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The purpose of this study is to analyse the impact of two different financial reporting models (revenue-expense vs asset-liability) on several earnings attributes.

The analysis compares the earnings attributes of non-financial private firms using the Italian generally accepted accounting principles (Italian GAAP, based on a revenue-expense model) with those of the Italian non-financial private firms voluntarily adopting the international financial reporting standards (IFRS, based on the asset-liability model). To address major methodological concerns, the research design is based on a single-country analysis and on three different samples as follows: firms voluntarily adopting IFRS; a matched sample of Italian GAAP firms; Italian GAAP firms belonging to the Elite programme, and therefore, comparable to the IFRS adopters in terms of incentives towards financial reporting transparency.

The results show that firms reporting under a revenue-expense model are characterized by a stronger revenue-expense matching degree, along with higher earnings’ persistence, earnings’ predictability and conditional conservatism than firms adopting an asset-liability model. In addition, contrary to the expectations, Italian GAAP firms do not present smoother earnings and do not report greater abnormal accruals than IFRS adopters do. Overall, the findings suggest that the switch from a revenue-expense model to an asset-liability model negatively affects several earnings attributes of non-financial private companies, shedding new light on the drawbacks associated with the adoption of the IFRS accounting model.

This study addresses a theme characterized by sparse research efforts, adding new insights to the debate on the decline in the quality of earnings and on the drawbacks associated with the adoption of the IFRS accounting model.

This article studies formal optimal decision approaches for a multi‐period asset/liability management model for a pension fund. The authors use Conditional Value‐at‐Risk (CVaR) as a risk measure, the weighted average of the Value‐at‐Risk (VaR) and those losses exceeding VaR. The model is based on sample‐path simulation of the liabilities and returns of financial instruments in the portfolio. The same optimal decisions are made for groups of sample‐paths, which exhibit similar performance characteristics. Since allocation proportions are time‐dependent, these techniques are more flexible than more standard allocation procedures, e.g. “constant proportions.” Optimization is conducted using linear programming. Compared with traditional stochastic programming algorithms (for which the problem dimension increases exponentially in the number of time stages), this approach exhibits a linear growth of the dimension. Therefore, this approach allows the solution of problems with very large numbers of instruments and scenarios.

An efficient asset‐liability management requires maximizing banks' profit as well as controlling and lowering various risks. This multi‐objective decision problem aims to reach goals such as maximization of liquidity, revenue, capital adequacy, and market share subject to financial, legal requirements and institutional policies. This paper models asset and liability management (ALM) in order to show how different managerial strategies affect the financial wellbeing of banks during crisis.

A goal programming model is developed and applied to two medium‐scale Turkish commercial banks with distinct risk‐taking behavior. This article brings new evidence on the performance of emerging market banks with different managerial philosophies by comparing asset‐liability management in crisis.

The study has shown how shifts in market perceptions can create trouble during crisis, even if objective conditions have not changed.

The proposed model can provide optimal forecasts of asset‐liability components and banks' financial standing for different risk‐taking strategies under various economic scenarios. This may facilitate the preparation of contingency plans and create a competitive advantage for bank decision makers.

Claims as property modelling and forecasting techniques have developed to take account of new investment theories, property researchers have tended to follow the approach of modern portfolio theory and, sometimes, the capital asset pricing model (CAPM). Argues that one of the reasons why property is often not included in actuarial property forecasting models for the purpose of asset allocation (which is a widespread perception in the property industry) is because actuaries have not made clear to property researchers the forms of their models, which are often quite different from those used in others parts of the finance literature. Explains how traditional investment theory can be adapted for actuarial use and how actuaries use forecasting models in asset allocation. Areas of property research which would assist actuaries develop better property forecasting models are identified.

On October 9–10, 1975, representatives from approximately 75 companies in the United States, Canada, and Mexico attended a symposium in New Orleans entitled “The Future of Corporate Planning Models.” The symposium, sponsored by the Corporate Modeling Users Group of Social Systems, Inc., featured 13 presentations on the application of corporate planning models.

Risk adjusted performance measurement can be a difficult and expensive goal to get right or improve even with everyone supportive within the institution. If this measurement is combined with existing profitability performance measurement and elements of traditional ALM, both hopefully already well established, the goal of simultaneously measurement and management of risk and profitability/performance can be achieved.

The purpose of this paper is to empirically analyze the relationship between risky asset allocation and background risk of Chinese residents.

Using Chinese macroeconomic data, this study uses numerical method to solve dynamic stochastic optimal problem.

When risk of labor income is considered, ratio of risky asset declines with rising of age for those people with same age and wealth state; any of the following situations will lead to lower risky assets holdings: lower labor income growth expectations, higher labor income risk or higher labor and financial market covariance risk.

This study uses real economy investment return as a proxy of risky asset return.

Residents with higher background risks should hold less risky assets, and overcome home‐bias problem during asset allocation.

This study takes two kinds of background risk into consideration: labor income risk, and covariance between labor income and risk asset.

Insurance liabilities are converging with capital markets products (e.g. derivatives and securitizations), thereby increasing the demand for integrated asset and liability management strategies. This article compares the value‐added by an integrative approach‐based on scenario optimization modelling‐relative to traditional risk management methods. The authors present some examples of products offered by the insurance industry in Italy, and apply the results of the analysis to the design of competitive insurance policies.

This paper aims to examine the impact and mechanism of digital development on enterprise labor productivity. In addition, this study empirically analyzes the nonlinear impact of digitalization on labor productivity.

This paper uses a fixed effect model, a mediation effect model and a panel threshold model to test the theoretical hypothesis of this study.

The results demonstrated that digitalization had a promotional effect on labor productivity, with approximately 18% of this effect achieved through transmission and influence on human capital. In addition, the novelty of this study lies in the discovery that digitization has an obvious nonlinear positive effect on corporate labor productivity. The results suggest that companies should increase investment in data-driven innovation capabilities, improve the implementation of digital talent training plans, improve their financing capacity and strengthen corporate internal management, while the government should provide appropriate policy support differently for various enterprises.

This study takes China’s Shanghai and Shenzhen A-share listed companies as the research object, systematically examines the impact and mechanism of digital development on enterprise labor productivity and explores the nonlinear relationship between digitalization and enterprise labor productivity, which is a new angle.

本文旨在探讨数字化发展对企业劳动生产率的影响及其机制。此外, 本研究实证分析了数字化对劳动生产率的非线性影响。

本文采用固定效应模型、中介效应模型和面板门槛模型来检验本研究的理论假设。

结果表明, 数字化对劳动生产率有促进作用, 其中约 18% 是通过对人力资本的传导和影响来实现的。此外, 本文的新颖之处在于发现了数字化对企业劳动生产率具有显著的非线性正效应。结果表明, 企业应加大对数据驱动创新能力的投入, 完善数字化人才培养计划的实施, 提高融资能力, 加强企业内部管理, 政府应针对各类企业提供差异化的政策支持。

本研究以中国沪深A股上市公司为研究对象, 系统考察了数字化发展对企业劳动生产率的影响和机制, 探讨了数字化与企业劳动生产率之间的非线性关系, 这是一个新的研究角度。

With asset liability management (ALM), all the relevant asset and liability classes are managed in an integrated fashion. We describe an ALM model for housing associations. This model uses simulation to show the development of a housing association, usually measured as solvency and profitability, dependent on both internal (strategy) and external (economy) factors. In order to assess the associations’ risk and return profile, we generate a large number of economic scenarios. Furthermore, we will show the pitfalls of just using one or a few scenarios. Finally, we will show how this model can be used to obtain insight into the influence and effectiveness of specific instruments.