slide 1:
slide 2:
slide 3:First the authors examine whether there are differences in Earnings Management across countries
Second, the authors specify several measures that partly explain the different levels of EM across countries
slide 4: The idea is that earnings management is more pervasive in countries with weak investor protection. The reason is that private control benefits are smaller in a country with strong outside investor protection. Therefore the incentives for EM are weaker.
slide 5:Argentina, Mexico and Brazil are dropped because these countries had hyperinflation during the sample period. However, the results are qualitatively unchanged if these countries remain in the sample.
slide 6: Table 1 – in alphabetical order
Firm Size - is measured as total US$ sales (later all financial measures are scaled by the lagged value of total assets – results are robust to scaling by other variables) Capital Intensity – is measured as the ratio of long term assets over total assets Fraction of manufacturing firms – firm year observations with SIC 2000 to 3999
Per Capital GDP - Average per capita GDP in constant 1995 US $ from 1990 to 1999 Inflation –measured as the average percentage change in consumer prices from 1990 to 1998 V olatility of GDP –standard deviation of the growth rate in real per capita GDP from 1990 to 1998
US – highest median firm size
Switzerland – highest per capita GDP
Japan – lowest in Inflation
Finland – most volatile GDP growth
slide 7: The authors employ four different measures of earnings management on the country level.
The first measure of EM is the country‘s median ratio of the firm level standard deviation of operating earnings divided by the firm-level standard deviation of cash flow from operations. The scaling by the CF from operations controls for the underlying true economic variability.
ΔCA – change in current assets
Δcash – change in cash
ΔCL – current liabilities
ΔSTD – short term debt
ΔTP – change in income tax payable
Dep – Depreciation and Amortization Expense
slide 8: If a company has a low cash flow number it will make adjustments to the cash flow with higher accruals
slide 9: To mitigate measurement error
slide 10: Table 2 – Panel A – sorted by the ranking of the aggregate
ranking – Austria showing highest EM measure
EM1 – countries with a low EM1-ratio have smoother earnings (low
variability in earnings relative to cash flows) (Austria)
EM2 – a high negative EM2 (correlation) number indicates that earnings smoothing is common in this country (Greece)
EM3 –is a measure of discretion in reporting earnings, the score shows the absolute value of accruals relative to the absolute value of cash flows – a higher value indicates higher discretion (Germany)
EM4 –the ratio of small reported profits to small reported losses –the higher the more earnings management (Austria on top) Aggregate measure –is the average ranking
Slide 11: Table 2 – Panel A– sorted by the ranking of the aggregate ranking – Austria showing highest EM measure
EM1 –countries with a low EM1-ratio have smoother earnings (low variability in earnings relative to cash flows) (Austria)
EM2 – a high negative EM2 (correlation) number indicates that earnings smoothing is common in this country (Greece)
EM3 –is a measure of discretion in reporting earnings, the score shows the absolute value of accruals relative to the absolute value of cash flows – a higher value indicates higher discretion (Germany)
EM4 –the ratio of small reported profits to small reported losses –the higher the more earnings management (Austria on top)
Aggregate measure – is the average ranking
slide 12: Table 2 – Panel B
All the measures are taken from the La Porta 1998 or the 1997 paper.
Legal Origin – the origin of the legal system
Legal Tradition – common law (CM) and code law is indicated by (CD)
Outside Investor rights –is an aggregate measure of minority shareholder rights –ranges from zero to five (zero low rights, 5 high rights)
Legal Enforcement – is the mean score across three measures, ranges from zero to 10 (10 high enforcement)
Importance of Equity Markets –is the mean rank across three variables from the La Porta 1997 paper:
Ratio of aggregate stock market capitalization held by minorities to gross national product
Number of listed domestic firms relative to the population
Number of IPOs relative the population the higher the score –the higher is the importance of the stock market
Ownership Concentration –the median percentage of common shares owned by the largest three shareholders in the ten largest privately owned non-financial firms
Disclosure Index – measures the inclusion of 90 items in the 1990 annual reports (La Porta et. Al 1990)
slide 13:As expected, OIR, LE, IEM and the DI are negatively correlated with the aggregate measure of Earnings Management. The Ownership concentration is positively correlated with the aggregate measure of Earnings Management.
slide 14:This table shows countries grouped intro 3 clusters based on nine institutional variables from the La Porta papers (1997, 1998) .
This analysis shows on a more descriptive level if the level of earnings management is different between these clusters.
Cluster 1 –is characterized by large stock markets, low ownership concentration, extensive outsider rights, high disclosure and strong legal enforcement
Cluster 2 –smaller stock markets, higher ownership concentration, weaker investor protection, lower disclosure levels
But strong legal enforcement
Cluster 3 – like cluster 2 – but weak legal enforcement
Y ou see that C1 is MORE different from C2 or C3 than C2 from C3
slide 15:The authors pose the question of which institutional factors really are the primary determinants of earnings management and which are merely correlated outcomes? – they conclude that Investor protection is the primary factor that explains part of the differences in the level of earnings management across countries.
Outside Investor Rights: index from La Porta from zero to five, the higher the more rights
Legal Enforcement: average score across three measures from La Porta, the higher the more enforcement,
Private Control Benefits: Average Block Premium from Dyck and Zingales (2002) based on transfers of controlling blocks of shares
The multiple regressions examine the relationship between the level of earnings management and investor protection:
First column: Shows that outside investor rights and legal enforcement have a significant negative association with AEM
The multiple regression assumes that OIR and LE are exogenous variables
But what if OIR and LE are determined simultaneously and thus
interdependent – endogeneity bias
Second column: (2 stage least square regression)
The instrumental variables are: 3 dummy variables for legal origin
English, Scandinavian, German and French
Country’s average GDP from 1980 to 1989 – because effective legal infrastructure is costly
These variables can be considered as exogenous for this analysis
1st step: run regression of OIR on instrumentals and LE on instrumentals
–get prediction of OIR’ and LE’
2nd step: regress AEM on OIR’ and LE’
Third column:
Offers a direct estimate of the relation between private control
benefits and earnings management
1st step: regress PCB on OIR and LE – come up with prediction PCB’
2nd step: regress AEM on PCB’
Shows that Private Control Benefits and Earnings Management are highly positively associated!
slide 16:In the final section of the paper the authors perform several robustness checks.
One concern is whether the results are driven by the different accounting rules in the countries. Keep in mind that each country’s GAAP is partly determined by it’s approach to investor protection.
They re-estimate the main regression and include an accrual rules index (Hung 2001) as a control. The coefficient on the accrual rules variable is insignificant which suggests that investor protection is the more fundamental determinant of earnings management. investor protection variable stays significant
Earnings used for tax AND financial accounting purposes may introduce EM and smoothing incentives unrelated to investor protection (eg. steady tax revenue for government, steady bonuses for employees and other stakeholders)
Re-run main regression with a proxy for the degree of a country’s t ax-book conformity –tax variable is not significant, investor protection variable stays significant
Finally, the incremental impact of ownership concentrations on insiders earnings management incentives is examined. Main regression is re-estimated including a proxy for ownership concentration (La Porta 1998) as an additional control variable. Coefficient is not significant.
转帖一 成功英语演讲的秘诀：开场白、结束语 应对问题 -I will be pleased to answer any questions you may have at the end of the present ation. -Please can you save your questions till the end. -If you have any questions, I will be pleased to answer them at the end of the pre sentation. -there will be time at the end of the presentation to answer your questions-so plea se feel free to ask me anything then. -Don't hesitate to interrupt if you have a question. -Please feel free to interrupt me at any time. -Please stop me if you have any questions. -If you need clarification on any point, you're welcome to ask questions at any time. -Can I come back to that point later? -I will be coming to that point in a minute. -That's a tricky question. -We will go into details later. But just to give you an idea of... -I am afraid there's no easy answer to that one... -Yes, that's a very good point. -Perhaps we could leave that point until the questions at the end of the presentatio n -I think I said that I would answer questions at the end of the presentation---perha ps you wouldn't mind waiting until then. -I think we have time for just one more question 欢迎听众(正式) - Welcome to our company - I am pleased to be able to welcome you to our company... - I'd like to thank you for coming. - May I take this opportunity of thanking you for coming 欢迎听众(非正式) - I'm glad you could all get here... - I'm glad to see so many people here. - It's GREat to be back here. - Hello again everybody. Thank you for being on time/making the effort to come to day. - Welcome to X Part II. 受邀请在会议上致词 - I am delighted/pleased/glad to have the opportunity to present/of making this pre
Life comes in a package. This package includes happiness and sorr ow, failure and success, hope and despair. Life is a learning proces s. Experiences in life teach us new lessons and make us a better p erson. With each passing day we learn to handle various situations. Love Love plays a pivotal role on out life. Love makes you feel wanted. Witho ut love a person could go hayward and also bec ome cruel and ferocious. In the early stage of our life, our parents are the ones who shower us with unconditional love and care, they teach us about what is right and wrong, good and bad. But we always tend to take this for granted. It is only after marriage and having kids that a person understands and beco mes sensitive to others feelings. Kids make a person responsible and m ature and help us to understand life better. Happiness and Sorrow Materialistic happiness is short-lived, but happiness achieved by bringing a smile on others face gives a certain level of fulfillment. Peace of mind is the main link to happiness. No mind is happy without peace. We rea lize the true worth of happiness when we are in sorrow. Sorrow is basic ally due to death of a loved one, failure and despair. But these things a re temporary and pass away. Failure and Success Failure is the path to success. It helps us to touch the sky, teaches us to survive and shows us a specific way. Success brings in money, fame, pride and self-respect. Here it becomes very important to keep our hea d on out shoulder. The only way to show our gratitude to God for besto wing success on us is by being humble, modest, courteous and respectf ul to the less fortunate ones. Hope and Despair Hope is what keeps life going. Parents always hope their children will do well. Hope makes us dream. Hope builds in patience. Life teaches us n ot to despair even in the darkest hour, because after every night there i s a day. Nothing remains the same we have only one choice keep movi ng on in life and be hopeful. Life teaches us not to regret over yesterday, for it has passed and is be yond our control. Tomorrow is unknown, for it could either be bright or d ull. So the only alternative is work hard today, so that we will enjoy a b etter tomorrow.
Presentation 应对问题 -I will be pleased to answer any questions you may have at the end of the presentation. -Please can you save your questions till the end. -If you have any questions, I will be pleased to answer them at the end of the presentation. -there will be time at the end of the presentation to answer your questions-so please feel free to ask me anything then. -Don't hesitate to interrupt if you have a question. -Please feel free to interrupt me at any time. -Please stop me if you have any questions. -If you need clarification on any point, you're welcome to ask questions at any time. -Can I come back to that point later? -I will be coming to that point in a minute. -That's a tricky question. -We will go into details later. But just to give you an idea of... -I am afraid there's no easy answer to that one... -Yes, that's a very good point. -Perhaps we could leave that point until the questions at the end of the presentation -I think I said that I would answer questions at the end of the presentation---perhaps you wouldn't mind waiting until then. -I think we have time for just one more question 欢迎听众(正式) - Welcome to our company - I am pleased to be able to welcome you to our company... - I'd like to thank you for coming. - May I take this opportunity of thanking you for coming 欢迎听众(非正式 ) - I'm glad you could all get here... - I'm glad to see so many people here. - It's GREat to be back here. - Hello again everybody. Thank you for being on time/making the effort to come today. - Welcome to X Part II. 受邀请在会议上致词 - I am delighted/pleased/glad to have the opportunity to present/of making this presentation... - I am grateful for the opportunity to present... - I'd like to thank you for inviting/asking me/giving me the chance to... - Good morning/afternoon/evening ladies and gentleman - It's my pleasant duty today to... - I've been asked to... 告知演讲的话题 - the subject of my presentation is... - I shall be speaking today about... - My presentation concerns...
英文Presentation常用句式 成功英语演讲的秘诀：开场白、结束语应对问题-I will be pleased to answer any questions you may have at the end of the presentation. -Please can you save your questions till the end. -If you have any questions, I will be pleased to answer them at the end of the presentation.-there will be time at the end of the presentation to answer your questions-so please feel free to ask me anything then. -Don't hesitate to interrupt if you have a question. -Please feel free to interrupt me at any time. -Please stop me if you have any questions. -If you need clarification on any point, you're welcome to ask questions at any time. -Can I come back to that point later? -I will be coming to that point in a minute. -That's a tricky question. -We will go into details later. But just to give you an idea of... -I am afraid there's no easy answer to that one... -Yes, that's a very good point. -Perhaps we could leave that point until the questions at the end
我们做presentation时不用怕了。总结的真强大，转帖啦! 来源：杨勇的日志 转帖一 成功英语演讲的秘诀：开场白、结束语 应对问题 -I will be pleased to answer any questions you may have at the end of the presentation. -Please can you save your questions till the end. -If you have any questions, I will be pleased to answer them at the end of the presentation. -there will be time at the end of the presentation to answer your questions-so please feel free to ask me anything then. -Don't hesitate to interrupt if you have a question. -Please feel free to interrupt me at any time. -Please stop me if you have any questions. -If you need clarification on any point, you're welcome to ask questions at any time. -Can I come back to that point later? -I will be coming to that point in a minute. -That's a tricky question. -We will go into details later. But just to give you an idea of... -I am afraid there's no easy answer to that one... -Yes, that's a very good point. -Perhaps we could leave that point until the questions at the end of the presentation -I think I said that I would answer questions at the end of the presentation---perhaps you wouldn't mind waiting until then. -I think we have time for just one more question 欢迎听众(正式) - Welcome to our company - I am pleased to be able to welcome you to our company... - I'd like to thank you for coming. - May I take this opportunity of thanking you for coming 欢迎听众(非正式) - I'm glad you could all get here... - I'm glad to see so many people here. - It's GREat to be back here. - Hello again everybody. Thank you for being on time/making the effort to come today. - Welcome to X Part II.
【开场】： -Thank you very much, Prof. William, for your very kind introduction. Mr. Chairman, Ladies and gentleman, Good morning! I consider it a great honor to be asked to speak about …on this session of our symposium. -Ladies and gentleman. It’s an honor to have the opportunity to address such a distinguished audience. -Good morning. Let me start by saying just a few words about my own background. -Mr. Chairman, thank you very much for your kind introduction. President, Distinguished colleagues, Ladies and gentleman, Good morning! Is my voice loud enough? -Good morning, everyone. I appreciate the opportunity to be with you today. I am here to talk to you about… - Good morning, everyone. I am very happy to have this chance to give my presentation. Before I start my speech, let me ask you a question. By a show of hands, how many of you own a car? 【欢迎听众(正式)】 - Welcome to our company - I am pleased to be able to welcome you to our company... - I'd like to thank you for coming. - May I take this opportunity of thanking you for coming 【欢迎听众(非正式 )】 - I'm glad you could all get here... - I'm glad to see so many people here. - It's great to be back here. - Hello again everybody. Thank you for being on time/making the effort to come today. - Welcome to X Part II. 【受邀请在会议上致词】 - I am delighted/pleased/glad to have the opportunity to present/of making this presentation... - I am grateful for the opportunity to present... - I'd like to thank you for inviting/asking me/giving me the chance to... - Good morning/afternoon/evening ladies and gentleman - It's my pleasant duty today to... - I've been asked to... 【告知演讲的话题】 - the subject of my presentation is... - I shall be speaking today about... - My presentation concerns... - Today's topic is...
good afternoon,everyone. he is my favorite singer---vae.do you know the chinese meaning of ‘vae’?he does not look handsome at all.sometime,just like your neighborhood,but he is very talented. his was born on 14th march,in 1986.he graduated from anhui medical university.attention,he is a doctor.isn’t it amazing that xusong turns to be a famous musian finally? roses funeral,the burial of your memorise.(玫瑰花的葬礼，埋葬关于你的回忆。) star light,and water thrawn up by the fold.（星光点亮了，海水泛起褶皱） sad lyrics,sad melody,vae’s interpretation （艺术表现）of the plain with a little bit sad. vae is a man who can tell us what is independence.he is my idol.his perserverance,his effort,his great idea,always inspire me.篇二：英语presentation 演讲稿 before i start my presentation, let’s see some pictures;. yes, thesepictures lead us into my topic today: to be good netizens. nowadays we have stepped in a totally new age, in which we mainly receive the information from the internet. and we can see,the netizen population is growing fast the last decade. by 2000 it was just several millions of netizens in china but now, ten years later, we have more than 50 million. this number increased so fast that we have no time for preparing, so this lead to the situation that i show you before. and why that situation is so bad, let’s look at this picture. we can see, besides the large number, we have another problem: most of the netizens are young people; in other words, the next generation. such a bad internet environment can really influence their future, which means: influence our nation’s future. and although there is many benefits, we should first know whether our movement helps (even if just help a tiny little.) these are four big events which we netizens make many contributions: the event of south china tiger, the 2008 olympic, the train event, and the event of extracting bile from live bears. with our effort, a lot more people know these four events and that really helped to force the government to deal with it more properly. so we now know a good harmonious environment is important and we do can take actions to help create it. so why do we move right now. and these examples are far form enough, to create a good environment, there is a long way to go.篇三：presentation演讲稿 at first, i will give an overview [???v??vju:] of hubei. hubei province, with a population of 60 million, is located [l???ke?t?d] in the middle reaches of the yangtze river, and to the north of dongting lake, with wuhan as the provincial [pr??v?n??l] capital[ ?k?pitl], and qichun as my birthplace. hubei covers an area of over 180,000 square kilometers with over 12 prefecture [?pri:fekt?u?] -level city, and 102 counties. it is well known as “a thoroughfare [?θ?:r???fe?] of 9 provinces(chinese:九省通衢)”for its networks of transportation by air, water, highway and railway. hubei is the birthplace for chu culture. chu culture is a highly developed and
①Hello everyone, today I want to show you a part of how the earth was made, and mainly talk about Yellowstone. ②As continents shift and clash, volcanoes erupt, and glaciers grow and recede, the Earth’s crust is carved in countless fascinating ways, leaving a trail of geological mysteries behind. And one of the greatest is Yellowstone National Park in Wyoming. This is one of the world’s most geologically active places, shaken by up to 5000 earthquakes every year, and with more geysers and hot springs than in the rest of the world combined. Scientists studying Yellowstone are uncovering a violent past. Carved water, crushed by ancient glaciers and blasted by the biggest volcanic eruptions ever known on the planet. And even today, Yellowstone is one of the most dangerous places on Earth. ③Yellowstone is one of the most amazing places on Earth, and it’s unique. It contains some of America’s most stunning scenery and wildlife. Yellowstone is the world’s first national park which is in the northw estern corner of Wyoming and overlaps into Montana and Idaho. The park covers 3468 square miles, 63 miles north to south and 54 miles east to west. It’s a very unusual geology that created the park. ④Old Faithful is the star attraction of Yellowstone. It’s one of the most predictable geographical features on Earth , erupting almost 91 minutes.
怎样做好Presentation？成功英语演讲的万能模板 无论是职场人士还是在校学生，Presentation 都很重要。做好一个Presentation需要做好话题的准备，演讲的时候需要适宜的演讲态度以及恰当的身体语言去传递内容，不仅要讲的流畅，而且要给人真的是“讲”而不是“念”或者“背”的感觉，这需要事先把细节都考虑好，然后练习。如果没什么经验不擅长临场发挥的话，就把讲稿一字一句地都想好，包括肢体语言和互动都可以提前想想。准备充分的好处是即使紧张也不至于大脑一片空白。 Chapter I Beginners ——第一章入门篇 一、演讲开场白 1、欢迎听众(正式) - Welcome to our company - I am pleased to be able to welcome you to our company... - I'd like to thank you for coming. - May I take this opportunity of thanking you for coming 2、欢迎听众(非正式) - I'm glad you could all get here... - I'm glad to see so many people here. - It's GREat to be back here. - Hello again everybody. Thank you for being on time/making the effort to come today. - Welcome to X Part II. 二、演讲的重点内容 1、告知演讲的话题 - the subject of my presentation is...
口试框架及语言表述范例 Introduction: ?Capture attention↗greeting ↘welcoming, gratitude, compliment ?Establish credibility→self-introduction ?Give an overview↗topic, purpose, importance ↘outline Capture attention时可参考的例句 Good afternoon everyone. It’s a very great pleasure for me to be able to attend this conference. Good morning, Mr. Chairman, ladies and gentlemen. It is my honor to have the opportunity to stand here to give my presentation. Thank you very much, Prof. Smith, for your kind introduction. Ladies and gentlemen, good morning. I consider it a great honor to be asked to talk about … in this session of our symposium. (讨论会) Give an overview可参考下面的例句 Today I’m going to give a presentation on …it is necessary to …. First, I’d like to talk about… Then, I’ll … Finally, I’ll… In my presentation today I’ll be discussing…The purpose of it is to …My presentation will be given in four parts. The first part deals with… The second part relates to … The third part concerns…And the last part discusses… Body: 在介绍主体部分时要根据一定的逻辑顺序展开内容 Chronological progression Spatial progression Progression from most to least Cause and effect Problem and solution Compare and contrast Classification Case study Hypothesis and proving 在每个内容之间要用过渡（Transition），例如： We’ve discussed/looked at …, now let’s move on to … Now that I’ve discussed …, I’d like to continue by discussing … In addition to … (what you just covered), another important aspect is … Next, let me talk about … Conclusion: ?Signal and give a conclusion ?End the presentation and express gratitude ?Invite questions Signal and give a conclusion可参考的例句： Now I am about to conclude my presentation. I have explained…
成功英语演讲的秘诀：开场白、结束语 应对问题 -I will be pleased to answer any questions you may have at the end of t he presentation. -Please can you save your questions till the end. -If you have any questions, I will be pleased to answer them at the end of the presentation. -there will be time at the end of the presentation to answer your questi ons-so please feel free to ask me anything then. -Don't hesitate to interrupt if you have a question. -Please feel free to interrupt me at any time. -Please stop me if you have any questions. -If you need clarification on any point, you're welcome to ask questions a t any time. -Can I come back to that point later? -I will be coming to that point in a minute. -That's a tricky question. -We will go into details later. But just to give you an idea of... -I am afraid there's no easy answer to that one... -Yes, that's a very good point. -Perhaps we could leave that point until the questions at the end of the presentation -I think I said that I would answer questions at the end of the presentat ion---perhaps you wouldn't mind waiting until then. -I think we have time for just one more question 欢迎听众(正式) - Welcome to our company - I am pleased to be able to welcome you to our company... - I'd like to thank you for coming. - May I take this opportunity of thanking you for coming 欢迎听众(非正式) - I'm glad you could all get here... - I'm glad to see so many people here. - It's GREat to be back here. - Hello again everybody. Thank you for being on time/making the effort to come today. - Welcome to X Part II.