苏宁进入家电市场的博弈启示

博弈论译自英文"GameTheory",1994年三位长期致力于博弈论理论和应用研究、实践的学者纳什、海萨尼、塞尔顿共同获得诺贝尔经济学奖,使得博弈论得到了最具权威性的肯定。本文以苏宁进入家电市场为切入点,揭示了在经济活动中,企业应注意运用博弈论的原理、方法来指导企业的各项     

促进我国会展业发展的对策研究

本文提出了在环境保护中“追本清源”的观点 ,重点阐述了加强环境法规 ,强调在实际工作中必须严格执行法规和实行环境监测控制 ,同时讨论了环境会计 (绿色会计 的建立和环境信息披露问题。     

建筑企业信息资源管理与整合

在对建筑企业信息管理现状详细的考察后,从“软环境”和“硬环境”两方面对信息资源管理与整合的关键内容进行了探讨,并结合建筑企业的实际情况提出了初步看法。     

Effects of health information on Nordic meat and fish demand

Increasing public concerns about health risks associated with dietary intakes of cholesterol are expected to have significant impacts on the demand for foods with high fat content. This paper investigates how information about cholesterol, as measured by two newly constructed indices based on published medical research, has affected the demand for meats (beef, chicken and pork) and fish in the Nordic countries (Denmark, Finland, Norway and Sweden). To compare the effects of information across countries and over time, the demand equations for all the countries are estimated within one system, and a complete set of price and expenditure elasticities is estimated. Our findings suggest that health information has affected consumption in a healthy way in all countries studied except for Denmark. We find positive effects on the demand for chicken in Finland, Norway and Sweden and for fish in Finland and Sweden. A negative effect on the demand for beef in Sweden also is found. First version received: May 2001/Final version received: December 2001 RID="*" ID="*"  The authors would like to thank Wen S. Chern and Bj?rn Sl?en for their assistance in the construction of the health information indices. The suggestions of two anonymous referees have also been of great assistance. The EU (contract FAIRS-CT97-3373) and the Research Council of Norway (grant no. 134018/110) provided financial support for this research.”     

Asymmetric Information and the Predictability of Real Estate Returns

This article examines the relation between systematic price changes and the heterogeneity of investors information sets in real estate asset markets. The empirical implications rely on a theoretical economy in which information asymmetry alters the dynamic relation between returns and trading volume. We employ a filter-rule methodology to determine predictability in returns and augment the return-based conditioning set with trading volume. The additional conditioning information is necessary since the model is underspecified when predictability is based on returns alone. Our results provide new insight into the coexistence of informational and noninformational exchange in the speculative markets for real estate assets. Specifically, we find that the predictability of real estate returns is generally more indicative of portfolio rebalancing effects than an adverse-selection problem. These results are unique in addressing the time-variation in information asymmetry.     

跨市场融合性人民币产品创新研究

结合对新兴市场国家（地区）的发展路径及对目前国内金融市场所存问题的分析，本文认为，市场对四类跨市场融合性人民币产品存在强烈需求，其中，跨资本和期货市场、跨货币和资本市场两类融合性产品的发展前景较为乐观，跨货币和外；12市场融合性产品次之，跨货币和期货市场融合性产品的发展则尚有待于一些条件的成熟。国内商业银行参与跨市场融合性产品创新时应遵循审慎经营原则，近期以跨货币与外汇市场融合性人民币产品为主，长期以跨货币与期货市场融合性人民币产品为目标。从提高信贷资产流动性的迫切程度来看，中小银行可能会成为跨货币与资本市场融合性人民币产品创新的主要推动力。     

IPO share allocation and conflicts of interest

The underwriter of an IPO has two sources of compensation for its services on behalf of the issuer. One is through a commission (spread), the other is by buying issued shares for itself (or its affiliates) and reselling them in the post-issue market. Profits from the former decrease along with the magnitude of underpricing while profits from the latter increase with it. Faced with these countervailing interests, the present paper analyzes how the underwriter decides upon the pricing and allocation of IPOs.      

Adverse selection, public information, and underpricing in IPOs

This paper generalizes the informational environment of the Rock model to address empirical evidence and conjectures that cannot be addressed within the standard model based on informed and uninformed investors such as underpricing being positively related to market returns observed prior to the IPO, the number of IPOs being positively related to market returns, underpricing being partly predictable based on public information, and the return to uninformed participation being negative overall but positively related to market returns observed prior to the IPO. Finally, the model suggests that a positive relation between market returns and underpricing need not represent an inefficiency in the pricing of IPOs.     

Does the financial analysts' usage of non-financial information influence the analysts' forecast accuracy? Some evidence from the Belgian sell-side financial analyst

This paper examines whether the use of non-financial information by sell-side financial analysts influences the accuracy of analysts’ forecasts. The research findings, based on a survey of Belgian financial analysts, suggest that financial analysts who use more forward-looking information and more internal-structure information offer more accurate forecasts. Furthermore, the listed Belgian firms examined in this study have improved their non-financial information reporting over time. However, neither the frequency nor the quantity of non-financial information mentioned by financial analysts in their reports appears to have increased over time.     

Effective experimental controls for research in international accounting: Further thoughts

This paper responds to recent research by Ruland et al. [Ruland, W., Shon, J., Zhou, P., 2007. Effective controls for research in international accounting. Journal of Accounting and Public Policy, 26(1), 96–116.] that addresses the effectiveness of experimental controls for research in international accounting, with focus on Ndubizu and Sanchez [Ndubizu, G.A., Sanchez, M.H., 2006. The valuation properties of earnings and book value prepared under US GAAP in Chile and IAS in Peru. Journal of Accounting and Public Policy 25 (2)]. We attempt to remove some misconceptions about effective experimental controls that have surfaced in the debate. We argue that theory and refined proxies alleviate many of the control issues that have surfaced in the literature.