To study the approximation of foreign currency option prices when the underlying assets＇ price dynamics are described by exponential Lévy processes, the convolution representations for option pricing formulas we...To study the approximation of foreign currency option prices when the underlying assets＇ price dynamics are described by exponential Lévy processes, the convolution representations for option pricing formulas were given, and then the fast Fourier transform （FFT） algorithm was used to get the approximate values of option prices. Finally, a numerical example was given to demonstrate the calculate steps to the option price by FFT.展开更多
Echell Mobil is to use third variable in currency system. A criterion for becoming Echell Mobil is trade relations. In Echell Mobil system, Echell Mobil countries print and issue dollar banknote and distribute it to p...Echell Mobil is to use third variable in currency system. A criterion for becoming Echell Mobil is trade relations. In Echell Mobil system, Echell Mobil countries print and issue dollar banknote and distribute it to partner country. American Fed implemented Quantity Enlargement Policy during the 2008 crises. Fed directly distributes dollars in quantity enlargement. Echell Mobil is similar to Quantity Enlargement Policy. However, it is different from Quantity Enlargement Policy. There is a third variable in Echell Mobil and this third country issues dollar and distributes to partner country. Iceland may become Echell Mobil of European Union and Jordan may become Echell Mobil of Turkey.展开更多
The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for i...The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for investors with respect to the net income （NI）. Previous archival research on the value relevance of FCTAs has documented a weak or non-existent link between FCTAs and firm valuation （Pinto, 2005）. The hypothesized reasons could reside in the econometric method employed, in the use of as-if numbers, and in the missing consideration of the differential effect that exchange rate changes have on firms of varying levels of capital intensiveness. This study adds to the existing literature by empirically testing the value relevance of as-reported FCTAs numbers in the earnings and book value model the Ohlson-like interacted model through panel data techniques. The main finding of this study is that as-reported FCTAs are significantly and incrementally value-relevant, when their parameter estimates are allowed to vary in the cross-section.展开更多
This paper1 empirically examines the accounting and the economic effects of foreign exchange rate fluctuations on the oil and gas industry under the former and the current translation accounting standards in Australia...This paper1 empirically examines the accounting and the economic effects of foreign exchange rate fluctuations on the oil and gas industry under the former and the current translation accounting standards in Australia. Due to the unique features of the oil and gas industry and based on an analysis of the former standard-Australian Accounting Standards Board （AASB） 1012, the authors predict that a positive translation adjustment （the accounting effect） is associated with a loss, instead of a creation of the firm value （the economic effect） under AASB 1012. The authors also predict that the new standard AASB 121, adapted from the International Accounting Standard （IAS） 21 with modifications, will report translation adjustments that are consistent with the economic effects. By using Australia-based multinational oil and gas firms, the authors find that translation adjustments under AASB 1012 are inversely associated with firm value and that the relationship changes to a positive one under AASB 121. This study concludes that the new standard has the potential to improve the quality of the translation accounting information.展开更多
基金Foundation item The National Natural Science Foundationof China (No10571065)
文摘To study the approximation of foreign currency option prices when the underlying assets＇ price dynamics are described by exponential Lévy processes, the convolution representations for option pricing formulas were given, and then the fast Fourier transform （FFT） algorithm was used to get the approximate values of option prices. Finally, a numerical example was given to demonstrate the calculate steps to the option price by FFT.
文摘Echell Mobil is to use third variable in currency system. A criterion for becoming Echell Mobil is trade relations. In Echell Mobil system, Echell Mobil countries print and issue dollar banknote and distribute it to partner country. American Fed implemented Quantity Enlargement Policy during the 2008 crises. Fed directly distributes dollars in quantity enlargement. Echell Mobil is similar to Quantity Enlargement Policy. However, it is different from Quantity Enlargement Policy. There is a third variable in Echell Mobil and this third country issues dollar and distributes to partner country. Iceland may become Echell Mobil of European Union and Jordan may become Echell Mobil of Turkey.
文摘The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for investors with respect to the net income （NI）. Previous archival research on the value relevance of FCTAs has documented a weak or non-existent link between FCTAs and firm valuation （Pinto, 2005）. The hypothesized reasons could reside in the econometric method employed, in the use of as-if numbers, and in the missing consideration of the differential effect that exchange rate changes have on firms of varying levels of capital intensiveness. This study adds to the existing literature by empirically testing the value relevance of as-reported FCTAs numbers in the earnings and book value model the Ohlson-like interacted model through panel data techniques. The main finding of this study is that as-reported FCTAs are significantly and incrementally value-relevant, when their parameter estimates are allowed to vary in the cross-section.
文摘This paper1 empirically examines the accounting and the economic effects of foreign exchange rate fluctuations on the oil and gas industry under the former and the current translation accounting standards in Australia. Due to the unique features of the oil and gas industry and based on an analysis of the former standard-Australian Accounting Standards Board （AASB） 1012, the authors predict that a positive translation adjustment （the accounting effect） is associated with a loss, instead of a creation of the firm value （the economic effect） under AASB 1012. The authors also predict that the new standard AASB 121, adapted from the International Accounting Standard （IAS） 21 with modifications, will report translation adjustments that are consistent with the economic effects. By using Australia-based multinational oil and gas firms, the authors find that translation adjustments under AASB 1012 are inversely associated with firm value and that the relationship changes to a positive one under AASB 121. This study concludes that the new standard has the potential to improve the quality of the translation accounting information.
