The effect of uncertainty about stochastic diffusion model on dynamic portfolio choice of an investor who maximizes utility of terminal portfolio wealth was studied.It applied stochastic control method to obtain the c...The effect of uncertainty about stochastic diffusion model on dynamic portfolio choice of an investor who maximizes utility of terminal portfolio wealth was studied.It applied stochastic control method to obtain the closed-form solution of optimal dynamic portfolio,and used the Bayesian rule to estimate the model parameters to do an empirical study on two different samples of Shanghai Exchange Composite Index.Results show,model uncertainty results in positive or negative hedging demand of portfolio,which depends on investor's attitude toward risk;the effect of model uncertainty is more significant with the increasing of investment horizon,the decreasing of investor's risk-aversion degree,and the decreasing of information;predictability of risky asset return increases its allocation in portfolio,at the same time,the effect of model uncertainty also strengthens.展开更多
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 f...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.展开更多
One of the significant effects of the knowledge economy is the introduction of new business models with resulting creation of intangible resources represented by intellectual assets. In spite of its clear contribution...One of the significant effects of the knowledge economy is the introduction of new business models with resulting creation of intangible resources represented by intellectual assets. In spite of its clear contribution to a firm＇s sustainability of performance, recognition of these intellectual assets in the financial statements do not correspond with their significance as they have to rigid criteria set by conventional accounting standards. This study seeks to assess the level of intellectual capital （IC） resources reported in Malaysian companies in the traditional sectors of the economy and examine their reporting trends in the annual reports of these companies from years 2003 and 2008 Data was collected from companies listed in the main board of Malaysia Stock Exchange （or Bursa Malaysia） and content analysis was applied. Results show that the extent of IC reporting in the annual accounts of listed companies in traditional sectors is slightly above average.展开更多
基金Key program of Natural Science Research of High Education of Anhui Province of China(No.KJ2009A157)
文摘The effect of uncertainty about stochastic diffusion model on dynamic portfolio choice of an investor who maximizes utility of terminal portfolio wealth was studied.It applied stochastic control method to obtain the closed-form solution of optimal dynamic portfolio,and used the Bayesian rule to estimate the model parameters to do an empirical study on two different samples of Shanghai Exchange Composite Index.Results show,model uncertainty results in positive or negative hedging demand of portfolio,which depends on investor's attitude toward risk;the effect of model uncertainty is more significant with the increasing of investment horizon,the decreasing of investor's risk-aversion degree,and the decreasing of information;predictability of risky asset return increases its allocation in portfolio,at the same time,the effect of model uncertainty also strengthens.
文摘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.
文摘One of the significant effects of the knowledge economy is the introduction of new business models with resulting creation of intangible resources represented by intellectual assets. In spite of its clear contribution to a firm＇s sustainability of performance, recognition of these intellectual assets in the financial statements do not correspond with their significance as they have to rigid criteria set by conventional accounting standards. This study seeks to assess the level of intellectual capital （IC） resources reported in Malaysian companies in the traditional sectors of the economy and examine their reporting trends in the annual reports of these companies from years 2003 and 2008 Data was collected from companies listed in the main board of Malaysia Stock Exchange （or Bursa Malaysia） and content analysis was applied. Results show that the extent of IC reporting in the annual accounts of listed companies in traditional sectors is slightly above average.
