Abstract: Unitarianism (da yi tong) is both an important characteristic of Chinese civilization and a key to understanding it, yet there are still issues about China’s unitarianism that remain a puzzle. The theory of the water governance school as represented by Karl Mark, Karl Wittfogel and Ray Huang is perhaps the most useful explanation of why China embarked on unitarianism more than 2000 ye...

The corporate credit risk literature has many studies modelling the change in the credit risk of corporate bonds over time. There is far less analysis of the credit risk for portfolios of consumer loans. However behavioural scores, which are commonly calculated on a monthly basis by most consumer lenders are the analogues of ratings in corporate credit risk. Motivated by studies in corporate cr...

corporate support for entrepreneurship is the most important element for the development of corporate entrepreneurship and is considered as one of the main corporate entrepreneurial antecedents. it involves trust in corporate staff and training them for promoting recognition of opportunities, exploring new and valuable resources, innovative productions and profit-making processes. corporate sup...

The paper presents the findings from a survey of information technology planning in the Chinese language newspaper industry in Hong Kong. The research attempted to apply well known Western models of strategy, corporate structure, corporate culture and states of growth to this industry. It was found that the categorisation in these models did not always apply to the companies surveyed and where ...

This paper develops a two-dimensional structural framework for valuing credit default swaps and corporate bonds in the presence of default contagion. Modelling the values of related firms as correlated geometric Brownian motions with exponential default barriers, analytical formulae are obtained for both credit default swap spreads and corporate bond yields. The credit dependence structure is i...

We provide a method for modelling accounting distortions and their impact on the value of corporate liabilities. Our model is able to account for both small noise (estimate errors) and large mis-representations (deliberate fraud). Such a methodology is then applied to structural pricing models, in the spirit of Merton (1974). It turns out that accounting distortions may be a relevant factor in ...

The accounting of IT-costs is an important aspect not only in the context of corporate cost accounting in general, but also for the management of IT. Various approaches to IT-cost accounting exist. However, they usually are implemented with only loose integration to the company s IT-management. This often causes discrepancies between the numbers used for accounting and those for planning and op...