机构投资者持股的旅游上市公司特征分析

旅游业已成为我国新的经济增长点,旅游上市公司是我国证券投资市场的重要板块。以2006-2008年旅游上市公司为样本,将旅游上市公司分成酒店类、景点类和综合类,研究机构投资者持股比例与公司特征之间的关系。实证研究表明,景点类旅游上市公司在股东获利能力、发展能力、抗风险能力等方面均优于酒店类和综合类旅游上市公司。而且,更深入的研究发现,总资产报酬率、净资产收益率与景点类旅游上市公司机构持股比例呈现出显著的正相关关系。     

国际化经营、机构投资者与股价同步性

文章研究了中国上市公司的国际化经营对股价同步性的影响,以及机构投资者在二者关系中所起的作用。结果发现,相对于非国际化经营公司而言,国际化经营公司的股价同步性较高;而国际化经营程度越高,股价同步性越低,且二者的反向关系会随着机构投资者持股比例的增加而增强。结论表明,上市公司提供的信息量、投资者获取信息的成本、投资者的理性程度及结构等因素都会影响投资者识别和区分特质信息和噪音的能力,进而影响股价同步性。     

控制权及投资者保护对掏空风险的影响——基于融资规模的经验证据

基于中国上市公司融资规模数据对上市公司的控制权与掏空风险的关系进行了实证分析,并探讨了投资者保护对掏空风险的抑制作用。研究发现:与国家终极控制的上市公司相比,私人终极控制的上市公司中掏空风险更高,因而融资规模显著高于前者;控股股东持股比例越高,掏空上市公司的动机越小,从而导致上市公司融资规模越低;其他大股东的制衡能力越强,控股股东掏空上市公司的可能性越小,因而上市公司融资规模越低;投资者保护水平越高,越能起到抑制掏空风险的作用。     

Investor Sentiment and Stock Returns: Evidence from Turkey

This paper investigates the relation between investor sentiment and stock returns on the Istanbul Stock Exchange, employing vector autoregressive (VAR) analysis and Granger causality tests. The sample period extends from July 1997 to June 2005. In the VAR models, stock portfolio returns and investor sentiment proxies are used as endogenous variables. Two dummy variables accounting for natural and economic crises are used as exogenous variables. The analysis results suggest that, excepting shares of equity issues in aggregate issues, stock portfolio returns seem to affect all investor sentiment proxies, namely closed-end fund discount, mutual fund flows, odd-lot sales-to-purchases ratio, and repo holdings of mutual funds. Investor sentiment does not appear to forecast future stock returns; only the turnover ratio of the stock market seems to have forecasting potential.     

福耀玻璃再融资

中国经济高速发展,上市公司产能扩建急需资金,如何选择融资方武是公司管理层面临的决策难题.本案例以中国A股市场上第一家主动取消增发的上市公司--福耀玻璃为背景,阐述了公司取消增发的前后决策过程以及公司管理层面临的困惑.本案例主要适用于公司理财、公司治理等MBA课程.     

Temporary contracts and young women in Spain

In this article we analyse the determinants of temporary employment through a balanced panel of workers from 1995 to 2000. First, we estimate a panel with 1267 individuals with ages ranging from 16 to 65 years. We obtain that the probability of having a temporary contract increases for people younger than 46 years old. Secondly, we estimate separately the sample of people younger than 46 years old and we obtain that the probability of temporality increases for young people with university level of education. More interestedly, the probability of being in a temporary contract is smaller for young women that for young men in Spain.     

Market Response to Investor Sentiment

This paper reconsiders the effect of investor sentiment on stock prices. Our main contribution is that, in addition to the intermediate term return predictability, we also analyze the immediate price reaction to the publication of survey‐based investor sentiment indicators. We find that the sign of the immediate market response is the same as that of the predictability at intermediate time horizons. This is consistent with underreaction to cash flow news or with investor sentiment being related to mispricing. It is inconsistent with the alternative explanations of a rational response to cash flow news or sentiment indicators providing information about future expected returns.     

Investor Relations （IR） in Business Communication on the Example of Poland

This paper focuses on investor relations （IR） as an element of companies＇ communication with the external environment. It shows the place and role of IR in communication with the general market, and the stock exchange market in particular. The study is illustrated with an example of IR in Poland, a relatively new European Union （EU） member state and an emerging market. As can be seen, IR goes beyond the traditionally understood maintenance of communication with the capital market. It is also shown that the main role of IR ought to be the reduction of investment risk and enhancement of the companies＇ value, which is of particular significance in light of the current globalization of capital markets. It has been found that Polish companies, especially those listed on the Warsaw Securities Exchange （WSE）, commonly rely on IR as a means of communication with the environment. And yet, as the results of the analysis show, the quality of that communication is still far from satisfactory, despite efforts undertaken by various external entities to encourage more focus on the development of IR, or understanding of the company＇s relevant staff of its important role.     

Perceptions of postretirement benefit obligations by bond rating analysts

This research examines the measurement and impounding of alternative measures of a corporation's other postretirement benefits obligation (OPEBs) by an important segment of the capital markets. The Kaplan and Urwitz (1979) model is used as a benchmark from which to assess the importance of an added OPEB variable in the bond rating process. Using the corporate bond rating as the dependent variable, multiple measures of the OPEB obligation are inserted individually as an added independent variable into an N-chotomous probit model. The results for 1987 and 1988 indicate that measures calculated from publicly available information produce highly significant results. The developed postretirement liability measures are found to provide relevant and material information regarding the risk level of a firm's bonds as represented by its bond rating. This insight concerning the additional risk represented by a firm's postretirement benefits is beyond that supplied by the firm's pension information. This suggests that the additional investor default risk attributed to a firm's OPEB can be reasonably proxied by data found in the company's annual report footnote disclosures.     

法律治理、投资者保护与财务舞弊:一项基于上市公司的经验证据

本文以我国2002—2004年受处理的137家上市公司及配对公司为研究对象,通过对投资者法律保护与财务舞弊之间关系的实证研究发现,投资者法律保护程度与上市公司财务舞弊负相关,投资者法律保护程度的改善能有效降低财务舞弊概率。此结论的政策意义在于:在我国,完善法律制度是加强投资者保护从而抑制公司财务舞弊行为的一项重要制度安排。