Principles of smooth and continuous fit in the determination of endogenous bankruptcy levels

We revisit the previous work of Leland [J Finance 49:1213–1252, 1994], Leland and Toft [J Finance 51:987–1019, 1996] and Hilberink and Rogers [Finance Stoch 6:237–263, 2002] on optimal capital structure and show that the issue of determining an optimal endogenous bankruptcy level can be dealt with analytically and numerically when the underlying source of randomness is replaced by that of a general spectrally negative Lévy process. By working with the latter class of processes we bring to light a new phenomenon, namely that, depending on the nature of the small jumps, the optimal bankruptcy level may be determined by a principle of continuous fit as opposed to the usual smooth fit. Moreover, we are able to prove the optimality of the bankruptcy level according to the appropriate choice of fit.      

Does implementation guidance affect opportunistic reporting and value relevance of earnings?

In recent years, both the SEC (2003) and the FASB (2004) [Securities and Exchange Commission, 2003. Study Pursuant to Section 108(d) of the Sarbanes-Oxley Act of 2002 on the Adoption by the United States Financial Reporting System of a Principles-Based Accounting System. Securities and Exchange Commission, Washington, DC; the Financial Accounting Standards Board, 2004. On the road to an objectives-oriented accounting system. Financial Accounting Series: The FASB Report (August 31), 1–5.] have indicated a need for accounting standards where principles are balanced by implementation guidance (i.e., a framework for exercising professional judgment). In this study, we take advantage of a jurisdictional split during 1996–2001 whereby the same economic event (i.e., an impairment in oil and gas assets) in the extractive petroleum industry was accounted for by “full cost” firms under a SEC standard (Regulation SX 4-10) which provides extensive implementation guidance, and by “successful efforts” firms under a FASB standard (SFAS No. 121) that provided relatively little guidance for implementing the standard.     

浅谈“现金折扣”

现金折扣是一种商业信用,反映企业调度资金的能力。确定现金折扣的原则,考虑折扣带来的收益与成本熟高熟低。     

Uncovering learning outcomes: explicating obscurity in learning of aesthetics in design and technology education

Education and training interventions can be evaluated through the success of learning outcomes. Kirkpatrick's four-level model is a widely accepted and highly popular evaluation tool. However, some criticise the model's shortcomings. This article will examine the extent to which the four-level model can evaluate design and technology students' learning about aesthetics after an intervention by reporting our use of an augmented version of the four-level model. We examine the results in terms of students' reaction to the intervention, their long-term learning and their behaviour changes by studying their visual analyses and drawings through segment codes. We found that, in order to uncover the obscurities imbedded in aesthetics and to explicate the complexities, we could not use the four-level-model on its own, but had to revert to a more augmented version.

现代采购信函的商务写作技巧

随着中国与世界的贸易往来越来越频繁,外贸人员与外商的沟通交流技巧也越来越重要。商务采购信函是一种重要的沟通方式,在国际商务中扮演着极其重要的角色,现代商务信函的写作要严格遵守国际原则。在具体的商务信函写作中,各种商务信函写作技巧的灵活运用是顺利完成商务沟通的基础和保证。本文就现代采购信函的写作技巧进行了归纳与总结。     

Maintaining market principles: Government auditors,PPP equity sales and hegemony

The UK's government auditors, the National Audit Office (NAO), play a central role in the accountability relations surrounding government expenditure. Commonly portrayed as being independent, they carry out performance audits assessing value for money. To date, the emerging market for PPP equity transactions has attracted little attention. This paper explores that emerging market through a Gramscian framework utilising the concepts of ‘common sense’ and ‘good sense’, focusing on a dialogical analysis of a NAO report on the topic.In the process, the paper contributes to the debate about the nature and role of government auditors.     

建筑工程技术专业实训室建设

笔者从事建筑工程教学多年,建筑工程技术专业实训室的建设对于满足学生、学校、企业三方诉求都有着积极意义。     

电力线载波通信系统防雷设计的原则与方法应用

本文详尽介绍了电力线载波通信系统防雷设计的基本方法及内容,以及设计过程中的三个原则——综合防雷原则、科学有效原则和经济实用原则;以期达到减少电力线载波通信系统因遭受雷害而造成的损失的目的。     

基于经济学原理的高校体育场馆合理定价研究

高校体育场馆属于准公共物品，其定价要以市场供求及其运营成本为基础。锻炼人群的差异、场馆性质的不同、经营方式的多样、设施损耗的加速、安全责任的归属是影响高校体育场馆定价的重要因素。根据经济学的基本原理，并考虑各种影响因素，高校体育场馆合理定价可采取的措施有：目标利润定价法，区分需求定价法，大学城一票通，政府最高限价和免税支持等。同时，应实施鼓励高校体育场馆创收；发展体育场馆周边产业；提高服务质量，明确安全责任等措施。     

预警原则：民族村寨旅游预开发的实证研究

民族村寨的“双预”问题指的是旅游预开发民族村寨的文化保护预警问题。分析总结旅游预开发民族村寨可能会遇到的问题,可以建立起文化保护的若干预警原则。在民族村寨旅游开发过程中,这些原则将有助于民族旅游可持续发展。