Chen et al.(2010)以中國審計市場為調查對象，研究會計師對簽證客戶的經濟依存度(以資產衡量)對審計品質的影響。他們發現在2001年以前經濟依存度會傷害審計品質；然而在2001年至2004年間，因中國法律規範的改善，而未發現經濟依存度的負面影響。基於近年中國資本市場的長足發展且審計公費成為公眾可取得之資訊，本文延伸他們的研究樣本期間(至2008年)並以實際的審計公費計算經濟依存度。實證結果發現，無論以整體事務所或合夥會計師來計算經濟依存度，Chen et al.(2010)的結論並未改變。 / Chen et al.(2010) examine how the legal and regulatory changes in China affect the relationship between client economic importance (measured by assets audited by audit firm ) and audit quality. They find that audit quality is negatively correlated with client importance from 1995 to 2000. Therefore, when the institutional environment became more investor friendly, started from 2001 to 2004, they do not find that audit quality negatively correlated with client importance anymore. Following Chen et al.(2010), this study extends the sample period to 2008 and I use ratio of client’s total audit fees to audit firm’s total revenue as proxies for client importance to examines whether the client importance affect audit quality in china. Based on the data for firms listed in Shanghai and Shenzhen stock exchanges from 2004 to 2008, I do not find that audit partners compromise independence for economically important clients, no matter at the firm or the partner level.

The financing of public schools in South Africa is dependent on school fees to a great extent. However, the legislative process governing the charging of school fees perpetuates the entrenched inequality in the education system and violates the constitutional rights of those learners who are unable to afford school fees and other educational costs. This study examines the impact of the school funding system on the right to basic education of these learners, who are in most instances black and/or poor.

本研究探討中國國務院國有資產監督管理委員會(國資委)，實施統一委託審計之規範對於中央國有企業審計品質及審計公費的影響。國資委於2004年發布有關統一委託審計的規定，要求中央國有企業的年度財務決算審計須由國資委統一委託會計師事務所進行，並規定會計師事務所的審計年限必須介於2~5年之間，本研究欲探討此規定對中央國有企業審計品質及審計公費的影響。具體而言，本研究以異常應計數作為審計品質的代理變數，並使用差異中的差異法檢驗統一委託審計的影響，研究樣本為2001~2009年中國滬深A股上市公司。實證結果顯示，就審計品質而言，實施統一委託審計後中央國有企業的審計品質有提升，但其中會計師事務所的審計年限規定並未對審計品質造成明顯影響；就審計公費而言，實施統一委託審計後中央國有企業的審計公費下降，且在市場發展程度愈低的地區效果愈明顯。 / This paper examines the effect of regulations on audit quality and audit fees in China. China’s State-owned Assets Supervision and Administration Commission of the State Council (SASAC) issued some rules in 2004 to improve audit quality for state-owned enterprises controlled by the central government (CSOEs), such as SASAC Order No. 5 and SASAC Rule No. 173. Under these rules, SASAC mandatorily assign auditors for CSOEs, and CSOEs’ managers have to retain auditors for at least 2 years and at most 5 years. This paper investigates listed companies in Shenzhen and Shanghai Stock Exchange from 2001 to 2009, and uses abnormal accruals as proxy for audit quality and a difference-in-differences design to examine the effect of these rules on audit quality and audit fees. The empirical results suggest that after the enactment of these rules, the audit quality for CSOEs relative to other companies improves and the audit fees for CSOEs relative to other companies reduce.

The government of Sweden encourage the development of electricity produced from renewable sources by maintaining an electricity certificates system in which producers that use renewable sources in their production are given certificates. The system is regulated in the Swedish Electricity Certificates Act (lag (2003:113) om elcertifikat). To prevent fraudulent behaviour a penalty fee is charged upon producers that have recieved certificates due to incorrect or misleading information. The penalty fee can be appealed to a court but under the Electricity Certificates Act it is not allowed to reduce or adjust. The purpose of this thesis is to analyse if the penalty fee in the Electricity Certificates Act meets the requirements of legal certainty in article 6 of the European Convention on Human Rights (the Convention) including right to a fair trial and to be seen as innocence until proven guilty. The method used is analysing applicable sources in accordance with the Swedish legal hierarchy in which laws have the highest value. The Convention is incorporated into Swedish law and has the same legal value as such. Judgments from the European Court of Human Rights on the Swedish tax surcharge are used for guidance on how to interpret article 6 in the Convention. Two cases from Swedish courts concerning the penalty fee are used to find what problems the penalty fee encounters in a legal process. The rules on the penalty fee does not allow adjustments of it and circumstances in each case cannot be taken into consideration, therefore the penalty fee can be charged even when it would be unreasonable and there is a conflict with legal certainty in article 6 of the Convention. For that matter rules on evidentiary issues also has to be implemented. Courts can refuse to use rules which are in conflict with the Convention, but it is concluded that a change in regulation is needed.

No description available.

The financing of public schools in South Africa is dependent on school fees to a great extent. However, the legislative process governing the charging of school fees perpetuates the entrenched inequality in the education system and violates the constitutional rights of those learners who are unable to afford school fees and other educational costs. This study examines the impact of the school funding system on the right to basic education of these learners, who are in most instances black and/or poor.

Auditors review documented financial figures to test for their accuracy and materiality. Lawyers analyze evidential facts and records to build sound legal arguments. These parties work toward a mutual purpose: to present their clients as legitimate and compliant businesses. But what happens when the concrete facts upon which lawyers and auditors base their work are obscured by their inability to see into the future? In other words, how can these professions conjunctively handle potential future obligations brought about by contingent liabilities? This study will attempt to resolve the tensions that emerge between lawyers and auditors when tasked with estimating the likelihood and financial value of contingent liabilities. It considers the strict regulations set forth by the ABA and FASB and how each side might circumvent the guidelines to allow for better collaboration. Addressing a focal point of contention between the legal and financial professions for decades, this study will also look at past attempts at mediating the conflict as well as current proposals to alter the contingent liability disclosure process. Most importantly, it distinguishes itself from prior research by implementing firsthand arguments from professionals in each field to improve the cooperative landscape. Collectively weighing previously attempted solutions, current regulatory barriers, and professional guidance, this study proposes a three-step solution toward initiating reform between lawyers and auditors to enhance the visibility, precision, and ease of disclosing contingent liabilities.

This thesis consists of four chapters that investigate the performance and capital flows of hedge funds. The first two chapters of the thesis focus on hedge funds that have a pure emerging market strategy. Hedge funds should be well equipped to take advantage of opportunities in emerging markets due to their flexibility in investment strategy and lockup periods. However, the results show that, at the strategy level, emerging market hedge funds have only generated risk-adjusted returns in the most recent years of the sample period. Although emerging market hedge funds have performed poorly in the past, an important finding is the upward trend over time in performance. Given that other hedge fund strategies have a declining trend in alpha during the same period, the emerging market strategy may be where future alpha can be found. The third chapter investigates if there are capacity constraints in hedge fund strategies. The idea is that the alpha opportunities in the markets are limited. Thus, the more capital coming in to hedge funds, the higher competition for the investment opportunities. The findings reveal that mainly strategies that rely on liquidity in their underlying market show evidence of capacity constraints. That is, high past capital flows have a negative effect on current risk-adjusted returns. The last chapter investigates the out-of-sample performance of five allocation models relative to an equally weighted portfolio, when optimizing over hedge fund strategies. The findings show that for hedge fund investors the naive allocation model (1/N) with equal weights in each asset is not an efficient allocation. The risk-adjusted performance can be improved by using an optimal sample-based allocation model. Moreover, significant improvement in out-of-sample alpha can be made if the investor optimizes over non-systematic returns instead of total returns, which is an important results for investors seeking alpha. / <p>Diss. Stockholm : Handelshögskolan, 2008</p>

The primary objective of this study was to determine the communication efficacy at arts festivals with specific reference to the Klein Karoo Nasionale Kunstefees (KKNK). This goal was achieved by firstly discussing the concept of communication. Secondly, a literature study was conducted in order to examine the links between communication and events. Thirdly, the results of the empirical research were discussed, and finally conclusions were drawn from the research and recommendations were made with regard to the communication efficacy of events, as well as for further research. From the literature, communication between the event organisers and the local community was defined. It was noted that communication plays an integral part in the success of an event. The host community plays an integral part in events as role players. By establishing and implementing an effective communication strategy to and from the organisers, the KKNK will harvest the fruits of a successful cultural event. Participation, decision making and informing the stakeholders using different types of media was the means by which the KKNK organisers communicated with the host community. Positive and negative impacts were measured in a questionnaire. The questionnaire that sought to measure whether there were significant differences between the two host communities of Oudtshoorn, and whether there were any differences in the results of the communication strategy of the organisers when comparing the opinions of the white and of the coloured communities. The questionnaires were distributed among the community members of Oudtshoorn, using on a stratified sampling method, and by using a random sampling method. A total of 258 questionnaires were completed, 110 from the white community and 148 from the coloured community. Means and standards deviations were determined following the affected sizes to explore the differences between the importance of participation and communication in the two communities, based on the dimensions of the various factors as determined in the factor analysis. It became clear that there is a small effect (0.2-0.5) on the opinions of the two communities regarding their being informed, community participation and the communication from KKNK to the Oudtshoorn community in general. Decision-making and participation opinions resulted in medium effects. It is the major significance of these effect sizes that the white and coloured communities do not believe they have equal decision making opportunities and participation. The chi-square test of significance revealed a small significance (0.1 - 0.3) in the following areas: overall communication, information received and sought for through different types of media and importance of the KKNK to Oudtshoorn. A medium significance (0.3 - 0.5) was measured, and recommendations were made that programs meeting the needs of host communities, decision making and having the community become active in festival programs should be initiated. This study contributes to the limited amount of literature available on the communication efficacy of events to their host communities. / Thesis (M.Com. (Tourism))--North-West University, Potchefstroom Campus, 2011.

The primary objective of this study was to determine the communication efficacy at arts festivals with specific reference to the Klein Karoo Nasionale Kunstefees (KKNK). This goal was achieved by firstly discussing the concept of communication. Secondly, a literature study was conducted in order to examine the links between communication and events. Thirdly, the results of the empirical research were discussed, and finally conclusions were drawn from the research and recommendations were made with regard to the communication efficacy of events, as well as for further research. From the literature, communication between the event organisers and the local community was defined. It was noted that communication plays an integral part in the success of an event. The host community plays an integral part in events as role players. By establishing and implementing an effective communication strategy to and from the organisers, the KKNK will harvest the fruits of a successful cultural event. Participation, decision making and informing the stakeholders using different types of media was the means by which the KKNK organisers communicated with the host community. Positive and negative impacts were measured in a questionnaire. The questionnaire that sought to measure whether there were significant differences between the two host communities of Oudtshoorn, and whether there were any differences in the results of the communication strategy of the organisers when comparing the opinions of the white and of the coloured communities. The questionnaires were distributed among the community members of Oudtshoorn, using on a stratified sampling method, and by using a random sampling method. A total of 258 questionnaires were completed, 110 from the white community and 148 from the coloured community. Means and standards deviations were determined following the affected sizes to explore the differences between the importance of participation and communication in the two communities, based on the dimensions of the various factors as determined in the factor analysis. It became clear that there is a small effect (0.2-0.5) on the opinions of the two communities regarding their being informed, community participation and the communication from KKNK to the Oudtshoorn community in general. Decision-making and participation opinions resulted in medium effects. It is the major significance of these effect sizes that the white and coloured communities do not believe they have equal decision making opportunities and participation. The chi-square test of significance revealed a small significance (0.1 - 0.3) in the following areas: overall communication, information received and sought for through different types of media and importance of the KKNK to Oudtshoorn. A medium significance (0.3 - 0.5) was measured, and recommendations were made that programs meeting the needs of host communities, decision making and having the community become active in festival programs should be initiated. This study contributes to the limited amount of literature available on the communication efficacy of events to their host communities. / Thesis (M.Com. (Tourism))--North-West University, Potchefstroom Campus, 2011.