Overseas equity analysis by UK analysts and fund managers

This paper examines how UK-based analysts and fund managers cope with international differences in financial reporting systems when analysing overseas equities. This subject has become increasingly important given the internationalisation and institutionalisation of equity markets. Our results indicate that there is a substantial reliance on sources other than the annual report by both groups when analysing overseas companies. We also find considerable variation in the approach to analysing equities internationally. In particular, we find evidence that there is greater reliance on alternative sources to accounting information (such as other foreign analysts) in countries characterised as having weak equity markets. Finally, we examine the coping mechanisms that analysts and fund managers employ when analysing overseas securities, including reliance on locally based analysts, use of non-accounting information, use of more familiar accounting standards and re-stating accounts to a more familiar basis.     

Misperceiving the value of information in predicting the performance of others

Economic models typically allow for “free disposal” or “reversibility” of information, which implies non-negative value. Building on previous research on the “curse of knowledge” we explore situations where this might not be so. In three experiments, we document situations in which participants place positive value on information in attempting to predict the performance of uninformed others, even when acquiring that information diminishes their earnings. In the first experiment, a majority of participants choose to hire informed—rather than uninformed—agents, leading to lower earnings. In the second experiment, a significant number of participants pay for information—the solution to a puzzle—that hurts their ability to predict how many others will solve the puzzle. In the third experiment, we find that the effect is reduced with experience and feedback on the actual performance to be predicted. We discuss implications of our results for the role of information and informed decision making in economic situations. Electronic Supplementary Material Supplementary material is available in the online version of this article at http://dx.doi.org/10.1007/s10683-006-9128-y. JEL Classification C91, D83     

论政府财务信息披露的原则

政府财务信息是从价值的角度对政府业务活动及其结果的一种反映,是连接政府与公众的桥梁。政府财务信息包括政府财务会计手段核算和反映的财务结果信息、反映政府财务计划的政府预算信息等,它主要通过政府预算报告和政府财务报告对外披露。政府财务信息披露必须坚持或遵循及时原则、全面原则、适量原则、真实原则、易用原则和平衡原则。     

大数据环境特征对IT外包项目绩效的影响

对知识密集型的IT外包行业来说,大数据环境成为接包企业潜在的知识来源。然而,大数据环境是否真的促进IT接包项目绩效？如何从中获益？现有文献对这些问题缺乏研究。基于资源编排理论,探讨了大数据易得性和冗杂性对IT接包项目绩效的直接影响,检验了功能组合和专项突破两种软件开发策略的调节作用,提出6条假设,采用195个IT外包项目数据进行检验。研究发现,大数据易得性显著提高接包项目绩效,而大数据冗杂性显著降低项目绩效;功能组合策略增强而专项突破策略削弱了大数据易得性对项目绩效的促进作用;两种开发策略对大数据冗杂性与项目绩效关系的调节作用不显著。     

关系型会计信息系统——投资者关系管理视角下的会计信息系统

投资者关系是资本市场上资金的供给方（投资者）与需求方（企业）之间的关系。会计信息系统是资金需求方在其内部构建的,为价值管理、价值创造提供决策信息的系统。在经济一体化、信息技术飞速发展的今天,在资金流动并增值的整个过程中,投资者关系管理（IRM）与会计信息系统（AIS）密不可分又各有分工,共同完成价值管理与价值创造。将以客户关系管理为主的关系型企业的模式应用于资金流方面,关系型AIS用全新的视角看待投资者关系,并充分地利用现代信息技术进行资金流上的关系管理,以发现、对话、制度为管理框架,实现价值创造的最终目标。     

Is China’s Development Finance a Challenge to the International Order?

China is a major funder of developing country infrastructure, lending $40 billion annually through policy banks. Lending does not favor the belt and road above other regions. China’s lending is indifferent to risk, that is, it is uncorrelated with indices of political stability and rule of law. Some major borrowers with poor governance are beginning to have debt sustainability problems, while other borrowers are in good fiscal shape. Chinese banks have been reluctant to follow global environmental norms but seem to be evolving in that direction. Chinese actions seem more a revision of the global system than a challenge to it.     

Who votes for public environmental goods in California?: Evidence from a spatial analysis of voting for environmental ballot measures

Voting referenda provide direct evidence of the demand for public goods. A number of previous studies have used referenda to analyze the support for public environmental goods. These studies have used aggregate data from large jurisdictional units (usually counties) and summary income measures such as the mean or median, and have usually found that higher income areas offer greater support for environmental propositions. We examine environmental referenda voting in California using census block group data, spatial dependence controls, and detailed income distribution data. We find that household income has a negative marginal effect on environmental referenda voting for most of the income range when using census block data. In addition, controls for spatial dependence significantly reduce the magnitude of most coefficients. This suggests that OLS estimates of referenda determinants are biased. We also show that county level data may be subject to severe aggregation bias and might not be appropriate for referenda studies.     

Matching and anonymity

This work introduces a set-theoretic foundation of deterministic bilateral matching processes and studies their properties. In particular, it formalizes a link between matching and informational constraints by developing a notion of anonymity that is based on the agents’ matching histories. It also explains why and how various matching processes generate different degrees of “informational isolation” in the economy. We illustrate the usefulness of our approach to modeling matching frameworks by discussing the classical turnpike model of Townsend.This research is supported in part by the NSF grants EIA-0075506, SES-0128039, DMS-0437210, and ACI-0325846. We thank two anonymous referees for constructive comments that improved the exposition of the paper. We also thank the participants in seminars at the University of Aarhus, Purdue University, University of Texas at Austin, and at the XI Meeting on Real Analysis and Measure Theory in 2004, the spring 2004 Midwest Economic Theory Meeting, the summer 2004 North American and European Econometric Society meetings.     

中国城市科技人才集聚促进了全要素生产率增长吗——来自285个地级市的经验研究

基于2005—2018年中国内地285个地级市数据,对城市科技人才集聚与全要素生产率（简称“TFP”）进行测度分析,实证考察科技人才集聚对TFP的影响。结果表明：①城市科技人才集聚与TFP空间分异特征显著,但二者具有较强的时空一致性,即科技人才集聚特征显著的城市,其TFP也相对稳定;②城市科技人才集聚对TFP的影响呈倒U型,但研究期内大多数城市仍处于集聚效应占主导阶段,科技人才集聚通过提升城市技术进步水平促进TFP增长,而科技人才集聚对技术效率的影响呈倒U型;③不同类型城市科技人才集聚对其TFP影响的异质性显著,且适宜集聚区间也存在差异。省会城市及一、二线城市等优势特征显著的城市所能承受的科技人才集聚规模上限更高,有利于通过释放集聚红利促进TFP增长,而非省会城市、三线及以下城市等则拐点值较低。     

基础设施与制造业发展关系研究

本文从历史与实证的角度 ,以中国改革开放 2 0年的实践为案例 ,用计量分析的方法测算基础设施与制造业发展之间的相互关系及相互影响的方向及程度 ,在此基础上提出了促进基础设施与制造业协调发展的建议