公允价值的引入对投资性房地产核算的税务影响

新会计准则对企业的税务影响主要是相对影响,着重表现在对企业所得税费用的影响,但也有绝对影响,即对应纳所得税额的影响。本文结合实例分析新会计准则在投资性房地产等业务处理上适度引入"公允价值"作为会计核算计量模式后的税务影响。     

Long-Term Performance Following Rights Issues and Open Offers in the UK

Abstract:  This study finds evidence of significant long-term underperformance following rights issues made during 1986-95 in the UK. The findings are resilient to a number of methodological controls. In contrast, our results for a smaller sample of open offers made during 1991-95 show strong positive performance over a 5-year post-issue period, implying that firms making open offers had better growth prospects than firms making rights issues. During 1986-90, a period when open offers were rarely used, firms appeared to be making rights issues to exploit overvaluation. However, this was not evident for rights issues made during 1991-95, a period when open offers were more commonly used.     

松香皂引气剂的试验研究

文章介绍了一种通过正交试验合成的新的松香皂引气剂,并通过泡沫指标确定了其优化配比,同时分析了合成松香皂引气剂时的加热时间和搅拌时间对泡沫性能的影响。     

An empirical investigation of firm public and private knowledge

Many studies examine firm private knowledge, but purport to be generalizable to the totality of firm knowledge, both public and private. This study demonstrates that public and private firm knowledge are empirically separable constructs that have significant and yet different influences on innovative outcomes. The example of product development effectiveness within this study shows that both public and private knowledge are significantly related to product development quality; however, public knowledge is negatively related to quality lapses while private knowledge is positively related to quality lapses. Copyright © 2002 John Wiley & Sons, Ltd.     

Dividend Imputation and Shareholder Wealth: The Case of New Zealand

On April 1, 1988, New Zealand stopped the double taxation of dividends by implementing a full dividend imputation program. Because many believed that the tax advantage of debt had led to more highly leveraged firms subject to greater financial risk than was socially optimal, it was hoped the removal of incentives to finance with debt would result in a more efficient allocation of capital. The empirical results suggest that the shareholder wealth gain from dividend imputation was more than offset in firms with large debt levels. Moreover, an examination of debt ratios indicates debt levels declined in the post–imputation period.     

Glamour and Value Strategies on the Tokyo Stock Exchange

This paper evaluates the performance of glamour and value strategies and tests the extrapolation model for the Japanese equity market. In general, value stocks outperform glamour stocks by between 6 and 12 percent per annum for the five years after portfolio formation. Evidence from past, future and expected growth provides strong support for the story developed in Lakonishok, Shleifer and Vishny (1994). It is difficult to attribute the value premia to the difference, if any, in risk factors. In addition, the book-to-market premium is much closer to an arbitrage opportunity than the size premium.     

论英美新批评理论中文本的突显

在西方传统诗学中,文本只是作为艺术的载体而具有工具性意义,其自身的本性是隐而不现的。英美新批评理论以文本的研究为中心,对传统文艺批评形态起到了颠覆性作用。文本的突显并不是文艺批评理论发展进程中的偶然现象。该文试图从西方美学发展的时代性及其特定的时代主题出发,探讨文艺批评理论中文本突显的必然性,以此来理解英美新批评理论的现代意义。     

绩效诱因契约设计对经理人风险行为的影响

经理人与投资人之间的代理问题是由于在信息不对称的环境下,投资人无法观察到经理人的经营活动是否真正从投资人的利益角度出发,从而引发了经理人的道德风险,产生了自利性高风险投资组合的逆诱因选择。通过应用选择权的观念推导三种不同的绩效诱因契约设计,对于抑制经理人自利性风险调整行为倾向有较好的效果。     

Business relatedness and performance: a study of managerial perceptions

Understanding of business relatedness and performance effects is the foundation of any diversification decision, but we have limited knowledge of how managers consider relatedness. This study identified relatedness classes and performance effects using perceptual survey data from top industrial executives. Four classes with significant variable differences were found: high, technology, customer, and low relatedness. Technology relatedness had a strong positive performance effect and high relatedness had a negative effect. The findings confirm that perceptions are multidimensional, but may include five key factors rather than the previously identified attribute categories of product–markets, resources, and value chains. Contributions to diversification literature are discussed. Copyright © 2006 John Wiley & Sons, Ltd.     

The Performance of Actively Managed International Mutual Funds

International mutual funds allow individual investors to diversify abroad at a reasonable cost. This paper tests whether international funds that actively engage in country and security selection outperform passive global benchmarks. We apply a mean-variance efficiency test that incorporates the practical prohibition against short sales of open-end mutual funds. Our tests reject the efficiency of the world equity market portfolio over the sample period, and our funds as a group outperform the inefficient world index. However, we find no evidence of security selectivity ability using a 12-country benchmark. We do find that active international funds provide global diversification benefits. Tests using the Positive Period Weight (PPW) measure of Grinblatt and Titman (1989), which is robust to nonlinearity in fund and benchmark returns, yield similar results.