中国股票市场的赌博行为研究

中国股市自1991年建立以来已经走过了20多年,可是"股市赌场说"依然非常流行。本文通过分析"彩票型"股票和"非彩票型"股票的收益差异来研究"股市赌场说"。通过构建个股层面的彩票型股票指数,本文发现彩票型股票的收益率比非彩票型股票每年低10%~12%。公司规模、流动性、公司是否ST以及机构持股比例可以调节彩票型指数和股票收益率之间的关系:对于那些规模较小、流动性较差、ST以及机构持股比例较低的公司,彩票型股票和非彩票型股票的收益率相差更大。进一步研究发现,规模、流动性、机构持股比例以及公司是否ST主要是通过影响彩票型股票的收益而发挥调节作用的,但并不会对非彩票型股票的收益产生影响。综合而言,本文的发现说明赌博依然是我国股民参与股市的一个重要动机,对我国股市影响深远。最后,本文在投资者教育和资本市场制度完善方面给出了一些政策建议。     

频换话题找共鸣 初次洽谈便成功

<正> 初次与准客户接触,找到彼此都感兴趣的话题,既可以产生"共同语言",又能为进一步的接触创造良好的氛围。一次,我与一位对股票非常感兴趣的准客户谈到股市的近况。出乎意料,他反应冷淡。莫非他已把股票卖掉了吗?我接着     

基于投资者视角的融资融券与股市波动影响机制研究

2010年3月,我国融资融券业务正式启动,相关研究人员认为融资融券是改善金融资本市场机制的重要途径,融资融券能够大力提升资本市场的价格发现功能。随着股市的波动与变化,人们对融资融券的态度产生了较大的转变,对于融资融券与股市波动的影响机制日渐受到人们的重视。本文对融资融券与股市波动影响机制的研究理论进行了阐述,使用趋势交易研究方法,对基于投资者视角下的融资融券与股市波动影响机制进行了研究,并根据我国股市样本为基础进行了对研究结论进行分析。从投资者视角进行分析发现,机构投资者持股较少的股票,融资融券交易中未呈现趋势交易特征。     

中国股市“反向效应”和“动量效应”研究

中国股市的"反向效应"和"动量效应"形成了股票收益变化规律下的两种资产组合投资策略。其中"反向效应"在中国股市体现为短期性,"动量效应"周期则更多的是中期性的。本文通过分析、研究中国股市的"反向效应"和"动量效应",有助于股民对股市的投资行为与投资策略进行理性思考,为中国股市的运行效率得到进一步提升提供参考性意见。     

我国此轮股市背后的宏观考量及影响

中国的本轮牛市创造中国股票乃至世界股票史上多个第一。也有着不同以往的鲜明特征,其主要特征是本次大牛市是由政府一手捧起和支持下迅速发展起来并急速跌落的,从行情的火爆到如今的救市都离不开政府的身影。最近股市的大跌其烈度和影响深远,远非前几次股市的波动所能相比。本文就本轮股市的一些特征和节点梳理一下其背后的宏观政策考量。     

个人理财之黄金时代

面对股市震荡、CPI居高不下,具有增值和避险功能的黄全产品,也许能作为继股票、房产之后,令中国投资者实现个人资产稳健而有效增值的"第三桶金".个人理财俨然进入真正的"黄金"时期.     

我国股票市场存在的问题研究

一、中国股票市场制度性缺陷问题 1.股票市场的隐性担保 首先,政府通过审批制来选择上市公司,目前虽已过渡到核准制,但其行政审批、行政选择弱化或排斥市场选择和竞争的实质未变,政府完全垄断了股票的发行市场,其次,通过政府管制来维护股市的平稳运行并保护股民利益.由于股市平稳发展对于国企融资,对于鼓励民众经济信心,增加股市财富效应,刺激经济发展很有意义,所以政府要控制股市使其均衡发展.每当股市低迷时,国家便发布利好消息:而股市飙升不已时,政府便出政策打压,这即中国特色的"政策市"、"消息市".正是由于政府隐性担保的存在,所以很多人才敢于股市炒作,敢于追捧ST等概念股,这即"劣币驱逐良币"现象;而一些利益集团、"庄家"也充分利用政府隐性担保的心理底线,充分利用信息不对称状况,甚至发动信息包装与传播机制,大肆股市炒作,股市制度风险通过市场风险扩散.     

声音

<正>1、"2008年卖出中国股票是不明智的。我要再说一次,总有一天,中国的股市会上万点"。——国际投资家杰姆·罗杰斯解读:6月28日,罗杰斯抵达深圳参加"A股国际投资论坛"时,就     

从股市之变看美国市场经济

<正> 在美国有50％的家庭,约八千万成年人用其收入的三分之二投资于股票,所以说,股市是美国经济最有力的支撑力量,是美国市场经济的晴雨表,股票是美国人经济生活的组成部分一点也不为过。 近几个月来,安然能源、世界通讯、施乐文仪、默克制药等全球知名公司相继曝光的一系列财务丑闻,使本就不景气的股市雪上加霜,不但拖累了美国经济复苏的步伐,对诸多家庭拥有股票的美国社会造成巨大冲击,也严重打击了欧日等地股市,以至全球经济的复苏。从股市攀顶至今,已经损失高达8兆左右美元的财富,仅今年以来,美国股市下跌已经使市场总     

股票期货全球悄然走红

股票期货特有的价格发现功能和化解股市风险功能,使其一产生就显示出勃勃生机,引起了国内外证券期货领域的特别关注。     

Universal Coverage, Pinpoint Illustration and Profound Impact HTC 2008 Intermedia Recommendation and Introduction Meeting

Holding 88 percent of train media resources across China, based on "Time Cube", on the 2008 Intermedia Recommendation and Introduction Meeting on December 19, 2007, HTC announced its high-profile strategy of tour marketing and tapping the immeasurable potentials on the train. Meanwhile, HTC officially launched its brand new product Olympic Train on the meeting, providing a fabulous platform for all the brands that are prepared to do a smart marketing on the occasion of 2008 Olympic Games.     

Market presence in China strengthened Network growth and Dual-Chinese-Hub Strategy More frequet Flyer Benefit——Air China and shanhai Airlines Join Star Alliance

In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport. With the addition of the two Chinese airlines, Star Alliance now has 19 member carriers operating 17,000 daily flights to 897 destinations in 160 countries.     

A World of Love 2008 Music Grand Ceremony

Under the guidance of the theme slogan of the 29th Olympic Games - One World One Dream, with dream, love and dedication as its theme, the 2008 Music Grand Ceremony ＆ 1000 People Charity Concert on 100 days cotmtdown to Paralympic Gamesis officiaily launched on December 22, 2007. The 2008 Music Grand Ceremony is sponsored by China Disabled Persons＇ Federation, and co-hosted by National Paralympic Committee of China,     

2007 China Harbor Ten People

2007 China Harbor Ten People elected the entrepreneurs who contributed a lot to port economy and enterprises this year trough their talent management.These ten people embody their social responsibility,professional skills,creative ability,and charming personality.Bearing full confidence in China＇s port economy,the port entrepreneurs are brave enough to explore a brand new area,so as to promote harbor economic development. At the very beginning of 2008,China Shipping Website,Dalian Maritime University,and China Port and Shipping In- stitute jointly select the 2007 China Harbor Ten People,demonstrate port entrepreneurs＇ stunning minds,disclose their secrets to success,and providing abundant experiences to others in harbor development.The top ten people are various excellence during the ups and downs harbor development.     

MUYANG GROUP

With its headquarters in the historic city of Yangzhou,Jiangsu Muyang Group Co.,Ltd has since its founding in 1967 grown into a well-known group corporation whose activities cover research ＆ development,project design,manufacturing,installation and services in a multitude of industries including feed machinery and engineering,storage engineering,grain machinery and engineering,environmental protection,conveying equipment and automatic control systems.     

China''''s National Oil Reserve Center was Born

Aseries of events that occurred in October 2007, are rewriting the history of China's energy industry: November 3 an Energy Law Committee asked the public for suggestions on improvements; forty top experts came together to form the National Energy Expert Advisory Committee on November 6; and the National Oil Reserve Center (NORC)became the nerve centre of oil reserves on November 18. Yet, behind the progress of these recent activities remains the fact that international oil prices still hover around a very high price of US$ 90/barrel, and China's oil imports are close to accounting for half of its total oil reserves.     

Sony Style in China

Since the normalization of the diplomatic ties between China and ） Japan, the bilateral economic relations have deepened continually. According to the statistic of Japan, China passed U.S. to become Japan＇s top trade partner as well as is the second largest export market for Japan and is the largest import resource for Japan. Japan companies such as Mitsui, Sumitomo, Sony and Panasonic, have set the subsidiaries in China and explored their scales. This year 2008 marks the 30th anniversary of the signing of the ChinaJapan Treaty of Peace and Friendship.     

China''''s Import and Export of Textiles and Apparel in the Q1

China's textile and apparel industry suffered an unprecedented cold market for exports in the first quarter this year,the result of a few factors including: the appreciating RMB, decreasing export rebate rate,expanding influence of the U.S. subprime crisis, increasing costs of production and rising labor cost.     

Financial Services for Post-Quake Reconstruction

The May 12 earthquake in Sichuan caught Chinese people by surprise and took the nation＇s heart. While mourning the dead and searching for the missing, many services must be provided for the survivors in the wake of the earthquake. Available post-quake financial services have become an important part of the reconstruction effort in the disasterstricken areas of Sichuan province.     

The Frankenstein Syndrome: The Creation of Mega-Media Conglomerates and Ethical Modeling in Journalism

Aristotle saw ethics as a habit that is modeled and developed though practice. Shelly's Victor Frankenstein, though well intentioned in his goals, failed to model ethical behavior for his creation, abandoning it to its own recourse. Today we live in an era of unfettered mergers and acquisitions where once separate and independent media increasingly are concentrated under the control and leadership of the fictitious but legal personhood of a few conglomerated corporations. This paper will explore the impact of mega-media mergers on ethical modeling in journalism. It will diagram the behavioral context underlying the development of ethical habits, discuss leadership theory as it applies to management, and address the question of whether the creation of mega-media conglomerates will result in responsible corporate citizens or monsters who turn on their creators.