共查询到19条相似文献,搜索用时 359 毫秒
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文章首先对国内外新股长期收益率的研究文献进行了回顾,然后以1997到2000年上市的A股作为研究样本,采用累计调整收益率对我国新股长期收益率进行实证研究,发现整体上新股的长期收益率不如市场平均收益率,影响新股三年期累计调整收益率的因素主要有上市第一年每股收益、流通股比例、发行市盈率、总股本等。 相似文献
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在油田开发的经济评价中,主要是对油田开发的分析指标内部收益率,财务净现值以及投资回收期的计算。而在对中后期油田开发评价中,侧重研究油田的经济产量,对油田开始投产的初始经济产量研究较少,文中动态盈亏平衡分析法,结合油田投入与产出情况,通过对原油产量变化规律的认识,建立油田初始经济产量的数学模型,以确定油田应达到的最低投产数量,才能保证目标收益率的实现。 相似文献
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本文从微观角度研究了股票市场流动性的影响因素。从公司业绩水平、资产规模、股票的市场风险、股价等方面分别进行了单因素相关性分析。结果发现:影响流动性的主要因素有每股收益、总资产、股票的贝塔系数和股价,而净资产收益率对流动性的影响不大,并且净资产收益率和每股收益之间存在偏相关关系。 相似文献
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IPO初始收益率是各国资本市场中一个普遍现象,我国股票市场也不例外.这一现象也受到理论界广泛关注.按照有效市场假说,新股的价格反映公司内在价值的所有信息,如果公司层面在IPO前后不发生较大变化的话,就不存在超额初始收益率.而现实中,IPO企业超额收益率现象屡见不鲜,对此相关理论和实证研究众多,但尚未达成一致的共识.本文基于信息不对称角度探讨IPO初始收益率现象,并对此给予分析与建议. 相似文献
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吴守志 《中国房地产估价师》1999,(2):26-28
房地产的投资收益率、初始收益率、内部收益率与收益增长率是房地产估价理论与实践中的一组基本概念,当采用收益法和假设开发法对房地产作价格评估或投资项目评估时,评估结果在相当程度上取决于对这些概念的理解、应用和取值。率值的微小变化就可能使估价值大相径庭。因此说它们是房地产评估的“收益率杠杆”是毫不为过的,估价师在应用这些收益率时,须格外小心与慎重。可是,事实表明,国内部分估价界人士对这些不同的收益率概念的把握尚不尽如人意,在认识上存在着若干模糊含混之处,在应用中经常串用混用,对它们的内在联系知之甚少,这一状况不能不在一定程度上影响到评估质量。有鉴于此,本阐述笔对这些问题的思考和认识,集中探讨投资收益率、初始收益率、内部收益率及收益增长率概念的异同,在此基础上向读引介一个表明它们之间内在联系的定量公式。本的所有讨论均将围绕这些概念在收益法中的应用展开。 相似文献
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Murat G. Kırdar 《Labour economics》2009,16(4):418-428
In this paper, I examine the determinants of return migration from Germany for immigrants from four different source countries, and test the savings accumulation conjecture that is used to rationalize return migration decisions using both cross-country and time variation in purchasing power parity. The empirical results confirm the savings accumulation conjecture. Therefore, return migration can be seen as part of optimal life-cycle location choices in this context. I also examine how labor market outcomes influence return decisions. A key finding here is that unlike previous studies, which find a positive impact of unemployment on return migration, I find that the direction of the impact of unemployment changes by the spell length. 相似文献
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Catia Batista Tara McIndoe‐Calder Pedro C. Vicente 《Oxford bulletin of economics and statistics》2017,79(5):797-821
Are return migrants more entrepreneurial? Existing literature has not addressed how estimating the impact of return migration on entrepreneurship is affected by double unobservable migrant self‐selection, both at the initial outward migration and at the final inward return migration stages. This paper exploits exogenous variation provided by the civil war and the incidence of agricultural plagues in Mozambique, as well as social unrest and other shocks in migrant destination countries. The results lend support to overall negative unobservable return migrant self‐selection, which results in an under‐estimation of the effects of return migration on entrepreneurial outcomes when using a ‘naïve’ estimator that does not control for self‐selection at both the initial migration and at the final return migration stages. 相似文献
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股票的发行、上市、流通在时间上先后继起。良好的发行与交易制度能够引导建立一个资本市场投资者共赢的利益分配格局,但是中国创业板新股高溢价发行的存在却打破了这个格局。当前资本市场收益分布的特征是:初始收益高溢价和长期弱势并存,对两者间相关程度的细化实证分析表明,高溢价发行是导致收益分布格局失衡的主要原因。进一步探究高溢价的源头所在,则可追溯至现行发行制度的诸多弊端;而进一步追问收益分配失衡的影响结果,则显而可见资本市场公平与效率的不对称。因此,从根本上治理与完善发行制度,是均衡创业板各参与者的利益分配,促进创业板可持续健康发展的重要之策。 相似文献
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通过对比先在H股上市、后回到A股上市的股票(简记为H+A股)与仅在A股上市的股票上市首日收益率、上市后短期和长期收益的差异,探讨两类股票的投资价值。结果显示:相较于A股股票,H+A股上市首日收益更高,但上市后的短期收益和长期收益更低。究其原因,H+A股更高的上市首日收益与其发行定价低相关,短期和长期市场收益低既与公司的业绩不好相关,也与投资者的不认可相关,表明相较于仅在A股上市的股票,H+A股更不具备投资价值。 相似文献
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This paper estimates the relationship between initial wage and return to experience. We use a Mincer‐like wage model to non‐parametrically estimate this relationship allowing for an unobservable individual permanent effect in wages and unobservable individual return to experience. The relationship between return to experience and unobservable individual ability is negative when conditioning on educational attainment, while the relationship between return to experience and educational attainment is positive. We link our findings to three main theories of wage growth, namely search, unobserved productivity and learning, and human capital. We devise several empirical tests in order to separate the theories. We find evidence in favor of the unobserved productivity and learning model and mixed evidence regarding the search model. We find no evidence in support of the human capital model. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
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新股首日超额回报是世界范围的一种普遍现象,而在我国尤为突出,国内外对此给出了各种解释,但至今尚未形成一致性认识,文章选取1996年1月至2004年12月在我国上海证券交易所上市的616只A股为样本,进行了横截面的分析后发现:信息不对称并非我国新股折价的主要原因,我国新股折价是由二级市场投机引起。 相似文献
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Paskalis Glabadanidis 《The Quarterly Review of Economics and Finance》2009,49(2):596-616
This paper investigates the economic significance of mean-variance spanning tests using three classical statistical tests in a unified framework. I show how to compute confidence intervals about the Sharpe ratios of tangent portfolios, the variance of return of minimum variance portfolios, as well as the certainty equivalent utility gains. I apply this statistical framework to the question of whether US investors should diversify internationally. The analysis suggests that a strong statistical rejection of the hypothesis that there is no improvement in the minimum variance portfolio’s standard deviation of return does not imply that there are no significant economic benefits to be made in terms of a substantial risk reduction. These results have important implications for empirical tests of mean-variance spanning as well as empirical assets pricing tests and minimum variance bounds on stochastic discount factors. 相似文献
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Franklin Lowenthal 《Managerial and Decision Economics》1983,4(1):35-39
This paper presents an alternative to the usual iterative method for determining the approximate internal rate of return in capital budgeting. The method developed is based on the standard numerical analysis technique of successive approximations or iterations. The iterations converge to the true internal rate of return provided only that the initial cash outflow is greater than the salvage value. A comparison is made of the rates of convergence of the iteration method, Newton's method and the bisection method. Under certain restrictive conditions, the payback reciprocal is seen to play an important role in all three methods. 相似文献