Comparative Ross risk aversion in the presence of mean dependent risks

This paper studies comparative risk aversion between risk averse agents in the presence of a background risk. Our contribution differs from most of the literature in two respects. First, background risk does not need to be additive or multiplicative. Second, the two risks are not necessarily mean independent, and may be conditional expectation increasing or decreasing. We show that our order of cross Ross risk aversion is equivalent to the order of partial risk premium, while our index of decreasing cross Ross risk aversion is equivalent to decreasing partial risk premium. These results generalize the comparative risk aversion model developed by Ross for mean independent risks. Our theoretical results are related to utility functions having the n-switch independence property.     

法治背景下网络反腐的价值与前景探究

随着互联网的普及与发展,网络已成为加强党风廉政建设和反腐败斗争的重要阵地。网络反腐在给民众带来希望和信心的同时,也产生了一些新的问题。基于此,就存在的问题提出完善网络反腐的对策,以期提高网络反腐的法治化水平。     

试谈会计资料无纸化的现实突破

随着经济的飞速发展,计算机的广泛应用、网络技术的日益完善,我国会计向网络会计方向发展,会计资料无纸化的时代已经成为发展的趋势。然而受过去文件规定以及习惯和观念的束缚,无纸化的发展还需克服一些障碍,本文就会计资料无纸化的背景、发展中的阻碍及其解决措施进行了探讨。     

家族企业治理转型问题探究——基于美的“换帅”案例分析

家族企业是我国经济发展中的一支重要力量。家族控制主导式治理模式使企业具有较强的向心力和合聚力,在发展初期能够减少交易成本和委托代理成本,但存在着用人机制不科学、组织结构不规范、存在继承风险等问题。家族控制主导式的治理模式向职业经理人治理企业的理想模式的转变,应从企业自身方面有规划的聘用职业经理人、完善企业激励约束机制、注重家族企业文化的创建,逐步向职业经理人治理模式转型。同时,政府也应该给予家族企业支持,完善相应的法律法规,规范职业经理人市场,促进社会信用与诚信的建设,使家族企业完成治理转型。     

董事长个人特征、过度自信与资本结构

本文从董事长个人特征角度,以董事长的年龄、任职时间、学历以及教育背景作为董事长过度自信的替代变量,考察董事长过度自信行为对我国上市公司资本结构的影响。研究结果表明,董事长年龄越小,任职时间越短,学历越低以及当董事长拥有经管类教育背景时,董事长过度自信行为越强,越选择较高负债比率。进一步研究发现,与国有上市公司董事长相比,民营上市公司董事长过度自信程度更强,其过度自信行为对公司资本结构决策的影响也更强。本文的研究意义不仅在于丰富和拓展了国内外相关研究成果,而且有助于我们从董事长个人特征方面来理解我国上市公司资本结构决策。     

一种基于帧差法与背景减法的运动目标检测新方法

为改进单独利用帧差法或背景减法进行运动目标检测时存在的不足,提高运动目标检 测的准确率和鲁棒性,提出了一种利用边缘信息的帧间差分法和背景减法相结合的运动目标 检测方法。该方法首先通过基于边缘信息的三帧差法获得一幅前景图像,然后利用改进的mo de算法进行背景差分获得另外一幅前景图像,最后将得到的两幅前景图像进行布尔或运算 ,得到前景目标。实验仿真结果表明,利用该方法,目标检测的准确率可以提高496%～36 01%,且算法具有较好的鲁棒性。     

Has the likelihood of appointing a CEO with an accounting/finance background changed in the post-Sarbanes Oxley era?

Congress passed the Sarbanes–Oxley Act (SOX) in July 2002 to improve the accuracy and reliability of financial reporting. The Act increased boards of directors’ responsibilities for financial reporting and control. Did it consequently increase boards’ preferences for a CEO with financial experience to protect against the potential reputational and/or legal losses that directors incur when financial scandals happen? We investigated whether newly appointed CEOs in the post-SOX period were more likely to have accounting or finance experience than in the pre-SOX period. Using a sample of 264 CEO changes from 2001 to 2004, we found that the percentage of newly-appointed CEOs with accounting/finance backgrounds significantly increased in the post-SOX period compared to the pre-SOX period. Our results suggest that the events surrounding the passage of the Sarbanes–Oxley Act may have affected the CEO background experience preferred by boards of directors.     

The role of technical expertise in firm governance structure: evidence from chief financial officer contractual incentives

We provide evidence that the presence of technical expertise in firm governance structure reduces reliance on contractual incentives to control the potential agency problem for executives whose responsibilities require specialized knowledge. Specifically, we find that firms with financial expertise in the form of a board finance committee, or a chief executive officer with a financial background, tend to use lower levels of incentive‐based compensation for their chief financial officers. Our findings suggest financial experts provide stronger oversight and/or direction with regard to firm financial policies and strategies, thereby allowing firms to reduce reliance on incentive compensation. Our study provides insight into the role of technical expertise and board committees in firm governance, and into the benefits of common functional expertise within top management teams. Copyright © 2010 John Wiley & Sons, Ltd.     

基于市场认知的桂林国际旅游形象评价研究^＊

依据相关形象理论,实证分析桂林国际旅游市场的本底形象、实地认知形象以及两者之间的互动关系．结果发现：桂林的国际旅游知名度高达84．8％,好评指数3．5,实地体验之后,入境旅游者对桂林“安全性”、“友善性”、。独特性”形象的评价指数分别为4．18、4．04和4．01,而对“神秘性”和“古朴性”形象评价一般;桂林旅游形象的刻板效应非常显著,本底形象与实地认知形象呈现较强的正向相关性．在人们对广告充满排斥心理的情况下,目的地应通过提升服务质量而在市场上树立良好的本底形象。这远比单纯地炒作“知名度”更有意义．     

The impact of board composition and family ownership on audit committee formation: Evidence from Hong Kong

This study investigates empirically the relationship between three major corporate governance attributes (family shareholding, non-executive directors and independent chairman) and the existence of audit committees across a sample of 397 publicly traded firms in Hong Kong. The results show that at a medium level of family shareholding (between 5% and 25%), the convergence-of-interest effect is dominant and the existence of audit committees decreases. At a high level of family shareholding (more than 25%), the entrenchment effect is dominant and as a result, the existence of audit committees increases. In addition, we show that the response of investors to audit committee existence is not dependent upon family shareholding when there is an independent chairman. The findings of our study also suggest that there is a positive association between the proportion of independent non-executive directors on the corporate board and audit committee existence. In addition, the results show that the positive association between independent non-executive directors is stronger for firms with an independent chairman. Implications of these findings for regulators are discussed.