The effect of external audits of internal control over financial reporting on financial reporting for clients of Big 4, Second-tier,and small audit firms

The external audit of internal control over financial reporting (ICFR) is a very expensive and contentious aspect of the Sarbanes–Oxley Act (SOX). Larger public firms were first required to file a management report on and have an external audit of ICFR in 2004. Smaller public firms were first required to file a management report on ICFR in 2007 but are exempt from the audit requirement. Whereas most related prior research investigates the combined effect of management and auditor reports on financial reporting, this study examines the distinct effect of auditor reports on reporting quality. For companies audited by small auditors, we find evidence that financial reporting quality improves with an auditor report on ICFR. We find no evidence that auditor ICFR reports improve reporting quality for clients of Big 4 or Second-tier audit firms. Our study adds to the debate on the applicability of SOX Section 404 to smaller firms.     

高邮凹陷沙埝南—永安地区戴一段油气成藏期次综合研究

本文先用圈闭形成期法、烃源岩主生烃期法、饱和压力法得出研究区油气成藏的大致年代,然后根据包裹体均一温度法确定油气充注的具体期次,最后综合分析得出研究区三期成藏的结论。     

协同推进四川灾后重建与主体功能区建设的发展路径

主体功能区建设是优化空间结构的重要途径,四川地震灾后重建是一次强制性的空间结构变迁。四川主体功能区建设和地震灾后重建具有内在的统一性。论文在分析四川地震灾后对主体功能区建设的影响的基础上,重点对主体功能区建设促进灾后重建的路径进行了探索。     

论美国关税法337条款在GATT1994下的合法性——基于国际判例的思考

对337条款在GATT1994下合法性的正确评判,将会影响对337条款的态度及应对策略的制定.20世纪80年代,加拿大和欧共体曾经分别在关贸总协定体系内挑战过337条款的合法性.第一个案件专家组报告肯定了该案中337条款的合法性,第二个案件专家组报告对337条款的合法性总体上予以肯定,但也指出了337条款四个具体违法之...     

试论美国钢铁保障措施及中国之应对

美国钢铁保护由来已久,美国总统3月5日宣布启动201条款实施钢铁保障措施的决定,引来世界各国注目。201条款带有贸易保护主义色彩且存在法律漏洞。此外,本文就WTO保障条款浅析美国保障措施的不合法之处,并就我国实际情况,针对美国钢铁保障措施做出应对之策,完善我国保障措施立法。     

The Feldstein–Horioka puzzle in Latin American and Caribbean countries: a panel cointegration analysis

In this paper, the recently developed panel unit root and the Pedroni cointegration tests are applied to empirically examine the validity of the Feldstein–Horioka puzzle (F–H puzzle) for a heterogeneous panel of 14 Latin American and five Caribbean countries over the period, 1960–2002. The findings indicate that in these countries, the long-run solvency condition is maintained. Finally, employing the Pedroni panel group FM-OLS estimator (2000, 2001), it is found that the statistically significant estimated savings-retention coefficient for the panel is relatively small indicating that the F–H Puzzle is not valid and thus implying the prevalence of a moderate degree of capital mobility.

“四阶段法”中运量分配的路网断面剖切技术研究

针对四阶段法的运量分配过程中存在对路网动态变化的适应性反应迟钝、相关径路双向交流产生的大量回流量重复计算、通道交流量缺乏总量控制调节关键环节等问题,提出采用路网断面动态剖切技术,给出具体操作步骤和基本算法,并与传统运量分配方法进行优劣分析。通过宝中线运量预测的实例计算分析,说明断面剖切技术的实际应用。     

美国贸易法301条款的修订及其启示

美国贸易法301条款是一项可以单方启动调查并认定他国法律、政策、行为违反协定或者不公平继而实施报复制裁的对外贸易措施,分为普通301条款、特别301条款与超级301条款。301条款最初简明规定了总统的权力和国会的否认权,但其后的修订对301条款的内容进行了扩展并使其更具体化。特别是301条款根据《2015年贸易便捷和贸易促进法》做出重大修改,涵盖了WTO体系尚未涵盖但最近已纳入自贸协定的新领域。然而,这些针对外国贸易活动的单方决定和措施附加等至今备受争议,且已对强调多边贸易争端解决的WTO体系构成严重威胁。美国贸易法301条款的修订主要围绕着美国贸易代表办公室(USTR)的措施、决定、对外国政府相关政策的监督、确认贸易自由化的优先顺序以及知识产权不适当保护的应对等内容进行。针对美国不断启动的301条款调查,我国应与美国积极开展沟通与协商,加强与美国产业界的接触和交流,发挥全球化程度高的企业的作用,力争以谈话和谈判化解矛盾;促进产业转型升级,重新审视“走出去”战略;履行加入WTO时的承诺,完善全方位的开放体制;合理拓展中国企业的海外利益,完善风险防范机制。     

Do customers respond to the disclosure of internal control weakness?

In this study, we investigate the effects of firms' internal control weakness (ICW) disclosures on their customers. We hypothesize that ICW disclosure adversely affects customers' perceptions of firms' ability and incentive to honor implicit commitments to customers, and as such, customers are less willing to buy from such firms. We thus expect a decline in firms' sales growth after ICW disclosure. We find a significant decline in sales growth subsequent to Sarbanes–Oxley (SOX) Section 404 ICW disclosure after controlling for firms' past sales growth and other factors affecting sales performance and internal control. This result is robust to the consideration of selection bias in ICW disclosure. We also find that the decline is more pronounced for firms with company-level ICW disclosure, with industrial customers, in the durable goods industries, with high research and development (R&D) intensity, or without subsequent remediation of ICW. Taken together, these results are consistent with the argument that ICW concerns customers more when the implicit contracts between the firms and their customers are more intensive.     

美国对华“337调查”及其应对研究

随着中国高附加值、高技术含量产品的出口比例不断增加,中美贸易中的知识产权冲突日趋激烈。＂337调查＂已成为继反倾销调查后中国产品出口美国的主要障碍,越来越多的中国企业成为337调查的调查对象,严重制约了中国优势产业产品向美国的出口,给中国出口企业造成巨大的经济损失。通过分析美国对中国＂337调查＂的案件,解读＂337条款＂,提高对＂337条款＂内容的认识和理解,积极拓展应诉渠道。