Ratio K: a New Way of Metering and Evaluating the Risk and Return of Stock Investment

Although widely used, both the Markowitz model and VAR (Value at Risk) model have some limitations in evaluating the risk and return of stock investment. By the analysis of the conceptions of risk and return, together with the three hypotheses of technological analysis, a novelty model of metering and evaluating the risk and return of stock investment is established. The major indicator of this model , risk-return ratio K, combines the characteristic indicators of risk and return. Regardless of the form of the risk-return probability density functions, this indicator K can always reflect the risk-return performances of the invested stocks clearly and accurately. How to use the model to make optimum investment and how to make portfolio combined with clustering analysis is also explained.     

股市预测的马尔柯夫过程模型

给出了用马尔林夫过程预测股市短期或中长期走势的一种方法，对其它技术分析方法作了有益的补充。     

选择性氧化结合红外光谱定量分析减压渣油中的硫醚硫

减压渣油中的硫主要是硫醚硫和噻吩硫,但因渣抽结构组成复杂.很难直接定量.若用选择性氧化剂将减压渣油中的硫醚硫选择性氧化成相应亚砜.借助亚砜S= O键在 1030 cm-1附近的强红外振动吸收,就可用红外光谱仪测定亚砜.从而得到相应硫醚硫含量.以KIO3为选择性氧化剂.以已知硫醚硫含量的胜利减压渣油为标样(ωs=0.47% ),选择性氧化后,测定其在 1030 cm-1处的峰面积A(?),依据Lambert- Beer定律.求出渣油亚砜的红外吸收系数K(13.3 L·g-1).然后测定其它油样选择性氧化后在 1030 cm-1处的峰面积,求出亚砜硫浓度后进而求出相应硫醚硫的含量.测定结果与电化学方法所得结果一致.     

含看跌期权的股权回购方式在企业融资中的应用研究

近年来全球资本市场出现了股权回购的浪潮，关于股权回购的动因、市场反应，国内外有很多理论和实证研究，而股权回购中的具体方式上的金融创新，尤其国内特殊环境下的国有资本退出、不良贷款处置、中小企业融资颁域内的股权回购金融创新，尚未见有文献研究。针对中国实际协议回购中出现的含特殊看跌期权的股权回购，它所含期权相对标准美式期权有两个特点：有效期的起始时间不是现在而是未来某一时刻，执行价格不是常量而随时间变化。建立其计算模型，分析它在企业融资中的作用，研究它对融资双方投资收益率的影响，编制数值计算程序，计算一个实际算例，并进行敏感性分析。     

The predictability of stock market volatility in emerging economies: Relative roles of local,regional, and global business cycles

This paper explores the role of business cycle proxies, measured by the output gap at the global, regional, and local levels, as potential predictors of stock market volatility in the emerging BRICS nations. We observe that the emerging BRICS nations display a rather heterogeneous pattern when it comes to the relative role of idiosyncratic factors as a predictor of stock market volatility. While domestic output gap is found to capture significant predictive information for India and China particularly, the business cycles associated with emerging economies and the world in general are strongly important for the BRIC countries and weakly for South Africa, especially in the postglobal financial crisis era. The findings suggest that despite the increase in the financial integration of world capital markets, emerging economies can still bear significant exposures to idiosyncratic risk factors, an issue of high importance for the profitability of global diversification strategies.     

浅谈创新在典当业管理中的重要作用

伴随典当业的不断发展,业内人士也在不断创新,典当业存在很大的发展空间。文章就典当模式、内容及管理3方面的创新进行了分析及思考。     

灰色理论在股市预测中的应用

灰色理论是上世纪八十年代发展起来的一门新学科,已经被成功地应用到经济、控制、工程等领域中。本文将灰色GM(1,1)模型应用于对股市的预测,并将所得值与由RBF网络预测的值进行线性组合以提高预测的精度。     

The Information Content of Equity Block Trades on the Warsaw Stock Exchange: Conventional and Bootstrap Approaches

This paper focuses on the Polish stock market by analysing the information content of 95 equity block trade transactions executed on shares of companies constituting the WIG20 index. A normalized conventional approach and a bootstrap approach are used to draw inferences. These approaches make use of a multivariate regression model with two explanatory variables: a market return and a dummy variable for the event. Resampling allows construction of an empirical distribution of the normalized test statistic. The outcomes obtained from the application of a normalized conventional approach as well as a bootstrap approach are in line and confirm that equity block trade transactions carry an important signal to investors. Significant abnormal positive (negative) returns are associated with the execution of the equity block trades, the prices of which are higher (lower) than the closing prices 2 days before the execution of the equity block trade transactions. Copyright © 2015 John Wiley & Sons, Ltd.     

应计质量的资本市场定价——来自中国A股市场的证据

通过运用Panel Data(固定效应)以及时间序列OLS回归计量方法,系统分析影响应计质量的内在因素,在将总应计质量分离成内在应计质量与可操控应计质量的基础上,探讨它们与权益成本的相关性,实证表明:可操控应计质量与醛益成本成显著负相关,而内在应计质量与权益成本成显著正相关;可操控应计质量对权益成本影响比内在应计质量更为显著。这表明,在中国A股市场,投资者不能全面有效识别公司应计盈余质量的好坏,应计质量没有得到客观定价。同时,在对应计质量进行资产定价检验时发现,由于超常报告盈余引起的盈余大幅度波动(高AQ值)导致盈余质量的不稳定,并不能给投资者带来稳定的超常回报率。     

对我国股票市场投机行为的探讨

根据有关数据表明，我国股票市场存在着明显的投机行为。众所周知，股票市场存在着大量的投机者。从理论上讲，这些投机者本来应该是市场的稳定剂和润滑剂。但是在我国的股票市场中，现实情况与理论上所得出的结论恰恰是相反的。这些投机者不但不能成为股票市场的稳定因素，抑制股价的剧烈波动，反而加剧这一市场的波动。其原因在于，理论上得出投机者成为市场稳定因素的两个条件在我国都不具备。