证券民事赔偿新规及其对证券监管的影响

文章针对最高人民法院于2003年1月9日颁布的《关于审理证券市场因虚假陈诉引发的民事赔偿案件的若干规定》中关于案件受理前置条件的规定,进行了探讨,并认为虽然还存在有争议的地方,但却全面的影响了证券市场的监管。     

试述证券民事赔偿司法解释出台的重大突破

高人民法院第2号司法解释———《最高人民法院关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》(后文中简称《规定》),已于2002年12月26日由最高人民法院审判委员会第1261次会议通过,自2003年2月1日起正式实施。这一司法解释的正式公布,为投资者维护自身的合法权益提供了有力的法律武器,同时也震慑了上市公司,使得他们要考虑自己如恣意妄为所带来的法律后果。联系到在九届全国人大常委会第三十一次会议上,包括总则、物权法、合同法、人格权法、婚姻法、收养法、继承法、侵权责任法和涉外民事关系九个部分的民法典首次提请审议,依…     

证券民事赔偿——大门敞开问题仍在

2002年1月15日，最高人民法院发布了《最高人民法院关于受理证券市场因虚假陈述引发的民事侵权纠纷案件有关问题的通知》（以下简称《通知》）。根据《通知》，法院将会受理在证券市场由于虚假陈述而引发的民事侵权纠纷案件。此举将在制裁目前证券市场存在的许多民事侵权行为和保护中小投资合法权益方面起到积极的作用，有利于推动我国证券市场的法治化进程。     

证券欺诈民事赔偿的实现机制

证券欺诈民事赔偿制度的建立和完善对切实保护投资者利益、促进证券市场的有序发展具有积极意义。建立适合我国国情的证券欺诈民事责任制度,对证券市场的规范化发展具有重大意义。     

证券民事赔偿诉讼的“软肋”

2002年1月15日,最高法院下发《关于受理证券市场因虚假陈述引发的民事侵权纠纷案件有关问题的通知》给证券民事赔偿诉讼开了个“小门”。2003年1月9日,最高法院又发布了《关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》。该规定对因虚假陈述引发的民事赔偿案件的适用范围、前置     

虚假陈述证券民事赔偿因果关系初探

虚假陈述与投资损失之间是否存在因果关系?如果存在，应如何认定?这是虚假陈述证券民事赔偿中公认的难点问题。2003年1月9日，最高人民法院颁布了《关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》(以下简称《规定》)，其中第18、19条针对上述问题，借鉴成熟证券市场的做法，     

证券民事赔偿第一案大结局

由公权力出面来保护中小股东的利益,对于我国弱肉强食的股市而言,利于双方利益的平衡。 7月1日,历时三年多,经过一审、二审已接近尾声的大庆联谊虚假陈述案,在进入执行程序后又陡生波折,突遇案外人搅局。原本已进入拍卖程序的大庆联谊石油化工总厂名下北京某处房产,被一个叫李玉强的自然人提出了异议。     

证券民事赔偿司法解释出台

2002年最后几天．执掌中国金融、证券监管工作帅印的两位财经要员——中国人民银行行长和中国证券监督管理委员会主席易人。原任中国证券监督委员会主席，54岁的周小川出任中国人民银行行长，原任中国农业银行行长，51岁的尚福林出任中国证监会主席、党委书记。     

股市第一案的罪与罚--从"中科创业操纵证券交易价格案" 看我国证券法律责任制度

2003年4月1日,北京市第二中级人民法院对有“中国股市第一案”之称的中科创业操纵证券交易价格案进行了一审公开宣判。这标志着我国反对股市黑幕进入了一个新的阶段。那么,法律是怎么审判“庄家”的?操纵证券交易价格应该承担什么样的责任呢?在股价操纵案中如何保护投资者的利益呢?……     

Business cycle asymmetry and the stock market

We present and estimate models of an asymmetric relationship between CRSP stock index returns and the U.S. unemployment rate. Based on the Akaike Information Criterion, conventional linear time series models are improved by allowing asymmetric responses. Our results show that negative stock returns are quickly followed by sharp increases in unemployment, while more gradual unemployment declines follow positive stock returns. According to our forecasting model, the unemployment rate rises by 1.12 percentage points during the 12 months after a 10 percent stock decline. Because macroeconomic forecasters have been unable to reliably predict downturns, these findings may provide a useful contribution.     

The political uncertainty and stock market behavior in emerging democracy: the case of Taiwan

This paper examines the congressional effect between the pre- and post-democratization on the stock market by the asymmetric Generalized Autoregressive Conditional Heterosce desticity (GARCH) model in the period 1984–2004. The results found that the congressional effect is negative effect on stock returns but volatility is not significant. However, the democratic effect on stock returns is negative and increased of volatility. Moreover, the congressional effect on stock market returns following democratization significantly exceeds that before democratization, but have no significant effect for the volatility in the same circumstances. These results provide evidences consistent with the contention of liberalization (Hayek, Am. Econ. Rev. 35, 519–530, Individualism and Economic order, The university of Chicago press, Chicago, London, 1945, 1948; Popper, The open society and its Enemies, Princeton university, NJ, 1950).     

基于数据挖掘技术的股票市场预测分析实例研究

本文主要研究数据挖掘技术在股票市场价格预测中的应用,重点采用数据挖掘分类和聚类算法对大盘走势和个股走势进行分析研究,采用实体数据进行挖掘分析,总结得出有益于投资者的结论。     

Deregulation and liberalization of the Chinese stock market and the improvement of market efficiency

This study employs single and multiple variance ratio tests to reexamine the weak-form efficient market hypothesis (EMH) of A- and B-shares on the Shanghai and Shenzhen exchanges in Chinese stock market. The study also examines the influence of the release of investment restriction of B-share markets on market efficiency. For the whole sample period, the weak-form EMH is only supported for Shanghai A-shares, and is not supported for the remaining shares. For the sub-sample period, the Shenzhen A-share and B-shares of both exchanges being rejected for the weak-form EMH in the earlier sample period are supported following the regulatory change. Rolling multiple variance ratio test statistic values provide additional evidence of weak-form EMH. The improvement of market efficiency can be explained by the increased liquidity and maturity accompanying deregulation and liberalization.     

GARCH-Type modeling of stock market returns for the pre-crisis countries

Empirical studies have shown that a large number of financial asset returns exhibit fat tails （leptokurtosis） and are often characterized by volatility clustering and asymmetry. This paper considers the ability of the GARCH-Type （Generalized Autoregressive Conditional Heteroskedasticity） models to capture the stylized features of volatility in national stock market returns for three countries （Portugal, Spain and Greece）. The results of this paper suggest that in the presence of asymmetric responses to innovations in the market, the ARMA （1,1）-GJRGARCH（1,1） skewed Student-t model which accommodates both the skewness and the kurtosis of financial time series is preferred.     

The 2000 Presidential Election and the stock market

The impact of the delay in the declaration of a winner in the U.S. Presidential Election of 2000 on the performance of stock markets is examined in this study. We present evidence indicating that the stock market performance was different from a pre-event comparison period. Conventional t-tests and a dummy variable regression that controls for interest rate movements are used to present evidence indicating that there was a significant initial negative reaction to the delay in the election results. The authors thank Roy F. Cabaniss and Luellen A. Jones for editorial suggestions.     

Volatility of stock prices and market efficiency

Recently, historical price series along with the dividend series have been used to severely question the Efficient Markets Hypothesis. The literature suggests that the stock prices vary too much to be explained by subsequent changes in dividends. It is argued in this paper that these results require the assumption of stationarity of the price process and that this assumption is not compatible with the random walk model of Efficient Markets. A non-stationary dividend process, which is compatible with the random walk model of Efficient Markets, results in a reversal of earlier results. The new results are shown to be consistent with the empirical findings. Simulations are run to verify the results.     

Geopolitical risks and stock market dynamics of the BRICS

This paper examines the effect of geopolitical uncertainty on return and volatility dynamics in the BRICS stock markets via nonparametric causality-in-quantiles tests. The effect of geopolitical risks (GPRs) is found to be heterogeneous across the BRICS stock markets, suggesting that news regarding geopolitical tensions do not affect return dynamics in these markets in a uniform way. GPRs are generally found to impact stock market volatility measures rather than returns, and often at return quantiles below the median, indicating the role of GPRs as a driver of bad volatility in these markets. While Russia bears the greatest risk exposure to GPRs in terms of both return and volatility, India is found to be the most resilient BRICS nation in the group. Noting that geopolitical shocks and in particular terrorist incidents are largely unanticipated, our findings underscore the importance of a strong financial sector that can help return the market to stability and an open economy that allows local investors to diversify country-specific risks in their portfolios.