The High‐Frequency Responses of Australian Financial Futures to Unexpected Cash Rate Announcements*

This study examines the high‐frequency responses of Australian financial futures to monetary surprises using intra‐day futures data. Using the event window method with tick data to control for the endogeneity between market interest rates and the cash rate, our empirical findings support the following. First, monetary policy announcements significantly impact not only short‐term interest rate futures but also longer‐term treasury security future markets. Second, the most significant responses of these markets occur in the event window that contains the policy announcement. Third, we also find that the monetary policy is not well anticipated by market participants until the Reserve Bank of Australia’s policy release.     

Market Consequences of Earnings Management in Response to Security Regulations in China*

Under the 1996‐98 security regulations in China, the accounting rate of return on equity (ROE) has to be greater than 10 percent for three "consecutive" years for a firm to qualify for stock rights offers. Despite declining economic conditions during this period, the percentage of firms reporting ROE between 10 and 11 percent is about "three" times that for 1994‐95. This unique regulatory environment provides a natural experimental setting for the empirical assessment of earnings‐management behavior and its consequences. This study examines whether listed Chinese firms manage earnings to meet regulatory benchmarks and whether regulators and investors consider the quality of earnings in their respective regulatory and investment decisions. On the basis of a sample of listed Chinese firms from 1996 to 1998, we observe that managers execute transactions involving below‐the‐line items and use income‐increasing accounting accruals to meet regulatory ROE targets for stock rights offerings. The firms that apply for, but fail to receive, regulatory approval manage earnings more significantly than do firms that receive approval and pair‐matched control firms. Our market study also suggests that investors differentiate the quality of earnings and put less value on earnings suspected of a greater degree of management. Overall, our results imply that the regulatory bodies and investors to some extent make rational adjustments for the quality of earnings.     

解读劳动合同法 提升企业人力资源管理水平

《中华人民共和国劳动合同法》的颁布,对企业而言是挑战也是机遇。《劳动合同法》从保护劳动者权益的角度出发,对企业人力资源管理工作提出了严格的规定和要求;同时也促使企业人力资源管理工作转变理念。企业的发展模式,应由以低劳动成本为基本竞争手段转变为以构建和谐劳动关系、提高企业创新能力为基本竞争手段,从而成功实现《劳动合同法》在企业管理工作中的软着陆。     

基于融资成本度量的供应链成员企业融资决策

融资成本是影响供应链成员企业融资模式选择的关键因素。基于供应链金融提供的三种基本融资模式:保兑仓融资、融通仓融资以及应收账款质押融资的特点及其前提条件,从信用成本、时间成本、资金成本三个方面考量供应链成员企业每种融资模式的融资成本,给出三种融资模式的成本度量模型以及成员企业的融资决策准则,为成员企业的融资提供了定量决策依据。     

Injured Workers' Underreporting in the Health Care Industry: An Analysis Using Quantitative, Qualitative, and Observational Data

Underreporting of occupational injuries was examined in four health care facilities using quantitative, qualitative, and observational data. Occupational Safety and Health Administration logs accounted for only one-third of the workers' compensation records; 45 percent of injured workers followed by survey had workers' compensation claims. Workers reported 63 percent of serious occupational injuries. Underreporting is explained by time pressure and workers' doubts about eligibility, reputation, income loss, and career prospects. Though aware of underreporting, managers subtly believe in workers' moral hazard behaviors.     

新环境下投资思维的转变

随着QE2的推出,欧债危机的进一步扩散,中东地区的不稳定事件,以及我国面临经济转型,国际国内形势更加错综复杂。2010年上证指数的萎靡而中小创业板的活跃,使多数投资者转变为概念炒作。追涨杀跌。2011年,权重股的价值回归而中小创业板的一路下跌,使多数投资者的收益大幅缩水。在这新环境下,通过分析各因素对我国A股市场的影响,得出结论：投资者应适时转变投资思维,采取价值投资并结合技术分析进一步扩大收益。     

TIME CONSISTENCY IN ALTERNATING‐MOVE POLICY GAMES*

We examine alternating‐move policy games where the government and the private sector alternate their moves. In contrast with the standard policy game, the set of equilibrium payoffs of the present model is bounded away from the payoff under the one‐shot Nash equilibrium, called the Kydland–Prescott outcome, and the upper bound is close to the payoff under the optimal policy (called the Ramsey policy) if the government is sufficiently patient. In other words, the Kydland–Prescott outcome is not time consistent, while the Ramsey outcome could be approximated by a time‐consistent policy of the same game.     

我国机床制造企业海外并购的关键因素研究

近年来,我国机床制造企业所进行的14次并购大多取得了成功。本文在总结现有并购成功因素的相关理论基础上,对我国机床制造企业这14次海外成功并购的关键因素进行了案例研究,以期对我国其他制造企业的海外并购有所启示。     

故事二则

猎狗捉兔子一一条猎狗将兔子赶出了窝,一直追赶他,追了很久仍没有捉到。 牧羊看到此种情景,讥笑猎狗说:“你们两个之间小的反而跑得快得多。”猎狗回答说:“你不知道我们两个的跑是完全不同的!我仅仅为了一顿饭而跑,他却是为了性命而跑呀!” 二这话被猎人听到了,猎人想:猎狗说的对啊,那我要想得到更多的猎物,得想个好法子。于是,猎人又买来几条猎狗,凡是能够在打猎中捉到兔子的,就可以得到几根骨头, 捉不到的就没有饭吃。这一招果然有用,猎狗们纷纷去努力追兔子,因为谁都不愿意看着别人有骨头吃,自己没的吃。就这样过了一段时间,问题又出现…