关联交易——操纵利润的趋势及以对策

一些上市公司为达到扭亏、保牌或再融资等目的，大股东往往利用不公允的关联交易向上市公司输送利润，这些关联交易常见的类型有：出售或购买资产、资产置换、资产赠与、关联方承担债务和费用、委托或受托经营、债务重组等。考察关联交易现有的规范和关联交易利润操纵方式的新变化，对进一步规范关联交易很有必要。

Framework of pricing a revolver loan in the case of dependent defaults

In this paper we analyze the main characteristics of correlative clients and the revolver loan and reduced form models for the correlative clients A and B in real-life. This is done by decomposing the default intensity into specific default intensity and homogenous default intensity. We also use a mathematical formula of the default joint distribution function and the marginal distribution function in the physical measure to deduce the martingale measure. The modeling idea on pricing the revolver loan with client A is presented by applying reduced form model. Through calculating the cost and income fund flows under the martingale measure, the framework of a “break-even” pricing model is established. The conclusion is that the interest rate of a revolver loan for client A on the “break-even” point is not related to the maximum authorized amount and the drawdown amount at that time under some assumptions, but only rests with credit rating and homogenous default intensity of client A and B as well as loan term of client A.

Is Anarchism Inevitable？ A Critique of Simmons＇ Treatment of Natural Duty Accounts of Political Obligation

Are citizens morally obligated to obey and support their states？ ＂Political Obligations and Authority＂ is perhaps A. John Simmons＇ most comprehensive summary of his mature views on this enduring philosophical problem. In this essay, Simmons critically engages Plato＇s dialogue Crito and culls from it three types of strategies for justifying political obligations： natural duty, associative, and transactional. Simmons argues that natural duty accounts are inherently incapable of providing moral grounding for political obligations, disqualifies both associative and transactional accounts on empirical grounds, and settles for a form of anarchism. I argue, assuming as Simmons does in this essay that natural duties imply obligations of support and obedience to political institutions, that the natural duty strategy promises to provide an escape route out of anarchism.

Usefulness and Effectiveness of Related Party Transactions （RPTs） Disclosure： Empirical Evidence From Italy

Related party transactions （RPTs） can be used by corporate insiders （e.g., managers, controlling shareholders） to expropriate corporate outsiders （e.g., minority shareholders）. We argue that effective disclosure of RPTs can eliminate or at least reduce expropriation phenomena by letting corporate outsiders assess the fairness of the transactions and identify the underlying conflicts of interest. We consider a sample of large RPTs carried out by listed corporations in Italy, a country that has been affected by significant corporate scandals in recent years. In particular, we analyse the content of several compulsory informative documents, required by CONSOB （the Italian Securities and Exchange Commission）, concerning large RPTs. The focus of our content analysis is on the ＂warnings＂ sections of these documents that should convey clear and comprehensive information on potential risks and conflicts of interest. Our empirical results show that, while the ＂warnings＂ sections of the studied documents generally contain all the information required by existing rules, the depth of the information provided is often unlikely to be sufficient to communicate the implications of the RPTs. Thus, readers may not find the disclosed information adequate to evaluate the fairness of the transactions. Moreover, visual representations are rarely used in the informative documents. The use of such representations could allow companies to convey the structures and features of complex RPTs in a simpler and more direct way.

Ownership Concentration and the Value Effect of Related Party Transactions （RPTs）

This paper investigates 218 related party transactions （RPTs） in Israel, an economy characterized by a high percentage of closely-held finns and identifies a non-linear inverted U connection between the value effect of RPT and the level of finn ownership concentration. This non-linear connection is similar to the worldwide documented quadratic （inverted U） relation between ownership concentration and a finn＇s Tobin＇s Q. The relation becomes even statistically stronger, when measuring ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.

Exploring the Vietnamese Environment Accounting With an Introduction About the Green Accounting Information System

Environment is one of the significant factors to the people and our life, because it is fundamentally joined to everything we require for human beings to subsist. Many fields in the society are influenced by the environment. For these reasons, the Vietnamese government issued the Law on Environmental Protection Tax in 2010 to prove this essential matter. Therefore, the organizations have utilized their tools to record the related transactions into the journals for taking an interest in the nature conditions for substantial development. Based on the accounting aspects, Vietnam has no theories about the environment accounting. Hence, this article will provide some basic information and a general picture of the green accounting information system in the environmental condition. Moreover, this paper will analyze the relationship between the environment and company＇s output by applying the environmental management system （EMS） in the accounting system. However, this paper only provides the overall contents about the environment accounting in Vietnam and this limitation will present this problem for further articles.

Audit Committees： How They Affect Financial Reporting in Nigerian Companies

This study examines whether audit committees are associated with improved financial reporting quality for a sample of Nigerian listed companies prior to and after a corporate governance code mandated new regulations for audit committees in 2003. Using a sample of 70 companies listed on the Nigerian Stock Exchange, this study uses archival data in the form of companies＇ annual reports to measure the association between audit committees and improved financial reporting quality. Dechew and Dichev （2002）＇s model was used to measure earnings as a proxy for financial reporting quality. The results indicate that formation of audit committees was positively associated with improved financial reporting quality. It was also found that audit committees having an independent chair and audit committee expertise were positively associated with financial reporting quality. Other audit committee characteristics examined were found to be insignificantly related to financial reporting quality.

A scalar dynamic conditional correlation model:Structure and estimation

The dynamic conditional correlation(DCC) model has been widely used for modeling the conditional correlation of multivariate time series by Engle(2002). However, the stationarity conditions have been established only recently and the asymptotic theory of parameter estimation for the DCC model has not yet to be fully discussed. In this paper, we propose an alternative model, namely the scalar dynamic conditional correlation(SDCC) model. Sufficient and easily-checked conditions for stationarity, geometric ergodicity, andβ-mixing with exponential-decay rates are provided. We then show the strong consistency and asymptotic normality of the quasi-maximum-likelihood estimator(QMLE) of the model parameters under regular conditions.The asymptotic results are illustrated by Monte Carlo experiments. As a real-data example, the proposed SDCC model is applied to analyzing the daily returns of the FSTE(financial times and stock exchange) 100 index and FSTE 100 futures. Our model improves the performance of the DCC model in the sense that the Li-Mc Leod statistic of the SDCC model is much smaller and the hedging efficiency is higher.