我国居民储蓄利率敏感性的实证研究

首先对利率变动与居民储蓄的关系进行理论分析,然后选取2000年1月到2010年12月的数据,利用VAR模型,就我国居民储蓄利率敏感性问题进行了实证研究,实证结果表明我国的居民储蓄和存贷利率之间的变化存在长期稳定的关系,但是居民储蓄对存贷利率变化并不敏感。居民储蓄利率敏感性差的根本原因是政府行为、企业行为、银行行为和居民行为还不符合市场经济的要求。最后对提高储蓄利率敏感性提出政策建议。     

高管变更、继任来源与盈余管理

高管变更与盈余管理之间的关系历来是盈余管理领域关注的热点问题之一,但我国对这一问题的经验文献却相对较少。以中国资本市场2001年到2006年的A股上市公司为样本,实证检验了高管(董事长或总经理)变更和高管的继任来源两个因素对于盈余管理的影响。在控制了其他可能影响盈余管理的因素之后,实证研究结果表明:高管变更导致了显著的负向盈余管理行为;外部继任者的上市公司相对于内部继任者的上市公司而言更倾向于进行显著的负向盈余管理。附加检验也揭示,高管离职的原因会给继任高管的盈余管理行为带来不同的影响。研究表明,高管变更和继任来源是盈余管理行为的重要影响因素,为理解中国资本市场盈余管理的机会主义行为动机提供了新的经验证据。     

过度进入、要素拥挤与产业效益损失实证分析——以浙江省和山东省纺织业为例

目前,制造业产业过度进入、要素拥挤与效率损失现象明显,片面强调扩大产业集中度和规模的举措没有达到理想的经济效益。为研究投入与效益的关系到底如何,本文通过采用纺织业比较发达的浙江省和山东省1997~2007年的相关数据进行分析,构建规模指数敏感性分析模型,找出在产业规模不同时期,对产业效益影响最大的因素。然后通过检验,验证了要素投入和效益之间并非总是正相关关系,其存在地区差异。某一产业过度进入的地区,要素的进一步投入、规模的进一步扩大会造成效益的损失,因此,要将规模控制在合适的范围内,本文为学者们研究产业集群的结构调整和规模优化提供了一定的理论参考。     

基于DEA的中小企业技术创新绩效评价实证研究

中小企业在我国国民经济及社会发展中占有相当重要的地位与作用。对中小企业进行技术创新绩效评价是提高其技术创新成功率的有效手段。本文构建了技术创新绩效评价指标,利用DEA计算所调研的中小企业技术创新资源投入产出的效率,并通过分别去掉DEA计算中的每项输入或输出指标来分析各项指标对总效率值的影响程度,最后提出了若干提高中小企业技术创新绩效的建议。     

The sensitivity of Australian industry equity returns to a gold price factor

This paper investigates the extra-market sensitivity of Australian industry equity returns to a gold price factor over the period 1975 to 1994. We find, over the full sample period, that there has been a widespread sensitivity of Australian industry returns to gold price returns, over and above market returns. The sensitivity is found to be of positive sign for resource and mining sector industries, whereas it is of negative sign for the industrials sector. Further, there appears to be a change in importance of the gold price factor over time, as reflected by a comparison of subperiod gold price sensitivity estimates     

A Study of the Use of Targets in the Planning Documents of Executive Agencies

The use of quantitative, often non-financial, targets and performance measures in the plans of both businesses and not-for-profit organisations has recently received increasing attention in the academic literature. In the UK public sector this has been particularly important, given the rise of New Public Management. This has resulted in a shift from issues of policy to issues of management, and the break-up of traditional bureaucratic structures. These changes have been supported by an increasing focus on setting quantitative targets which cover all aspects of an organisation's performance. This paper seeks to examine the possible role of quantitative targets in planning and control in public sector organisations. Furthermore, through an exploratory study of over eighty planning documents from executive agencies, the nature and breadth of targets being used are examined and discussed.     

The Determinants of REIT CEO Compensation

Executive compensation has garnered much attention in the last decade from both academicians and practitioners. We examine the relationship between increase in CEO compensation, industry-specific performance measures, and stock return for the years 1993–1999 in the Real Estate Investment Trust (REIT) industry. We find evidence that compensation evaluation is related to stock returns, and to changes in Real Estate Investment and Funds from Operation for the years 1997, 1998, and 1999. Furthermore, we document a negative relation between CEO raise and age. We find no link between compensation and earnings per share, whether the REIT is self-managed, or type of property in which the REIT specializes.     

The sensitivity of bank stock returns to real estate

According to the Federal Reserve Board, banking firms have recently been shifting significantly larger portions of their loan portfolios into real estate. This increase in real estate lending has caused concern about the continuing economic health of banks on the part of state and federal regulators, since changes in real estate returns, evidenced by changes in property value, can potentially have a significant impact on bank default risk and profit-ability. However, concerned parties do not seem to have explicitly considered the relationship between mortgage default risk and the specific characteristics of real estate investments.This study examines the sensitivities of stock returns for different bank groups, based on the percentage of total loans in real estate and the percentage of loans in five different mortgage categories (construction and development loans, farmland loans, one- to four-family residential loans, multifamily residential loans, and nonresidential and nonfarm loans), to changes in real estate market returns. This is done by developing and using a three-index model.The results of this study indicate that bank stocks, overall, are very sensitive to changes in real estae returns. Banks, with a larger portion of their total loans invested in all types of real estate loans, except farmland loans, are most sensitive to changes in real estate returns.     

Impact of Adoption of Long-Term Performance Plans on Financial Analysts' Long-Term Forecasts

Prior research demonstrates that firms adopting long-term performance plans experience increased capital investment, earnings, and risk in the post-adoption period. However, these results are subject to distortions that may result from exogenous factors over the long time period examined. To avoid these potential distortions we examine financial analysts' forecasts in the periods immediately preceding and following the adoption of the performance plan. We find that projected long-term capital expenditures per share, earnings per share and cash flow per share are revised upward in the post-adoption period. These results are consistent with the premise that the adoption of long-term performance plans is expected to favorably affect managers' decisions. In addition, we find that the revisions are primarily attributable to firms that were performing poorly in the period prior to plan adoption and in greatest need of change. This finding has not been documented in previous studies.     

Auditor's Engagement Risk and Audit Fees: The Role of Audit Firm Alumni

Abstract:  This study explores the effect of the association of audit firm alumni with their alma mater on audit prices. The tests indicate that there is a moderate reduction of up to 21% in the level of audit fee when alumni (i.e., former employees) of the incumbent audit firm sit on the client board of directors which is consistent with the engagement risk theory. This suggests that there is an 'alumni effect' in the market for audit services. The findings hold only in the large company segment of the market. The results are robust to different model specifications and alternative samples. The sample comprises all executive and non-executive directors who run the UK quoted companies and are simultaneously ICAEW qualified chartered accountants. The study's implications for the accounting profession and the regulators are also discussed.