股票拆分和股票红利原因及其影响

股票拆分是公司调整股票价格的重要方式,而送红股是股利政策中重要的组成部分。公司拆分股票、发放股票股利主要目的在于传递公司业绩良好的信号,以及使股价保持在一个合理的范围内从而更受投资者欢迎。市场对其反应一般都是正向的。股票在公告之后出现了超额收益,而且交易活动增加,股票收益波动性变得更大。但公告之后流动性的变化在理论界并没有达成一致的结论。     

股份回购与国有股减持

股份回购是西方发达国家成熟资本市场中常用一种的运作方法，在我国则是一种金融创新。我国股份回购有着特殊的使命-减持国有股。本文着重分析股份回购在国有股减持中的重要作用、运用条件、运用方式以及运用效果的实证研究。     

股票

证监会:警惕高送转概念炒作风险证监会有关部门负责人4月5日表示,已有部分"高送转"公司因涉嫌市场操纵、内幕交易等违法行为被立案调查,     

股票

733家公司上半年净利润增逾3成Wind数据显示,截至8月14日,两市已有733家上市公司披露半年报,净利润同比增长32.6%。其中,净利润同比增加的公司逾520家,占比7成;净利润增长幅度逾50%的公司也超过200家。     

股票

16年新华社再发《关于股市的通信》7月1日,新华社以《关于中国股市的通信》为题,针对近期股市的焦点问题发表了一篇新华视点。各财经媒体根据自己的理解,把标题改为新华社:股市     

股票

证监会:正集中力量研究改进和完善主板退市制度证监会投保局对在两会期间提出的有关资本市场热点问题进行了集中回应,涉及新股三高、上市公司退市制度、股票分红等13个热点问题。其中提到,退市制度在法律层面早有规定,而且也先后有40多家企业退     

股票

八部委:研究允许境外机构在境内发行股票、债券等国务院办公厅5月24日转发国家发展改革委、商务部等八部委的《关于加快培育国际合作和竞争新优势的指导意见》提出,要研究制定境外企业到境内发行人民币股票的制度规则,认真做好相关技术准     

Stock Returns and Open-Market Stock Repurchase Announcements

Recent studies document stock price underreactions and overreactions. This evidence is extended by studying open-market stock repurchase announcements. Repurchase announcements were chosen for the study because of the uncertainty regarding the appropriate interpretation of the repurchase announcement. Cross-section regression models are used to test the relation between the reaction to the repurchase announcement and returns in subsequent periods. The results indicate that the market overreacts to repurchase announcements that are deemed to be “good news” by the market. Neither reversal nor drift is observed following repurchase announcements considered to be “bad news” by the market. The results are robust and are not driven by a few influential observations, beta shifts, or bid-ask bounce.     

Stock Option Measures and the Stock Repurchase Decision

The major purposes of this study are two fold. First, we investigate whether or not the dilutive effect from stock options on the denominator of earnings per share is associated with the incurrence of stock repurchases. We use the FASB dilution and the economic dilution as the direct dilution measures and examine their relationship with stock repurchase decision. Second, we explore which of the extant measures of stock options can better explain the incurrence of stock repurchases. Six extant measures of stock options from previous studies are used: (1) the FASB's treasury-stock EPS dilution method, (2) the economic dilution measure based on Core, Guay and Kothari (2002), (3) the number of employee stock option exercises, (4) the number of stock option grants, (5) the number of total stock options outstanding, and (6) the number of exercisable stock options.Using a pooled cross-sectional sample from 1996–2000, we find a positive association between the likelihood of stock repurchases and the FASB dilution as well as the economic dilution in EPS, respectively. Thereby providing support for the undo-dilution hypothesis. The highest incremental explanatory power is found when we add the number of stock options exercisable to the baseline model. However, further analysis does not support the option-funding hypothesis suggested by Kahle (2002). We provide two explanations for why exercisable stock options better explain the stock repurchase decision.     

四小金刚"闹"股市

2003年上半年的中国股市始终游走于"牛"与"熊"之间,4月,初显"牛"形的股市为SARS所累,晚节不保.随后,证监会宣布延长"五一"假期,两大交易所休市至5月11号.临近开市的那几天,关于"红五月"能否到来的讨论在各种报章上随处可见.在这个过程中,银行股一直是被重点推荐持有的对象.     

Stock Dividends,Stock Splits,and Signaling

This paper provides evidence that firms signal their private information about future earnings by their choice of split factor. Split factors are increasing in earnings forecast errors, after controlling for differences in pre-split price and firm size. Furthermore, price changes at stock dividend and split announcements are significantly correlated with split factors, holding other factors constant, and with earnings forecast errors. These correlations suggest that management's choice of split factor signals private information about future earnings and that investors revise their beliefs about firm value accordingly. The analysis also suggests, however, that announcement returns are significantly correlated with split factors after controlling for earnings forecast errors. This suggests that earnings forecast errors measure management's private information about future earnings with error, that split factors signal other valuation-relevant attributes, or that a signaling explanation is incomplete.     

股票流动性抑制了股价崩盘风险吗?

通过分析沪深A股上市公司2004—2018年的数据发现,股票流动性加剧了公司股价崩盘风险。经过多种稳健性检验并处理内生性问题后,该结论仍成立。另外,股票流动性加剧股价崩盘风险的效果在分析师关注程度较低和所在地区制度环境较差的企业中表现得更为明显。最后的机制分析表明较高的股票流动性通过提高机构投资者持股比例加剧股价崩盘风险。研究结论拓展了股价崩盘风险影响因素的视角,为合理引导股票市场流动性,防范未来的股价崩盘,维护股票市场稳定性提供了政策参考。     

我国股指期货与股票交易的关联性分析

股指期货上市交易后对股票现货市场波动性的影响取决于届时股票现货市场的估值水平,其交易过程和结果也将改变市场投资主体结构及参与程度,形成交易主体多元化的格局。同时,我国股票现货市场对股指期货的交易也存在着反约束.     

优化股市政策化解股市失灵

目前我国股市缺乏吸引力源于股市失灵,其特征为市场机制失灵和政府政策失灵共存.股市失灵的真正原因总是归根为政策失灵.化解股市失灵关键是采取积极的态度,不断改革、创新,从根本上消除股市理论失灵,以优化政策资源配置,促进我国股市健康、稳定发展.