The market reaction to cross-listings: Does the destination market matter?

This paper examines (i) whether market reactions to cross-listings differ across destination markets and (ii) to what extent the following explanations for value creation around cross-listings can account for differences in market reactions across cross-listings on various destination markets: overcoming market segmentation, increased market liquidity, improved information disclosure, and better investor protection (“bonding”). We analyze 526 cross-listings from 44 different countries on eight major stock exchanges and document significant announcement returns of 1.3% on average for cross-listings on US exchanges, 1.1% on London Stock Exchange, 0.6% on exchanges in continental Europe, and 0.5% (not significant) on Tokyo Stock Exchange. We find evidence consistent with improved disclosure and bonding creating value for cross-listings on US exchanges, while overcoming segmentation and bonding are associated with higher announcement returns on the London Stock Exchange. The evidence is mixed for continental European exchanges and for Tokyo. Our results highlight the role of the destination market in value creation around cross-listings.     

The role of rating agencies in the market for charitable contributions: An empirical test

Rating agencies play the role of information intermediaries in the market for donations. These watchdog organizations obtain and interpret accounting data and other information about charitable organizations and report ratings to help donors select among the many organizations soliciting contributions. In the age of the internet, information from Internal Revenue Service Form 990 returns prepared by tax-exempt organizations is more readily accessible than ever before. This study examines whether the zero- to four-star ratings provided by Charity Navigator have additional information content for donors. Charity Navigator was selected because its rating system relies almost exclusively on the 990 returns and presumably adds value by incorporating peer-group expectations for various ratios and by presenting straightforward and concise data. Using a random sample of 405 charities rated by Charity Navigator, our results suggest that rating changes do impact contributions. Positive rating changes were associated with an increase in contributions and organizations with a decline in rating were associated with decreased contributions. These effects were in addition to what would be predicted using an efficiency ratio commonly computed from Form 990 accounting data and other control variables.     

税务信息化发展的问题及对策探讨——基于“诺兰”阶段模型的分析

信息化是推动社会经济发展的重要力量,也是历史发展的一种必然趋势。税务信息化是税务部门顺应信息化时代的要求,主动迎接信息时代挑战而采取的积极措施。文章以”诺兰”阶段模型理论为基础,将我国税务信息化的发展历程分为起步、初步应用、快速发展和数据集中四个阶段。在此基础上,着重从思想意识、规划部署、征管改革和设备功能发挥四个方面分析了我国税务信息化建设中存在的诸多问题,并提出了推动和规范我国税务信息化建设的对策措施。     

Great Galway Goslings: Organizational Context of Managerial Accounting*

This case seeks to enhance student understanding of the relationship between accounting information and the order fulfllment and production activities of a manufacturing frm, Great Galway Goslings. Great Galway Goslings manufactures goose sculptures and has been suffering losses in recent years. Students draw on the skills they learned in financial accounting to analyze the company's order fulfllment activities, identify economic transactions, and prepare journal entries. The case provides a link to managerial accounting topics as students use segment financial statements to create contribution margin income statements, perform break‐even analyses, and recommend whether Great Galway Goslings should keep its retail business segment. Students will become familiar with the key features of business process management (BPM) and the extensive, real‐world activities that a manufacturing entity engages in to fll an order. Students will analyze the company's existing order fulfllment process and apply their knowledge of BPM to recommend process improvements for Great Galway. This case contributes to the accounting case literature by serving as a bridge from financial accounting to managerial accounting, intertwining many topics from managerial accounting into one cohesive case, and providing real‐world business process knowledge. Student feedback indicates that, overall, the case met its stated learning objectives. Great Galway Goslings is appropriate for an undergraduate introductory managerial accounting course but can be adapted to the equivalent graduate‐level course or an accounting information systems course.     

次贷危机下美国和全球股市之联动

本文选用NADCC-EGARCH模型研究了次贷危机影响下全球主要股票市场的反应,并捕捉到欧亚五个股市同美国股市联动关系的变化过程。实证显示,由美国次贷危机引发的金融危机造成了全球股票市场不同程度的动荡,出现熊市迹象。美国同全球股市间的联动关系在危机扩散后存在结构性变化,且欧洲、日本等成熟市场与美国市场的联动关系受美国股市负面消息的影响较大。中国虽受到一定程度的冲击,但是国内股票市场结构相对稳定。     

The effect of earnings surprises on information asymmetry

We examine the effect of earnings surprises on changes in information asymmetry. We hypothesize and find that asymmetry is lower (higher) in the quarter following positive (negative) earnings surprises compared to firms that meet the consensus analyst earnings forecast. The relations between earnings surprises and information asymmetry are stronger when the surprises are more likely to capture investors’ attention. Examining the source of these changes, we show that decreased information search activities is the most important factor for asymmetry declining after positive surprises; for negative surprises, decreased uninformed trading plays a dominant role increasing asymmetry.     

日本产业结构软化论

日本于1968年成为世界第二大经济强国以后,在知识经济的时代背景下,产业结构软化的趋势日益明显:农业生产中硬要素投入减少,软要素投入增加,加工型制造部门、高端服务部门分别在制造业、服务业中逐渐居于主导地位;产业结构信息化、服务化趋势日益增强。日本产业结构软化既有科技、需求、产业政策、国际环境等方面的共同原因,也有各自具体的原因。产业结构软化强化了日本"第三、第二、第一"的产业格局,提高了日本经济增长质量和国际经济竞争力,同时也加剧了日本的结构性失业。     

公司治理与稳健性会计信息——一个互动框架

公司治理与会计稳健性之间是一种互动的关系,首先,稳健的会计信息可以缓解契约中委托人与代理人之间的代理冲突,降低代理成本,因此被视为一项重要的公司治理机制。同时,其他公司治理机制对会计信息稳健性也具有重要影响。     

Literature-related discovery (LRD): Methodology

Literature-related discovery (LRD) is linking two or more literature concepts that have heretofore not been linked (i.e., disjoint), in order to produce novel, interesting, plausible, and intelligible knowledge. LRD has two components: Literature-based discovery (LBD) generates potential discovery through literature analysis alone, whereas literature-assisted discovery (LAD) generates potential discovery through a combination of literature analysis and interactions among selected literature authors. In turn, there are two types of LBD and LAD: open discovery systems (ODS), where one starts with a problem and arrives at a solution, and closed discovery systems (CDS), where one starts with a problem and a solution, then determines the mechanism(s) that links them.The generic methodology for identifying potential discovery candidates through ODS LRD, focusing mainly on its ODS LBD component, is described in this paper. A comprehensive flow chart showing the details of our systematic potential discovery generation process, including the evolution of the flow chart steps through each of the studies performed, is presented. Also shown is a vetting procedure that insures potential discoveries claimed are potential discoveries realized. The semantic filters that replace the numerical filters of other ODS LBD approaches are overviewed. The rationale for addressing the five topics studied (Raynaud's Phenomenon (RP), Cataracts, Parkinson's Disease (PD), Multiple Sclerosis (MS), and Water Purification (WP)) is summarized.