Experimental Evidence on the Impacts of Need-Based Financial Aid: Longitudinal Assessment of the Wisconsin Scholars Grant

We conduct the first long-term experimental evaluation of a need-based financial aid program, the privately funded Wisconsin Scholars Grant. Over multiple cohorts, the program failed to increase degree completion and graduate school enrollment up to 10 years after matriculation. The program did reduce time-to-degree for some students and modestly increased the number of STEM degrees earned. The lack of robust effects raises important questions about the conditions necessary for financial aid to benefit students.     

Audit for Whom? Time to Review Roles of Independent Auditors in Hong Kong

The Hong Kong government has been reforming its laws regarding accounting practices in recent years, to pre-empt problems similar to that of Enron. It correctly recognizes an opportunity to enhance and distinguish the financial system in Hong Kong and create a competitive advantage for Hong Kong. The sixty-five billion dollar question is: what is the right approach for accounting practice reform? One obvious approach is to model reform after the Sarbanes Oxley Act (SOX). The SOX increases personal liabilities of senior management and introduces extremely cumbersome compliance processes (s 3 (b)(ix) of Minutes of Bills Committee of Financial Reporting Council Bill. (19 July 2005)). While this approach may be the right move for the United States, because rescuing investor confidence is paramount, a similar approach may not be optimal for Hong Kong. Hong Kong relies, to a great degree, on foreign investments and a heavy-handed approach may scare investments away (Charles E. Schumer &; Michael R. Bloomberg To Save New York, Learn from London, Wall Street Journal 1 Nov 2006). This paper, argues that failure of independent auditors was mainly caused by bad incentives. In particular, auditors were hired by and responsible to the management of companies. Thus, there is no surprise that auditors were less diligent in finding problems caused by management. Furthermore, proposing of an alternate to the SOA’s approach. Specifically, a new legal approach should be enforced that allows shareholders to sue auditors when failure to uncover accounting issues causes loss of shareholders’ values.     

关于缓解县乡财政困难的思考

近年来县乡财政形势严峻,收支矛盾尖锐、债务负担沉重、虚收与财政风险等问题十分突出。缓解县乡财政困难根本在于县域经济持续快速健康发展,内在动力是不断深化改革:加大结构调整力度,强化收入监管力度,完善现行的“分税制”财政体制,加快地方公共财政体系建设,大力推进县乡机构改革和事业单位改革。     

海峡两岸财务预测制度的比较

在证券市场国际化的趋势下,会计也在趋于国际协调,而海峡两岸关系密切,经济互动频繁,因此本文对海峡两岸在信息提供者、披露时点、财务预测更正更新、管理当局责任等财务预测制度的四个方面进行比较研究,指出差异,并提出中国大陆在财务预测制度改进的建议。     

关于扩大人大财政监督职责的几个问题

在我国,审议财政预算及其执行情况,是各级人民代表大会及其常务委员会监督政府机关的工作,规范政府行为的重要途径。由于历史和现实诸多因素的制约,目前我国人大财政预算监督质量还不高。对此我们认为:一、应该对人大的财政监督职能及其实施有更加明确、规范的规定。二、针对我国目前预算实施所出现的问题,考虑(1)建立重大项目的特别全程审查制度。(2)加强人大对部门预算的审查。三、明确“第二财政”的财政性,把他的使用纳入人大的审查和监督的范围。     

基层民警心理压力及其调适

基层民警的心理压力超负荷是个无可争辩的事实 ,目前 ,关注警察的心理健康问题得到了社会各界的重视。基层民警的心理压力来源于社会文化的不断变迁 ,心理压力会影响认知、情绪、行为和生理。面临压力不同的人会采取不同的应付方式 ,从而带来不良后果。心理调适的方法 :一、有效驾驭压力。二、善于调节情绪。三、勇于改变自我。四、对广大民警进行心理健康教育以提高心理素质从四个方面入手。     

从"不能发生"所引发的思考--试论金融安防中的几个观点

上海建设金融中心的步伐随着经济的快速增长而日益加快,在"市中心区域不能发生结伙抢劫银行和金银珠宝店"具有极端重要性.金融防范应坚持整体性、系统性和综合性相统一的原则,而树立高度的防范意识是金融防范工作的核心.另外,建设强大的防范威慑也是金融安全的重要保证.     

论吉林村镇银行可持续发展问题

制约当前村镇银行可持续发展的最大障碍是慈善思维方式——农民因为贫穷需要廉价资金。村镇银行发放小额农户贷款被认为是扶贫的手段。村镇银行采取商业化方式,实施高利率小额农户信贷与支持、帮助农村中的贫困群体并不矛盾。完善小额农户贷款还需要信贷员激励机制。村镇银行需要政府扶助,但又要避免地方政府的过度干预,避免政府信用担保的道德风险,这样才能实现可持续发展。     

试析越南近期的经济状况——以金融动荡为研究重点

2007年下半年至今,越南金融出现了较为动荡的局面.其表现为:通货膨胀居高不下、越盾贬值、股票和房地产暴跌等.其中,通货膨胀是导致其他一系列负面经济情况产生的根源.造成这次金融动荡的原因,除了受国际经济环境的影响外,还与越南政府的宏观经济调控不力、外贸逆差急增、投资效果差有着极大的关系.面临居高不下的通货膨胀,越南政府出台了一系列对应措施,这些措施已逐步取得成效.越南经济发展的潜力无疑是很大的,但是越南经济能否稳步、顺利地发展,很大程度上取决于政府的宏观调控能力及国际经济环境的影响.     

The influence of bankruptcy law on equity value of financially distressed firms: A European comparative analysis

The reaction of stock prices to bankruptcy filing has been frequently analysed in the financial literature. In this paper we adopt a different approach to that of traditional study, and endeavour to determine whether the reaction of markets is conditioned by the orientation of bankruptcy law. Our results lead us to conclude that it is actually the type of bankruptcy law that conditions the valuation of firm's stocks. We have also found that the drop in share value is greater in creditor-oriented systems, while the negative returns are lower in debtor-oriented systems.