Incentives for voluntary disclosure

Rule l0b-5 of the 1934 Securities and Exchange Act allows investors to sue firms for misrepresentation or omission. Since firms are principal–agent contracts between owners – contract designers – and privately informed managers, owners are the ultimate firms’ voluntary disclosure strategists. We analyze voluntary disclosure equilibrium in a game with two types of owners: expected liquidating dividends motivated (VMO) and expected price motivated (PMO). We find that Rule l0b-5: (i) does not deter misrepresentation and may suppress voluntary disclosure or, (ii) induces some firms to adopt a partial disclosure policy of disclosing only bad news or only good news.     

A note on the projection properties of Hadamard matrices obtained by the first Payley construction

We show that the projections on four factors of an arbitrary orthogonal array of strength 2 allow the estimation of main effects and two-factor interactions when all other effects are assumed to be zero, if those projections satisfy the bounds given by Weil<img src="/content/c9lbcy286wrv25l3/xxlarge8217.gif" alt="rsquo" align="BASELINE" BORDER="0">s theorem. The only exceptions are the Hadamard matrices of orders 16 and 24. A consequence is again the estimability of main effects and two-factor interactions for the projections on four factors of the first Payley construction for arbitrary run size.     

农村金融:现实挑战与发展选择

农村金融体制的改革严重滞后，已经成为农村发展的重要障碍。当前中国农村经济已进入新畴发展阶段，其面临的主要矛盾是由增加供给转变为提高效益，传统的数量扩张为主的增长方式受到严重挑战。农村和农业发展对资金要素的依赖程度日趋增强．然而现实表明：由于农村正规金融组织功能不全、农村合作金融明显缺位，农村金融抑制变得更加严重，农村非农产业和农民获得金融服务极为困难已成为普遍存在的现象。     

Does the transformation of accounting firms’ organizational form improve audit quality?Evidence from China

In this study,we examine the effects of the transformation of accounting firms’organizational form on audit quality.We find that the transformation from limited...     

Measuring performance in the presence of stochastic demand for hospital services: an analysis of Belgian general care hospitals

Since demand for hospital services is subject to substantial variability, the relationship between uncertain demand, excess capacity, hospital costs and performance should be investigated thoroughly. In this paper a waiting time indicator to proxy hospital standby capacity is incorporated into a multi-product translog cost function for Belgian general care hospitals. The indicator is derived from queuing theory and improves on the conventionally used (inverse of the) occupancy rate. The multi-product stochastic frontier specification allows calculation of cost elasticities and marginal cost of seven hospital departments, as well as the degree of economies of scale and scope and enables identification of differences in efficiency. <table class="Contact"> <tbody> <tr> <td valign="top"><img alt="Contact Information" src="/images/contact.gif" border="0"></td> <td><strong>Mike </strong><strong>Smet</strong><strong></strong><strong>Email: </strong></td> </tr> </tbody> </table>     

Two new proofs of Afriat’s theorem

Summary. We provide two new, simple proofs of Afriat<img src="/content/b2da6l6dvjljxrl0/xxlarge8217.gif" alt="rsquo" align="BASELINE" BORDER="0">s celebrated theorem stating that a finite set of price-quantity observations is consistent with utility maximization if, and only if, the observations satisfy a variation of the Strong Axiom of Revealed Preference known as the Generalized Axiom of Revealed PreferenceReceived: 12 June 2003, Revised: 9 October 2003, JEL Classification Numbers: D11, C60.<i>Correspondence to</i>: A. Fostel     

铁路局管辖范围增大的管理问题思考

针对南昌铁路局管辖范围扩大后面临的实际问题,按照现代企业组织管理的基本原理,提出实施分层分类、分层分权管理,并对应该做好的产业结构和生产力布局调整、建立管理新机制、规范分层管理决策程序、提高人员素质等相关工作进行了探析,以期对铁路局直管站段的管理工作有所裨益。     

On the pricing of forward starting options in Heston’s model on stochastic volatility

We consider the problem of pricing European forward starting options in the presence of stochastic volatility. By performing a change of measure using the asset price at the time of strike determination as a numeraire, we derive a closed-form solution within Heston<img src="/content/l0310262102g162w/xxlarge8217.gif" alt="rsquo" align="BASELINE" BORDER="0">s stochastic volatility framework applying distribution properties of the volatility process. In this paper we develop a new and more suitable formula for pricing forward starting options. This formula allows to cover the smile effects observed in a Black-Scholes environment, in which the extreme exposure of forward starting options to volatility changes is ignored.Received: July 2004, Mathematics Subject Classification (2000): 91B28, 60G44, 60H30, 60E10JEL Classification: G13It is a pleasure to thank the anonymous referee for his valuable comments and suggestions on this paper. Furthermore, we would like to thank Holger Kraft, University of Kaiserslautern, and Alexander Giese, HypoVereinsbank AG Munich, for fruitful discussions and suggestions.     

Construction of D-optimal s 1 × s 2 × s 3 factorial designs using graph theory

In this paper, the maximum determinant of the associated 0-1 matrix in D-Optimal saturated main effect plans for 3× s_2 × s_3 factorials, is derived by the use of Graph theory and Combinatorics. The present work is related to a problem suggested by Chatterjee and Narasimhan (2002). Using the theoretical results, we also give the designs for <i>s</i><sub>3</sub>≥<i>s</i><sub>2</sub> + 1. This research was supported by the State Scholarships Foundation of Greece.     

一种用于高速QPSK解调的四次方环载波恢复电路

为解决高速QPSK信号全数字解调的技术瓶颈问题,采用模拟方案 ,研制了一种四次方环载波恢复电路,重点介绍了应用混频器上变频特性的宽带平方电路以 及锁相环（PLL）载波提取电路的设计过程。测试结果表明,该载波恢复电路可以完成载频 为720 MHz、码速率100 Mbit/s～1 Gbit/s范围的QPSK信号同步载波恢复,解 决了高速信号相干解调中载波同步的关键技术问题。