Earnings management and abnormal returns: Evidence from the 1970–1972 Price Control Regulations

We examine the association between abnormal returns and earnings management in the context of price control regulations to test the construct validity of the earnings management model. Abnormal returns are used as a market–based measure, and discretionary accruals are employed to measure earnings management. Our results support the hypotheses that (1) price control regulations affect firms' security prices negatively, (2) firms make income–decreasing discretionary accruals to increase the likelihood of price increase approval, and (3) firms that are affected most negatively by the regulations manage earnings more aggressively. We conclude that the earnings management model we use in this study is capable of predicting opportunistic discretionary accruals.     

Managing Earnings with Intercorporate Investments

Abstract:  We explore to what extent firms deliberately manage their financial reports by exploiting the flexibility of generally accepted accounting principles. Using a sample of Oslo Stock Exchange-listed firms with 20–50% equity holdings in other firms, we find that firms with high financial leverage tend to maximize reported earnings from these investments through their choice between the cost method and the equity method, possibly in an attempt to reduce debt renegotiation costs or to avoid regulatory attention. In contrast, managers do not systematically bias reported earnings to extract private benefits or to signal revised expectations about future cash flows. Firms use different earnings management tools in a consistent way, as the earnings effect of the cost/equity choice is not offset by discretionary accruals.     

复杂性管理策略:关注整体性

复杂性管理的策略首先要关注和认识复杂系统的整体性,这要通过关注系统的结构、多元化的视角、容忍模糊性和不确定性、借助直觉等手段来达到。在关注和认识整体性的基础上,需要进一步维护和促进复杂系统的整体性,这需要通过保护系统的自组织、创造自组织环境条件、发现和维护序参量、鼓励多元化以及与环境相协调来达成。     

当前我国政府绩效管理问题探析

当前,我国政府绩效管理中存在的问题,主要是政府绩效管理缺乏统一的政策指导和制度保障,对政府缋效管理的理论研究与实践发展滞后,社会参与机制不完善,激励制度匮乏等。我国应通过立法来推进政府绩效管理的制度化和规范化;学习和借鉴西方先进思想,加强政府绩效管理的理论研究,建立有效的绩效评估指标体系和完善的激励制度。从而提高我国政府效能。增强政府管理能力。     

Pharmaceutical cost‐sharing systems and savings for healthcare systems from parallel trade

This paper studies the consequences of parallel trade in a two‐country model. It compares a coinsurance scheme (consumers pay a percentage of the drug price) and an indemnity insurance scheme (reimbursement is independent of the drug price) with respect to changes in copayments and public health expenditure. In the destination country, copayments for patients decrease to a larger extent under indemnity insurance, whereas reductions in public health expenditure occur only under coinsurance. In the source country, copayments increase less under coinsurance, whereas health expenditure is reduced more under indemnity insurance. In both countries, total expenditure under parallel trade is lower.     

股改降低了上市公司代理成本吗?——来自中国A股市场的经验证据

以我国A股上市公司为研究样本,以代理成本为研究对象,对股改之于代理成本的影响进行实证分析发现：股改的完成并没有显著地影响代理成本,控股类型仍然是影响代理成本的主要因素,股权分置改革对于企业代理成本的积极影响不能一蹴而就,股改完成后我国还需要在法规、制度、市场以及公司治理结构等方面进行全方位的配套改革。     

Estimating Recreation Preferences Using Hedonic Travel Cost and Random Utility Models

Over the last decade, several authors have questioned thevalidity of the hedonic travel cost model, arguing instead that the random utility model is a superior method forvaluing recreational site attributes. This paper demonstrates that the two methods emanate from a similar utilitytheoretic framework; yet in practice these methods differ in the assumptions made in their application.Constraining the underlying utility functions to be consistent, both models are applied to the valuation ofrecreational site attributes in the Southeastern United States. The way in which each method estimates preferencesfor site attributes is shown to depend critically on the method and the functional form of theunderlying utility function.     

浅谈物流营销理念创新

物流营销,是指物流服务外部供应者为了有效满足物流需求而系统地提供服务概念、价值、价格、沟通的行为组合。创新是事物发展的源泉,没有创新,任何事物都会停滞不前。现代物流企业更应注重创新,尤其要抓住创新的源头——客户。随着经济的不断发展,物流市场竞争日益增加,竞争日趋白热化,客户已经成为市场上真正的强势群体,物流企业必须完全以客户为中心和原动力,准确把握客户需求的走势,让客户决定创新,才能持续不断的为客户创造新的价值,实现客户满意并最终实现社会满意的终极目标。