Perpetual securities and stock prices: Korean evidence

Perpetual securities are classified as equity under the International Financial Reporting Standards, but various contract terms embedded in the securities create additional debt- and equity-like characteristics. This study examines whether stock market investors differentiate between diverse contract attributes. Using quarterly data on listed non-financial firms in the Korea Exchange that issued perpetual securities during 2012–2020, we document the following findings. First, perpetual securities are positively associated with stock prices. Second, the positive association is driven by perpetual securities convertible to stocks rather than non-convertible ones. Third, when further decomposing convertible perpetual securities based on whether the conversion price is fixed or floating, only fixed-priced convertibles show a positive association with stock prices. Overall, our findings suggest that equity investors consider the detailed contract attributes important for financial instruments.     

Why do national GAAP differ from IAS? The role of culture

In this paper, we investigate the role of culture as an explanatory factor underlying differences between national GAAP and International Accounting Standards (IAS). National GAAP can differ from IAS in two ways: (1) divergence: both national GAAP and IAS cover a specific accounting topic but prescribe different methods; or (2) absence: national GAAP do not cover an accounting issue regulated by IAS. Based on Nobes' [Nobes, C. (Ed.) (2001). Gaap 2001—A Survey of National Accounting Rules Benchmarked Against International Accounting Standards. IFAD.] data, we construct a measure for the level of divergence of national GAAP benchmarked on IAS. We also create a measure (labeled absence) to assess the scope of national accounting rules compared to IAS. Our sample is made up of 52 countries. We show that culture matters more than legal origin (common law/civil-law) in explaining divergences from IAS. This result is robust to two proxies for culture: Hofstede [Hofstede, G. (2001). Culture's Consequences: Comparing Values, Behaviors, Institutions and Organizations Across Nations. Second, Sage Publications (London).] and Schwartz [Schwartz, S. H. (1994). Beyond individualism/collectivism: New cultural dimensions of values. In U. Kim, H. C. Triandis, C. Kagitcibasi, S. C. Choi, & G. Yoon (Eds.), Individualism and collectivism: Theory, method and applications (85–119). Sage.]. Our findings contribute to the ongoing debate on accounting harmonization. More specifically, they suggest that the technical and/or political dimensions of the debate, although essential, are not the only ones involved. Opposition to IAS is not exclusively driven by contractual motives, a claimed technical superiority, or legal origin, but also by diversity in cultural factors. Another contribution of this paper is the development of a two-dimensional score to measure the differences between national GAAP and IAS.     

A Stage Model of International Brand Development: The perspectives of manufacturers from two newly industrialized economies—South Korea and Taiwan

A review of the literature has revealed that insufficient attention has been paid to the international branding process. Following in-depth interviews with eight manufacturers from South Korea and Taiwan, a stage model of international brand development is therefore proposed. This model is a composite of three extant literatures, i.e., international branding, the Small Business Growth Stage Model, and the Internationalization Process model. The model highlights four successive and progressive stages underpinning international brand development: Pre-international, Lead Market Carrying Capacity, International Branding and Market Succession, and Local Climax. According to the proposed model, firms begin with the development of a strong brand in home markets, then, utilize OEM brands to expand and become familiar with international markets. A gradual decrease in OEM contracts and more concentration on international branding in the three global lead markets (i.e., the USA, Japan, and the EU) follow. The stage model ends with brand development deploying localization in the Third World countries. The article concludes by providing research implications as well as future research directions.     

Empires of the sky: determinants of global airlines' accounting-policy choices

This study quantifies the current level of diversity observed in airline accounting and examines possible determinants that explain accounting-policy choices by the global airline industry. Airlines' accounting-measurement policy for unrealized foreign-exchange differences and their disclosure of frequent-flyer information remains diverse. Inferential statistics shows that larger airlines tend to take unrealized foreign-exchange differences directly to equity and tend to disclose frequent-flyer accounting policy, while airlines with lower leverage tend to disclose frequent-flyer accounting.     

领取绿色通行证进军国际绿色市场--谈国际绿色贸易壁垒中的环境标志问题

贴有环境标志的绿色产品将成为21世纪国际市场消费的主导，意味着国际间的绿色营销、绿色贸易大潮的到来。实行环境标志是当今国际贸易的潮流，因而，持有绿色标志，就意味着领取了进入国际绿色市场的通行证，就意味着打破了国际绿色贸易壁垒。     

The “reverse” weekend effect: the U.S. market versus international markets

In this paper we find that the “reverse” weekend effect—where average Monday returns tend to be positive—is a unique feature of the U.S. market. During the time the U.S. market exhibits the reverse weekend effect, foreign markets still show the “traditional” weekend effect or no effect at all. The results persist even after we sort the data by week of the month and month of the year. We also find that in foreign markets negative Monday returns tend to follow negative Friday returns. However, in the U.S. market, positive Monday returns tend to follow positive Friday returns.     

国际货币制度变迁的系统相容性分析

从系统相容性的角度分析国际货币制度变迁的百年历史 ,为关于国际货币制度的探讨提供了一个新的视角和平台。迄今为止的国际货币制度采取的形式都位于相容性模型的解集中。当系统的不相容性累计到一定程度之后 ,系统均衡被打破 ,货币金融危机频仍 ,新的系统则应运而生。实物本位终将为信用本位所取代 ,货币本位的虚拟化不可避免。全球化背景下浮动汇率制将以货币联盟的形式向固定汇率制复归。国际货币制度的最终演进方向是全球统一货币     

中国保险业在国际竞争中的发展策略

市场经济需要一个开放有序的保险市场。中国加入WTO后 ,国内保险业所面临的 ,既有难得的发展机遇 ,也有严峻的冲击与挑战。中国保险业要走上持续、稳定、健康的发展轨道 ,必须从法制建设、市场监管、转变经营机制 ,推行产品、服务创新和改进营销方式等诸方面采取积极有效的策略 ,以使中国保险业更好地面对挑战     

我国税收饶让抵免政策分析

税收饶让抵免作为税收抵免法的延伸和附加,其作用和意义不在于避免国际重复征税,而是确保饶让受予国鼓励外资的税收优惠政策的效果。相对于饶让政策的积极作用而言,我国部分对外签订的避免双重征税协定中规定的税收饶让条款,负面影响是存在的,但通过我们制订一系列与之配套的措施和原则,相信是可以减轻或消除这些不利影响。     

对参照国外经验推进我国会计准则建设的探讨

随着世界经济全球化进程的加速,我国经济领域的国际间交流越来越频繁。中国会计将更多地面临与国际接轨的问题。目前,中国正处于建设会计准则的关键阶段,如何在坚持会计准则中国特色的同时,尽量吸收、采纳一些国际化的思想和方法,使我国的会计准则朝着国际化方向发展,这是一个十分重要和迫切需要解决的现实问题。