放宽炒新限制 进步意义有限

正沪深两地证交所于日前发布了修改后的新股上市首日交易规则。新规则将首日盘中临时停牌改为一次,且不超过30分钟,也取消了上市初期单一投资者全天买入不得超过该新股首日实际上市流通量1‰的限制。2014年1月40多只新股密集上市的时候,大量新股因爆炒而遭遇二次临停,导致全天交易仅有1分钟。这种尴尬情况将不会再出现。这次修改虽体现了交易所对市场的尊重,但由于仍然保留了对新股上市首日交易的一些限制措施,     

分食新股大蛋糕——IPO新规下的“打新”策略

改革后的新股发行制度已经运行了一个多月,期间密集发行的多只新股再度燃起了市场“打新”、“炒新”的热潮。由于我国A股市场发行制度尚未完善,加之市场本身还不够成熟,因此,新股上市初期总是难免被爆炒的命运。尽管IPO新规在一定程度上实现了定价的市场化,新近上市的桂林三金、万马电缆、家润多首日涨幅较之过去新股的表现有所收敛,但也分别高达82％、125％和93％。可见,新股仍是一块诱人的大蛋糕。     

新股发行制度改革将给A股市场带来哪些改变?——业界人士热议新方案

中国证监会近日就新股发行体制改革向社会公开征求意见.此项针对资本市场核心制度的改革能否解决A股市场上市首日爆炒等弊病?新的体制下,发行价格能否真正做到市场化定价?中小投资者能否从中受益?重启IPO对A股影响如何?这些话题迅速引起业界各方的热议.     

中国股市股票首次公开发行首日起额收益研究

文章对深沪两市2000～2003年间上市的311只新股为样本的短期价格研究发现中国内地A股市场存在着远高于其他国家股票市场的新股首日超额收益,但幅度远小于已有的研究结果.发行年份、发行方式和行业对新股首日收益的影响是不一致的,但在各个横截面都表现明显.新股上市后首日过高的换手率表明中国新股市场上充斥着短期寻利者(flippers)和过度投机.新股首日收益同发行间隔、上市后一交易月股价收益标准差显著正相关,但同流通股比例的正相关关系并不显著,同公司规模、新股发行价显著负相关.     

中国股市股票首次公开发行首日超额收益研究

文章对深沪两市 2 0 0 0～ 2 0 0 3年间上市的 31 1只新股为样本的短期价格研究发现 :中国内地A股市场存在着远高于其他国家股票市场的新股首日超额收益 ,但幅度远小于已有的研究结果。发行年份、发行方式和行业对新股首日收益的影响是不一致的 ,但在各个横截面都表现明显。新股上市后首日过高的换手率表明中国新股市场上充斥着短期寻利者 (flippers)和过度投机。新股首日收益同发行间隔、上市后一交易月股价收益标准差显著正相关 ,但同流通股比例的正相关关系并不显著 ,同公司规模、新股发行价显著负相关。     

新股又到追捧时

<正>新股高开是必然,低开是偶然。这一A股市场的"传统"成为投资者们追捧新股的原动力。随着新股发行制度改革的实施和启动,"炒新"再度成为市场上的热门话题。7月10日,IPO重启后的两单新股桂林三金和万马电缆上市。虽然监管部门对新股上市首日的价格波动做出了明确的限制性规范,同时相当     

浙江世宝遭爆炒 再次考问IPO制度

在香港市场一度沦为＂仙股＂的浙江世宝在A股市场成了＂香饽饽＂,这是谁都不曾想到的。瘦身发行的浙江世宝上市首日涨626%,连创几大新股纪录。开盘涨幅纪录、交易时间最短纪录、今年以来新股换手率新高纪录等。 缩量缩价发行的浙江世宝,被看作是经＂行政之手＂扭曲的一枚＂怪胎＂。     

中国创业板IPO首日超额收益研究

本文以58家创业板IPO公司为样本,采用类比估价模型来估计新股的内在价值。实证研究结果表明,我国创业板IPO首日超额收益源于二级市场溢价,一级市场抑价不显著;上市首日换手率、上市首日涨跌幅以及市场指数收益率显著影响我国创业板IPO首日超额收益。在此基础上,本文结合海外创业板市场经验以及我国创业板市场表现,给出了相关政策建议,对创业板市场参与者提供了可参考的投资策略。     

新股短期收益影响因素的实证研究

国家宏观政策、企业行业特点、股票供求关系、公司财务状况及基本面等因素都会对新股首日上市后的短期市场表现产生影响。对于其中的系统性因素,投资者难以控制,因此,有关个股的历史信息往往成为投资者决策的主要依据。通过研究有关个股的可衡量的历史信息,试图揭示这些因素与新股上市后短期市场表现的关系。     

新股上市首日定价及上市后合理定价模型介绍

新股上市定价受多种因素的影响，既包括可以量化的因素，也包括无法量化的因素。我们在确定新股上市首日定价及上市后合理定价时，需要把定性分析和定量分析结合起来综合考虑,建立回归模型，以得到拟合度相对较好的模型。笔者根据不同的使用用途，给出了三类新股定价模型，籍此可对新股上市首日定价和上市后的合理定价进行预测。     

市场化能够消除歧视吗?——来自"身高溢价"的证据

市场化改革能改善资源配置效率,对中国的劳动力市场具有重要影响.文章使用中国家庭追踪调查2014年数据(CFPS2014),结合中国分省份市场化指数数据,分析了增进地区市场化程度对消除身高歧视的作用.结果表明:首先,我国劳动力市场存在"身高溢价"现象,即身高对收入具有显著正影响,并且身高优势有助于劳动力获得白领职业和进入具有较高职业声望的职业类别.其次,通过"中介作用"模型对其影响机理进行分析发现,身高溢价很可能是来自于劳动力市场上的雇主歧视行为,而非消费者歧视或个体在受教育水平、认知能力及非认知能力等人力资本方面的差异.最后,"身高溢价"现象具有明显的地区异质性,在相对欠发达的地区其影响更具显著性,而增进地区市场化程度能够显著降低劳动力市场的外貌特征歧视.     

MIDDLEMEN AND THE ADVERSE SELECTION PROBLEM

We demonstrate that the coexistence of an uncoordinated search market and a middleman market may alleviate adverse selection in the trade of goods of different quality. Inability to conduct trade penalizes sellers of low‐quality goods disproportionately, encouraging them to trade via middlemen. A semi‐separating equilibrium exists when a sufficient number of sellers of low‐quality goods choose the middleman market to allow high‐quality goods to be successfully traded in the search market. The result may explain why a search market can survive alongside a coordinated market, a phenomenon characteristic, for example, of markets for used cars, housing and labour.     

UNDERSTANDING LABOUR MARKET FRICTIONS: AN ASSET PRICING APPROACH

Labour market friction is viewed in terms of the market value of an employed worker as opposed to the position of the Beveridge curve. This market value of an installed worker, which I call Tobin's  Q  of a worker, is inversely proportional to the average quality of the match between employers and workers. Based on this measure, I find that the labour market friction rises during a period of productivity boom. This phenomenon is indirectly supported by the data where it is found that the relative value of a worker with respect to tangible capital shows a positive association with the total factor productivity. The model suggests that firms may be compromising the quality of a skill match during a period of tight labour market conditions.     

Policy analysis for growth of a new technology product

Three important aspects of the growth of a new technology product are new product diffusion, rise in productivity, and new product management. The authors maintain that these three aspects are interrelated. The study presented in this paper selected a system dynamics framework to address, in a unified fashion, the above-mentioned aspects of growth in the context of the TV industry in India. The study indicates that (a) in conformity to the present trend, new product diffusion should be treated as a multiattribute phenomenon, and a study of causal factors and their relationships hold the key to understanding this phenomenon, (b) contrary to the prevailing belief, new technology may not enhance capital or total productivity, particularly after the end of the major expansion phase of the product life cycle, and (c) new product growth is generally associated with a loss of market share during the major growth phase and an overcapacity at the end of this phase. Various policy tests on the model reveal that in the case of the Indian TV industry, employee skill has the highest leverage in improving company performance in terms of increased market share, increased productivity and profitability figures, and reduced overcapacity.     

The market as a social space: On the meaningful extraeconomic conversations that can occur in markets

Prominent economic sociologist Richard Swedberg has argued that economists have failed to develop a theory of the market that recognizes it as a “social phenomenon in its own right.” While this may be true of mainstream economics, the Austrian school’s theory of the market is much richer than the standard view. For Austrians, the market has always been a central concern. And Austrians have always argued that the market is a social structure where both exchange and competition occurs. Still, Austrians give little more than scant attention to the noneconomic sociality that occurs in markets. The market, however, is both a conversation and an arena where meaningful conversations can occur. This paper is an effort to focus attention on the market as a social space where social activity (beyond competition and exchange) takes place and where noneconomic relationships and economic relationships develop.     

Behavioral Finance as Science: Implications From the Research of Paul Slovic

In this paper, we examine the short-run overreaction phenomenon in the Hong Kong market using data from March 1996 to June 1998. The study period encompasses the pre- and post-Asian financial crisis period. Consistent with prior studies on other markets, we find evidence of overreaction in the Hong Kong market prior to the Asian financial crisis. The overreaction phenomenon is more pronounced for winners than losers. While we document evidence of overreaction in the pre-crisis period, we find that abnormal profits obtained from exploiting such a phenomenon are economically insignificant after accounting for transaction costs. Thus, the Hong Kong stock market is efficient in the weak form. We also explore the possibility that the results are affected by factors such as the bid-ask bounce, the size effect, and the day-of-the-week effect. The results, however, are robust to these factors.     

我国土地市场发育程度测算与实证研究，——以东、中、西部为例

土地的有偿出让极大地促进了土地资源的配置和集约利用.目前关于我国土地市场的研究大多集中在土地制度、地价以及土地市场中政府角色的定位等方面.文章在回顾相关市场化测度研究的基础上,试图通过构建一套评价指标体系来定量测算我国城市土地市场的发育程度.在把我国划分为东、中、西三个区域的基础上,本文对我国东、中、西部城市土地市场发育程度进行了比较、分析.研究发现:我国东、中、西部经济发展水平的梯度并不必然带来土地市场的梯度发育;事实上目前我国城市土地市场的发育在很大程度上具有政策导向的特点,而土地市场发育的自发性和政策性相结合宜成为今后土地市场培育的重要方向.最后,文章给提出了相应的政策建议.     

Export rivalry,vertically-related markets,and optimal public ownership policy

This paper considers the optimal public ownership policy of an upstream firm which competes with a foreign private rival. Both firms supply a produced input to the domestic and foreign downstream firms that compete in an export market. The paper shows that complete privatization of the domestic upstream firm is never optimal. It will likely be fully nationalized if its market share is high, the domestic downstream firms' market share is low, and the total number of firms in the downstream is large. Simulation results reveal that the public firm's optimal profit margin may be negative and that the government ownership level may exhibit a reswitching phenomenon as the number of domestic downstream firms keeps growing. The paper sheds light on the possibility of using government ownership policy as a pseudo-trade and industrial policy.     

Does microtherm boost pharmaceutical companies’ market capitalization returns?

The purpose of this study was to survey the relationship between the temperature factors and market capitalization returns of pharmaceutical companies by analysing both the daily and weekly frequency data in Taiwan. The threshold regression model with the GJR-GARCH process was applied for examination in this study; we found that pharmaceutical companies’ market capitalization returns could be boosted after exposure to extremely low temperatures for a period of time. Besides, the delayed effect of cold weather is demonstrated to exist. This phenomenon can be illustrated by epidemiological evidence-related mental factors, not by traditional behavioural finance. Moreover, lower weekly average temperatures are beneficial for investors to gain weekly pharmaceutical companies’ market capitalization returns. We are of the opinion that our findings offer an insightful suggestion for investors to buy pharmaceutical stocks at an opportune moment.     

Forecasting the diffusion of photovoltaic systems in southern Europe : A learning curve approach

Most analysts disagree upon whether photovoltaic systems (PV) will be able to play an important role in the energy scenarios of the future. A few scholars also question the appropriateness of policies that envisage the use of public subsidies to stimulate the growth of this industry and to accelerate market penetration. This paper contributes to this debate by examining whether carefully designed policies may initiate a process of large-scale diffusion of grid-connected PV, even without the deployment of external subsidies. Building upon a disaggregated characterization of the electricity market, it takes endogenously into account the learning curve phenomenon and simulates the diffusion of PV building-integrated systems in five European countries. The analysis is restricted to crystalline silicon systems and is repeated under four different macroeconomic scenarios corresponding to four different energy policies. The results suggest that already today there are opportunities for PV diffusion in many islands of the Mediterranean region, which may trigger sufficient scale economies to render the technology competitive in larger markets. They also show that the diffusion process could be accelerated through the implementation of carbon-tax policies that support initial penetration. The environmental benefits (net avoided CO₂ emissions over the system life cycle) associated with the forecasted penetration are also evaluated.