中国证券投资基金投资风格变化原因分析

以我国证券投资基金为研究对象,实证检验我国证券投资基金投资风格变化的原因.研究结果表明：市场预期是基金投资风格转变的主要原因,其次是前期的业绩压力,最后才是基金经理调整.文章分析认为,这种结果主要是基金业绩评估机制,市场上存在的板块轮换现象以及基金管理机制造成的.     

基金绩效评估模型及其在中国的应用

证券投资基金业绩评估是当今西方国家证券界非常时兴的一项工作.它主要包括评估与比较不同投资基金的投资表现,正确评价投资基金的回报及其承担的风险,并根据评估结果对投资基金进行业绩排序,投资基金业绩评估是评价投资基金管理人运作绩效并据以派发管理酬劳的依据,也是投资者     

试论我国证券投资基金的功能定位和市场化道路

 经过一年多的试点, 我国证券投资基金业已经取得了明显的发展, 这主要体现在以下几个方面。一是证券投资基金初具规模。从无到有、从小到大, 目前已形成10家基金管理公司管理14只基金、管理资产市值近400亿元的规模, 约占沪深股市流通市值的4%.二是证券投资基金呈现运作日趋系统化、理念多样化的特征。各基金管理公司在与券商合作的基础上, 通过自身的调研、信息整理和决策, 形成了规范的运作程序, 产生了增长型、价值型、平衡型的不同投资理念, 出现了被动分解与主动进取的不同运作风格, 也挖掘出一批为市场认同的成长型股票。     

试论我国证券投资基金的功能定位和市场化道路

经过一年多的试点 ,我国证券投资基金业已经取得了明显的发展 ,这主要体现在以下几个方面。一是证券投资基金初具规模。从无到有、从小到大 ,目前已形成１０家基金管理公司管理１４只基金、管理资产市值近４００亿元的规模 ,约占沪深股市流通市值的４%。二是证券投资基金呈现运作日趋系统化、理念多样化的特征。各基金管理公司在与券商合作的基础上 ,通过自身的调研、信息整理和决策 ,形成了规范的运作程序 ,产生了增长型、价值型、平衡型的不同投资理念 ,出现了被动分解与主动进取的不同运作风格 ,也挖掘出一批为市场认同的成长型股票。三…     

证券投资基金绩效评价研究

在综合分析证券投资基金绩效评价的基础上,根据我国市场特点初步构建了基金业绩评价指标体系．应用传统的单指数评价方法、因子分析法和数据包络分析法对我国2002年前设立的39只基金在48周内的业绩表现进行实证研究,完成了对基金业绩的评价与排序,并分析了几种评价结果的相关性与存在差异的原因．     

当前我国证券投资基金税收政策若干问题研究

证券投资基金是一种间接的证券投资方式,委托代理关系是契约型基金运作机制的核心,证券投资基金特殊的运作机理对基金税收制度的建设提出了挑战。目前我国税法中关于基金征税的内容较少,甚至有所误解。本文仅就基金税收的纳税主体、基金交易环节、基金收益分配环节存在的税收问题进行探析。     

投资基金风险度量可行性研究

基金风险度量是基金业绩评价、基金风险管理的重要内容之一.由于我国证券市场是一个不规范的市场,因此,可行性分析是基金风险度量的前提,本文从定性和定量度量两个方面分析了对我国投资基金进行风险度量的可行性.     

论证券投资基金中持有人的利益保护

我国证券投资基金运作的实践表明,基金违规操作大量存在,基金黑幕频发,严重损害了持有人的利益,挫伤了其投资的信心,不利于我国证券投资基金市场的健康发展。因此,加强持有人利益保护势在必行。     

中国股票市场波动成因及影响

我国当前正处于以证券投资基金为代表的机构投资者快速发展阶段,基金对于股票市场的影响力日益显现,证券投资基金在分流和转化储蓄资金,改善投资者结构的同时,其投资行为也对股票市场产生了一定的负面影响,加剧了市场的投机气氛,影响了股票市场的稳定性,极大程度影响股指大幅度波动。这严重损害了基金作为机构投资者的形象,影响了证券投资基金在我国证券市场的地位和作用,也限制了投资基金自身的发展。本篇全面系统地分析了我国股票市场的波动性成因及影响。     

中国开放式基金“羊群效应”成因分析及对策

在过去的几年中,中国证券投资基金得到了快速的发展。截至2007年12月31日,共有363只证券投资基金正式运作,资产净值合计32754.03亿元,份额规模合计22323.20亿份。股票投资方向基金资产净值占到A股流通市值的31.52%左右。     

Markedness and its Interpretation in Language Use

Language markedness is a common phenomenon in languages, and is reflected from hearing, vision and sense, i.e. the variation in the three aspects such as phonology, morphology and semantics. This paper focuses on the interpretation of markedness in language use following the three perspectives, i.e. pragmatic interpretation, psychological interpretation and cognitive interpretation, with an aim to define the function of markedness.     

Features of Women's language

Language is a means of verbal communication. People use language to communicate with each other. In the society, no two speakers are exactly alike in the way of speaking. Some differences are due to age, gender, statue and personality. Above all, gender is one of the obvious reasons. The writer of this paper tries to describe the features of women＇s language from these perspectives： pronunciation, intonation, diction, subjects, grammar and discourse. From the discussion of the features of women＇s language, more attention should be paid to language use in social context. What＇s more, the linguistic phenomena in a speaking community can be understood more thoroughly.     

低渗透非均质砂岩油藏启动压力梯度研究

理论推导与室内实验相结合,建立了低渗透非均质砂岩油藏启动压力梯度确定方法。首先借助油藏流场与电场相似的原理,推导了非均质砂岩油藏启动压力梯度计算公式。其次基于稳定流实验方法,建立了非均质砂岩油藏启动压力梯度测试方法。结果表明:低渗透非均质砂岩油藏的启动压力梯度确定遵循两个等效原则。平面非均质油藏的启动压力梯度等于各级渗透率段的启动压力梯度关于长度的加权平均;纵向非均质油藏的启动压力梯度等于各渗透率层的启动压力梯度关于渗透率与渗流面积乘积的加权平均。研究成果可用于有效指导低渗透非均质砂岩油藏的合理井距确定,促进该类油藏的高效开发。     

On Tragic Consciousness In The Works By Ernest Hemingway

As an American modern novelist who were famous in the literary world, Hemingway was not a person who always followed the trend but a sharp observer. At the same time, he was a tragedy maestro, he paid great attention on existence, fate and end-result. The dramatis personae's tragedy of his works was an extreme limit by all means tragedy on the meaning of fearless challenge that failed. The beauty of tragedy was not produced on the destruction of life, but now this kind of value was in the impact activity. They performed for the reader about the tragedy on challenging for the limit and the death.     

Achieving Unusual States of Matter Under High Pressure

正The periodicity of the elements and the non-reactivity of the inner-shell electrons are two related principles of chemistry,rooted in the atomic shell structure.Within compounds,Group I elements,for example,invariably assume the+1 oxidation state,and their chemical properties differ completely from those of the p-block elements.These general rules govern our understanding of chemical structures and reactions.Using first principles calcula-     

Exchange-Correlation and Electronic Excitation Energies from Pairing Matrix Fluctuations

We have developed an adiabatic connection to formulate the ground-state exchange-correlation energy in terms of pairing matrix linear fluctuations.This formulation of the exchange-correlation energy opens a new channel for density functional approximations based on the many-body perturbation theory.We illustrate the potential of such approaches with an approximation based on the particle-particle Random Phase Approximation(pp-RPA).This re-     

Density Functional Theory for the Response of Periodic Systems to Electric Fields Based on the Vector Potential Approach

正The electronic and nuclear(structural/vibrational)response of 1D-3D nanoscale systems to electric fields gives rise to a host of optical,mechanical,spectral,etc.properties that are of high theoretical and applied interest.Due to the computational difficulty of treating such large systems it is convenient to model them as infinite and periodic(at least,in first approximation).The fundamental theoretical/computational problem in doing so is that     

On the Thermodynamic Limit for Responses to Static Electromagnetic Fields

For molecular systems,the quantum-mechanical treatment of their responses to static electromagnetic fields usually employs a scalar-potential treatment of the electric field and a vector-potential treatment of the magnetic field.Although the potential for each field separately is associated with the choice of an(unphysical)origin,the precise choice of the origin for the electrostatic field has little consequences for the results.This is different for the     

An affordable accurate evaluation of the binding conformations predicted by molecular docking studies in bio-system

Franck-Condon factors bridge the gap between theoretical modeling and experimental observations for molecular electronic spectroscopy and electron transfer.Under the displaced harmonic oscillator approximation,multidimensional Franck-Condon factors are decomposed into a product of many one-dimensional(1D)Franck-Condon(FC)factors,and each 1D-FC factor is associated with one Huang-Rhys factor that determines the leading contribution of     

Call for Papers

<正>"The Journal of Shanghai Normal University:Mathematics"is published by Shanghai Normal University as regular issues of The Journal of Shanghai Normal University each year from 2014 in English.The editors-in-chief of the issues are professors Yuhao Cong and Maoan Han.The Journal of Shanghai Normal University was started in 1958 with