A Comparative Analysis of Auditor, Manager and Financial Analyst Interpretations of SFAS 5 Disclosure Guidelines

This study examines empirically whether financial analysts (users), as well as managers (preparers) and external auditors ascribe different interpretations to the SFAS 5 disclosure criteria. We find: (1) financial analysts are, on average, more conservative than managers and auditors in their numerical interpretations of both the 'remote' and 'probable' verbal phrases; (2) managers and auditors share very similar numerical interpretations of these verbal phrases; (3) audit partners' numerical interpretations of the 'remote' region are between those of managers and users, whereas audit managers align their numerical interpretations with those of managers. One danger is that preparers of financial statements may omit loss contingency information that users consider valuable.     

独董与其他高管的公司治理作用有差异吗？——基于政治关联与审计契约视角的检验

以2007—2011年A股非金融保险业上市公司为样本,从政治关联与审计契约角度揭示独立董事与其他高管在公司治理中的差异。研究发现:在审计师选择方面,独立董事存在政治关联的企业倾向于选择高质量的审计服务,其他高管存在政治关联的企业倾向于选择低质量的审计服务。结合对审计费用考察发现,其他高管存在政治关联的企业选择较低质量审计服务的同时却支付相对较高的审计费用,但又并没有支付显著高于独立董事存在政治关联的企业选择高质量审计服务时支付的审计费用。     

Foreign Institutional Ownership and the Global Convergence of Financial Reporting Practices

This paper investigates whether foreign institutional investors affect the global convergence of financial reporting practices. Using several measures of reporting convergence, we show that U.S. institutional ownership is positively associated with subsequent changes in emerging market firms’ accounting comparability to their U.S. industry peers. We identify this association using an instrumental variable approach that exploits exogenous variation in U.S. institutional investment generated by the JGTRRA Act of 2003. Further, we provide evidence of a specific mechanism—the switch to a Big Four audit firm—through which U.S. institutional investors affect reporting convergence. Finally, we show that, for emerging market firms, an increase in comparability to U.S. firms is associated with an improvement in the properties of foreign analysts’ forecasts.     

‘An Examination of the Ethical Commitment of Professional Accountants to Auditor Independence’

This research explores the relationship between work context and professional ethics. Specifically, we analyze through an online survey of professional accountants the degree to which changing work conditions have altered individual accountants’ commitment to the core professional value of auditor independence. We argue that certain changes in the condition of work have made some categories of accountants more susceptible to the logic of commercialism rather than the logic of professionalism. We find general support for this argument. We observe that accountants working outside of public accounting have a higher commitment to independence than do accountants working in the context of public accounting firms. We further observe that accountants in large international accounting firms (i.e. the “Big Four”) report lower commitment to auditor independence than do others in public accounting. And we observe that older accountants report stronger commitment to auditor independence. One finding, however, contradicts our general thesis. We find that commitment to one’s client does not necessarily result in a loss of commitment to the core professional value of independence. We conclude that changes in the context of work have contributed to the demise of ethics among professional accountants and suggest that further research be done to elaborate the relationship between client commitment and independence commitment.     

非农工作经历与农民社会关系网络

采用中国综合社会调查(CGSS)2008年的数据,考察非农工作经历对农民社会关系网络的影响。结果发现,相对于无非农工作经历的农民而言,具有非农工作经历的农民拥有更多的社会关系网络,这不仅在于非农工作自身的集体化作业性质相对于分散的农业生产具有更广泛的人际接触机会,而且非农工作经历调整和改变了个体拓展社会关系网络的态度和能力。采用最新发展的基于R2的夏普里值分解发现,非农工作经历对于形成农民间社会关系网络差距具有重要影响,贡献率可达8.67%,仅次于党员身份、教育程度以及性格因素位列第4。这一结果表明,在城乡劳动力资源配置出现新一轮调整、农村劳动力转移步伐缓慢甚至回流的经济形势下,政府需要加大政策力度通过各种渠道坚定不移地支持农村劳动力的非农就业。因为这不仅能够带动农民收入和农村经济发展,而且还有助构建新型社会网络的农村社会。     

Auditors' Fee Premiums and Low‐Quality Internal Controls*

We examine the relation between low‐quality internal controls and audit fee premiums. Using a novel data set of audit hours and audit fees we find, consistent with the audit risk model, that auditors increase their effort (hours) owing to low internal control quality. We find that auditors also charge a significant fee premium to clients with internal control weaknesses. This premium is observed for severe internal control weaknesses and companies with low‐quality alternative governance mechanisms. The results are robust to multiple methods to address endogeneity, including company fixed effects, difference‐in‐differences design, and a propensity score‐matched sample. Taken as a whole, low internal control quality leads to fee premiums, which are a deadweight loss to client companies.     

The impact of age and family life experiences on Mexican visitor shopping expenditures

Mexican Nationals frequently visit border towns and other cities in the United States that are in close proximity to their areas of residence for the main purpose of shopping at popular malls and outlet centers. However, it is somewhat difficult to gather the necessary information in order to profile the visitors and develop marketing strategies for targeting the appropriate market segments. The purpose of this paper is to identify the key target markets for U.S. shopping malls based on the age and family life experiences (i.e., marriage and having children) of the Mexican visitors. First, a three-factor ANOVA analysis is used to examine the impact of these characteristics on shopping expenditures, including the interaction effects. Then, a cluster analysis is performed in order to segment the market using age and the family life experience variables. Finally, recommendations are provided based on the expenditures and trip behavior by family life cycle stage.     

转变经济发展方式的国际经验及启示

来自理论与实践的证据都表明政府应在转变经济发展方式方面发挥重要作用。许多国家和地区政府在转变经济发展方式方面积累了丰富的经验,我国在转变经济发展方式的过程中必须对这些经验进行辩证的分析和理性的借鉴。     

Precision in auditing standards: effects on auditor and director liability and the supply and demand for audit services

Theoretical research suggests that large auditors have more incentive to issue accurate reports compared to small auditors (DeAngelo, 1981; Dye, 1993). Controlling for the client characteristics of large and small auditors, this paper shows that large auditors issue reports that are more accurate and more informative signals of financial distress. These findings are consistent with the theoretical prediction of a positive relationship between auditor size and auditor accuracy.     

全球信息化发展环境下的高等教育发展趋势研究

20世纪90年代以来，信息技术不断创新，信息产业持续发展，信息网络广泛普及，信息化成为全球经济社会发展的显著特征．井逐步向一场全方位的社会变革演进。在如此的国际信息化发展风潮之下，教育信息化已经成为国内外高等教育发展的必然之路。通过分析国内外高等教育发展成果，预测了我国高等教育教学的发展趋势。