投资债券,一种理性选择

全球债券市场正在发生一系列重大变化，特别是现代信息技术的日新月异、资本流动的全球化、机构投资者的迅速崛起、交易产品的衍生化等浪潮，对债券结算和结算机构也产生了深刻的影响，在这种大背景下，中国的证券市场如何发展？为此，前不久．本刊记者就债券市场的发展采访了中央结算公司总经理吕世蕴。     

投资百度获益百倍

从100万到海外成功上市 李彦宏硅谷创业躁动 李彦宏在美国留学的时候,美国正鼓吹信息高速公路,大批互联网公司上市,以比尔·盖茨、杨致远为代表的创业英雄不断出现,人们创业的热情澎湃。     

投资香港值得选择

随着内地的不断开放,香港的竞争力究竟体现在何处,内地的企业怎样运用香港的优势更好地发展自己。带着这些问题,本刊记者采访了香港投资推广署助理署长胡达辉先生(JohnRutherford)     

Investing in Bankrupt Firms

We examine the investment characteristics of firms electing to enter bankruptcy, between 1973 and 1982. Comparisons are made before and after the Bankruptcy Reform Act of 1978. Our results indicate that the 1978 Act had no significant impact on bankruptcy decisions or resolutions for actively traded firms. Trading in bankrupt firms' securities is becoming more common, but no abnormal returns appear to be available. Systematic risk does not change significantly with the filing of bankruptcy, but there is a significant increase in return variance. The financial markets also react to various announcements of stages in the reorganization process.     

投资到南非

中国企业家的又一投资机会 南非今天经济的发展,得益于大量的外资投入.在受到国际社会的严厉制裁之前,由于南非丰富的矿藏、完备的基础设施、先进的金融体制、英国式的法律政治制度及与西方世界的历史和文化联系,加上取之不尽的黑人廉价劳动力,使得南非成为西方资本的投资天堂.二战后至20世纪70年代初,外资在南非的收益率一直在20%～27%之间,高出在非洲其他国家收益的3～4倍,比在世界其他地区多50%～80%.20世纪80年代,由于国际制裁,大量外资撤资,南非经济受到沉重打击.     

Investing in the size factor

This paper investigates the role of the size factor for constructing investment portfolios and proposes a dynamic extension that accommodates the risk-free asset and time-varying weights. These weights are determined by a set of state variables given by the term structure of sovereign interest rates, variables describing market risk aversion such as the VIX index and the CRB Industrial return, and indexes reflecting investor sentiment towards the economic outlook. The empirical section explores the suitability of these state variables and analyses the out-of-sample performance of size factors idiosyncratic to the US, the UK and European financial markets that are compared against the dynamic version that optimizes the weights in each period. The results provide support to the different size factors except for periods of economic distress in which the optimal dynamic strategies are clearly superior.     

慎投印度高铁

在日前举行的第二次中印战略经济对话中,中印双方决定设立基础设施工作组,主管两国的高铁合作项目。对印度而言,与中国开展高铁合作所带来的潜在利益不言而喻。目前印度的基础设施在全球竞争力指数中仅排名第91位,其电力、交通、通信等领域暴露出的问题早已为世人所知。     

艺术品,未来的投资之王?

“这几年艺术品投资比任何其他投资的回报都高,有的几年时间可以翻几百倍,我个人做什么都赔过钱．但投资艺术品从没赔过钱。几年前,有个台湾收藏家,给了我5张范曾的画,借了30万,后来钱没还,画就给我了,现在不到10年,这些画,一张就值80万。”     

Investing in the turn-of-the-year effect

The January effect is concerned with high stock returns in January, especially by small cap stocks. Transactions costs, especially price pressures, make it difficult to take advantage of this anomaly. However, these costs are minimal in the futures markets. This paper discusses the results of small minus large capitalized US stocks since futures trading began in 1982. There is some anticipation of the effect and in the futures markets; the anomaly still exists but is now totally in December.     

Investing in equity mutual funds

We construct optimal portfolios of equity funds by combining historical returns on funds and passive indexes with prior views about asset pricing and skill. By including both benchmark and nonbenchmark indexes, we distinguish pricing-model inaccuracy from managerial skill. Modest confidence in a pricing model helps construct portfolios with high Sharpe ratios. Investing in active mutual funds can be optimal even for investors who believe managers cannot outperform passive indexes. Optimal portfolios exclude hot-hand funds even for investors who believe momentum is priced. Our large universe of funds offers no close substitutes for the Fama-French and momentum benchmarks.     

ESG Investing in Graham & Doddsville

The author describes how and why the world's best “business value investors” have long incorporated environmental, social, and governance (ESG) considerations into their investment decision‐making. As the main source of value in companies has increasingly shifted from tangible to intangible assets, many followers of Graham & Dodd have delivered exceptional investment results by taking an “earnings‐power” approach to identifying high‐quality businesses—businesses with enduring competitive advantages that are sustained through significant ongoing investment in their core capabilities and, increasingly, their important non‐investor “stakeholders.” While the ESG framework may be relatively new, it can be thought of as providing a lens through which to view the age‐old issue of “quality.” Graham & Dodd's 1934 classic guide to investing, Security Analysis, and Phil Fisher's 1958 bestseller, Common Stocks and Uncommon Profits, both identify a number of areas of analysis that would today be characterized as ESG. Regardless of whether they use the labels “E,” “S,” and “G,” investors who make judgments about earnings power and sustainable competitive advantage are routinely incorporating ESG considerations into their decision‐making. The challenge of assessing a company's sustainable competitive advantage requires analysis based on concepts such as customer franchise value, as well as intangibles like brands and intellectual property. For corporate managers communicating ESG priorities, and for investors analyzing ESG issues, the key is to focus on their relevance to the business. In this sense, corporate reporting on sustainability issues should be viewed as analogous to and an integral part of financial reporting, with a management focus on materiality and relevance (while avoiding a “promotional” approach) that is critical to credibility.     

21世纪投资技巧

21世纪,人们的钱逐渐多了起来,于是对未来生活、生存和发展的投资必须做出适当的选择。如今,搞投资、玩股票,已经不能再靠单纯的有钱和消息来保证不败了。中国也会有越来越多的人可以玩玩财富与投资的游戏了。那么如何实现投资收益的最大化呢?这的确需要掌握一些投资技巧。请看     

Investing in Europe Better German Stocks

As the Euro-zone strives for stabilizing and recovering, there＇s no better time to invest in German stock market.     

Trading and Investing in Volatility Products

Since the banking crisis the market for volatility exchange‐traded products has developed rapidly as it opens to clients beyond the large institutional investor pool. Speculation is driven by increasingly complex leveraged and inverse exposures including those that attempt to trade on significant roll costs in volatility futures curves. Longer‐term investors use these products for the purposes of equity diversification, driven by fears of an ongoing Eurozone crisis. We survey the burgeoning academic literature in this area and present a comprehensive and up‐to‐date comparison of the market and statistical characteristics of European and US exchange‐traded volatility products.     

Contrarian Investing in a Small Capitalization Market: Evidence from New Zealand

This paper investigates the performance of accounting–based contrarian investment strategies in the New Zealand market. The return patterns of these strategies are then related to risk–based and behavioral–based explanations of the contrarian anomaly. Based on our analysis of the risk–return characteristics of the various strategies, we attribute the first year underperformance and second year outperformance of the value portfolios to expectational errors caused by noise trading in the relatively illiquid New Zealand market. The longer two–year correction process is in contrast to the much larger and more developed U.S. and Japanese markets, where value stock price corrections have been found to occur more rapidly. This provides support for the conjecture that longer horizons are required for value strategies to pay off in imperfectly competitive markets than in competitive markets.     

投奔西北 投奔西南

贸工大臣拜尔斯2000年9月5日宣布:贸工部向"地区选择扶持"(RSA)部门提供570万英镑的投资资助,旨在把北美的一家光电生产商JDS Uniphase的3.32亿英镑的新投资引向普利茅斯地区.预计该项投资有双重意义:其一是可为当地新创1,000个就业机会;其二是使英国西南部地区扩大知名度,表明该地区将成为经济发展的重要地区.     

CEO Risk Preference and Investing in R&D

This study aims at: (1) developing an index to measure CEO risk tolerance using publicly available data, and (2) examining the association between this index and investment in risky projects. Using relative pay‐at‐risk as a proxy for risk preference (tolerance) is a new proposition and is supported by having significant association with CEOs' socio‐demographic variables—the variables often studied in connection with risk aversion. Furthermore, this risk preference indicator has a positive association with risk‐taking behaviour as proxied by R&D expenditures. The in‐sample estimation and out‐of‐sample predictions support (a) using relative pay‐at‐risk as a valid proxy for risk tolerance, and (b) finding statistically significant positive association between this measure and R&D expenditures. The association has different degrees of strength for nine out of 11 industries.     

投资欧洲需先了解欧洲

在江泰国际合作联盟主办的2016中国企业“走出去”风险发布会暨“一带一路”风险管理论坛上,史特博律师事务所合伙人埃索·温欣格、风克集团大客户主管彼得·施耐德、裕利安怡集团高级亚洲经济学家穆罕默德·伊斯拉姆针对于中国企业投资欧洲需注意的相关问题分别提出了建议。