黄金期货1月9日火热上市

1月9日,由上海期货交易所推出的黄金期货的7个合约顺利挂牌推出,期货公司迎来了久违的开户热潮。国泰君安期货公司举办的数次黄金期货投资报告会上,屡屡出现爆棚现象。不少人认为国际黄金价格的走牛,使内地得到又一个可以和现阶段证券牛市相媲美的黄金牛市。业内专家认为,黄金期货一方面有助于疏导国内对于黄金现货的需求热情,另一方面,意味人民币可以借道进入国际金融市场,这对中国的外汇管制制度和金融系统提出严重挑战。     

黄金期货：天堂还是地狱？

2008年1月9日,黄金期货正式在上海期货交易所挂牌交易,这意味着业界期盼多时的贵金属期货交易终于拉开了帷幕。然而,在产生过无数“纸上富贵一场梦”的期货市场,黄金期货对投资者而言,究竟是天堂之路,还是地狱之门昵？     

从钢材期货上市学交易手法

2009年2月下旬,证监会批准上海期货交易所(以下简称上期所)开展钢材和螺纹钢期货交易,市场传言1年多的钢材期货终于获准推出,由于我国是世界上最大的产钢、用钢国家,因此一旦钢材期货合约挂牌交易,我国有望成为国际上最大的钢材期货交易市场.何谓钢材期货 钢材期货是以某一钢材现货品种为标的物(交易对象)的标准化期货合约.投资者可以使用一定数量的保证金进行钢材期货合约买卖交易,通过赚取价差而获利的一种投资方式.     

黄金期货诞生记

中国黄金协会会长孙兆学表示,“黄金期货推出不仅完善了期货市场的交易品种,也标志着中国黄金行业在市场化进程中又迈出了坚实的一步……”     

当心黄金也会成为一种泡沫

现在似乎已经没有什么是按常理出牌了,煮熟的鸭子会飞,黄金也泛泡泡.     

铅期货平稳上市

新上市的铅期货一个月的平稳运行,让上海期货交易所（简称上期所）悬着的一颗心终于可以放下了。之前由于担心市场对铅期货每手25吨的“大合约”不适应,上期所在今年1月将新挂牌的燃料油期货合约交易单位从每手10吨增加到50吨,使得入市者交易保证金规模直线上升5倍,让投资者逐渐适应期货市场的“大合约”规则。     

黄金期货：警惕耀眼流金背后的陷阱

黄金期货正式在上海期货交易所挂牌交易,这意味着业界期盼多时的贵金属期货交易拉开了帷幕。然而,在产生过无数“纸上富贵一场梦”的期货市场,黄金期货对投资者而言,究竟是天堂之路,还是地狱之门呢？     

商业银行如何参与黄金期货

商业银行参与期货市场,在传统的商品期货市场中受较大限制。但黄金期货作为一种特殊商品期货,其推出将使商业银行的托管、结算、授信、渠道、理财等功能与商品期货市场实现全面对接。黄金期货成为商业银行撬动商品期货的杠杆,商业银行将成为推动我国期货市场发展的重要力量。     

股指期货上市记录

股指期货的平稳上市运行是我国新兴加转轨特定体制下政府主导、市场配合这一创新机制的成功尝试历经9年研发、4年筹备、3个月准备,2010年4月8日,股指期货正式启动,4月16日,沪深300指数期货合约上市交易。从上市一年来的市场运行情况看,股指期货总体上实现了平稳起步。股指期货的成功上市标志着我国金融期货市场的诞生,也标志着资本市场改革发展迈出了关键的一大步。     

明星撞脸:黄金期货与中石油

期盼黄金期货上市交易日久的各方投资者终于在2008年1月9日于上海期货交易所正式\"亮剑\"!根据上海期货交易所公布的黄金期货标准合约,交易单位每手设定为1000克(见右表),首日交易挂盘基准价为209.99元/克,保证金比例为20%(交易所为控制风险,上市交易首日按20%设定保证金比例,其后暂时按9%设定,一定时期平稳运行后按7%设定).这样一来,投资者交易1手黄金期货至少需要保证金41998(209.99×1000×20%)元.与其他商品期货品种相比,门槛还是有点高,谁让人家是金子呢!     

The underpricing of gold mining initial public offerings

This study is motivated by How [How, J., 2000. The initial and long run performances of mining IPOs in Australia. Aust. J. Manage. 25, 95-118] who examined 100 Australian gold mining initial public offerings (IPOs) from 1979 to 1990 to report an average 119.51% underpricing return by those IPOs. This study updates that analysis by investigating 114 Australian gold mining IPOs from 1994 to 2004 and finds a significantly lower 13.3% average first day return. Options offered to underwriters can in part explain these returns as can the change in either the Gold Index or the All Ordinaries Index from the date of the prospectus to the date of listing.     

Forecasts or fallacies: Two issues for futures research on the internet

This paper explores the idea of futures research online, and considers whether two issues in particular — high rates of change, and complexity — pose a significant problem to the success of internet-orientated futures research. In particular, these two potential problems will be considered from the perspective of new developments within futures research frameworks and methodologies.     

海外上市时机的选择

海外上市应注意天时、地利与人和.首先,应该注意上市时机的选择,全世界普遍存在热销现象(hot issue),即公司都抢在资本市场景气的时候扎堆上市,因为这样可以卖个好价钱.其次,拟上市公司应注意把握好宏观经济的走势,应关注政府宏观调控给行业带来的风险.     

Evolution of futures studies

This article discusses the evolution of futures studies. The article starts with an evaluation of the different rival taxonomies and definitions for futures studies, and proceeds to discuss the very concept of paradigm. Are there paradigms in this discipline? If we think there are, what kind of arguments can we use to define those? I argue that there have been two paradigms in the evolution of futures studies so far, and there are signs of emergence of a new one. Both of the existing paradigms have had many rival macro-level methodological approaches, ontological and epistemological branches, and phases of evolution. The first paradigm is the age-old prediction tradition that combines thinking about the future into mystic explanations. This line of thinking bases its argument on the deterministic future and effects of the world of spirits. The second paradigm was basically started in the U.S. military after World War II. This modern line of thinking bases its argument on indeterministic futures, probabilities, aim to control and plan, modelling and systems thinking, and the effects of external trends. The new emerging paradigm may base its line of thinking on disconnecting from the western control based technical thinking, and accepting internal dynamic fluctuations, paradoxes and dialectic thinking.     

资本运作“养猪论”

资本市场上的“养猪论”有两种模式,一种是“多养几头小猪”的模式,代表人物是沈南鹏、季琦;一种是“只养一头大猪”的模式,代表人物是张近东、黄光裕     

The effectiveness of interest-rate futures contracts for hedging Japanese bonds of different credit quality and duration

This study investigates the effectiveness of the Tokyo Stock Exchange (TSE)-traded Japanese 10-year JGB futures contract to hedge portfolios of Japanese bonds of differing maturity and credit quality. The bond portfolios examined are Government, AAA-, and AA-rated Eurobonds with maturities of 2, 3, 5, 7, 10, and 20 years. Consistent with the recent literature, the study employs univariate methods for calculating hedge ratios based on levels, first differences, and percentage change of each series. Out-of-sample forecasting is used to determine the effectiveness of the calculated hedge ratios for each of the bond portfolios and to determine which approach to calculating hedge ratios is the most effective. The results show that this particular futures contract does provide a good hedge, particularly for those bond terms closest to the 10-year term of the contract. There is some evidence, although not strong, that JGBs are better hedged than AAA and AA bonds. Investors should take some caution when using this futures contract to hedge bond portfolios of different maturities and credit ratings.     

Continuity,contingency and context: Bringing the historian's cognitive toolkit into university futures and public policy development

This paper explores the affinities between the cognitive approaches of historical study and those of strategic foresight, specifically, scenario planning, drawing out their capacity to problematise perceived certainties and challenge deterministic beliefs. It suggests that “thinking with history” has the potential to enhance strategic understanding and decision-making. Two high-level decision-making contexts – university executives and Government Departments – are then discussed with regards to the barriers to such strategic thinking. The paper draws on a wider research project exploring the role for historical thinking in public policy development.