Chesapeake Energy Corporation

This case provides a summary of events reported in the proxy statements filed with the SEC by Chesapeake Energy Corporation from its initial public offering in 1993 through 2011. These actual events provide a vehicle for the discussion of corporate governance issues and the means to effect a change in governance practices. Students are asked to perform two tasks. The first is to identify possible governance issues. The second is to suggest actions a shareholder might take. The objective of the first task is to provide students with experience in critically evaluating the governance structure and related actions taken by an actual board of directors. On completion, students should be better prepared to recognize signs of governance weakness beyond commonly discussed structural elements. The second task asks students to create a list of tactics that could be employed to influence corporate policies. The objective is to highlight the limited options available to most investors and to prompt some students to pursue corporate activism or the defenses against activism. The case is intended for use at the graduate level.     

CFO人口特征、产权性质与集团内部资金配置

基于2007—2012年间企业集团内部资本市场运行的数据,考察CFO特征对内部资本市场构建的影响。研究发现,CFO绩效薪酬显著影响内部资本市场的构建及其运行规模,且民营企业更为显著。进一步地,CFO担任董事会成员、具有金融任职背景显著影响内部资本市场运行规模,并且这一效果在民营企业中更为明显。     

上市公司未决诉讼对高管薪酬业绩敏感性的影响

选取2008—2014年沪深两市主板A股上市公司作为样本,首先比较了未决诉讼与已决诉讼的风险差异对高管薪酬业绩敏感性的不同影响,验证了诉讼事项的风险主要来自于未决诉讼;然后从未决诉讼的涉诉频率、涉诉总额两个维度,对上市公司未决诉讼对其高管薪酬业绩敏感性的影响进行了分析,发现未决诉讼的涉诉频率越高、涉诉总额越大,高管薪酬业绩敏感性越低;最后区分公司的产权性质,发现较之国有上市公司,民营上市公司在面临未决诉讼时高管薪酬业绩敏感性下降更为显著。     

A Case Study of a Variance Analysis Framework for Managing Distribution Costs*

Managing the distribution function as part of an overall supply‐chain management strategy has become increasingly important given rising fuel costs in recent years. This paper presents a comprehensive variance analysis framework developed by supply‐chain managers at Catalyst Paper Corporation as a tool for reporting and controlling distribution costs. The model decomposes the overall static‐budget variance into four primary variance categories: volume, customer mix, distribution mix, and carrier charges. The framework addresses key limitations in the coverage of variance analysis contained in many management accounting textbooks. Specifically, Catalyst's framework incorporates: (a) mix variance calculations where there is more than one mix factor within a single cost element; (b) the impact of unplanned and unrealized activities; and (c) multiple nested mix variance calculations. Although developed in the context of distribution costs, the framework can be applied to the analysis of other manufacturing and non‐manufacturing costs where multiple mix factors exist. L'importance de la gestion de la fonction de distribution dans le cadre de la stratégie globale de gestion de la chaîne d'approvisionnement s'est accrue avec la hausse des coûts du carburant des dernières années. Les auteurs présentent un cadre complet d'analyse des écarts, élaboré par les gestionnaires de la chaîne d'approvisionnement chez Catalyst Paper Corporation aux fins de la présentation et du contrôle des coûts de distribution. Le modèle décompose l'écart global du budget fixe en quatre grandes catégories d'écarts: les écarts sur volume, les écarts sur composition de la clientèle, les écarts sur composition de la distribution et les écarts sur frais de transport. Le cadre résout les principales limites de la couverture de l'analyse des écarts évoquées dans de nombreux manuels de comptabilité de management. Le cadre d'analyse de Catalyst Paper Corporation englobe: a) les calculs de l'écart sur composition lorsqu'il existe plus d'un facteur de composition dans un même élément de coût; b) l'incidence des activités non planifiées et non réalisées; et c) les calculs de l'écart sur composition à multiples critères de classification. Bien qu'il ait été élaboré dans le contexte des coûts de distribution, ce cadre peut être appliqué à l'analyse d'autres coûts liés ou non à la fabrication, lorsque les facteurs de composition sont multiples.     

论先秦儒家比德观及其影响

比德观是我国先秦儒家创立的自然美观。它的形成有赖于殷周文化转型,对《诗经》比兴手法亦有所继承。比德观创立后,对我国文学创作与民俗工艺影响极为深远。     

公平、和谐、秩序与协调——自然法则中的整体性均衡思想及其启示

越是古老的思想越是简约而深奥,借助自然法则表现出来的"公平"、"和谐"、"秩序"、"协调"等早期社会思想都带有"整体性"特征.它不仅培育了古典经济学,从中还可以梳理均衡思想的演进历程,为静态均衡思想提供了反思的依据.社会经济中存在着多种均衡机制,它们之间的相互联系与作用构威"整体性";"冲突一依存一秩序",以及各种均衡之间的相互摩擦与适应正是整体性均衡的实现机制.这启示我们在各种社会矛盾中进行"两难选择"和相权协调.     

国家公园入口社区性质、发展特征与 政策需求

入口社区位于国家公园入口附近,其形成与发展均 早于国家公园,伴随国家公园发展而成长,旅游服务是入口社 区共同特征。保护国家公园生态系统完整性和景观风貌的融合 性,精明控制增长,促进产业多元化,维护本地经济持续发展 等是国际上国家公园入口社区发展的基本原则;理论上国家公 园入口社区是国家公园生态系统服务价值转化的重要依托,是 生态产品产业化生产与服务基地,在国家公园与区域协同发展 中具有重要的纽带作用,这些理论付诸实践必须有国家相关政 策的支持,包括土地政策、资金政策、生态保护与管理政策、 社区就业与住房政策、公共服务均衡化政策等。其中土地政策 最为关键,在国土空间规划三线划定与控制下农业用地、公益 林用地都有最严格的保护要求,入口社区发展空间非常有限, 难以承载入口社区可以承担的功     

Theoretical considerations on the proposed of recovery of purchasing power of the minimum wage in Mexico

Regarding the recent proposal made by the Mexico City Government about the recovery of the purchasing power of the minimum wage, some reflections on the theories of production and distribution are proposed. We first review the seminal paper written by Cobb and Douglas (1928). Some obstacles in measuring the marginal factor products, and a pair of inconsistencies between the theories of production and distribution on the one hand, and some exercises of quantifying “productivities” on the other hand, are presented. Finally, a model of imperfect competition, which displays the dispute over income between economic agents, is included. One conclusion is that income distribution does not follow a simple rule, but a bargaining process based on market power in a historical context that provides inertia and in which institutions play a key role.     

Effect of information quality due accounting regulatory changes: Applied case to Mexican real sector

The purpose of this paper is to examine whether changes in accounting standards improve value relevance of financial information on listed companies in Mexico. The research was conducted for the period 2000–2013 using a sample of 141 companies that report to the Mexican stock exchange using the methodology of panel data. Our findings show that changes in local regulations (generally accepted accounting principles) to internationally approved standards (Financial Reporting Standards and International Financial Reporting Standards) increase the value relevance and therefore the quality of information. The study shows that the accounting information with international Financial Reporting Standards is more trustworthy for foreign and national investors.     

马克思主义可持续发展思想探索

马克思主义人与自然和谐发展思想,蕴涵着丰富的可持续发展内涵。用马克思主义人与自然和谐发展思想来重新审视正处于困惑阶段的现代人类文明,特别是自然生态环境被我们用一种依靠过度消耗自然资本来谋求发展的方式,就可以得出：要真正实现可持续发展,就不能单独从经济发展方式去寻求可持续发展模式,而必须以马克思主义可持续发展思想为指导,实现全面发展。