Earnings Metrics,Information Processing,and Price Efficiency in Laboratory Markets

An enduring issue in financial reporting is whether and how salient summary measures of firm performance (“earnings metrics”) affect market price efficiency. In laboratory markets, we test the effects of salient earnings metrics, which vary in how they combine persistent and transitory elements, on investor information search, beliefs about value, offers to trade, and market price efficiency. We find that including transitory elements in salient earnings metrics causes traders to search unnecessarily for further information about these elements and to overestimate their effect on fundamental value relative to a rational benchmark. In contrast, separately displaying persistent elements in earnings increases the accuracy of traders’ value estimates. Prices generally reflect traders’ beliefs about value, and prices are most efficient when transitory elements are excluded from earnings metrics entirely. Our study contributes to research on salience effects in financial reporting by showing that including transitory elements in salient earnings metrics causes inefficient information search and biased beliefs about value that can aggregate to affect market prices. We also contribute to research in experimental markets by showing that redundant disclosure is not always beneficial; redundant disclosure of transitory earnings elements, in particular, appears to have negative consequences for investor behavior and market efficiency.     

The Fundamental Theorem of Asset Pricing under Proportional Transaction Costs in Finite Discrete Time

We prove a version of the Fundamental Theorem of Asset Pricing, which applies to Kabanov's modeling of foreign exchange markets under transaction costs. The financial market is described by a   d × d   matrix-valued stochastic process  (Π _t ) ^T _{t =0}  specifying the mutual bid and ask prices between d assets. We introduce the notion of "robust no arbitrage," which is a version of the no-arbitrage concept, robust with respect to small changes of the bid-ask spreads of  (Π _t ) ^T _{t =0}  . The main theorem states that the bid-ask process  (Π _t ) ^T _{t =0}  satisfies the robust no-arbitrage condition iff it admits a strictly consistent pricing system. This result extends the theorems of Harrison-Pliska and Kabanov-Stricker pertaining to the case of finite Ω, as well as the theorem of Dalang, Morton, and Willinger and Kabanov, Rásonyi, and Stricker, pertaining to the case of general Ω. An example of a  5 × 5  -dimensional process  (Π _t )² _{t =0}  shows that, in this theorem, the robust no-arbitrage condition cannot be replaced by the so-called strict no-arbitrage condition, thus answering negatively a question raised by Kabanov, Rásonyi, and Stricker.     

关于风险投资内在机理的经济学分析

从经济学的角度对风险投资进行了内部和外部两个方面的具体分析。根据交易成本理论和信息不对称理论分析了风险投资的特点 ,揭示了风险投资迅速发展的内在机理 ;依据科斯定理和“囚徒困境”模型 ,阐明了政府积极参与的必要性     

林业院校基础化学实验教学质量保障体系的探析

在诠释林业院校基础化学实验教学质量保障体系内涵和当前基础化学实验教学现状基础上,提出通过构建结构合理的基础化学实验教学队伍、完善落实基础化学实验室教学管理制度、根据人才培养目标需要调整基础化学实验课程教学内容、实施开放式实验教学、构建实验教学质量监控体系等,是构建林业院校基础化学实验教学质量保障体系有效途径。     

享年次高的诺贝尔奖得主——新制度经济学大师罗纳德·科斯

1991年诺贝尔经济学奖得主、英国和美国(双重国籍)经济学家和法学家罗纳德·科斯是交易成本理论、科斯定理和科斯猜想的首创者,法律经济学和新制度经济学的开山鼻祖,产权理论和产权经济学的奠基人,他开启了产权理论、法律经济学和新制度经济学三个领域的研究方向。科斯是国际经济学界的泰斗级大师和巨匠,他在阐述经济组织产生的原理、交易成本分析以及推动法学、经济史和组织理论的发展方面作出重要贡献,发展了新古典经济学,开创了现代企业理论。科斯一生都关切和热爱中国,一直密切关注着中国的经济改革,其经济理论和深邃思想对中国的经济改革影响巨大而深远。     

中国经济奇迹原因探析——全球视野中的中国道路

中国改革开放以来的经济奇迹震撼了世界,其根本原因在于：中国不相信任何教条,从国情出发走出了一条适合自己的现代化道路——中国特色社会主义道路.中国特色社会主义制度是中国奇迹的根本保障.新中国前30年的经济建设成就则为后来的经济起飞奠定了雄厚的物质基础.     

An alternative proof of the nonemptiness of the private core

Summary. We focus on the private core [19] of an economy with a finite number of agents with differential information, a continuum of states and an infinite number of commodities. We state a nonemptiness result for the private core and provide a proof based on a fixed-point argument. Received: October 4, 1999; revised version: June 7, 2000     

基础地理信息要素数据字典查询系统的研究与开发

研究了基础地理信息要素数据的数据结构,利用VB和ACCESS数据库作为开发工具,设计并开发了基础地理信息要素数据字典查询系统,实现了基础地理信息要素快速、准确的查询。     

The effect of takeovers on the fundamental value of acquirers

This paper develops a new methodology to examine the financial impact of acquisitions, designed to address whether takeovers yield a positive net present value for the acquiring company. Specifically, we employ the residual income valuation method to compare the fundamental value of the acquiring company before acquisition with the fundamental value after acquisition.We apply this methodology to 303 UK acquisitions completed during 1985–1996, and compare the results with the effects of takeover on profitability and short‐ and long‐run share returns. We find that the impact of acquisition on fundamental value is slightly negative but statistically insignificant. This result differs from the effect of takeover on profitability, which is significantly positive, and the effect of takeover on share returns, which is significantly negative.     

谈王灵农场经济社会发展

实践科学发展观,必须坚持以人为本,从实际出发,转变经营方式,走特色发展之路,开创企业发展的新局面。