An international study of internal audit function quality

We investigate organisational and environmental factors that influence firms’ incentives to develop high-quality internal audit functions (IAFs) by using a unique international sample formed by matching proprietary data from a global internal auditor survey with public data obtained from Worldscope. Concerning organisational factors, we find that a positive relationship exists between IAF quality and firm complexity and confirm that complex firms have a higher demand for monitoring and advising and, therefore, a greater need for formal controls. In addition, IAF quality is positively related to board monitoring and audit committee diligence but negatively associated with CEO power, which suggests that IAF quality is influenced by other key players in corporate governance. Regarding environmental factors, we document that IAF quality is positively associated with industry competition, which implies that a firm’s incentive for a high-quality IAF is enhanced when confronted with greater environmental uncertainty. Furthermore, IAF quality has a significantly positive relationship with our self-constructed index of IAF requirements included in national corporate governance codes, which indicates that strong home-country corporate governance codes play a role in fostering IAF development.     

Fair value disclosures and crash risk

In response to the public criticism of the inadequate disclosures mandated by SFAS No. 157, Fair Value Measurements, the FASB issued ASU (Accounting Standards Update) 2010–06, Improving Disclosures about Fair Value Measurements, and ASU 2011–04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements, in an effort to increase the reporting transparency. We examine whether the increased fair value disclosures required by these two updates effectively decrease crash risk, defined as the frequency of extreme negative stock returns. In support of the hypothesis, we find that increased transparency from these updates reduces crash risk among U.S. banking firms and that the reduction is greater in banks that have a higher level of Level 3 financial assets.     

论上海世博会的海关边境保护措施——以贸易安全和贸易便利为视角

安全保障问题一直是所有重大国际活动的举办国需要面对的敏感问题。举办国对进出本国关境的人员及其活动进行有效的监管和防范是保障国家安全和活动安全的第一步。[1]依据WTO多哈回合的贸易便利化要求,海关在执行维护国家安全的职责时不能阻碍自由贸易,不能用繁杂的海关手续形成一种非关税壁垒。这意味着我国海关在重大国际活动中要运用有限的海关人力与物力在保障贸易安全的前提下实现贸易便利。本文将从2010上海世博会的海关边境保护措施出发,探讨国际重大活动中的贸易安全与便利问题。     

The Rocky Road to Legacy: Lessons from the 2010 FIFA World Cup South Africa Stadium Program

This article describes how the management and organization of the South African 2010 FIFA World Cup stadium program shaped the current legacy of an oversupply of overdesigned and underutilized stadiums. The article identifies seven key factors that explain the differences between expected benefits and the actual legacy. Identification of these factors contributes to the increasing academic interest in explaining the poor legacy outcomes of mega‐events. In conclusion, we recommend that future host country governments defragment their stadium programs by establishing a World Cup Delivery Authority (WCDA), with responsibility for the leadership and coordination of the stadium program.     

Japanese economy and the its exchange rate from 1985 to 2010

The paper tries to analyze the interaction between Japanese exchange rate and its domestic economy from 1985 to 2010. By employing the Mundell-Fluming model, the paper is designed to shed light on the factors that determined the exchange rate and the impact of the exchange rate on the economy, the theoretical result of the model will be enhanced with the help of graphs and statistical numbers, by the end of the paper; it concludes the important policy implication for the monetary policy and exchange rate policy.     

《2010年国际贸易术语解释通则》与《 2000通则》的比较

为帮助外贸业务人员深入理解和正确使用《2010年国际贸易术语解释通则》的条款,本文旨在通过对最新发布和生效的《2010年国际贸易术语解释通则》的修订背景、及其与《2000年国际贸易术语解释通则》的比较分析,探讨《2010年国际贸易术语解释通则》在国际贸易今后发展中的实际意义,并结合目前外贸企业对贸易术语的应用现状,有针对性地提出如何使贸易术语更好地与外贸企业实际业务相结合,从而使外贸从业人员能熟练掌握、灵活运用《2010年国际贸易术语解释通则》,避免贸易纠纷,减少贸易风险,以防患于未然。     

2010年中国经济的三大困境

我是从来不预言的,但是我不得不提醒大家,2010年的经济是不容乐观的.中国经济发展的几驾马车还有哪一辆能拉的起来?消费这一驾马车,我也不用说,大家心里都清清楚楚的,老百姓哪敢消费!用什么去消费?这一驾已经跑不动了.出口,讲出口就不得不讲奥巴马.这个家伙这次来中国给我们带来了三个"礼物",他给我们带来的是贸易大战、汇率大战和成本大战.现在还有一驾马车拉着中国经济向前走,那就是基础建设.告诉你,世界上没有哪一个国家能靠持续的投资基础建设发展成为经济强国的.     

AN ANALYSIS OF THE WELFARE CUTS IN THE COMPREHENSIVE SPENDING REVIEW AND THE BUDGET 2010

In the Comprehensive Spending Review and in the Budget 2010, the Liberal–Conservative coalition has announced cost‐cutting measures in the benefit system. Some of these measures can be interpreted as ‘random cuts’, where the given scope and structure of a spending programme is retained, while bits and pieces are chopped off here and there. Others can be interpreted as more strategic measures, or reconsiderations of the proper role of government in the respective area. However, where the coalition has pursued a more strategic approach, it has not followed it through consistently. The coalition's consolidation strategy relies too much on temporary caps and freezes, which will eventually expire and give way to renewed spending pressures.     

2010年后高职英语教材的展望

随着我国高职教育人才培养模式的转变,2010年以后的高职英语教材建设也正面临着改革。有必要对我国第三阶段高职英语教材的设计与基本要求、教材内容与实际使用进行对照,提出新一代高职英语教材建设的构想,探索新一代教材＂基础英语＋行业英语、多媒体平台、实训平台＂三位一体的构架。     

世博会与城市发展的互动演化关系及其当代价值

研究表明,世博会与城市发展之间的互动演化关系贯穿了整个世博会的举办历史。世博会作为交流、展示和传播城市文化科技成果的平台,关注的焦点总是追随着城市创新的演化轨迹。当代城市创新以技术与文化艺术的渗透融合为主要特征,为满足价值活动的创新需求,世博会也在积极酝酿新一轮的功能转变。反过来,世博会的功能演化同样深刻影响着城市发展的方向。特别是当全球竞争重心向城市和区域转移时,世博会的地方化色彩逐渐浓厚,并被视为区域开发和城市增长的战略工具。然而,由于城市追逐资本的传统竞争模式因其不可持续性而饱受诟病,从而要求人们在全新的背景下重新审视当代世博会对于城市转型的价值意义。现身说法地践行世博会主题倡导的内容,积极探索功能转变的新方向,是时代赋予2010年上海世博会的责任与使命。上海应以此为契机,通过提高地域竞争优势、探索区域合作的制度创新、发展文化创意经济和现代会展业,尽快融入全球城市网络体系。