Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession. 　　The papers in this volume cover a wide range of topics including corporate finance and debt management, earnings management, equity market, auditing, option pricing theory, and interest rate theory. 　　In this volume there are eleven chapters, five of them are corporate finance and debt management: 1. Liquidity and Adverse Selection: Evidence from the Five-or-Fewer Rule Change; 2. Changing Business Environment and the Value of Relevance of Accounting Information; 3. Pricing Risky Securities in Hidden Markov-Modulated Poisson Processes; 4. An Empirical Assessment of Alternative Dividend Expectation Models; 5. Quantitative Market Risk Disclosure, Bond Default Risk and The Cost of Debt: Why Value At Risk? There are two of the other six chapters which cover interest rate theory: 1. Positive Interest Rates and Yields: Additional Serious Considerations; 2. Collapse of Dimensionality in the Interest Rate Term Structure. 　　The remaining four chapters cover financial analysts earnings forecasts, equity market, auditing, and option pricing theory. These four papers are: 1. Investors’ Apparent Under-weighting of Financial Analysts’ Earnings Forecasts: The Role of Share Price Scaling and Omitted Risk Factors; 2. Predicting Stock Price by Applying the Residual Income Model and Bayesian Statistics; 3. Intertemporal Associations Between Non-Audit Services and Auditors’ Tendency to Allow Discretionary Accruals; 4. Put Option Portfolio Insurance vs. Asset Allocation.

• 目錄
• Preface to Volume 3
• List of Contributors
• Chapter 1 The Effect of Regulation FD on Market Reactions
• Chapter 2 Do Long Interest Rates Ever Fall?
• Chapter3 Planning the Firm’s Financing Mix: Optimal Control Modeling And Computation
• Chapter4 Volatility Forecasting Performance with VIX: ImpliedVolatility Versus Historical Standard Deviation andConditional Volatility
• Chapter5 The Relative Importance of Global， Country and SectorRisks
• Chapter6 Effect of Distribution Method on Optimal Choice of IRAPlan
• Chapter7 Value Growth Rate and Value-to-Price Ratio: Forecasting Returns of the S＆P 500 Composite Index
• Chapter8 Does the Net Flow of Funds Help to Predict the S＆P 500 Index?
• Chapter9 Futures Margin Requirement—A comparison of Value-at-Risk with Expected Shortfall Measures
• Chapter10 Functional Forms， Market Segmentation and Pricing of Closed-end Country Funds
• Index