A Case Study of ACCA-Oriented Course Offering for Business English

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.

Operating Performance of Initial Public Offering Companies in Hong Kong

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.

Initial coin offerings(ICOs):Why do they succeed?

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.

Solution-processed CuIn(S,Se)_(2) solar cells on transparent electrode offering 9.4%efficiency

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.

Investor Sentiment and Cross-Sectional Return after Share Issuance:Evidence from Seasonal Equity Offering in China Market

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.

The nature and sources of international variation in formal institutions related to initial coin offerings:preliminary findings and a research agenda

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.

Seasoned Equity Offerings and " Herd Behavior " of Earnings Management

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.

Retailers Enliven Catalog Offerings Through Apps

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

ITMA exhibition features bellwethers offering the most innovative solutions for the industry--Interview with Mr.Charles Beauduin,ITMA Services Chairman

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.

Concept and Feasibility of Offering Human Rights Courses in China's Institutions of Higher Learning

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.

Offering Fuel In Snowy Weather──Timely Aid to Disaster－Stricken Area in Yushu

ＯｆｆｅｒｉｎｇＦｕｅｌＩｎＳｎｏｗｙＷｅａｔｈｅｒ──ＴｉｍｅｌｙＡｉｄｔｏＤｉｓａｓｔｅｒ－ＳｔｒｉｃｋｅｎＡｒｅａｉｎＹｕｓｈｕＬＩＵＺＥＮＧＫＵＩＳｎｏｗｉｎｇａｇａｉｎ！Ｄａｍｉｔ！Ｐｅｏｐｌｅ．ｗｈｏｈａｄｂｅｅｎｆｉｇｈｔｉｎｇｓｔａｒ...

Optimal Offering of Energy Storage in UK Day-Ahead Energy and Frequency Response Markets

The offering strategy of energy storage in energy and frequency response(FR) markets needs to account for country-specific market regulations around FR products as well as FR utilization factors, which are highly uncertain. To this end, a novel optimal offering model is proposed for stand-alone price-taking storage participants, which accounts for recent FR market design developments in the UK, namely the trade of FR products in time blocks, and the mutual exclusivity among the multiple FR products. The model consists of a day-ahead stage, devising optimal offers under uncertainty, and a real-time stage, representing the storage operation after uncertainty is materialized. Furthermore, a concrete methodological framework is developed for comparing different approaches around the anticipation of uncertain FR utilization factors(deterministic one based on expected values, deterministic one based on worst-case values, stochastic one, and robust one), by providing four alternative formulations for the real-time stage of the proposed offering model, and carrying out an out-of-sample validation of the four model instances. Finally, case studies employing real data from UK energy and FR markets compare these four instances against achieved profits, FR delivery violations, and computational scalability.

The Boarding Bunch Navigating the challenges of schools offering education and accommodation in rural China

In the last three years,Ma Huiming has visited some 100 primary boarding schools in rural China,bringing him closer to a significantly large yet often overlooked segment of the country's population-the roughly 9 million rural primary boarding school students.

Analytical Model of Day-ahead and Real-time Price Correlation in Strategic Wind Power Offering

In this paper,the model of strategic wind power offering in the day-ahead(DA)market is proposed considering the uncertainties of wind power production,and price forecasting of DA and real-time(RT)market.The wind power deviation in the RT market is settled with the two-price mechanism based on the deviation direction and the relation between the locational marginal prices(LMPs)of DA and RT.Instead of using the point forecasting for the DA and RT LMPs,the uncertainties of LMP forecasting are modeled.In addition,the correlation between the forecasting errors of DA and RT LMP are directly modeled instead of generating the correlated scenarios.Finally,the opitmal offered quantity of wind power in the DA market is derived using the probability theory based on the probabilistic wind power forecasting.The case study using the price data of actual DA and RT from Midcontinent Independent System Operator(MISO)validates the effectiveness of the proposed model.It shows that the correlation of the forecasting errors of DA and RT LMP has a significant impact on the wind power quantity offered by DA and revenue results.

Growth Enterprise Board Initial Public Offerings:Characteristics,Volatility and the Initial-day Performance

We use the Chinese initial public offering data from October 2009 to August 2010 to examine the newly-established growth enterprise board （GEB）. The results indicate that the GEB has been successful and is providing a viable channel for new small and medium-sized firms to raise external capital. Four variables, the volatility variable, the turnover ratio, the winning lottery ratio and the price-earnings ratio, are important factors driving the initial- day returns in the regression analysis. The implementation of the new trading-halts policy on the GEB is found to be effective in mitigating excessive speculation. Our analysis results could be used by policy-makers to gauge the effects of policy changes on the underpricing of the initial public offerings of the GEB.

Does Foreign Venture Capital Provide More Value-added Services to Initial Public Offering Companies in China？

This paper uses all 1404 initial public offerings （1PO） undertaken between 2002 and 2012 in China to analyze whether venture capital （VC） investment, especially foreign VC investment, brings more or less value-added services to the invested companies during the 3 years following the IPO. The results show that venture capitalists choose to invest in companies with higher value potential, and, in turn, the value of the companies increases after the 1PO is undertaken;foreign VC adds more value to companies than domestic venture capital. However, the profitability of VC-backed and non VC-backed companies after IPO does not differ significantly. Nevertheless, it is shown that VC plays an active role in China.

The Impact of Initial Public Offering Lockup Expirations on Liquidity:Evidence from Chinese Stock Market

Previous empirical evidence on the liquidity effect to the lockup expiration is mixed. A sample from Chinese listed firms is adopted and contributes to better understand this effect in emerging markets. The spread and illiquidity significantly increases around lockup expiration in China. Furthermore, the liquidity reaction to firms' disclosure quality is explicitly related. The results confirm that higher disclosure quality is significantly associated with lower abnormal spread and illiquidity impact. The effect of lockup expiration shares on liquidity proxies differs in firm disclosure quality. Identifying the factors affecting liquidity around such events may help regulators develop policies to provide investors with greater confidence in their investments.

Ten-year emission characteristics of atmospheric pollutants from incineration of sacrificial offerings in China

The incineration of sacrificial offerings is a significant widely practiced custom that is also a kind of neglected air pollution source in China.Our results showed that the emission factors of particulate matter,SO_(2),CO,NO_(x),and VOCs emitted from the incineration of sacrificial offerings with purification systems were reduced by 95%,19%,9%,82%,and 42%,respectively,compared with those without a purification system,revealing a significant effect of the flue gas purification system on reducing particulate matter and gaseous pollutants.The emission level of air pollutants from the incineration of sacrificial offerings remained stable before 2013 and then showed a remarkable decrease after the implementation of China′s Air Pollution Prevention Action Plan in 2013.The emissions of TSP(total suspended particulate),PM_(10),PM_(2.5),and NO_(x)in 2009 were 8222,6106,5656 and 15,878 ton,respectively,obviously higher than 3434,2551,2305 and 8579 ton in 2019.Such trend was affected by both the quantity of incineration and the installation rate of purification systems after the Emission Standard of Air Pollutants for Crematory(GB 13801-2015)issued in China.Distinct spatial distribution of atmospheric pollutants from incineration of sacrificial offerings was found with higher in the east and south of China than the west and north of China,which is proportional to the regional economy and population.The maximum ground-level concentration typically occurred at 0.12-0.2 km from the pollution source,posing potential health risks to people entering and exiting funeral and burial sites and nearby residents.

Offering a Gift to Time, Life, and Hometown with a Pure Heart through Literature

On the advent of the Lunar New Year,Qiao Ye agreed to the exclusive interview with the reporter from Beijing Youth Daily to talk about her writing endeavors.She candidly admits that,up to now,Baoshui Village宝水is a full-length novel to which she has devoted the most patience.Apart from preliminary research,field visits to the villages,emotional immersion,and rational self-examination during her writing process,as wellas revisions and refinements of the first draft,the fundamental reason for that patience is that while Baoshui is a mix of fiction and reality,it is a contemporary village.Although the writing process is flled with hardship,in Qiao Ye's eyes,Baoshui Village is a gift given to her by time,life,and her hometown.“And the only gift I can offer in return is offering a gift to time,life,and hometown with a pure heart through literature."