.     

房地产三种评估价格的比较分析

简要的阐述了比准价格、收益价格、积算价格三种房地产评估价格的形成机理及理论依据，并从对一种观点的局限性分析出发，综合运用市场供求理论、均衡理论以及短边原则，对不同市场背景下三种估价方法得出的评估价格进行经济比较分析。     

Risk management under extreme events

This article presents two applications of extreme value theory (EVT) to financial markets: computation of value at risk (VaR) and cross-section dependence of extreme returns (i.e., tail dependence). We use a sample comprised of the United States, Europe, Asia, and Latin America. Our main findings are the following. First, on average, EVT gives the most accurate estimate of VaR. Second, tail dependence of paired returns decreases substantially when both heteroscedasticity and serial correlation are filtered out by a multivariate GARCH model. Both findings are in agreement with previous research in this area for other financial markets.     

Value relevance of proportionate consolidation versus the equity method: Evidence from Hong Kong

Whether proportionate consolidation (PC) or the equity method (EM) provides more informative financial statements is a controversial issue. This study uses data from listed companies in Hong Kong to investigate the value relevance of the EM compared with PC during 2005–2008 when the local word-for-word equivalent HKAS 31 offered the same options. The results of this study provide evidence that PC does not offer higher value relevance than the EM. PC’s horizontal aggregation of a portion of the operations, assets and liabilities of the jointly controlled entities with those of the venturer is less informative to investors than the EM’s vertical aggregation.