Information Quality of Interim Financial Statements

Expressing concern about the Canadian capital market environment, Boritz (2006) suggested that the accounting and auditing profession may be paying limited attention to quarterly reports. This study investigates whether fourth‐quarter adjustments are significantly different from the previous three, thereby limiting the reliability or faithful representation of the firms' results for each quarter. This study includes four years (2003–2006) of quarterly financial information of 353 Canadian public companies. Our results indicate that the volatility of net income in each of the first three quarters is considerably lower than in the final quarter. While lower volatility can improve predictability, the resulting relevance may be limited. The low volatility of reported earnings in the first three quarters suggests that either earnings management is taking place or that management may not be exercising sufficient care at the end of each of the first three quarters on the measurements that generally accepted accounting principles call for and readers of financial statements expect. This could result in quarterly financial statements that do not faithfully represent the underlying resources and obligations of the reporting firms at the end of the quarter, or the firm's performance during the quarter. Our findings support Boritz's proposition for increased audit requirements for interim reports and changes in the approach to the annual audit to integrate it more closely with interim financial reporting.     

消费者涉入前因、涉入程度与购买意愿间关系的实证研究

消费者涉入程度的高低受到多种涉入前因的影响,而且涉入程度与购买意愿之间呈显著相关;涉入前因中营销刺激与个人兴趣与涉入程度呈显著相关,其他因素一般相关或微弱相关;涉入程度在消费者行为中是中介变量。笔者基于我国市场的特性和消费者行为的差异,验证了这些变量之间的关系,得出营销刺激是最大正向影响因素;在营销实践方面,验证了在现今的市场环境中"酒香也怕巷子深"现象。因此企业要以消费者需求为导向,制定整合营销传播策略,实施有效营销。     

Health and environmental consciousness,costs of behaviour and the purchase of organic food

This paper examines environmental and health consciousness, as well as behavioural costs and their effects on the purchase of organic products. The consumption of organic products is regarded as an investment in individual health. The low‐cost hypothesis takes environmental attitudes and behavioural costs into account and is applied to organic food consumption. The survey conducted in three German cities in 2006 using self‐administered questionnaires (n = 521) does not investigate willingness to pay but rather self‐reported behaviour. The results of the regressions using the Heckman correction show that income does not affect the regularity of organic food consumption but that it does influence individual expenditure on organic food. Furthermore, there is an inverted u‐shaped relation between age and the purchase of organic products. Although health consciousness has a stronger association with organic food consumption than does environmental concern, the interaction between behavioural costs and health or environmental consciousness shows no effect. Thus, the low‐cost hypothesis is not supported.     

采用CPCI总线的通用高速数传接收机

针对高速数传技术的快速发展和广泛应用,提出了一种DSP实现CPCI总线的高速数传 通用接收机实现方案。该设计兼容模数混合和全数字硬件输入接口,采用ADC采样率在线设 置和程序动态加载技术,可实时完成对不同码速率和不同调制编码方式数据源的解调译码。 对450 Mbit/s和600 Mbit/s两种高速数传性能进行了测试,结果表明其接收机解调 损失分别小于1 dB和1.5 dB,满足工程应用需求。     

Exploring the relation between family involvement and firms' financial performance: A meta-analysis of main and moderator effects

The present work summarizes the theoretical foundations and empirical findings regarding the relation between family involvement and firm performance. From a theory-based perspective we integrate evolutionary psychology and agency theory and describe how conflicting predictions can be made regarding the relation between family involvement and firm performance. Similarly, we describe how the empirical landscape is equally conflicted. Findings from this meta-analysis summarize the observed effects from multiple studies and provide an estimate of the relation across the entire population. Results illustrated that family involvement did not significantly impact firms' financial performance (r = .006). Based on these data, there is no relation between family involvement and a firm's financial performance. Furthermore, we examined multiple conceptual and methodologically-based potential moderating influences—none was statistically significant. Overall, these findings provide the foundation for multiple new areas of inquiry as the domain of family business studies evolves. Moving forward, we advise future research in this area to search for additional moderator effects and explore the defining characteristics, other than performance, that make family businesses distinct from non-family businesses.     

煤炭企业虚拟化数据中心建设研究与探讨

提出建设煤炭企业的虚拟化数据中心,说明虚拟化技术运行原理,在此基础上分析研究采用虚拟化技术整合优化数据中心。虚拟化数据中心有利于提高企业资源利用率,提高企业运营效率。分析了煤炭企业建设虚拟化数据中心遇到的难点。     

电力市场中可中断电价机制设计

推行需求例管理需落实到制定合理的电价机制。研究了目前国内电力紧缺形势下的可中断电价,借鉴国内外已有的可中断电价体系,对目前电力经济形势下的可中断电价机制进行创新。规范了可中断电价含义,通过推算折扣或合理补偿电价2种计价方式,设计合理的电价优惠计算方法,从而进一步完善可中断电价机制的设计。通过对上海市可中断电价进行案例分析,为上海市未来可中断电价实施提供理论支撑。     

成本收益视角下政策性森林保险供需分析——以福建省为例

周期长和风险高是林业生产的两个显著特点,而政策性森林保险的实施能够帮助林农有效分散经营风险、保障经济收益。自2009年我国进行政策性森林保险试点以来,尽管取得一定成效,但试点过程中仍面临一系列难题,其中关键为林农自愿投保积极性不高、保险公司收取保费成本较高等因素导致的市场失灵。通过构建"负担率"和"综合保障度"两个指标,从供需双方成本收益的角度分析导致政策性森林保险市场失灵的因素,并在此基础上提出相关的政策建议。     

VARIANCE-RATIO TESTS OF RANDOM WALK: AN OVERVIEW

Abstract.  This paper reviews the recent developments in the field of the variance-ratio (VR) tests of the random walk and martingale hypothesis. In particular, we present the conventional individual and multiple VR tests as well as their improved modifications based on power-transformed statistics, rank and sign tests, subsampling and bootstrap methods, among others. We also re-examine the weak-form efficiency for five emerging equity markets in Latin America.     

A comparison between qualitative and quantitative histories: the example of the efficient market hypothesis

ABSTRACT

This paper uses the example of the history of the efficient market hypothesis (EMH) and citation analysis in order to investigate some differences between qualitative history and a quantitative history. The history of the EMH provides a telling example of the way quantitative analyses can supply different perspectives on the qualitative history of this hypothesis or complement it. For instance, since the EMH was proposed, several criticisms emerged. In addition, the definition and the scope of this hypothesis have been modified several times. Although the qualitative history of the EMH refers to these criticisms and these alternative definitions and scopes, qualitative tools cannot provide a clear measure of the impact of these criticisms and these modifications among economists. By studying the dissemination of the EMH, its major criticisms, and the answers economists provided, citation analysis sheds a different light on the history of the EMH.