我国固定资产投资宏观效益分析

固定资产投资的直接目的是增加固定资产 ,应考察投资和增加固定资产的关系 ,其宏观指标为固定资产交付使用率和项目建成投产率 ;固定资产投资的最终目的是促进经济增长 ,增加国民收入 ,应考察投资和增加国民收入的关系 ,其宏观指标为固定资产投资效益系数或投资系数。我国固定资产交付使用率“七五”时期比“六五”末不断提高 ,“八五”较为平稳 ,“九五”开始回升。我国固定资产投资效益系数“六五”以来较为平稳 ,“八五”较高 ,“九五”下滑幅度较大。应采取多种措施 ,不断提高投资效益。     

Litigation, School Finance Reform, and Aggregate Educational Spending

In the past two decades, litigation in many U.S. stateshas triggered educational reform movements designed to reducethe inequalities in educational expenditures across school districts.This paper uses a panel data set across all the states from 1970–1990to examine the role of litigation and educational finance reformin determining the level of education funding in a flexible,dynamic setting. An important finding of our work is that litigationand reform have differential effects across the states, in somecases leading to increases while in other cases decreases inpredicted spending.     

上市公司利用减值准备进行盈余管理的实证研究--以吉林省上市公司为例

上市公司于2001年1月1日起开始执行新的企业会计制度,新的会计制度与原会计制度相比最显著的变化就是在原来四项资产减值准备计提的基础上又增加四项减值准备。这八项减值准备的计提,充分体现了谨慎性原则对历史成本原则的修正,目的是为了挤出上市公司资产中的水分,保护所有者和债权人的利益,从而化解其投资风险。通过对吉林省上市公司八项资产减值准备计提情况的分析,可以反映出吉林省上市公司利用减值准备进行盈余管理的实际情况。     

Capitalized intangibles and financial analysts

We examine whether firms that capitalize a higher proportion of their underlying intangible assets have higher analyst following, lower dispersion of analysts’ earnings forecasts and more accurate earnings forecasts relative to firms that capitalize a lower proportion. Under Australian generally accepted accounting principles, capitalization of intangible assets has become increasingly ‘routine’ since the late 1980s. It is predicted that this experience leads Australian analysts to expect firms with relatively more certain intangible investments to signal this fact by capitalizing intangible assets. Our results are consistent with this. We find that capitalization of intangible assets is associated with higher analyst following and lower absolute earnings forecast error for firms with a stock of underlying intangible assets. Our tests suggest a weaker association between capitalization and lower earnings forecast dispersion. We conclude that there are benefits for analysts, for management to have the option to capitalize intangible assets. These findings suggest that IAS 38 Intangible Assets and AASB 138 Intangible Assets reduce the usefulness of financial statements.     

当代美国住宅的思考

美国2000年新建住宅投资4251亿美元，占固定资产投资的21．3％；住宅直接消费为9588亿美元，占GDP的9．71％；年存量住宅为1．16亿套(户)，空置率为5．9％。购买新房一般中值价为80美元／ft^2，一套住宅(2000ft^2)中值房价为16万美元；按中值计算贷款购房的支出与收入比为1：4．7；在美国仍有3500万户居民租用住宅。     

东北老工业基地改造中的政府职能定位

振兴东北老工业基地的关键在于塑造一批在国际市场中有竞争力的、混合所有制性质的超大型企业集团。为此,中央政府应承担国有企业发展过程中形成的历史包袱;对资源枯竭型城市给予专项补贴;对东北土地流转和整合试点给予特别政策;成立由中央政府牵头的东北老工业基地改造协调领导小组。     

Assessing the Least Squares Monte-Carlo Approach to American Option Valuation

A detailed analysis of the Least Squares Monte-Carlo (LSM) approach to American option valuation suggested in Longstaff and Schwartz (2001) is performed. We compare the specification of the cross-sectional regressions with Laguerre polynomials used in Longstaff and Schwartz (2001) with alternative specifications and show that some of these have numerically better properties. Furthermore, each of these specifications leads to a trade-off between the time used to calculate a price and the precision of that price. Comparing the method-specific trade-offs reveals that a modified specification using ordinary monomials is preferred over the specification based on Laguerre polynomials. Next, we generalize the pricing problem by considering options on multiple assets and we show that the LSM method can be implemented easily for dimensions as high as ten or more. Furthermore, we show that the LSM method is computationally more efficient than existing numerical methods. In particular, when the number of assets is high, say five, Finite Difference methods are infeasible, and we show that our modified LSM method is superior to the Binomial Model.     

Evidence on the efficacy of interest-rate risk disclosures by commercial banks

This paper documents evidence on the efficacy of maturity-gap disclosures of commercial banks in indicating their net interest income that is exposed to interest-rate risk. For the large sample of banks that filed call reports from 1990 to 1997, a period that includes a wide range of interest rate movements, we find that (i) one-year maturity gap measures are significantly related to the one-year- and three-years-ahead change in net interest income, (ii) fixed-rate and variable-rate instruments differ in explanatory ability, and (iii) the one-to-five-year aggregate gap measures also have some power in explaining three-year-ahead changes in net interest income. These findings hold after controlling for the ex post growth in assets as well as the amount of rate-sensitive assets and liabilities (a competing set of explanatory variables). Because the Securities and Exchange Commission (SEC)'s [Securities and Exchange Commission (SEC), (1997). Disclosure of accounting policies for derivative financial instruments and derivative commodity instruments and disclosure of qualitative and quantitative information about market risk inherent in derivative financial instruments, other financial instruments, and derivative commodity instruments. Release Nos. 33-7386; 3438223; IC-22487; FR-48; International Series No. 1047; File No. S7-35-95 (January 31, 1997), Washington, DC] tabular disclosures are finer than maturity-gap data, our findings mitigate concerns about the usefulness of the SEC's market-risk-disclosure requirements. Furthermore, they suggest contrary to the claims of certain banks that the omission of prepayment and early withdrawal risk from gap measures does not totally compromise the ability of gap data to indicate interest-risk exposures.     

The Future of Financial Reporting: Insights from Research

Research offers insights that, if heeded and built upon, could improve financial reporting, thereby contributing to a more prosperous society. In particular, research suggests improvement could stem from greater use of fair value; a performance statement designed to reveal the information embedded in changes in fair value; better information to help investors assess the value of intangible assets; more specific information about risk and uncertainty; information that is unbiased, rather than conservative; acceptance of a degree of earnings management together with a determination of how much earnings management is acceptable; and a financial reporting package designed to convey information users need, which presumably is broader than today's financial statements.     

Partial moment volatility indices

Forward‐looking partial moment volatility indices are developed using state‐pricing, called the bear index (BEX) and bull index (BUX). Using S&P 500 index (SPX) option prices, we find that BEX and BUX provide superior forecasts for the lower and upper partial moments of future market realised volatility, respectively. We examine the relation between SPX returns and changes in BEX and BUX at the daily level. Results are consistent with the volatility feedback hypothesis. Further, we show that BEX may be more suitable as the ‘investor fear gauge’ than VIX.