Multimarket trading and liquidity: a transaction data analysis of Canada–US interlistings

We use transaction data for Toronto Stock Exchange (TSE) listed stocks to examine the impact on trading costs of the decision to interlist on a US exchange. We measure trading costs using both ‘posted’ bid-ask spreads and ‘effective’ bid-ask spreads that measure actual transaction prices relative to standing bid-ask quotes. After controlling for price level, trade size and trading volume effects, we find that overall posted and effective spreads in the domestic (TSE) market decrease subsequent to the interlisting. However, the decrease in trading costs is concentrated in those TSE stocks that experience a significant shift of total trading volume (TSE and US) to the US exchange after listing. We interpret this result in the context of theories of multimarket trading as a competitive response by TSE market makers to the additional presence of US market makers.     

Falling through the cracks: International accounting rate reform at the ITU and WTO

Heightened attention to international accounting rates at the ITU and the WTO has led some observers to conclude that carriers soon will impose cost-based termination charges. This article concludes that while accounting rates have declined on some routes, many incumbent carriers can and will delay or thwart progress. The article examines the FCC's unilateral regulatory initiative as evidence of a growing schism between governments keen on immediate progress and those that fear a ‘free fall’ in accounting rates and a quick end to settlement surpluses. The article also considers technological innovations like call-back and Internet telephony with an eye toward assesssing whether and how widespread accounting rate reductions will occur.     

论大学制度文化建设的价值取向

大学制度文化是大学文化的重要组成部分,制度设定与文化内核密不可分。大学制度文化建设只有确立止于至善的道德标示、贯彻平等正义的法治原则和以人为本的终极关怀理念,才符合大学制度文化的建设使命。     

International Trade and Accounting Policy Choice: Theory and Canadian Evidence

The accounting policy choice literature has identified many factors which have been shown to be useful in explaining cross-sectional variation in the accounting methods used by public companies. One relationship which has been relatively unexplored in this literature is the potential effect of international trade on accounting choice. This study proposes that international trading activities may create incentives for firms to choose income increasing accounting policies. This proposition was tested by examining the depreciation choices of a sample of Canadian firms. Results suggest that importers were more likely to choose income increasing accounting methods than non-importers, while exporting was not found to be related to this accounting choice. These diverging results may be caused by the declining value of the Canadian dollar (relative to the US dollar), which tends to benefit exporters, but is of detriment to importers.     

Choice Modelling Approaches: A Superior Alternative for Environmental Valuatioin?

In this paper, we examine some popular 'choice modelling' approaches to environmental valuation, which can be considered as alternatives to more familiar valuation techniques based on stated preferences such as the contingent valuation method. A number of choice modelling methods are consistent with consumer theory, and its focus on an attribute‐based theory of value permits a superior representation of many environmental management contexts. However, choice modelling surveys can place a severe cognitive burden upon respondents and induce satisficing rather than maximising behavioural patterns. In this framework, we seek to identify the best available choice modelling alternative and investigate its potential to 'solve' some of the major biases associated with standard contingent valuation. We then discuss its use in the light of policy appraisal needs within the EU. An application to the demand for rock climbing in Scotland is provided as an illustration.     

论生态文明观的价值向度

本文从科学发展观的角度，将生态文明观纳入自然、文化、经济、社会和人自身发展的视野，探讨了生态文明的内容和本质，认为以人为本，和谐、协调、可持续发展是生态文明观的价值向度。     

Moldflow在盒盖翘曲变形优化设计中的应用

本文以盒盖为例,借助模流分析软件Moldflow,对盒盖进行翘曲变形分析,得出产生翘曲变形主要是由取向不均和收缩不均引起的,通过对不同方案浇口位置和数量的比较,优化浇口位置,改善材料熔体的流动方向取向,调整保压曲线,有效地减少翘曲变形,达到了预期地变形目标值,为模具开发提供了依据。     

浅议现代风险导向审计及其应用

从风险导向审计模式的产生与发展、内涵与特点对风险导向审计进行适应性分析,并提出了推进风险导向审计运用的一些建议。     

战略性国际人力资源管理初论——以A公司为例分析

全球化的趋势促使跨国企业内部的人力资源跨国移转，为能有快速有效的当地反应以达成企业跨国经营的目标，国际人力资源管理必须提升到战略的层次来探讨，并将它与环境因素、国际经营战略结合，才能赢得持久性的胜利。国际人力资源管理是跨国企业海外经营成功的重要保证，它是跨国企业非常值得研究的议题。本文以宝钢为例进行分析，抛砖引玉，以求有所裨益。     

日本的环境立国战略及其启示

2007年6月,日本内阁会议通过了《21世纪环境立国战略》。该战略进一步明确了通过发展环境、能源技术和改革社会经济系统以实现经济发展与环境保护的双赢,走经济社会可持续的发展道路,奠定了日本对内对外环境政策的基础。环境交流与合作是我们与环境先进的发达国家互利共赢的一个结合点。因此,我们应当充分利用国际环境合作的平台,积极引进环境先进国家的环保节能技术和经验,以推动我国资源节约型和环境友好型社会建设。