Organizational Design,Competition, and Financial Exchanges

We investigate the incentives for vertical and horizontal integration in the financial securities service industry. In a model with two exchanges and two central securities depositories (CSDs), we find that decentralized decisions might lead to privately and socially inferior industry equilibria with vertical integration of both CSDs with their respective exchanges. Allowing for horizontal integration of CSDs avoids privately inferior industry equilibria. However, we observe too little horizontal integration from the social perspective. We link our results to recent regulatory and institutional developments such as the emergence of multilateral trading facilities, over-the-counter regulation, and financial harmonization.     

Does rice farming shape audit quality: Evidence from signing auditors level analysis

This study examines whether signing auditors from rice planting regions affect audit quality. Using a sample of 12,223 firm-year observations from the Chinese stock market over the period of 2004–2015, our findings reveal that signing auditors from rice regions are significantly negatively associated with the likelihood of unclean audit opinions, suggesting that signing auditors with rice culture are more likely to succumb to the managers and hamper independence, and thus are more inclined to issue favorable audit opinions, and eventually impair audit quality. Furthermore, audit firm size and industry expertise attenuate the negative relation between signing auditors with rice culture and audit quality. In addition, above findings are robust to a variety of sensitivity tests using different measures of audit quality and signing auditors from rice cultivating areas and our conclusions still stand after using the Heckman two-step approach, placebo test and differences-in-differences method to address the potential endogeneity problem.     

浅议CPA审计行业专门化问题

随着我国市场经济体制改革的不断完善,CPA审计行业所面临的社会环境也因此而产生了重大的变化。伴随着社会对审计人员的严格要求,审计人员的素质也在不断提高。当然,这对CPA这个行业无疑也产生了深深的影响,同时也对行业的专门化也起到了潜移默化的推动作用。因此在本文中,将会立足于注册会计师审计实务,通过具体分析行业专门化的竞争优势和目前的发展趋势,讨论审计行业专门化可能带来的经济后果,并且与多个上市公司的案例相结合,运用案例分析法、经验总结法、描述分析法等方法合理透彻地剖析出目前CPA审计行业所存在的问题,以及对已经存在的问题作出具体解决方案。     

中日制造业双边贸易核算——基于贸易附加值的分解

随着国际生产链条的不断延伸以及中间产品生产的多次跨国境变动,越来越多的国家参与到中日双边制造业贸易收益分配中。基于世界投入产出数据库1995—2009年的相关数据,采用将双边出口贸易分解成16部分的核算方法,基于贸易附加值的分解核算中日两国制造业双边贸易。结果显示两国制造业出口的国内附加值绝对额均不断上升,两国的垂直专业化率均不断提高。两国应以推动中日韩建立区域全面经济伙伴关系为契机,积极融入全球价值链分工体系。     

立式燃煤蒸汽锅炉炉胆鼓包典型事故分析

本文针对一起立式燃煤蒸汽锅炉炉胆鼓包变形事故,通过现场检验及材料金相,分析产生的原因,提出相应的预防措施。     

基于价值增值的比较优势研究

本文基于Hummels et al．（2001）的分析框架，利用OECD提供的投入产出数据库，计算并比较中国与其他29个主要经济体产品增值率指数及增值比较优势指数。实证结果显示，我国的比较优势产业主要集中在制造业，然而这些比较优势产业的增值率不仅低于服务业和农矿制造业，并大大低于同一产业的世界平均水平。     

The High‐Rise Home: Verticality as Practice in London

This article investigates the relationship between verticality and home. It develops the idea of ‘verticality as practice'. This appreciates verticality not as something that takes place in three‐dimensional landscapes, but as the outcome of everyday practical activity. Examining a modernist high‐rise estate, the Aylesbury Estate in London, the article identifies and examines a range of vertical practices, illustrating how they are intertwined with home. Vertical practices, such as those associated with the view, help to make a unique and special home, becoming intensely meaningful to residents. However, they also unmake dimensions of home when they interact with the estate's marginality.     

山区变电站竖向设计初探

文章阐述了变电站总图设计中竖向设计的4种形式和影响变电站竖向设计的因素,并通过实例分析指出适宜山区变电站采取的竖向布置形式。     

WHOLESALE PRICES AND COURNOT‐BERTRAND COMPETITION

This note considers the competing vertical structures framework with Cournot‐Bertrand competition downstream. It shows that the equilibrium wholesale price paid by a Cournot (Bertrand)‐type retailer is above (below) marginal costs of a corresponding manufacturer. This result contrasts with the one under pure competition downstream (i.e., Cournot or Bertrand), where the wholesale price is set below (above) marginal costs in case of a Cournot (Bertrand) game at the retail level.     

Vertical Specialization and Trade Growth in Northeast Asia

As the global economy has become further integrated, the international production chain has become more sophisticated, with diversified stages of production located in different countries. Economic theorists have argued that the fragmentation of the global production chain is partly attributable to the high growth in international trade over the past several decades. In this study, we examine vertical specialization in China, Japan and Korea, and its contribution to these nations' trade. Using a multilevel model, it is illustrated that vertical specialization has encouraged increases in trade among all three countries. In particular, China's outcome is remarkable considering how recently it became a member of the WTO.