How important are semi-annual earnings announcements? An information event perspective

Using a method that avoids the need to specify earnings expectations, we demonstrate that the period surrounding the semi-annual announcement of Australian firms' earnings is, on average, an important source of information. Although there is substantial year-to-year variation, we observe no evidence of any significant time trend, and also conclude that a shift from Australian domestic generally accepted accounting principle to International Financial Reporting Standards did not impact the association between earnings announcement windows and stock returns. We also find no evidence that the informativeness of earnings announcements varies systematically with firm size, analyst following or economic news (i.e., positive vs. negative stock returns, profits vs. losses), although we do observe significant variation across industries. Our conclusion is further supported by contrasting the earnings release date with the days immediately prior to release, or high information days other than earnings announcement windows. Using a more precise event window relative to prior studies (i.e., 3 h vs. 3 days), we confirm that earnings announcements contain significant new information about fundamentals.     

The incremental information content of non-US GAAP earnings disclosures: Evidence from UK firms

This paper examines price and trading volume responses in the US equity market to the preliminary earnings announcements (PEAs) in the UK of UK firms listed on US exchanges (e.g., NYSE and AMEX). The inquiry focuses on whether the return forecast error (absolute and squared values) and volume residual (standardized and unstandardized) for each day were significantly different from the average on the day of the earnings announcements (PEA). The most significantly unexpected return occurred the day prior to the Financial Times (FT) announcement. The results suggest prompt volume and price responses to the UK PEAs in the US security market. Excess trading volume occurred the day prior to and the day of the FT release price response occurred on the day subsequent to the PEAs. This may suggests that investors possess differential prior beliefs or likelihood functions in evaluating public disclosure. Consistent with Frost and Pownall [Frost, C., & Pownall, G. (1996), Interdependencies in the global markets for capital and information: The case of Smithkline Beecham plc. Accounting Horizons, 1, 38-57], US investors seem not to be confused by US/UK generally accepted accounting principles (GAAP) differences, and in fact use information about UK GAAP earnings in their valuations and trading decisions. This implies that traders correctly use UK accounting output to the determination of values in setting security prices and arriving at trading decisions. Broadly, these findings support the assumption that disclosures by UK-listed firms in their domestic market influence share liquidity and trading in the US market.     

模糊层次综合评判法在工程承包风险评判中的应用

从建筑工程承包风险综合评定的影响因素入手，将模糊数学与层次分析方法相结合，建立模糊层次模型并应用于工程项目承包风险分析。为承包风险辨识、估计和评价提供了一种主客观相结合的分析方法。     

培养高职高专学生在制图教学中自学能力的探讨

本文主要阐述了教师不只是给学生传授知识、授业解惑,而更重要的是重视和加强学生自学能力的培养,是学生获取新知识的关键。     

新时期企业思想政治工作内容探究

21世纪是我国崛起和发展的新时期,我国企业迎来了新的挑战与新的机遇,企业思想政治工作相应地要面对新问题、新情况。文章阐述了企业思想政治工作的新内容,指出其应将企业的社会责任视为重中之重,从而使企业的党建工作落到实处。     

家族企业的“掏空”行为与会计盈余质量

以2003-2004年家族控制的上市公司为研究样本,实证考察了控制性家族的\"掏空\"行为对会计盈余质量的影响。研究结果表明,控制性家族的\"掏空\"行为加剧了公司内部人与外部投资者之间的信息不对称,降低了会计盈余的可靠性和价值相关性。上市公司的盈余管理程度与\"掏空\"行为显著正相关,会计盈余的信息含量与\"掏空\"行为显著负相关。     

基于三全育人的课程思政元素挖掘与融入——以“国际物流”课程为例

课程思政元素挖掘与融入是课程思政建设的核心环节,但挖掘不充分、融入难是当前面临的主要问题。以《国际物流》课程为例,从政治认同、家国情怀、文化素养、宪法法治意识、道德修养等五个维度深入挖掘课程所蕴含的思政元素并有效融入课程教学,形成全员、全程、全方位开展课程思政建设思路,为物流管理专业课程思政建设提供参考。     

基于职业教育理念的《概论》课教学一体化设计与思考

近年来,在坚持"素质为核心、能力为基础"的职业教育理念,推进项目化教学改革进程中,高职示范院校的思想政治理论课教学改革也迈出较大步伐,正努力探索一条体现课程内在价值、反映时代特点、符合教育教学规律、适应学生发展实际需要的教学改革之路。课程改革是教学一体化的系统改革,需要在转变观念的前提下,对课程进行一体化设计。     

建筑工程预结算与审核方法探讨

建筑工程造价的预结算审核是控制工程整体造价的重要方法,其方法的选择和审核的准确度对工程的质量和经济效应来说尤为重要,本文对建筑工程造价预结算的重要性、审核内容以及审核方法进行了初步的探讨。