新会计准则下公司盈余管理研究

盈余管理是企业的管理者为实现自身利益或企业的市场价值最大化目标,在会计准则允许的范围内,主要通过会计政策的选择,来调节企业盈余的行为。本文介绍了公司盈余管理的原因,剖析了新会计准则对公司盈余的限制和新会计准则下盈余管理的可能途径,并提出相关对策建议。     

浅析轨道交通工程预算编制思路

本文以前期工程预算编制工作为出发点,从多个角度对轨道交通工程预算编制思路进行了深入探讨,旨在促使轨道交通工程编制质量水平的提升,为工程项目总体质量水平的提高奠定基础。     

Exploring the nexus between bank market power and exports

Although the literature underlines the importance of finance in international trade, no prior study has examined the causal links between market power in banking and export performance. Using a world sample over the 1997-2010 period, and accounting for both observed and unobserved country heterogeneity, we find a positive effect of bank market power on exports, especially in high-income countries. We also document that this export-enhancing effect is more potent in informationally opaque markets. Our findings accord with information hypothesis which suggests that market power in banking induces stronger bank-firm relationships which can generate benefits for both borrowers and lenders. Policy interventions should, therefore, promote the supply of relationship lending as a means to mitigate informational asymmetries in the export market.     

基于SFA的鲁浙苏城商行技术效率对比及影响因素研究

文章采用随机前沿方法（SFA）估计了江苏、山东、浙江三地19家城市商业银行2007年-2012年的技术效率，在对比分析的同时研究影响其技术效率差异的非效率因素。实证结果表明，三地城商行六年来技术效率逐年提升，且浙江、山东五家城商行六年平均技术效率值位居前列，并表现出较为稳定的技术效率状态；法人治理结构是影响样本城商行技术效率差异的重要因素，适度分散化的股权结构及战略投资者持股与样本城商行的技术效率呈显著正相关。     

The shape of small sample biases in pricing kernel estimations

Numerous empirical studies find pricing kernels that are not-monotonically decreasing; the findings are at odds with the pricing kernel being marginal utility of a risk-averse, so-called representative agent. We study in detail the common procedure which estimates the pricing kernel as the ratio of two separate density estimations. In the first step, we analyse theoretically the functional dependence for the ratio of a density to its estimated density; this cautions the reader regarding potential computational issues coupled with statistical techniques. In the second step, we study this quantitatively; we show that small sample biases shape the estimated pricing kernel, and that estimated pricing kernels typically violate the commonly believed monotonicity at the centre even when the true pricing kernel fulfils these. This contributes to an alternative, statistical explanation for the puzzling shape in pricing kernel estimations.     

Life Cycle Price Trends and Product Replacement: Implications for the Measurement of Inflation

The paper explores the extent to which products follow systematic pricing patterns over their life cycle and the impact this has on the measurement of inflation. Using a large U.S. scanner data set on supermarket products and applying flexible regression methods, we find that on average prices decline as items age. This life cycle price change is often attributed to quality difference in the construction of CPI as items are replaced due to disappearance or during sample rotations. This introduces a systematic bias in the measurement of inflation. For our data we find that the life cycle bias leads to the underestimation of inflation by around 0.30 percentage points each year for the products examined.     

Information diffusion and the predictability of New Zealand stock market returns

This paper examines the impact of international predictors from liquid markets on the predictability of excess returns in the New Zealand stock market using data from May 1992 to February 2011. We find that US stock market return and VIX contribute significantly to the out‐of‐sample forecasts at short horizons even after controlling for the effect of local predictors, while the contribution by Australian stock market return is not significant. We further demonstrate that the predictability of New Zealand stock market returns using US market predictors could be explained by the information diffusion between these two countries.     

Do family farms really converge to a uniform size? The role of unobserved farm efficiency*

We analyse the growth of family farms in Israeli cooperative villages during a period of economic turmoil. We use instrumental variables to account for the endogeneity of initial farm size, and correct for selectivity as a result of farm survival. We also include a technical efficiency index, derived from the estimation of a stochastic frontier production model, as an explanatory variable. Our aim is to check whether ignoring efficiency could have been the reason for convergence results obtained elsewhere in the literature. We found that technical efficiency is an important determinant of farm growth, and that not controlling for technical efficiency could seriously bias the results. In particular, larger farms are found to grow faster over time, while without controlling for technical efficiency the farm growth process seemed to be independent of initial farm size. The increasing polarisation of farm sizes in Israel has ramifications for the inefficiencies induced by the historical quota system, for the political power of the farm sector and for the social stability of farm communities.     

壳聚糖对水中重金属吸附性能的研究进展

为了有效处理水中重金属污染和提高虾头虾壳中壳聚糖的利用效率,本文对提取壳聚糖的化学降解法、微生物培养法、酶解法和微波技术法进行综述,分析壳聚糖的吸附原理、最优吸附条件和壳聚糖复合材料的优点,发现化学降解法为目前普遍使用的壳聚糖提取方法,溶液的pH值、反应温度、吸附剂用量及壳聚糖复合物的种类均会影响壳聚糖对水中重金属的吸...     

会计政策选择的税收筹划

税收筹划指纳税人为实现税后利益最大化,在法律许可的范围内,通过财务、投融资、经营活动或个人事物的安排或选择,对纳税义务做出规划。它与会计政策有着密切的联系,本文分析了目前我国税收筹划的会计政策选择空间及其运用,并指出应注意的问题。