The aim of this study is to investigate whether the comprehensive income （CI） and its individual components are useful in assessing the future cash flows for Italian listed companies. In addition, we verify whether ...The aim of this study is to investigate whether the comprehensive income （CI） and its individual components are useful in assessing the future cash flows for Italian listed companies. In addition, we verify whether the recent requirement of International Accounting Standard （IAS） 1 （r2011） of providing the other comprehensive income （OCI） separates in two sub-totals （recycling and non-recycling items groups） is useful to explain the expected cash flows. We consider a sample of 121 Italian non-financial companies listed on the Italian Stock Exchange for the testing period of 2008-2011, employing a fixed-effect regression model, and we test the relationship between the changes in the variables considered and not the relative absolute value reducing, in this way, the risk of not grasping a report if the independent variable and the response variable do not have the same sign. Our results stress that CI and the two new sub-aggregates are not relevant to explain future cash flows, while net income （NI） and OC1 as a whole seem to be more relevant to make explicit the future financial position. The study contributes, as a sort of post-implementation review, to the current debate on the ability of Cl to predict the future cash flows and on the real usefulness of the CI and the sub-aggregate identified by the IAS 1 revised as well.展开更多
In this paper, two sets of gravity and magnetic data were used to study the tectonics of the southern East China Sea and Ryukyu trench-arc system： one data set was from the ＇Geological-geophysical map series of Chin...In this paper, two sets of gravity and magnetic data were used to study the tectonics of the southern East China Sea and Ryukyu trench-arc system： one data set was from the ＇Geological-geophysical map series of China Seas and adjacent areas＇ database and the other was newly collected by R/VKexue Ⅲ in 2011. Magnetic and gravity data were reorganized and processed using the software MMDP, MGDP and RGIS. In addition to the description of the anomaly patterns in different areas, deep and shallow structure studies were performed by using several kinds of calculation, including a spectrum analysis, upward-continuation of the Bouguer anomaly and horizontal derivatives of the total-field magnetic anomaly. The depth of the Moho and magnetic basement were calculated. Based on the above work, several controversial tectonic problems were discussed. Compared to the shelf area and Ryukyu Arc, the Okinawa Trough has an obviously thinned crust, with the thinnest area having thickness less than 14km in the southern part. The Taiwan-Sinzi belt, which terminates to the south by the NW-SE trending Miyako fault belt, contains the relic volcanic arc formed by the splitting of the paleo Ryukyu volcanic arc as a result of the opening of the Okinawa Trough. As an important tectonic boundary, the strike-slip type Miyako fault belt extends northwestward into the shelf area and consists of several discontinuous segments. A forearc terrace composed of an exotic terrane collided with the Ryukyu Arc following the subduction of the Philippine Sea Plate. Mesozoic strata of varying thicknesses exist beneath the Cenozoic strata in the shelf basin and significantly influence the magnetic pattern of this area. The gravity and magnetic data support the existence of a Great East China Sea, which suggests that the entire southern East China Sea shelf area was a basin in the Mesozoic without alternatively arranged uplifts and depressions, and might have extended southwestward and connected with the northern South China Sea shelf basin.展开更多
This study tests the hysteresis hypothesis of unemployment in fifteen OECD countries by using panel unit root tests which allow for structural breaks. We apply annual unemployment rates covering 1985-2008 periods. We ...This study tests the hysteresis hypothesis of unemployment in fifteen OECD countries by using panel unit root tests which allow for structural breaks. We apply annual unemployment rates covering 1985-2008 periods. We test whether unemployment rates are stationary by using second generation tests which allow cross section dependency among series and panel unit root test based on structural break advanced by Carrion-i-Silvestre, Barrio-Castro and Lopez-Bazo （2005）. We find series as a stationary process with structural breaks according to Carrion-i Silvestre et al. （2005） test, while we find series as unit root process with second generation panel unit root test. According to the Carrion-i Silvestre et al. （2005） test, we find the evidence of absence of hysteresis in analyzed countries. As a result, temporary shocks have temporary effects on unemployment instead of permanent effect. Structural factors can affect the natural rate of unemployment and, therefore, unemployment would be stationary around a process that is subject to structural breaks. So, there still exists a unique natural rate of unemployment to which the economy eventually will converge.展开更多
文摘The aim of this study is to investigate whether the comprehensive income （CI） and its individual components are useful in assessing the future cash flows for Italian listed companies. In addition, we verify whether the recent requirement of International Accounting Standard （IAS） 1 （r2011） of providing the other comprehensive income （OCI） separates in two sub-totals （recycling and non-recycling items groups） is useful to explain the expected cash flows. We consider a sample of 121 Italian non-financial companies listed on the Italian Stock Exchange for the testing period of 2008-2011, employing a fixed-effect regression model, and we test the relationship between the changes in the variables considered and not the relative absolute value reducing, in this way, the risk of not grasping a report if the independent variable and the response variable do not have the same sign. Our results stress that CI and the two new sub-aggregates are not relevant to explain future cash flows, while net income （NI） and OC1 as a whole seem to be more relevant to make explicit the future financial position. The study contributes, as a sort of post-implementation review, to the current debate on the ability of Cl to predict the future cash flows and on the real usefulness of the CI and the sub-aggregate identified by the IAS 1 revised as well.
基金funded by the National Key Basic Research Program of China (973 ProgramGrant No.2013CB429701)National Natural Science Foundations of China (Grant Nos.41206050 and 41202081)
文摘In this paper, two sets of gravity and magnetic data were used to study the tectonics of the southern East China Sea and Ryukyu trench-arc system： one data set was from the ＇Geological-geophysical map series of China Seas and adjacent areas＇ database and the other was newly collected by R/VKexue Ⅲ in 2011. Magnetic and gravity data were reorganized and processed using the software MMDP, MGDP and RGIS. In addition to the description of the anomaly patterns in different areas, deep and shallow structure studies were performed by using several kinds of calculation, including a spectrum analysis, upward-continuation of the Bouguer anomaly and horizontal derivatives of the total-field magnetic anomaly. The depth of the Moho and magnetic basement were calculated. Based on the above work, several controversial tectonic problems were discussed. Compared to the shelf area and Ryukyu Arc, the Okinawa Trough has an obviously thinned crust, with the thinnest area having thickness less than 14km in the southern part. The Taiwan-Sinzi belt, which terminates to the south by the NW-SE trending Miyako fault belt, contains the relic volcanic arc formed by the splitting of the paleo Ryukyu volcanic arc as a result of the opening of the Okinawa Trough. As an important tectonic boundary, the strike-slip type Miyako fault belt extends northwestward into the shelf area and consists of several discontinuous segments. A forearc terrace composed of an exotic terrane collided with the Ryukyu Arc following the subduction of the Philippine Sea Plate. Mesozoic strata of varying thicknesses exist beneath the Cenozoic strata in the shelf basin and significantly influence the magnetic pattern of this area. The gravity and magnetic data support the existence of a Great East China Sea, which suggests that the entire southern East China Sea shelf area was a basin in the Mesozoic without alternatively arranged uplifts and depressions, and might have extended southwestward and connected with the northern South China Sea shelf basin.
文摘This study tests the hysteresis hypothesis of unemployment in fifteen OECD countries by using panel unit root tests which allow for structural breaks. We apply annual unemployment rates covering 1985-2008 periods. We test whether unemployment rates are stationary by using second generation tests which allow cross section dependency among series and panel unit root test based on structural break advanced by Carrion-i-Silvestre, Barrio-Castro and Lopez-Bazo （2005）. We find series as a stationary process with structural breaks according to Carrion-i Silvestre et al. （2005） test, while we find series as unit root process with second generation panel unit root test. According to the Carrion-i Silvestre et al. （2005） test, we find the evidence of absence of hysteresis in analyzed countries. As a result, temporary shocks have temporary effects on unemployment instead of permanent effect. Structural factors can affect the natural rate of unemployment and, therefore, unemployment would be stationary around a process that is subject to structural breaks. So, there still exists a unique natural rate of unemployment to which the economy eventually will converge.
