投资连结保险两种会计处理之比较

投资连结保险保费收入的核算有两种方法:分拆确认和不分拆确认。本文对这两种方法进行了介绍和比较,并提出投资连结保险的核算及信息披露建议。     

投资连结保险两种会计处理之比较

投资连结保险保费收入的核算有两种方法：分拆确认和不分拆确认。本文对这两种方法进行了介绍和比较，并提出投资连结保险的核算及信息披露建议。     

我国投资连结保险会计处理的问题分析及建议

我国自1999年推出投资连结保险业务以来．经过10年的发展正逐步走向正轨．但在投资连结保险会计处理和信息披露等方面还不尽完善。本文针对投资连结保险收入的会计处理方式、独立账户损益的会计核算及信息披露中存在的一些问题进行了分析并提出相应的建议。     

我国投资连结保险产品的现状与发展对策

本文在剖析了投资连结保险的定义、特点的基础上,对我国投资连结保险产品的发展现状和存在问题进行了分析,并提出了完善我国投资连结保险产品的对策建议。     

浅谈投资连结保险

投资连结保险是指包含保险保障功能,并至少在一个投资账户中拥有一定的资产价值的人身保险,也就是说,投资连结保险是在传统寿险的基础上发展起来的保险险种,不仅具有保险保障功能,还具有投资性.     

参与PI（Portfolio Insurance）投资者之行为研究

文章根据期权定价理论,分析了投资组合保险策略与期权的关系及投资组合保险策略与凸收益函数的关系,通过建立投资组合保险模型,得出不同条件下购买投资组合保险投资者的特点如下:(1)随着财富的增加他们的风险承受能力比市场一般投资者增加的快;(2)他们的市场预期比一般市场投资者更乐观,并且受益于投资组合保险。     

太平洋安泰新推投资连结保险

太平洋安泰人寿首次推出该公司的投资连结保险产品——“汇富人生”投资连结保险，旨在为客户提供更为全面和多样性的保障及理财服务。该产品具有专家理财，精选投资组合、四种投资账户，灵活选择、寿险保障额度可灵活调整、折现方便。高额持续奖金，     

参与PI(Portflio Insurance)投资者之行为研究

文章根据期权定价理论,分析了投资组合保险策略与期权的关系及投资组合保险策略与凸收益函数的关系,通过建立投资组合保险模型,得出不同条件下购买投资组合保险投资者的特点如下(1)随着财富的增加他们的风险承受能力比市场一般投资者增加的快;(2)他们的市场预期比一般市场投资者更乐观,并且受益于投资组合保险.     

浅析投资连结保险

投资连结保险作为一种终身寿险产品且又是一种有效的理财工具,已经逐渐被广大投资者所接受。投保人在享受寿险保障的同时,还可以从身故保险金和现金价值的变化中享受到投资的好处,本文分析了投资连结保险的特点以及优势和弊端。     

EBP时代的到来

从投资连结保险到分红保险，乃至其后的万能寿险，足足让平静的保险市场火爆了好一阵子，但是，随着股市的下滑，基金收益锐减，分红保险终于让人疑虑重重。可是，急欲寻找新的业务增长点的保险公司并不懈气，于是企业年金似乎有了领导2003年新热点的势头，就在几家保险巨头准备分享年金市场的时候，雇员福利计划在保险市场悄然出现。     

The empirical linkages among market returns,return volatility,and trading volume: Evidence from the S&P 500 VIX Futures

The purpose of this study is to examine the relationships between return and trading volume as well as between return volatility and trading volume by analyzing the asymmetric relationships of contemporaneity and lead-lags between these factors for the S&P 500 VIX Futures Index. We apply the threshold model with the GJR-GARCH framework for empirical analysis herein. The main findings demonstrate that the threshold effects exist in both the contemporaneous and lead-lag relationships between return-volume and volatility-volume. Moreover, the delayed effects of a one-trading-day lag through to three-trading-day lags exist from trading volume to returns and return volatility. Larger trading volume is beneficial for investors to gain returns, but it also leads to higher volatility. The implication of our findings offers a suggestion as to the opportune timing for investors to buy S&P 500 VIX Futures.     

Dynamic interaction of risk–return trade-offs between oil market and China’s stock market: An analysis from the risk preferences perspective

The risk–return trade-off refers to the compensation required by investors for bearing risks, which can be viewed as the risk preference of investors in a market. The current study investigates the dynamic interdependence of risk–return trade-offs between China’s stock market and the crude oil market from the perspective of risk preference of investors, which is designed to explore the transmission process of investors’ risk preference in both markets. Specifically, this study applies the time-varying parameter GARCH-M model, namely TVP-GARCH-M model, to characterize the time-dependent risk–return trade-offs (investors’ risk preferences) in the crude oil and China’s stock markets, then examines their relationship through Granger causality tests. Results show that a variation in risk preferences of the oil market investors can dramatically cause a variation in risk preferences of the Chinese stock market investors, while the risk preference of investors in the Chinese stock market does not lead to that in the crude oil market, which is in accordance with expectations. The dynamic effect of investors’ risk appetite in the crude oil market is further examined by the TVP-VAR model. The findings of this work suggest that there generally exists a positive impact of investors’ risk preference in the oil market and that the effect is time-varying to a greater degree during the short and medium term. Moreover, responses of the Chinese stock market investors’ risk preference were more significant during the 2008 financial crisis. Additionally, the empirical results remain robust when applying alternative crude oil prices and China’s stock prices.     

Black-Scholes模型在企业价值评估中的应用研究

20世纪70年代,Black-Scholes定价模型的出现为期权的定价和交易奠定了坚实的数学理论基础,突破了传统的红利贴现模型不能精确计算投资者的预期收益率和未来支付的现金股利的不足。文中分析了公司股票的期权特性,对B-S定价模型在股票定价中的应用进行了探讨,并通过例证说明该方法的可行性。但需要说明的是,B-S定价方法不是对传统定价模型的否定,而是对股票定价模型的充实,更重要的是一种定价思维方式的转变。     

Heterogenous beliefs with sentiments and asset pricing

We present a dynamic equilibrium model with two irrational investors: an extrapolator and a contrarian, whose beliefs regarding the growth rate of dividend stream are biased by their sentiments. The key contribution is to connect two disagreements with the degree of irrationality of investors and to provide novel insights into the predictability of stock return. We show that the higher level of sentiment disagreement is, the more stock price is overvalued. However, the future stock price will decline because the extrapolator’s sentiment will cool down over time. Therefore, the sentiment disagreement negatively predicts future return. At the meanwhile, our model not only shows that the survey expectations about cashflows increase the variations in asset price and dampen the corresponding volatility, but also helps to explain the mixed results about the relationship between the investors’ belief dispersions and stock return predictability.     

Alternative estimation method of earnings growth rate for PEGR strategy

The ambiguous return pattern for the PEGR (the ratio of the stock’s price/earnings to its estimated earnings growth rate) strategy has been documented in literature for the US stock markets. As stock prices and earnings per share (EPS) are objective data, earnings growth rate, however, is estimated by analyst whose method partial explains the PEGR vague return pattern. The purpose of this study is not to deny or substitute analysts’ estimation, but rather, to provide a simple and popular method, log-linear regression model, to forecast the earnings growth rate (G), and examine whether the typical PEGR effect, such as PER (price/earnings ratio) or PBR (price/book ratio) effect, exists by using our alternative estimation method. Our evidence indeed shows that returns on the lowest PEGR portfolio not only dominate over all higher PEGR portfolios, but also beat the market with stochastic dominance (SD) analysis, which is consistent with our prediction. Our results, at least, imply that using the log-linear regression model to construct the PEGR-sorted portfolios can benefit investors and the model is also a good choice for analysts in their forecasting.     

The dynamic interactions among the stock,bond and insurance markets

This paper explores the lead–lag relationships and the dynamic linkages among stock, insurance and bond markets in the developed countries. This is the first empirical study which sheds light on the extent and magnitude of the association among these financial markets used by the Granger causality test of Toda and Yamamoto (1995), generalized impulse response approach, and generalized variance decomposition in a multivariate setting. Our empirical results illustrate that there are indeed various patterns of dynamic relationships. The direction of causality appears to differ across countries. While investigating these interactive relationships under unexpected shocks, there is a one-way significant influence between the life insurance premium and long-run interest rate. These empirical findings serve as valuable applications not only for investors to diversify their risk away as well as to earn the abnormal return, but also for policy-makers to allocate resources more efficiently.     

基于DCC模型的上市银行系统风险实证研究

本文应用DCC多元GARCH模型分析上市银行股票价格的动态相关性,并以此作为银行整体风险的度量监测指标,在模型的构建中考虑了系统风险的时变特征。结果表明,相关系数的大小和动态变化能够对银行系统性风险起到一定的监测和预警作用。本次金融危机过后,银行间动态相关水平一直处于高位,表明投资者对未来银行资产质量和其潜在风险仍然存在担忧。     

Using ex-day returns to separate the tax and information effects of dividend changes

In this paper, the information content of dividends is tested by examining the abnormal return on the announcement date. To address the potentially confounding effects of the tax penalty, the abnormal exdividend day return is used to separate stocks for which dividends impose a tax penalty on marginal investors from stocks for which dividends provide a tax benefit to marginal investors. This separation uncovers results that support the information content hypothesis; dividend increases result in positive abnormal announcement day returns even for stocks whose marginal investors are averse to dividends.     

中小投资者利用财务预警辅助决策分析

我国证券市场还处于新生阶段,缺少相应的机构投资者,大多数投资者缺乏经济金融证券知识,很少人去关注基本面而是将注意力过分集中在短期的股价收益上,成为企业或某些大股东操纵圈钱的对象。基金也起不到稳定市场的作用,证券公司本身也成为短期主义者。本文从中小投资者的角度,探讨如何利用财务预警辅助投资,并试制定性分析表以供投资者降低其投资风险参考。     

消费型保险的现状与优劣势分析

消费型保险不同于返还型保险,是一种消费产品,如果在约定的时间内未发生保险事故,保险公司不返还所交保费,这种事前消费的行为与人们对自身低风险的预警习惯相悖,导致了消费型保险产品匮乏、宣传度不高以及人们接受度不高等诸多问题。论文针对这种现象对消费型保险的现状和优劣势进行分析,以提高人们对消费型保险的认识和关注。