农地整理中沟渠整理的模式和完善途径探讨——以河北省辛集市为例

目前,我国土地整理理论尚不系统和完善,作为其重要组成部分的沟渠整理专题研究的理论更是十分匮乏,这对于整个土地整理理论的发展和完善十分不利。本文以此为切入点,以河北省辛集市为例,从沟渠整理的必要性入手,分析了沟渠整理的原则和模式,提出了完善沟渠整理的途径,以期对土地整理理论的发展有所裨益。     

探求刑事证据规则的和谐

刑事证据规则从其适用的范围看，可分为原则性刑事证据规则与例外性刑事证据规则。原则性刑事证据规则重在保障人权，例外性刑事证据规则重在打击犯罪。刑事证据规则是否和谐，主要体现在能否恰当地处理原则性规则与例外性规则的关系上。和谐的刑事证据规则不仅有利于证据准确适用，而且有利于诉讼和谐和社会和谐。     

Catastrophe equity put options with floating strike prices

In this study, we extend the results in Cox et al. (2004) by considering floating strike prices, which are affected by accumulated losses. We employ a compound Poisson process to describe catastrophe losses and adopt a mean-reverting square root process to capture the volatility of the underlying stock. In the numerical section, we first compare the differences in the prices of the options with fixed and floating strike prices. In addition, we illustrate the variance of the portfolios consisting of the stock and options with alternative kinds of strike prices by holding the total cost of the options constant. Variance-optimal portfolios are also investigated. Interestingly, numerical results show that the portfolios consisting of the stock and options with floating strike prices have lower variances in all cases, even when we hold the total option costs constant.     

Valuation and applications of compound basket options

This study investigates compound basket options, which are options on portfolios of options. Although they may be new to financial markets, they are available as equity basket options, equity spread options, stocks of holding companies, and collateralized debt obligations. Using moments of portfolio values, we provide formulas for pricing compound basket options. According to numerical analysis, a lower bound and a weighted average of bounds yield relatively small errors. Additionally, ignoring the compound feature increases the pricing error of equity basket options because the feature captures the capital structure and leverage effect of stock prices.     

Valuation of brand equity and retailer growth strategies using real options

In marketing, significant attention has been devoted to the study of drivers and outcomes of strategic flexibility drawing on real options theory. However, research that quantifies the specific value of flexibility reflected in a bundle of strategic real options is lacking. To remedy this gap, we develop a real options-based framework that takes account of brand expansion and extension options to value brand equity and retailer growth strategies. We show how to value the bundle of strategic real options associated with a flexible marketing strategic vision and how to assess the growth strategies related to the corporate brand of an international retailer. We apply our method to estimating the brand equity of Starbucks both under growth and adversity conditions. The results reveal that our method can more reliably incorporate the growth potential of the brand under uncertainty conditions. Comparisons with other brand valuation approaches are discussed. Our study helps clarify the links among management’s strategic plans, brand-based marketing strategies and share price, and allows to better monitor the impact of retailer strategic choices on long-term brand equity value.     

Does voluntary balance sheet disclosure mitigate post-earnings-announcement drift?

Theory suggests that balance sheet information such as total assets, total equity, or total liabilities complements earnings information in helping investors assess a firm’s profitability and estimate earnings growth. The voluntary disclosure of balance sheet information at earnings announcement could help investors gather and process this information at a lower cost. We therefore predict that voluntary balance sheet disclosure at the time of an earnings announcement helps investors promptly understand the implication of current earnings news for future earnings and subsequently reduces post-earnings-announcement drift (PEAD). Consistent with these predictions, our results show that when firms provide voluntary balance sheet disclosures, the earnings response coefficient in the event window is significantly higher and the corresponding PEAD is significantly lower. We further find that the impact of voluntary balance sheet disclosure on PEAD is more pronounced when the magnitude of balance sheet value surprise is larger, when balance sheet value is more informative about future earnings, when earnings uncertainty is higher, or when information cost is higher, consistent with our conjectures that helping investors to better understand future earnings performance and lowering information costs are key mechanisms underlying the effect of voluntary balance sheet disclosure on PEAD.     

Ownership effects among Native American banks, 2001-2016

Minority Depository Institutions (MDIs), including Native American Banks (NatBs), play an integral role in providing financial services to the under-served. NatBs are split between those that are Tribal owned and those owned by individual Native Americans as private banks. This research explores differences between the two, other MDIs and comparable mainstream banks, using data from 2001 to 2016. Tribal NatBs are hypothesized to emphasize community development for the under-served over profit maximization, and to take on high levels of risk. Testing uses comparisons of population means and regressions, and the overall pattern of results and limited regression findings support those possibilities.     

苏宁云商财务报表分析

本文运用杜邦分析法分析苏宁云商(002024)在2011年1月1日到2012年12月31日的财务报表(主要包括资产负债表、利润表),利用净资产收益率、销售净利率、资产周转率、权益乘数等指标对其经营状况和财务成果做出评价和建议。     

Rank and file equity compensation and earnings management: Evidence from stock options

The widespread use of rank and file equity‐based compensation suggests that executives believe that rank and file employees can affect firm outcomes, and some research supports this view. If equity‐based incentives influence rank and file employees’ productive efforts, they might also influence their earnings management decisions. We find that increases in rank and file employees’ option‐based compensation—our proxy for equity‐based compensation—are associated with increases in earnings management and that this relation is attributable to real activities (as opposed to accrual) earnings management. Cross‐sectional tests indicate that the relation is stronger when rank and file option compensation is likely to generate greater performance incentives and attenuated in the presence of more intense monitoring. Finally, we explore the role of cash constraints and overvaluation as potential alternative explanations for this relation and find that neither accounts for our results.     

Decomposing the accrual premium: The evidence from two markets

We decompose the accrual premium and study its components in the debt and equity markets. We show that the importance of each accrual component depends on the sample and the type of market considered. The short‐term accruals component is primarily observed in equity markets, among small and young companies, which is consistent with mispricing arguments. The long‐term accruals premium is consistently positive and significant in different samples and markets. This component reflects growth in capital expenditures, and it is counter‐cyclical and predictable, which is in line with investment‐based explanations. Finally, the financial accruals component does not generate predictability.