中国会计与财务研究最新文献

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Regional Industry Structure, Industrial Tax Burden, and the Effectiveness of the Replacing Business Tax with Value Added Tax Policy: Evidence from Listed Companies in China 区域产业结构、产业税负与营改增政策的有效性——来自中国上市公司的证据
中国会计与财务研究 Pub Date : 2016-05-24 DOI: 10.7603/S40570-016-0004-7
Huobao Xie, Li Hui
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引用次数: 0
Analysts’ long-term growth forecasts and the post-earnings-announcement drift 分析师的长期增长预测和财报公布后的走势相互偏离
中国会计与财务研究 Pub Date : 2016-04-22 DOI: 10.1108/cafr-05-2022-0059
Shuoyuan He
{"title":"Analysts’ long-term growth forecasts and the post-earnings-announcement drift","authors":"Shuoyuan He","doi":"10.1108/cafr-05-2022-0059","DOIUrl":"https://doi.org/10.1108/cafr-05-2022-0059","url":null,"abstract":"PurposeThis study examines the relation between the presence of analysts’ long-term growth (LTG) forecasts and the post-earnings-announcement drift (PEAD).Design/methodology/approachUsing a sample of firm-quarters from 1995 to 2013, the author conducts various regression analyses.FindingsThe author finds that the magnitude of PEAD is significantly smaller for firms with LTG forecasts. The relationship holds after controlling for a wide range of explanatory variables for PEAD returns or for the presence of LTG forecasts. The author further investigates three nonexclusive hypotheses to explain this relationship. First, LTG forecasts may convey incremental value-relevant information that facilitates investors’ processing of short-term earnings information. Second, the presence of LTG forecasts may indicate superiority in analysts’ short-term forecast ability and identify firms with more efficient short-term forecasts. Third, the presence of LTG forecasts may be associated with cross-sectional differences in the persistence of earnings surprises. The author finds that none of these fully accounts for the negative relationship between the presence of LTG forecasts and PEAD returns. Instead, the relationship may be a result of the presence of LTG forecasts capturing some unobservable firm characteristics beyond those identified in prior studies.Originality/valueThis study contributes to the PEAD literature by identifying a novel analyst-based predictor of the cross-sectional variation in PEAD returns.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62046851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Political Background and Household Entrepreneurship in China 政治背景与中国家庭创业
中国会计与财务研究 Pub Date : 2016-04-18 DOI: 10.7603/S40570-016-0003-8
Xiang Zhang, Lunyi Li, Ziheng Li
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引用次数: 4
Realised Volatility Forecasts for Stock Index Futures Using the HAR Models with Bayesian Approaches * 基于贝叶斯方法的HAR模型的股指期货实现波动率预测*
中国会计与财务研究 Pub Date : 2016-03-21 DOI: 10.7603/S40570-016-0002-9
Jiawen Luo, Langnan Chen
{"title":"Realised Volatility Forecasts for Stock Index Futures Using the HAR Models with Bayesian Approaches *","authors":"Jiawen Luo, Langnan Chen","doi":"10.7603/S40570-016-0002-9","DOIUrl":"https://doi.org/10.7603/S40570-016-0002-9","url":null,"abstract":"","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"175 1","pages":"1-29"},"PeriodicalIF":0.0,"publicationDate":"2016-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.7603/S40570-016-0002-9","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71373447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Does the Liquidity of Underlying Stocks Affect the Liquidity of Derivatives? Evidence from a Natural Experiment * 标的股票的流动性是否影响衍生品的流动性?来自自然实验的证据*
中国会计与财务研究 Pub Date : 2016-03-16 DOI: 10.7603/S40570-016-0001-X
L. Gang
{"title":"Does the Liquidity of Underlying Stocks Affect the Liquidity of Derivatives? Evidence from a Natural Experiment *","authors":"L. Gang","doi":"10.7603/S40570-016-0001-X","DOIUrl":"https://doi.org/10.7603/S40570-016-0001-X","url":null,"abstract":"","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"18 1","pages":"1-21"},"PeriodicalIF":0.0,"publicationDate":"2016-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.7603/S40570-016-0001-X","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71373442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The Zodiac Calendar and Equity Factor Returns 生肖日历和股票因素回报
中国会计与财务研究 Pub Date : 2016-01-15 DOI: 10.2139/ssrn.2610897
Janice Phoeng, L. Swinkels
{"title":"The Zodiac Calendar and Equity Factor Returns","authors":"Janice Phoeng, L. Swinkels","doi":"10.2139/ssrn.2610897","DOIUrl":"https://doi.org/10.2139/ssrn.2610897","url":null,"abstract":"We calculate the returns for four well-known equity return factors—market, size, value, and momentum—for each zodiac calendar year from 1927 to 2015. We find that the point estimates of average returns for each zodiac sign can be substantially different. However, when we employ statistical tests, we do not find enough evidence to reject the null hypothesis of equal excess returns across zodiac signs. For an investor with an equally weighted portfolio in these four equity factors, the Year of the Rooster may seem particularly good and the Year of the Ox particularly poor, but also in this case the null hypothesis cannot be rejected. Hence, we conclude that investment strategies based on zodiac signs are unlikely to generate superior returns.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"18 1","pages":"1-17"},"PeriodicalIF":0.0,"publicationDate":"2016-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68220988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
How to Make Finance Scholarship More Creative and Equitable: An Author’s Suggestions to Editors and Referees * 如何使金融奖学金更具创造性和公平性:作者对编辑和审稿人的建议*
中国会计与财务研究 Pub Date : 2015-12-13 DOI: 10.7603/S40570-015-0009-7
A. Subrahmanyam
{"title":"How to Make Finance Scholarship More Creative and Equitable: An Author’s Suggestions to Editors and Referees *","authors":"A. Subrahmanyam","doi":"10.7603/S40570-015-0009-7","DOIUrl":"https://doi.org/10.7603/S40570-015-0009-7","url":null,"abstract":"","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"28 1","pages":"1-9"},"PeriodicalIF":0.0,"publicationDate":"2015-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.7603/S40570-015-0009-7","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71373424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Managers’ Personal Characteristics, Bank Supervision, and Cost Stickiness * 管理者个人特征、银行监管与成本粘性*
中国会计与财务研究 Pub Date : 2015-12-10 DOI: 10.7603/S40570-015-0011-0
Shangkun Liang, Gang Zhao, Na Wang
{"title":"Managers’ Personal Characteristics, Bank Supervision, and Cost Stickiness *","authors":"Shangkun Liang, Gang Zhao, Na Wang","doi":"10.7603/S40570-015-0011-0","DOIUrl":"https://doi.org/10.7603/S40570-015-0011-0","url":null,"abstract":"","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"17 1","pages":"1-51"},"PeriodicalIF":0.0,"publicationDate":"2015-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.7603/S40570-015-0011-0","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71373436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Is Forecast Capability Important? Evidence from the Selection of Best Analysts in China* 预测能力重要吗?中国最佳分析师评选的证据*
中国会计与财务研究 Pub Date : 2015-12-01 DOI: 10.7603/S40570-015-0010-1
Y. Quan, Shangkun Liang
{"title":"Is Forecast Capability Important? Evidence from the Selection of Best Analysts in China*","authors":"Y. Quan, Shangkun Liang","doi":"10.7603/S40570-015-0010-1","DOIUrl":"https://doi.org/10.7603/S40570-015-0010-1","url":null,"abstract":"","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"17 1","pages":"1-60"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.7603/S40570-015-0010-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71373432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Information Content of Text in Chinese Audit Opinions * 中文审计意见正文信息内容*
中国会计与财务研究 Pub Date : 2015-11-02 DOI: 10.7603/S40570-015-0008-8
Ziye Zhao, Minhua Lin
{"title":"Information Content of Text in Chinese Audit Opinions *","authors":"Ziye Zhao, Minhua Lin","doi":"10.7603/S40570-015-0008-8","DOIUrl":"https://doi.org/10.7603/S40570-015-0008-8","url":null,"abstract":"","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"17 1","pages":"1-56"},"PeriodicalIF":0.0,"publicationDate":"2015-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.7603/S40570-015-0008-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71373389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
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