The valuation relevance of environmental performance revisited: The moderating role of environmental provisions

This study attempts to broaden our understanding of the value relevance of environmental performance by providing empirical evidence on the moderating role of financial environmental reporting. Previous studies find that firms' environmental performance can be both positively and negatively associated with market value. Such contradictory findings can be attributed to the fact that environmental performance is associated with future economic benefits and costs. This study suggests that firms with recognized environmental provisions on their balance sheets enable investors to disentangle these opposite effects either by signaling strong future financial performance or by enhancing the reliability of environmental performance information. Regardless of the mechanism by which this moderation effect is invoked, it is hypothesized that capital market participants place a positive and significantly higher value on the environmental performance ratings of firms with recognized environmental provisions than on the ratings of firms without environmental provisions. Utilizing a sample of 692 firm-year observations of French listed firms and employing a linear price-level model that associates the market value of a firm's equity with its environmental performance, I provide empirical evidence to corroborate this thesis. In addition to contributing to the academic debate on the market valuation implications of environmental performance, this study intends to provide useful insights from a country that can be considered a pioneer of environmental reporting legislation; hence, it provides valuable lessons for other jurisdictions that are in the process of developing their sustainability reporting regulations. Finally, the findings of this study support the calls for more integrated reporting showing that the interaction of financial and non-financial information has market valuation implications.     

Commemorating the 50‐Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past 50 Years

We commemorate the 50th anniversary of Ball and Brown [1968] by chronicling its impact on capital market research in accounting. We trace the evolution of various research paths that post–Ball and Brown [1968] researchers took as they sought to build on the foundation laid by Ball and Brown [1968] to create a body of research on the usefulness, timeliness, and other properties of accounting numbers. We discuss how those paths often link back to the groundwork laid and questions originally posed in Ball and Brown [1968].     

Advertising to the masses: the effects of crowding on the attention to place-based advertising

Advertising situated in environments where people congregate or pass through on their way to somewhere else benefit from being placed in such high traffic areas. However, these strategically placed ads also suffer from conditions of human crowding that prevents them from being noticed and processed. We undertake a study of place-based advertising in a shopping mall using facial recognition software to determine the effect of human density on the attention directed to advertising. We find that as human density increases, attention to advertising decreases, but only to a point where it begins to increase again. Our research also finds that human density plays a moderating role on the motivation to process advertising.     

关联交易信息的核心质量 --层次结构及实现途径

通过对关联交易的组织理性和社会成本进行简要的经济学分析，从节约社会成本的角度，借助FASB“财务会计信息质量的层次结构模型”，构筑了一个关联交易信息的核心质量层次结构，同时，从我国有关关联交易会计规范颁布和变迁的角度，分析现有关联交易信息质量的实现途径及不足，并提出相关改进建议。     

会计国际化背景下的我国会计信息质量特征研究

会计信息质量特征是财务会计概念框架的重要组成部分。本文采用规范分析方法对西方国家的会计信息质量特征进行了国际比较，并结合实证研究结论对影响我国财务会计信息质量特征的因素进行了现状分析。最后指出在当前特殊的环境下确立我国财务会计信息质量特征体系，应该同时兼顾国际协调与中国特色，建议在透明度的总体要求下，依次将会计信息质量特征设定为：可靠性，相关性，充分披露。     

浅析远程监控的数据传输

文章论述了远程监控系统数据传输技术的重要性以及常用的几种实现方式,并对其优缺点进行了比较和分析。文中分析了利用全球移动通信系统(GSM)进行数据传输的优越性,并介绍了GSM传输的3种方式的特点,各自的实现方式,最后展望了远程监控数据传输的发展前景。     

基于资产质量的会计报表项目附注披露内容改进研究——兼谈可靠性与相关性

传统观念认为可靠性和相关性在大多数情况下此消彼长，不能同方向服务于会计信息使用者。但本文基于封相关性和可靠性关系的重新思考，认为相关性是封会计信息内容的要求，可靠性是封会计信息质量的要求，相关性必须与可靠性相结合才能有效地服务于会计信息使用者。本文以此为出发点，在简要探讨相关性内涵及其与可靠性之间关系的基础上，着重探讨相关性具体信息内容，并主要以资产负债表项目附注披露内容为研究对象，建议改进应收款项、存货、长期股权投资、固定资座、在建工程和无形资产等部分报表项目附注的披露内容，以反映企业资产的变现及预期收益能力，从而提高会计报表决策相关性。     

金融发展与信息交易的演进

通过对金融发展与金融结构演进的理论背景、研究基础和金融结构的演变过程与现状分析,论述了不同金融机构所交易信息的特征、金融机构的多元化以及金融发展与信息商品的多样性变化,提出了随经济发展对信息商品需求数量和质量的不断提高引起的金融分工的演进和政策建议。     

Market Valuation of Research and Development Spending under Canadian GAAP*

Section 3450 of the Canadian Institute of Chartered Accountants (CICA) Handbook requires Canadian firms to capitalize development costs that meet certain criteria and to expense those that relate to research. International Accounting Standard (IAS) No. 38 favours a similar approach. In the United States, Statement of Financial Accounting Standard (SFAS) No. 2 recommends the immediate expensing of all research and development (R&D) spending. The only exception is SFAS No. 86, which requires software development costs to be capitalized when a product successfully passes a technological feasibility test. Consequently, the Canadian financial disclosure regime provides a rich setting for testing the market valuation of capitalized R&D. Our primary research question asks whether capitalized R&D provides useful information to market participants investing in Canadian firms. We use price‐level and return models to assess the value relevance of capitalized R&D disclosed in the financial statements under Canadian GAAP. In line with expectations, using a price‐level model, we find that capitalized R&D and R&D expense as disclosed in the financial statements provide information that is value relevant to market participants. However, we find that R&D capitalized during the year helps explain returns while R&D expense does not. Thus we conclude that the application of section 3450 of the CICA Handbook produces value‐relevant information.