The determinants of the volatility of returns on cross-border asset holdings

Using both panel and cross-sectional models for 28 industrialized countries observed from 2001–2009, we report a number of findings regarding the determinants of the volatility of returns on cross-border asset holdings (i.e., equity and debt). Greater portfolio concentration and an increase in assets held in emerging markets lead to an elevation in earning volatility, whereas more financial integration and a greater share held in Organization for Economic Cooperation and Development countries and by the household sector cause a reduction in the return volatility. Larger asset holdings by offshore financial corporations and non-bank financial institutions cause higher market volatility, although they affect volatility in the equity and bond markets in the opposite way. Overall, both panel and cross-sectional estimations provide very similar results (albeit of different magnitude) and are robust to the endogeneity problem.     

The asymmetric relationship between returns and implied volatility: Evidence from global stock markets

We investigate the asymmetric relationship between returns and implied volatility for 20 developed and emerging international markets. In particular we examine how the sign and size of return innovations affect the expectations of daily changes in volatility. Our empirical findings indicate that the conditional contemporaneous return-volatility relationship varies not only based on the sign of the expected returns but also upon their magnitude, according to recent results from the behavioral finance literature. We find evidence of an asymmetric and reverse return-volatility relationship in many advanced, Asian, Latin-American, European and South African markets. We show that the US market displays the highest reaction to price falls, Asian markets present the lowest sensitivity to volatility expectations, while the Euro area is characterized by a homogeneous response both in terms of direction and impact. These results may be safely attributed to cultural and societal characteristics. An extensive quantile regression analysis demonstrates that the detected asymmetric pattern varies particularly across the extreme distribution tails i.e., in the highest/lowest quantile ranges. Indeed, the classical feedback and leverage hypotheses appear not plausible, whilst behavioral theories emerge as the new paradigm in real-world applications.     

论当前建设工程质量检测行业存在的问题及对策

建设工程质量检测是政府部门对建设工程质量进行监督、管理的重要手段。文章分析了当前质量检测行业存在的问题,并提出了相应对策,以确保质量检测工作发挥应有的作用。     

Measuring Serious Leisure in Chess: Model Confirmation and Method Bias

The serious leisure inventory and measure (SLIM) was tested with 348 chess players to confirm the factors, assess the effects of method bias, and propose a set of the best-performing items for the 18 factor SLIM. The 54-item SLIM demonstrated acceptable fit and reliability values. The effect of method bias was evidenced in the sample and explained one-third of the variance. Inspection of factor loadings, when controlling for method bias, yielded one best-performing item per factor. Findings indicate method bias continues to be problematic for self-report measures such as the SLIM.     

基于个体差异的报童群体决策研究

通过实验研究群体决策和大五人格对报童订购的影响。研究表明大五人格中开放性维度能很好地预测个体和群体决策者的订购行为。在个体实验中，开放性越高的个体更不易产生锚定效应，其他四种人格特性与锚定偏差无显著关系；在群体实验中，群体的开放性得分均值、群体中高开放性成员所占的比例与锚定偏差呈负相关关系。通过比较两种实验结果，发现群体锚定倾向明显小于个体锚定倾向，而群体决策并没有优于个体决策。该研究结果对企业人员招聘、构建决策团队及降低决策偏差有一定参考价值。     

Investment allocation decisions,home bias and the mandatory IFRS adoption

We examine the familiarity hypothesis of home bias by studying how foreign ownership of Swedish firms is affected by the mandatory adoption of IFRS. We decompose foreign investors into institutional and non-institutional investors. Foreign investors are further decomposed into EU (IFRS adopting countries) and non-EU residents (non-IFRS adopting countries). We analyse the equity investments of these foreign investor groups in Sweden during the period of 2001–2007. We find that after the mandatory adoption of IFRS, foreign ownership/owners from countries that adopted IFRS and particularly those from the EU increased. These effects are particularly strong in small firms. Foreign institutional investors increased their ownership stake after the mandatory IFRS adoption, whereas foreign non-institutional investments were not affected significantly by the IFRS adoption. In contrast to ownership from non-adopting countries, ownership from the EU increased in firms with both more and less tangible assets. Similarly, foreign ownership from the EU increased in firms with both concentrated ownership and dispersed ownership after the adoption. Because Sweden has already had strict legal enforcement and a low level of earnings management prior to the adoption, our results suggest that increased foreign ownership is due to better abilities to compare firms rather than an improved quality.     

A reference-dependent representation with subjective tastes

Experimental and empirical evidence documents instances where the presence of an inferior option in a menu increases the attractiveness of the better options from that menu and thus distorts the normative ranking across menus. We analyze the case when in addition to this so called context-effects bias there is also a concern for flexibility, in the spirit of the literature initiated by Kreps (1979) and Dekel et al. (2001). Since the context-effects bias and the desire for flexibility both increase the inclination of a decision maker to choose larger menus, our analysis allows the disentangling of the effect of the behavioral bias from the effect of the rational desire from flexibility. We find a weak condition on the set of ex post preferences under which the two effects are identifiable. We show that our representation is essentially unique. From a methodological viewpoint, our paper provides a novel technique of identifying probabilities on the state space of subjective uncertainty introduced by Dekel et al. (2001) when this state space is infinite. This method renders the infinite state space essentially finite with respect to a certain salient property.     

论如何提高高职高专学生英语应用文写作能力

应用文写作能力是高职高专学生英语综合能力的重要组成部分。本文从问卷调查入手,分析了高职高专学生英语应用文写作能力的现状及存在的问题,并提出了相应的对策和建议。     

Product and environmental social performance: Varying effect on firm performance

Corporate social performance (CSP) consists of actions in different domains that vary in the information they provide stakeholders, and hence, in their effect on firm performance. To demonstrate this, the authors examine the impact of CSP on firm performance in two areas—the product and the environment, referred to as product social performance (PSP) and environmental social performance (ESP), respectively. PSP has a stronger positive impact on firm performance compared to ESP. The findings using disaggregated measures of PSP and ESP indicate negativity bias in that PSP weakness has a stronger negative impact on firm performance compared to PSP strength. Copyright © 2013 John Wiley & Sons, Ltd.     

浅议我校内部审计的现状及对策

本文根据我校改革和发展的新形势,在分析内部审计工作实际情况的基础上,紧紧抓住学校改革建设的一些重点和热点问题,明确提出了今后内审工作的重点,并就如何搞好各项审计提高审计成效,分别进行了阐述。