Stock price informativeness and analyst coverage

We examine whether more analyst coverage translates into more informative stock prices and apply this to both developed and emerging markets. We measure price informativeness using the association between current stock returns and future earnings. We argue that more informative stock prices contain more information about future earnings. Results indicate that analysts' activities do not contribute to the impounding of future earnings information into current stock prices, in accordance with the view that analysts are outsiders who do not have full access to firm‐level information. We also find that analysts specialize according to industry and that “industry expertise” is limited to developed countries. Overall, our evidence is consistent with the explanation that analysts focus on gathering and mapping industry‐ and market‐level information (macroeconomic information) into stock prices. Copyright © 2013 ASAC. Published by John Wiley & Sons, Ltd.     

The Ultimate Irrelevance Proposition in Finance?

I survey 457 published papers in top finance journals across two decades to assess whether these papers misuse tests of significance. More than 80% of published studies are diligent about distinguishing between statistical and economic significance and quantifying and interpreting the economic magnitudes of the statistical relationships they measure. Yet, only 10% of these acknowledge limits to the power of their tests and even fewer do anything about them. Recent demographic trends in publishing, such as larger co‐author teams and increased participation by non‐North American scholars, women, and those outside the top finance departments are not associated with these outcomes.     

Cybersecurity Disclosure by the Companies on the S&P/TSX 60 Index

Cybersecurity has become a topic of great interest since 2010. Accounting issues surrounding cybersecurity governance, management, and disclosure have gained attention from accounting standard setters, large accounting firms, and professional associations, but only a limited number of studies have looked at cybersecurity disclosure. In this study, we examine whether the content of cybersecurity disclosures of Canadian firms comprising the S&P/TSX 60 index is aligned with best practices—that is, financial regulators' guidelines in that matter. A content analysis was performed of documents issued between January 2017 and mid‐2018, consisting of recent annual information forms (AIFs), annual and quarterly management's discussion and analysis (MD&As), proxy circulars, material change reports, and news releases. To assess the nature and extent of cybersecurity disclosure, we developed a scoring grid featuring 40 items based on financial regulators' guidelines. Results show that cybersecurity disclosure levels are low. Companies vary widely in the amount of detail they provide, and the information is often not company‐specific. The variations among industrial sectors involve the categories related to cybersecurity risk, cybersecurity risk mitigation, and other items. Most of the companies provided cybersecurity disclosures in the annual MD&A, and several reiterated some disclosure items in the AIF and proxy circular. The results of this study highlight some areas where cybersecurity disclosures have evolved and others where they could be improved. They suggest that some firms strive to avoid boilerplate language and be more company‐specific. The findings also suggest that financial regulators could issue more stringent requirements.     

Relationship Marketing and Sustained Competitive Advantage

This paper examines four perspectives of relationshipmarketing that have been discussed in the marketing literaturein recent years and which are being touted as sources of long-termprofitability for organizations. We examine each of the fourperspectives (locking in customers, customer retention, databasemarketing, and building strong, close, positive relationships)to assess their potential for achieving a sustained competitiveadvantage. Our analysis suggests that only those organizationsthat build strong, close, positive relationships with their customershave the potential to develop a sustained competitive advantagethat may lead to above normal performance.     

论房地产价格规律理论及其功能原理

置业投资系数CIP=(0,4]也是房价收入比,某地房地产均价Hp等于该地CIP乘以该地人平工资Wa。由之证明房价可粗略评估为人平月入三倍,进而可将房价Hp分解成三个Hp/3的组成结构。随着科技生产力发展,土地产出率不断提高,GDP、房价都应增长。基于地球村为人类共有和科技生产力由人类创造,增长的GDP应由全民共享,故房价的Hp/3应用于补贴"三农"补偿土地出让以缩小工农城乡差距,另Hp/3应用于充实社保以缩小贫富差距,剩下的Hp/3作为房屋造价和开发商利润。可见,房价经分解成三个Hp/3后具有宏调功能,在(0,4]内的适度高房价乃土地产出率不断提高的反映,有利于缩小收入差距,在改善民生克服经济危机中推动GDP平稳增长。     

资本支出决策方法的改进

本文通过分析现有资本支出决策方法的不足， 提出决策的改进方法——０１ 规划法     

日本商业票据电子化改革分析

随着互联网时代的到来，传统纸质票据已不能满足社会和市场的需求，电子商业票据因其本身具有的优势而成为全球化趋势。日本为了解决资本和货币市场存在的一些问题，将电子商业票据的推行纳入日程，不仅制定了一系列相关法规制度为之提供基础构建，还组建了日本资本市场协议会为之提供服务机制。日本商业票据的发展历程及日本资本市场协议会的做法时我国有很大借鉴意义。     

Endogenous fluctuations induced by nonlinear pollution accumulation in an OLG economy and the bifurcation control

This paper aims to study the influence of nonlinear pollution accumulation on economic growth by incorporating the nonlinear pollution accumulation into an OLG model. It is shown that the nonlinearity can yield very complex dynamics, including the flip bifurcation resulting in sustained fluctuations in economy. This indicates that the nonlinear pollution accumulation can be a source of intergenerational inequity. To stabilize the complex motion and thus to control the fluctuations, a bifurcation control method from control theory is proposed. The welfare analysis shows the sustainable development criterion can be met in the controlled system but not in the original system.