Financial instability in Latin America

In this paper I deal with a number of issues related to financial instability in Latin America. I first discuss, from a macroeconomic research perspective, what I believe are some of the most important policy issues faced by the Latin American nations. These include the effectiveness of controls on capital inflows, the effect of exchange rate depreciation on output, and the international transmission of the business cycle. Second, I argue that the economic research agenda on Latin America should not ignore history. In Latin America, more so than in any other region in the world, there has been a self-destructing tendency for repeating history.     

Digitization of selling activity and sales force performance: An empirical investigation

Firms are creating a digitized selling capability by developing Web sites designed to provide information and conduct transactions with customers, replacing many routine sales force activities. The authors use the motivationability framework to shape a conceptual model that examines the effects of the digitization of selling activity on two salesperson outcomes: salesperson effectiveness and salesperson job-insecurity. Using data from salespeople in 168 firms, they assess the moderating effects of environmental-level motivational factors and firm-level ability factors on the impact of digitization of selling activity on salesperson effectiveness and job insecurity. The results reveal that digitization has the paradoxical effect of improving salesperson effectiveness and heightening job insecurity concerns, and also that managers can improve the technology-enabled multichannel capabilities of the firm by giving priority attention to human capital improvement, sales force control systems, and communication of the digitization strategy. Devon S. Johnson (Ph.D., London Business School, dj@devonjohnson.com) is currently an assistant professor of marketing at Northeastern University, Boston. Previously, he was an assistant rofessor of marketing in the Giozueta Business School at Emory University. His research interests are the role of social capital in relational exchange and technology consumption and implementation. Sundar Bharadwaj (Sundar_Bharadwaj@bus.Emory.edu) is an associate professor of marketing in the Goizueta Business School at Emory University. His general research interests focus on marketing strategy and performance and risk. His research has been published in theJournla of Marketing, Management Science, and theJournal of the Academy of Marketing Science, among others.     

非物质文化遗产资源旅游开发的选择与控制

非物质文化遗产作为一种重要的旅游资源,已越来越引起人们的重视,合理利用其价值已形成一股热潮.保护和开发是一对矛盾.一方面,适度的开发和利用,有利于非物质文化遗产的保护和传承;另一方面,过度的开发可能对文化遗产造成损害或破坏.因此,在对文化遗产进行旅游开发时,其选择和控制是非常重要的,只有这样才能既有利于文化遗产旅游的开发,又有利于文化遗产的保护.     

Do section 404 disclosures affect investors' perceptions of information systems reliability and stock price predictions?

This paper examines the impact of Sarbanes–Oxley Act (2002) Section 404 disclosures regarding internal controls over financial reporting on investors' information systems (IS) reliability assessments and stock price predictions. Prior research shows that Section 404 disclosures signal differences in the quality of company financial information. However, research on how Section 404 disclosures impact financial markets shows mixed results. In order for Section 404 information to affect stock prices, users must access that information, assess its implications, and incorporate those implications into their decision processes. We investigate the stages of this process through an experiment using a 10-K filing adapted from an actual company, utilizing process-tracing software to record information access. Two versions of the case were used to manipulate the type of Section 404 opinion, noting effective or ineffective control systems. Results show that professional investors are more likely to access Section 404 information than nonprofessionals. Also, our findings imply that professional investors have a lower baseline expectation of reliability that increases on learning of effective controls, while nonprofessionals have a higher baseline expectation of reliability that declines on learning of ineffective controls. While IS reliability is positively associated with nonprofessionals' stock price predictions, there is no such association for professionals. These findings help explain the mixed results in past archival studies. Prior results on market response to Section 404 information may be due in part to failure to access Section 404 reports, and to the low weighting placed on IS reliability by financial professionals.     

IT internal control weaknesses and firm performance: An organizational liability lens

The information systems literature and the public press have called for organizations to more closely scrutinize their information technology (IT) controls; however, little more than anecdotal evidence exists on the business value of quality IT internal control, beyond regulatory compliance. In this paper, we (a) advance an organizational liability perspective to the question of IT internal control value; and (b) use the unique setting provided by the enactment of the Sarbanes–Oxley Act of 2002 (SOX) to investigate the relationship between IT internal control weaknesses (ICWs) and both accounting earnings (a contemporaneous measure of firm performance) and market value (a forward looking, risk-adjusted measure of firm performance). Using a data set that provides audited annual assessments of the effectiveness of both IT and non-IT internal controls for a cross-section of companies as mandated by SOX, we find that firms that report an IT ICW have lower accounting earnings compared to firms with strong IT internal controls. We also find that IT ICW moderates the association between accounting earnings and market valuation, with firms reporting weak IT internal controls having a lower earnings multiple. These results are sustained even after controlling for non-IT ICWs and firm-specific factors that are known determinants of ICWs, and are reinforced using an inter-temporal changes analysis in which we use each firm as its own control at a different point in time. Overall, our results provide empirical evidence which suggests that IT internal controls are a strategic necessity and that information systems risk is priced by the capital markets. The implications of these findings for theory and practice are discussed.     

基于COSO框架下的事业单位内部控制问题探析

COSO框架下事业单位内部控制中容易出现的问题,主要体现在内部环境、风险评估、控制活动、信息与沟通、内部监督等方面。事业单位建立健全内部控制制度,当务之急是营造强烈的内控氛围,通过建立有效的风险识别评估及应急体系,加强组织控制,明确职责划分,严格执行预算管理,加强对实物的控制和管理,建立内部信息传递通道,建立有效的内部审计监督机制,合理设置内控考评体系等。     

基于微观层面的国有控股企业集团内部控制制度建设研究

为应对当前国际金融危机和我国经济发展面临的严峻形势，研究国有控股企业集团内部控制制度的建立与完善，对于保证会计信息质量、完善公司治理结构和信息披露制度，提高国有资本运营活动的效率，保护出资入的合法权益，实现国有资产的保值与增值，实现国有控股企业集团的科学发展，有着非常重要的意义。     

医疗服务市场政府规制研究述评

本文对国外学者关于医疗服务市场政府规制的研究进展进行了介绍,主要包括公共利益规制理论和利益集团规制理论的不同观点、医疗服务价格规制效果的相关研究、投资审核制度效果的实证研究以及规制效果的理论分析,并对我国学者在该领域的研究方向进行了展望。     

旅游规划委托合约问题研究

本文运用产权经济学的理论与产权方法，从合约结构、合约效率、合约适用范围、合约的转换条件等几方面深入剖析了旅游规划管理过程中规划委托合约问题。     

U.S. national security export controls: Implications for global competitiveness of U.S. high-tech firms

U.S. exporters of high-technology, ‘dual-use’ products are competitively disadvantaged in global markets by the complexity, range, and stringency of U.S. national security export controls. This paper demonstrates that fungibility of high technology and lax interpretation of multilateral export control agreements by other advanced countries have made the existing control regime ineffective. It further shows that persistent U.S. restrictiveness of exports in non-critical, widely available goods and technologies may needlessly and permanently erode U.S. firms' competitive position in existing as well as rapidly-opening markets worldwide. The need to revise the notion of national security to include not only military security, but also its complement, economic security, is discussed. The pivotal issue of enforceability of multilateral controls is explored, and corporate strategies for U.S. high-tech firms to achieve export control policy change are suggested.