ACCA (The Association of Chartered Certified Accountants), as one of the most famous professional organizations for accountants, has long placed great importance on the cultivation of international accountants with co...ACCA (The Association of Chartered Certified Accountants), as one of the most famous professional organizations for accountants, has long placed great importance on the cultivation of international accountants with colleges. Up to the present, more than forty universities all over the country have ACCA-oriented course offering. This study aims at embedding ACCA course into the curriculum system of Business English Majors. The new course offering would apply a bilingual teaching approach. This study would be beneficial to the construction of our English department and pave a brand new way of breeding international accountants.展开更多
Chalcopyrite,copper indium gallium selenide(Cu(In,Ga)Se_(2),CIGS),as semiconductor materials,have been widely used as absorbers in thin-film solar cells,offering high power conversion efficiency(PCE)and good thermal s...Chalcopyrite,copper indium gallium selenide(Cu(In,Ga)Se_(2),CIGS),as semiconductor materials,have been widely used as absorbers in thin-film solar cells,offering high power conversion efficiency(PCE)and good thermal stability[1−3].Recently,the development of non-traditional photovoltaic(PV)devices such as semitransparent.展开更多
This study investigates the earnings performance of 418 initial public offerings （IPOs） listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third ye...This study investigates the earnings performance of 418 initial public offerings （IPOs） listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third year prior to listing up to the fifth year post-listing, it is found that IPO companies＇ operating performances as a whole peak in the year of listing or the year preceding the listing, but exhibit a fall in post-issue profitability with the decline being most pronounced in the first financial year following the year in which the listing take place. Over 30% of these IPOs suffer a loss three years after the offerings. Deterioration of post-issue performance is found to be more severe for smaller finns, highly-geared companies, fast-growing enterprises, companies with lower ownership retention by original shareholders, and companies which have managed earnings upwards at the time of listing. These observations are consistent with the higher agency costs when firms go public and that managers have timed the issue at the peak of the companies＇ long-run performance. Further investigation confirms that IPO companies in general make use of income-increasing accruals to manage their earnings upwards in the year when they go public. The reversal of the accruals in post-issue years further exaggerates the decline in their profitability.展开更多
Recent literature has addressed initial coin offering(ICO)projects,which are an innovative form of venture financing through cryptocurrencies using blockchain technology.Many features of ICOs remain unexplored,leaving...Recent literature has addressed initial coin offering(ICO)projects,which are an innovative form of venture financing through cryptocurrencies using blockchain technology.Many features of ICOs remain unexplored,leaving much room for additional research,including the success factors of ICO projects.We investigate the success of ICO projects,with our main purpose being to identify factors that influence a project’s outcome.Following a literature review,from which several potential variables were collected,we used a database comprising 428 ICO projects in the banking/financial sector to regress several econometric models.We confirmed the impacts of several variables and obtained particularly valuable results concerning project and campaign variables.We confirmed the importance of a well-structured and informative white-paper.The proximity to certain markets with high availability of financial and human capital is also an important determinant of the success of an ICO.We also confirm the strong dependency on cryptocurrency and the impact of cryptocurrency valuations on the success of a project.Furthermore,we confirm the importance of social media in ICO projects,as well as the importance of human capital characteristics.Our research contributes to the ICO literature by capturing most of the success factors previously identified and testing their impacts based on a large database.The current research contributes to the building of systems theory and signaling theory by adapting their frameworks to the ICO environment.Our results are also important for regulators,as ICOs are mainly unregulated and have vast future potential,and for investors,who can benefit from our analysis and use it in their due diligence.展开更多
Our research on private placement of equity on China capital market reveals that firms prefer to equity financing when their stock price is overvalued and investor sentiment is high,following the market timing hypothe...Our research on private placement of equity on China capital market reveals that firms prefer to equity financing when their stock price is overvalued and investor sentiment is high,following the market timing hypothesis.However,after private issuance,we document a significant positive abnormal return within three years.We believe firms choose to polish their financial statement before the exit of institutional investors and controlling shareholders.Through manipulation of discretional accruals,firms improve the profitability and market valuation,and help institutional investors and controlling shareholders obtain the abnormal return after private placement of equity.Nevertheless,such manipulation cannot be sustained and will do harm to other investors in the long-term.展开更多
As prior researchers have suggested,a firm’s success in an international market depends on how well its strategy fits the nonmarket environment,such as formal institutions.This paper examines the determinants of form...As prior researchers have suggested,a firm’s success in an international market depends on how well its strategy fits the nonmarket environment,such as formal institutions.This paper examines the determinants of formal institutions around new areas of economic activities.Specifically,we propose a framework for understanding how the quality of formal institutions in promoting entrepreneurship drives the focus of such institutions concerning initial coin offering(ICO),which is emerging as a popular fundraising method.The paper uses inductive analysis to examine how nonmarket factors—such as a jurisdiction’s tax haven nature,regulators’perceptions of ICOs as threats to national or political interests,and trade and industry associations—might moderate the relationship between the quality of institutions and the focus of such institutions regarding ICOs.One of this study’s key findings is that an economy’s quality of entrepreneurship-related institutions,perceived threats to national/political interests,and tax haven nature lead to different policy orientations.Consequently,regulators assign different importance when promoting crypto-entrepreneurship and dealing with associated risks.Regulators focusing mainly on promoting crypto-ventures have taken measures to enrich the blockchain ecosystem and provided tax and non-tax incentives to attract such ventures.Regulators focusing mainly on dealing with crypto-venture risks rely on a regulatory sandbox and close regulatory monitoring of such ventures.展开更多
A model to explain the dynamic characters of earnings management was developed based on the interactionamong several firms’ disclosure policies. Under the condition of incomplete information, each firm’s earnings ma...A model to explain the dynamic characters of earnings management was developed based on the interactionamong several firms’ disclosure policies. Under the condition of incomplete information, each firm’s earnings man-agement will be influenced by the earnings disclosure policies of other firms. It can lead to "herd behavior" of earningsmanagement. This paper studies the relationship between earnings manipulation and rights issue policy based on thedistribution of earnings after management. The results indicate that Chinese listed companies trend towards controllingROE in the narrow ranges just above 6% and 10% .Therefore, "herd behavior" exists in the earnings management.展开更多
New York Times reported on November 20 that when you browsed Anthropologie’s stores, you would feel as if you’re wandering through an artsy home, where there are sure to be closets full of eclectic outfits, bedrooms...New York Times reported on November 20 that when you browsed Anthropologie’s stores, you would feel as if you’re wandering through an artsy home, where there are sure to be closets full of eclectic outfits, bedrooms with bohemian quilts and kitchen tables with展开更多
CT:What are the positive effects of the lifting restrictions on international flights on this exhibition?Charles Beauduin:As our exhibitors and visitors come from more than 100 countries,the lifting of travel restrict...CT:What are the positive effects of the lifting restrictions on international flights on this exhibition?Charles Beauduin:As our exhibitors and visitors come from more than 100 countries,the lifting of travel restrictions by governments around the world is good news.International airlines are adding more flights and this helps make it easier for participants to travel to our exhibition in Milan.展开更多
Doubtlessly, the term ＂human rights＂ has become a world language in the 21st century. China has written ＂The state respects and protects human rights＂ into its constitution, thus opening up a new period of constit...Doubtlessly, the term ＂human rights＂ has become a world language in the 21st century. China has written ＂The state respects and protects human rights＂ into its constitution, thus opening up a new period of constitutional construction and human rights cause. This great term ＂human rights＂ does not only contain specific rights that can be put into practice but also carry dignity, equality, freedom and other value systems and moral requirements.展开更多
English business correspondence plays an important role in business activities. People take it for granted that it should be cautious and accurate,but neglect the necessity and importance of vague language. Therefore,...English business correspondence plays an important role in business activities. People take it for granted that it should be cautious and accurate,but neglect the necessity and importance of vague language. Therefore, it is very important to apply vague language to English business correspondence.展开更多
文摘ACCA (The Association of Chartered Certified Accountants), as one of the most famous professional organizations for accountants, has long placed great importance on the cultivation of international accountants with colleges. Up to the present, more than forty universities all over the country have ACCA-oriented course offering. This study aims at embedding ACCA course into the curriculum system of Business English Majors. The new course offering would apply a bilingual teaching approach. This study would be beneficial to the construction of our English department and pave a brand new way of breeding international accountants.
基金This work is supported by the National Natural Science Foundation of China(22075150)the National Key Research and Development Program of China(2019YFE0118100)+2 种基金L.Ding thanks the National Key Research and Development Program of China(2022YFB3803300)the open research fund of Songshan Lake Materials Laboratory(2021SLABFK02)the National Natural Science Foundation of China(21961160720).
文摘Chalcopyrite,copper indium gallium selenide(Cu(In,Ga)Se_(2),CIGS),as semiconductor materials,have been widely used as absorbers in thin-film solar cells,offering high power conversion efficiency(PCE)and good thermal stability[1−3].Recently,the development of non-traditional photovoltaic(PV)devices such as semitransparent.
文摘This study investigates the earnings performance of 418 initial public offerings （IPOs） listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third year prior to listing up to the fifth year post-listing, it is found that IPO companies＇ operating performances as a whole peak in the year of listing or the year preceding the listing, but exhibit a fall in post-issue profitability with the decline being most pronounced in the first financial year following the year in which the listing take place. Over 30% of these IPOs suffer a loss three years after the offerings. Deterioration of post-issue performance is found to be more severe for smaller finns, highly-geared companies, fast-growing enterprises, companies with lower ownership retention by original shareholders, and companies which have managed earnings upwards at the time of listing. These observations are consistent with the higher agency costs when firms go public and that managers have timed the issue at the peak of the companies＇ long-run performance. Further investigation confirms that IPO companies in general make use of income-increasing accruals to manage their earnings upwards in the year when they go public. The reversal of the accruals in post-issue years further exaggerates the decline in their profitability.
基金supported by Fundação para a Ciência e a Tecnologia,grant UIDB/00315/2020.
文摘Recent literature has addressed initial coin offering(ICO)projects,which are an innovative form of venture financing through cryptocurrencies using blockchain technology.Many features of ICOs remain unexplored,leaving much room for additional research,including the success factors of ICO projects.We investigate the success of ICO projects,with our main purpose being to identify factors that influence a project’s outcome.Following a literature review,from which several potential variables were collected,we used a database comprising 428 ICO projects in the banking/financial sector to regress several econometric models.We confirmed the impacts of several variables and obtained particularly valuable results concerning project and campaign variables.We confirmed the importance of a well-structured and informative white-paper.The proximity to certain markets with high availability of financial and human capital is also an important determinant of the success of an ICO.We also confirm the strong dependency on cryptocurrency and the impact of cryptocurrency valuations on the success of a project.Furthermore,we confirm the importance of social media in ICO projects,as well as the importance of human capital characteristics.Our research contributes to the ICO literature by capturing most of the success factors previously identified and testing their impacts based on a large database.The current research contributes to the building of systems theory and signaling theory by adapting their frameworks to the ICO environment.Our results are also important for regulators,as ICOs are mainly unregulated and have vast future potential,and for investors,who can benefit from our analysis and use it in their due diligence.
文摘Our research on private placement of equity on China capital market reveals that firms prefer to equity financing when their stock price is overvalued and investor sentiment is high,following the market timing hypothesis.However,after private issuance,we document a significant positive abnormal return within three years.We believe firms choose to polish their financial statement before the exit of institutional investors and controlling shareholders.Through manipulation of discretional accruals,firms improve the profitability and market valuation,and help institutional investors and controlling shareholders obtain the abnormal return after private placement of equity.Nevertheless,such manipulation cannot be sustained and will do harm to other investors in the long-term.
文摘As prior researchers have suggested,a firm’s success in an international market depends on how well its strategy fits the nonmarket environment,such as formal institutions.This paper examines the determinants of formal institutions around new areas of economic activities.Specifically,we propose a framework for understanding how the quality of formal institutions in promoting entrepreneurship drives the focus of such institutions concerning initial coin offering(ICO),which is emerging as a popular fundraising method.The paper uses inductive analysis to examine how nonmarket factors—such as a jurisdiction’s tax haven nature,regulators’perceptions of ICOs as threats to national or political interests,and trade and industry associations—might moderate the relationship between the quality of institutions and the focus of such institutions regarding ICOs.One of this study’s key findings is that an economy’s quality of entrepreneurship-related institutions,perceived threats to national/political interests,and tax haven nature lead to different policy orientations.Consequently,regulators assign different importance when promoting crypto-entrepreneurship and dealing with associated risks.Regulators focusing mainly on promoting crypto-ventures have taken measures to enrich the blockchain ecosystem and provided tax and non-tax incentives to attract such ventures.Regulators focusing mainly on dealing with crypto-venture risks rely on a regulatory sandbox and close regulatory monitoring of such ventures.
文摘A model to explain the dynamic characters of earnings management was developed based on the interactionamong several firms’ disclosure policies. Under the condition of incomplete information, each firm’s earnings man-agement will be influenced by the earnings disclosure policies of other firms. It can lead to "herd behavior" of earningsmanagement. This paper studies the relationship between earnings manipulation and rights issue policy based on thedistribution of earnings after management. The results indicate that Chinese listed companies trend towards controllingROE in the narrow ranges just above 6% and 10% .Therefore, "herd behavior" exists in the earnings management.
文摘New York Times reported on November 20 that when you browsed Anthropologie’s stores, you would feel as if you’re wandering through an artsy home, where there are sure to be closets full of eclectic outfits, bedrooms with bohemian quilts and kitchen tables with
文摘CT:What are the positive effects of the lifting restrictions on international flights on this exhibition?Charles Beauduin:As our exhibitors and visitors come from more than 100 countries,the lifting of travel restrictions by governments around the world is good news.International airlines are adding more flights and this helps make it easier for participants to travel to our exhibition in Milan.
文摘Doubtlessly, the term ＂human rights＂ has become a world language in the 21st century. China has written ＂The state respects and protects human rights＂ into its constitution, thus opening up a new period of constitutional construction and human rights cause. This great term ＂human rights＂ does not only contain specific rights that can be put into practice but also carry dignity, equality, freedom and other value systems and moral requirements.
文摘English business correspondence plays an important role in business activities. People take it for granted that it should be cautious and accurate,but neglect the necessity and importance of vague language. Therefore, it is very important to apply vague language to English business correspondence.
