分析师能发现审计合谋吗？--基于我国上市公司的经验证据

以异常审计收费作为审计合谋的代理变量,研究分析师是否能发现审计合谋行为。研究发现,分析师跟踪人数会随异常审计费用的增加而显著减少,这说明分析师能觉察到审计合谋可能带来的风险,并通过放弃跟踪该公司的方式向市场传递信息;进一步研究发现,分析师对上市时间较长的公司,以及民营上市公司的异常审计费用更为敏感,跟踪数量下降较为明显。     

Psychological Oil Price Barrier and Firm Returns

In this paper, we investigate the psychological barrier effect induced by the oil price on firm returns when the oil price reaches US$100 or more per barrel. We find evidence of the negative effect of the US$100 oil price barrier for: (a) the entire sample of 1559 firms listed on the American stock exchanges; (b) both foreign and domestic firms, with domestic firms significantly more affected; (c) the 10 different sizes of firms, with the smaller firms less affected compared to the larger firms; and (d) 17 sectors of firms, with firms in the utilities, mining, and administration sectors being the least affected.     

The Time Varying Relation Between Consumer Confidence and Equities

We examine the impact of changes in consumer confidence measures on future stock index returns. Our analysis is built on the growing understanding that investor sentiment is an important factor in the stock market. By using frequency dependent regression methods, we show that there is a time-varying relation between consumer confidence and stock returns. Higher levels of consumer confidence imply greater returns in the short term but negative returns in the medium term. However, this effect is only observed for the small firm index. Moreover, there is evidence to suggest that consumer confidence is significantly affected by stock returns in reverse causality.     

Analytics in empirical/archival financial accounting research

In this article, we describe various analytics in empirical/archival financial accounting research. We focus the discussion on research questions that are central to accounting research, analytics used to test hypotheses, and evidence. We also describe voice and text analysis, which is generating interesting new datasets and hypothesis tests, offering promising potential for future studies. Our study seeks to (1) inform business professionals about state-of-the-art analytics in accounting research and (2) trigger academics to pursue creative new research opportunities.     

光纤通道异常的分析方法探究

针对保护装置光纤通道异常的现象,介绍了光纤通道结构及通道衰耗的计算方法。给出了光纤通道异常时查找故障元件的步骤,分析了经常出现的问题,并通过实例讲述了光纤通道异常的分析方法。     

报酬递增视角下产业集群迂回生产与知识积累的作用机制研究——以河北省安平丝网为例

基于超边际分析方法构建互动作用机制模型可以发现,迂回生产过程中不断提高的专业化水平促进了知识的积累,促使新机器与新技术不断出现;反过来由知识积累产生的创新与技术扩散拓宽了迂回生产的边界,促进了迂回生产的发展。剖析迂回生产与知识积累之间的相互作用机制可以发现,通过提高交易效率、充分发挥集群内部龙头企业带动作用以及提升人力资本水平等举措来加强迂回生产与知识积累之间的相互作用,是进一步拓展产业集群报酬递增空间的必然选择。     

Sovereign Credit Risk,Banks' Government Support,and Bank Stock Returns around the World

We explore the joint effect of expected government support to banks and changes in sovereign credit ratings on bank stock returns using data for banks in 37 countries between 1995 and 2011. We find that sovereign credit rating downgrades have a large negative effect on bank stock returns for those banks that are expected to receive stronger support from their governments. This result is stronger for banks in advanced economies where governments are better positioned to provide that support. Our results suggest that stock market investors perceive sovereigns and domestic banks as markedly interconnected, partly through government guarantees.     

Have capital market anomalies attenuated in the recent era of high liquidity and trading activity?

We examine whether the recent regime of increased liquidity and trading activity is associated with attenuation of prominent equity return anomalies due to increased arbitrage. We find that the majority of the anomalies have attenuated and the average returns from a portfolio strategy based on prominent anomalies have approximately halved after decimalization. We provide evidence that hedge fund assets under management, short interest and aggregate share turnover have led to the decline in anomaly-based trading strategy profits in recent years. Overall, our work indicates that policies to stimulate liquidity and ameliorate trading costs improve capital market efficiency.     

The Effectiveness of Technical Trading for Arab Stocks

In this paper, we examine the profitability of technical analysis for a cross section of individual Arab stocks. Our analysis, undertaken from the perspective of an Islamic investor, reveals that technical trading rules do not yield economically or statistically significant returns. While our results uncover some scant statistical evidence of technical trading rule profitability, risk adjusting the returns weakens the evidence in favor of predictability. Furthermore, break-even transaction costs do not exceed estimated transaction costs or bid-ask spreads in the markets examined.     

Stock Returns Under High Inflation and Interest Rates: Evidence from the Brazilian Market

We analyze the relationship of high inflation and interest rates with stock returns in Brazil from May 1986 to May 2011, during which Brazil experienced subperiods of both high inflation (May 1986-June 1994) and relative monetary stability (July 1994-May 2011). The result in the total period is dominated by high inflation volatility, and the findings suggest a bidirectional relationship between stock returns and inflation. During the high-inflation subperiod, interest rates are relevant to explain future changes in inflation and stock returns. Under low inflation, movements in interest rates are better anticipated by equity investors, suggesting higher market efficiency than in high-inflation circumstances.