The effects of exchange rate pass-through and cost channel on price level: The case of fragile five countries

ABSTRACT

In this study, we investigated whether the exchange rate and the interest rate had an effect on the inflation rate in the fragile five countries between the years of 1996Q4 and 2015Q4. In this context, a model was created to estimate the effect of interest rate and exchange rate on the inflation rate. The methods used in the study take into account cross-section dependence and heterogeneity. As a result of the analysis, it was determined that there was an exchange-rate and interest-rate pass-through effect in the fragile five countries. Moreover, it was found out that the cost channel and price puzzle were effective in Indonesia and South Africa but were not effective in Turkey, Brasil and India.     

Public Attention and Auditor Behavior: The Case of Hurun Rich List in China

Adverse client publicity can entail regulatory scrutiny over audited financial statements and impose political costs on auditors. We use the changes in client publicity caused by their controlling owners’ presence on the Hurun Rich List (the rich listing) in China to test the hypothesis that auditor conservatism increases with client publicity. Our evidence indicates auditors issue more adverse audit opinions to clients and charge higher fees following the rich listing events. Moreover, we observe that auditors strategically respond to clients with different attributes—for clients whose owners accumulated wealth in a more questionable manner, auditors choose more stringent audit reporting to better defend themselves from regulatory scrutiny; for clients without such attributes, auditors primarily rely on increasing audit fees to cope with any post-listing increase in audit risks. Our analyses also suggest the impacts of rich listings tend to be concentrated among large audit firms with stronger reputation concerns or among engagement auditors with more conservative reporting styles. By showing how auditors manage political risks associated with heightened public scrutiny, we contribute to both the auditing and political cost literature.     

掘进机回转支承座结构及工艺方法改进

由于市场严峻,煤机企业面临挑战。要想提高效益,使企业正常发展,就必须从产品上下功夫,降低成本。本文举例说明了"掘进机回转支承座结构及工艺方法改进",讲解了如何降低成本。     

市政工程设计阶段的工程造价控制

工程设计阶段是市政工程项目实施全面规划的关键阶段,关系到设计方案的技术先进性与经济合理性,对工程造价控制有着重要影响。然而就目前情况来看,我国市政工程设计阶段普遍存在工程造价控制意识薄弱、前期准备工作不到位、设计方案缺乏经济性、设计收费办法不合理等问题,严重影响了工程造价控制效果。本文对市政工程设计阶段工程造价控制存在的问题以及应对措施进行探讨。     

浅议设计阶段几个重要方面的工程成本控制

本文从设计阶段的角度论述工程成本控制,同时提出相应的政策,为地产公司降低工程成本,实现自身的持续长期提供参考依据。     

Superreplication with proportional transaction cost under model uncertainty

We consider a discrete‐time financial market with proportional transaction cost under model uncertainty, and study a superreplication problem. We recover the duality results that are well known in the classical dominated context. Our key argument consists in using a randomization technique together with the minimax theorem to convert the initial problem to a frictionless problem on an enlarged space. This allows us to appeal to the techniques and results of Bouchard and Nutz to obtain the duality result.     

浅谈广联达钢筋算量软件应用技巧

本文通过将广联达钢筋算量软件操作流程与工程实际运用相结合,提出一些实际应用的操作技巧,从而使造价人员避免复杂的计算,这具有很强的实践价值。     

探析建筑工程造价管理方法的改进

工程造价的管理是一个动态的过程,它贯穿于整个工程。在工程实施的时候,工程的各个阶段都要认真的分析,同时也要充分利用建设中的各种信息,把握市场经济,为企业带来最大限度的利益。     

推进资产全寿命周期管理实现资产高效、低成本运作

为落实国家电网公司的工作部署,朔州分公司充分利用历史数据,对设备运行状况、检修和试验情况、异常和故障情况等信息进行收集和整理,综合考虑各方面因素,积极研究和发现生产各环节存在的客观规律,并在实际工作中优化调整管理流程和工作方法。     

Operating synergy and marketplace performance of dual-branded hotels

Dual-branded hotels have received great attention in the industry recently. Our study uniquely examines the dual branding effects in two dimensions of synergy (operation and marketplace) and the role of dual branding composition in creating synergy. Based on the property-level data, this study conducts a systematic analysis to verify these benefits using a fixed-effects model and a matched-sample analysis. There are three key findings. First, the benefit of dual branding mainly comes from operating synergy. Dual branding could lower revenue volatility for all dual-branded hotels and reduce operating costs for those paired with the same-class hotels. Second, dual branding on marketplace performance varies by property characteristics. Third, the anchoring effect is asymmetric. In a different-class dual-branded hotel pair, the higher-class hotel’s occupancy is anchored down but the lower-class hotel’s occupancy is not anchored up.