关注金融机构过期账户个人信息

调查显示,抚顺市银行业、证券业金融机构个人账户使用第一代居民身份证开户至今未更换为二代身份证的,和先前留存身份证件已过有效期至今未更新有效身份证件信息的账户,分别占各自机构个人账户总数比重达11％和20％。银行机构允许身份信息资料过期客户继续办理柜台小额现金存取款和ATM存取款、网银交易等非柜台业务,证券机构仍允许身份信息资料过期客户进行证券买卖交易。     

资讯

2013.5.2央行为RQFII境内投资账户立规5月2日,央行颁布了《实施有关事项的通知》,提出RQFII应当开立境外机构人民币基本存款账户,然后选择具有合格境外机构投资者托管人资格的境内商业银行开立交易所市场交易资金结算专用存款账户和银行间债券市场交易资金结算专用存     

工商银行：身边的年金服务——访中国工商银行企业年金中心总经理赵跃

企业年金是现代养老保障体系的第二支柱。作为国内最早开展企业年金业务的金融机构之一，中国工商银行具备企业年金法人受托、账户管理、托管三项资格，其控股的工银瑞信基金公司具备投资管理资格，工行是少数拿到企业年金“全牌照”的机构。到2007年底，管理年金个人账户348万户，托管年金基金188亿元，账户管理和托管业务市场占比均超过50％。这些数字背后蕴藏着怎样的市场作为——     

我国股票市场交易成本影响因素研究

本文以深交所所有股票2006年的交易数据为研究样本，实证检验我国股票市场影响股票交易成本的主要因素。研究表明，我国股票市场的交易成本高于全球平均水平，同时，持股集中度越低、机构持股比例越低、规模越大和系统性风险越高的股票的交易成本越低，说明目前我国股票市场的交易成本主要受到二级市场流通股筹码状况和股票自身规模及风险因素影响，投资者交易决策存在非理性成份，这与我国新兴市场特性有关。其他因素，包括大股东持股比例、市盈率、收益率、盈利能力、现金充裕程度、成长性、是否为成份指数股和行业因素，没有明显影响股票交易成本。     

2011年中国证券投资基金行业发展简述

自1998年以来,中国证券投资基金行业已走过了13个年头。纵观基金行业的发展历程,基金业总体发展速度较快,在资本市场的影响力日趋增强,成为最重要的机构投资者之一。截至2011年9月30日,我国共有基金管理公司67家,管理基金867只。基金资产净值合计21310亿元,基金份额规模24506亿份,基金持股市值占A股市场流通市值比重约为7.9%,占总市值比重约为6.1%。在这13年的发展历程里,我国基金经历了2001～2005年的五年熊市,也经历了2006～2007年的牛市(资产规模年增长分     

机构持股、特质风险与股票收益的实证研究

机构投资者的投资行为对股票市场的风险与收益产生了极大的影响,机构投资者的大量参与有助于股票市场的稳定、特质风险的分散以及超额收益的减少。文章选取机构投资者持股占股票市值比例这一指标来刻画机构投资者的行为,检验机构持股比例、特质风险和股票收益之间的关系。实证发现,在中国股市,特质风险与股票收益呈显著的正相关关系;机构大量持股有助于降低股票的特质风险;机构投资者持股比例越低的股票,特质风险越大,股票预期收益越高。     

资讯

央行对境内原油期货交易跨境结算做出规定7月28日,中国人民银行发布公告,对境内原油期货交易跨境结算做出规定。公告称,期货交易所应通过指定银行开立的人民币专用结算账户,为有资质的机构进行境内原油期货交易结算;具有结算资格的机构应通过专用账户为境外机构提供境内原油期货交易结算服务。公告规定了人民币保证金专用账户。     

个人银行账户实施分类管理影响研究

按照央行规定,自2016年12月1日起个人银行账户正式实施分类管理,即个人银行账户分Ⅰ、Ⅱ、Ⅲ类,每类账户具有不同功能,I类户的特点是安全性要求高,资金量大,适用于大额支付,用于个人的工资收入等,主要资金来源都存放在该账户中,账户资金相对安全;Ⅱ、Ⅲ类户的特点是便捷性突出,资金量相对小,适用于小额支付,Ⅲ类户尤其适用于移动支付等新兴的支付方式.目前,I类户主要用于个人日常刷卡消费、网络购物、网络缴费等;I I类户主要用于金额较小、频次较高的交易.Ⅰ类户可以配发银行卡,此外,Ⅱ类户也可以配发银行卡,但Ⅲ类户不能配发银行卡.合理运用Ⅰ、Ⅱ、Ⅲ类户既能有效保障账户资金安全,又能体验各种便捷、创新的支付方式,达到支付安全性和便捷性的统一.笔者通过对新规实施后的调查,阐释个人账户分类管理的意义、当前实施分类管理遇到的难题,提出解决对策,进而分析个人账户分类管理对银行和支付机构的影响及未来发展趋势.     

内地和香港证券市场的比较

香港市场是一个高度国际化的市场,其中机构投资者占主导,特别是来自全球各地的国际投资者。海外投资者的来源主要是欧洲投资者,亚洲地区则以中国和新加坡为最大的来源地,股票市场市值超过本地生产总值的5倍。2005年至2006年,外地投资者的交易比重占香港市场总成交金额的42%,创下10年来的最高水平,其中除香港之外的亚洲地区投资者的交易占外地投资者交易的21%。此外,香港居     

创新个人银行结算账户管理模式的探讨

<正>引言自2003年9月《人民币银行结算账户管理办法》实施以来,个人银行结算账户凭借其较为齐全的结算功能、开立和使用的便利性,业务量和交易金额不断增长,但账户在使用和管理方面暴露出来的一些问题也影响了业务的健康发展。本文通过对新疆个人账户的相关数据进行分析,研究探讨个人银行结算账户的创新管理模式。     

Institutional investors: Arbitrageurs or rational trend chasers

This paper studies the relationship between institutional investor holdings and stock misvaluation in the U.S. between 1980 and 2010. I find that institutional investors overweigh overvalued and underweigh undervalued stocks in their portfolio, taking the market portfolio as a benchmark. Cross-sectionally, institutional investors hold more overvalued stocks than undervalued stocks. The time-series studies also show that institutional ownership of overvalued portfolios increases as the portfolios' degree of overvaluation. As an investment strategy, institutional investors' ride of stock misvaluation is neither driven by the fund flows from individual investors into institutions, nor industry-specific. Consistent with the agency problem explanation, investment companies and independent investment advisors have a higher tendency to ride stock misvaluation than other institutions. There is weak evidence that institutional investors make a profit by riding stock misvaluation. My findings challenge the models that view individual investors as noise traders and disregard the role of institutional investors in stock market misvaluation.     

Individual and institutional herding and the impact on stock returns: Evidence from Taiwan stock market

Using high frequency intraday data, this paper investigates the herding behavior of institutional and individual investors in the Taiwan stock market. The study finds evidence of herding by both investors but a stronger herding tendency among institutional than among individual investors. Institutional investors herd more on firms with small capitalizations and lower turnovers and they follow positive feedback strategies. The portfolios that institutional investors herd buy outperform those they sell by an average of 1.009% during the 20 days after intense trading episodes. By contrast, individual investors herd more on firms with small sizes and higher turnovers, and they crowd to buy (sell) stocks with negative (positive) past returns. The portfolios that individual investors herd buy underperform those they sell by an average of − 0.829% during the following 20 days. Moreover, these return differences of both investors are more pronounced under a market with higher pressure and among small stocks. These findings suggest that the herding of institutional investors speeds up the price-adjustment process and is more likely to be driven by correlated private information, while individual herding is most likely to be driven by behavior and emotions.     

Fundamental Investors Reduce the Distraction on Management from Random Market “Noise”: Evidence from France

The authors find that financial markets have real effects on corporate decisions but that, unfortunately, some temporary market enthusiasm, unrelated to firm intrinsic value, may cause management to make value‐destroying decisions as the result of random and uninformed stock market volatility. In particular, they are prone to making bad decisions after stock market overreactions to “surprise” earnings announcements. This study shows a positive effect of greater long‐term ownership on French listed firms. Fundamental investor ownership reduces the degree of market mispricing which serves long‐run shareholder value maximization. A fundamental investor is one that, on average, hold his shares for at least two years, is in the top quartile of a firm ownership, and has an active allocation strategy. They are about 8% of all investors. Compared to non‐fundamental investors, fundamental investors hold their positions on average three times longer and have positions 1.5 times larger. Fundamental investors are more present in firms which have more liquid stocks, which pay dividends, and which are relatively poorer performers and have relatively lower market‐to‐book than their industry peers.     

Stock Market Participation: Family Responses to Housing Consumption Commitments

As of 2007, many households had taken on very substantial commitments to housing and companion mortgage payments. At the same time they held little in the way of a traditional buffer stock of safer liquid assets but were more likely to have opened stock market accounts. Many of these families when experiencing subsequent mortgage payment difficulties are shown to have been more likely to exit the stock market. Mortgage difficulties also inhibited families from becoming new stock market participants. In this way stocks seem to have likely experienced some direct and indirect “collateral damage” from the housing market, 2007–9.     

Forecasting the Market Return on Common Stocks

Most institutional fund managers attempt to adjust the stock-bond composition of portfolios over time in anticipation of stock market movements. Using quarterly data in 1962–72 for the United States, this paper demonstrates that 'profitable' strategies for timing portfolio composition in common stocks and Treasury bills are generally not attainable after transaction costs if one uses lagged observations of corporate profit, money supply and consumer sentiment to forecast the market return, as this information is largely reflected in current stock prices. By contrast, accurate forecasts of these aggregate variables lead to substantial market-timing profits relative to a buy-and-hold policy of remaining fully invested in common stocks.     

Corporate Social Responsibility,Tax Aggressiveness,and Firm Market Value

This paper examines the relationship of corporate social responsibility (CSR), tax aggressiveness, and firm market value. An economic model has been developed to show that profit‐maximization firms are willing to incur additional costs in CSR, such as paying more taxes, as long as they can differentiate their products from non‐CSR firms, and that socially conscious consumers will buy products from CSR firms at prices higher than those of non‐CSR firms. The empirical study in this paper indicates that the higher the CSR ranking of a firm, the less likely a firm is to engage in tax aggressiveness. It also indicates that a reputation of higher CSR will enhance firm market value. Using Canadian companies listed in the S&P/TSX 60 index, I find that both firms’ five‐year effective tax rates and annual effective tax rates are positively associated with their overall CSR scores as well as with their social scores. Firms’ five‐year effective tax rates are also positively associated with their governance index. I also find that firms’ overall CSR ranking and governance scores are positively associated with their market value.     

The Sensitivity of Individual and Institutional Investors' Expectations to Changing Market Conditions: Evidence from Closed-End Funds

This study investigates whether individual and institutional investors respond differently to changes in market conditions. Closed-end funds are the medium used to test the hypothesis because closed-end fund shares (held primarily by individual investors) and the underlying assets (held primarily by institutional investors) are claims to the same stream of distributions. The empirical results suggest that individual investors are more responsive than institutional investors to changes in market conditions. Moreover, although the response of institutional investors differs across stock and bond markets, we cannot reject the hypothesis that the additional sensitivity of individual investors' expectations is uniform across stock and bond markets.     

Corporate Scandals and Household Stock Market Participation

We show that, after the revelation of corporate fraud in a state, household stock market participation in that state decreases. Households decrease holdings in fraudulent as well as nonfraudulent firms, even if they do not hold stocks in fraudulent firms. Within a state, households with more lifetime experience of corporate fraud hold less equity. Following the exogenous increase in fraud revelation due to Arthur Andersen's demise, states with more Arthur Andersen clients experience a larger decrease in stock market participation. We provide evidence that the documented effect is likely to reflect a loss of trust in the stock market.     

Who is the more overconfident trader? Individual vs. institutional investors

Guided by the Gervais and Odean (2001) overconfident trading hypothesis, we comprehensively investigate the trading behavior of individual vs. institutional investors in Taiwan in an attempt to identify who is the more overconfident trader. Conditional on the various states of the market, on market volatility, and on the risk level of the securities they trade, we find that both individual and institutional investors trade more aggressively following market gains in bull markets, in up-market states, in up-momentum market states, and in low-volatility market states and that only individual investors trade more in riskier securities following market gains. More importantly, we find that individual investors trade more aggressively following market gains in the three conditional states of the market and in high-volatility market states than institutional investors. Also, individual investors trade more in relatively riskier securities following gains than institutional investors. These findings provide evidence that individual investors are more overconfident traders than institutional investors.     

透明度变化对股票市场投资者委托单提交行为和交易成本影响研究

基于2003年12月8日沪深交易所交易前市场透明度改革背景,本文利用一家营业部的投资者报价和交易数据,研究同一个机构投资者和散户投资者在透明度改革前后委托单提交激进程度的变化,以及这种变化对其完成交易的成本的影响。我们发现,透明度改革前后,机构投资者的委托单提交激进程度都显著大于散户投资者的委托单提交激进程度。透明度增加以后,机构投资者的委托单激进程度显著减少,而散户投资者的委托单提交激进程度增加。同时发现,透明度增加以后,机构投资者通过分拆委托单,增加交易次数,导致完成交易的时间增加,但价格影响力基本没有变化,散户投资者的成交时间和价格影响力有显著改善。