When Do Qualitative Risk Disclosures Backfire? The Effects of a Mismatch in Hedge Disclosure Formats on Investors' Judgments

Disclosure standards mandate the quantitative disclosure of hedging‐instrument‐related risks but not the disclosure of hedged‐item‐related risks. We examine how a match (mismatch) in formats, caused by making quantitative (qualitative) hedged item disclosures alongside quantitative hedging instrument disclosures, affects investors' integration of information from these two related disclosures. Our first experiment varies the hedged item disclosure format (quantitative or qualitative) and the portion of risk hedged (small or large). We find that when disclosure formats are mismatched, the less comparable nature of the two disclosures caused investors to neglect the offsetting relationship when assessing net risks. As a result, risk and investment judgments were influenced by the more prominent quantitative hedging instrument disclosures. Our second experiment finds that the use of a qualitative debiaser that clarifies the relationship between the two disclosures led to the integration of information and mitigated this effect.     

浅谈质检机构的计量认

论述质检质机构必须进行计量认证的原因；阐明计量认证不仅是“金字塔牌”，而且认证的过程，同时是本单位昨技术更上一个台阶的过程。计量认证的前后，检测单位的面貌会不大一样。     

Impact of Ownership Type on Environment–Strategy Linkage and Performance: Evidence from a Transitional Economy

In this study I contend that the ownership type has a significant impact on the environment–strategy configurations amongst different firms in a transitional economy. The influence of ownership type on the environment–strategy configuration is tested, based on an analysis of surveys of 201 managers from four types of companies in China: state‐owned, collectively‐owned, privately‐owned, and foreign joint ventures. Results support the central notion that each ownership type exhibits a distinct environment–strategy configuration, which in turn has important performance implications for the firms.     

浅析石油化工项目产品市场分析

市场分析是项目前期的重要工作之一，目前尚未赢得人们足够的重视。国外的投资咨询公司对石油化工项目的产品市场分析有其一套比较完整的操作程序和评估体系，以BOPP为案例介绍了市场分析的思路和方法，并且指出市场分析作为一种新的理念，必须进一步深化和细化，逐步加以完善。     

The Effects of Participation and Job-Relevant Information on the Relationship Between Evaluative Style and Job Satisfaction

This study investigates the intervening effects of budgetary participation and job-relevant information on the relationship between budget emphasis and job satisfaction. It proposes that budgetary participation and job-relevant information are endogenous to budget emphasis. Using the path analytical technique and based on a sample of 152 senior managers, the study found that budget emphasis has an insignificant direct effect on job satisfaction, but a strong indirect effect through job-relevant information and budgetary participation. The results also indicate that job-relevant information has an intervening effect on the relationship between participation and job satisfaction.     

How Does a Development Moratorium Affect Development Timing Choices and Land Values?

This paper investigates how a development moratorium affects choices of development timing and land values in a framework where both the value of developed property evolves stochastically and the development costs are fully irreversible. We assume that a regulator initially announces that land is not allowed to be developed during a finite period of time in the future. A developer, thus, must decide whether to develop land before the timing ordinance is imposed, or after it expires. The development moratorium reduces the developer’s option value from waiting and, thus, accelerates development. We also use simulation analysis to demonstrate how the other factors that relate to the demand and supply conditions of the real estate market affect this accelerating effect.     

The Impact of Mexico's Retraining Program on Employment and Wages

This article analyzes the impact and effectiveness of the Mexicanlabor retraining program for unemployed and displaced workers—Programade Becas de Capacitación para Trabajadores (PROBECAT).The strategy followed is to compare the post-training labormarket experiences of trainees with those of a comparison group—amatched sample of unemployed individuals who were eligible for,but did not participate in, PROBECAT. The results of this exercisesuggest that participation in PROBECAT reduced the mean durationof unemployment for both men and women trainees and increasedthe monthly earnings of men, but not of women. The results alsoindicate that the post-training earnings effect varied systematicallyby level of education attained, with the largest earnings increases(of about 28 to 37 percent) found for men with six to twelveyears of education.     

市场新进入者的星级酒店战略定位——以丽江国际大酒店为例

本通过对即将开业的丽江国际大酒店核心竞争力的分析，探讨高星级酒店的战略定位问题，提出了丽江国际大酒店的经营战略和途径。将资源配置效能、运行机制、创新能力和企业化有机融合，系统培育酒店核心竞争力，使酒店在有限的条件下，集中有限的资源和能力，实现局部最优。     

中小企业财务管理创新之我见

面对经济全球化和中国加入世贸的新形势 ,中小企业财务管理创新滞后 ,已经严重影响了中小企业的快速、健康发展。本文阐述了中小企业财务管理方面存在的问题 ,剖析了这些问题产生的原因并在此基础上有针对性地提出了解决相应问题的对策。     

历史与现在——国际商法的演进对我们的启示

文中对国际商法从古代商法、中世纪商人法到近代商法国内化以及现代商人法的历史演进过程进行研究,并从纵向和横向的角度解读了国际商法的发展带给我们的启示。