同行的祝愿

值此《金融理论与实践》300期刊庆之际,我谨代表《上海金融》编辑部全体同仁,向贵刊致以热烈的祝贺!     

Are the Best Small Companies the Best Investments?

Previous research finds that large companies previously judged to be excellent growth companies have subsequently been poor investments. We examine small companies selected by Business Week on the basis of multiple criteria used in annual articles featuring highly rated growth companies. We study the investment performance over the three years before eleven annual Business Week publications and the three years after publication. We find positive excess returns in the pre‐publication period, but negative excess returns in the post‐publication period. This reversal in investment performance appears to be due to a mean‐reversion tendency in operating performance, in which the earnings and the past rates of return on capital of such companies subsequently decrease significantly.     

万事达卡步步为"赢"

人性化的管理 《银行家》:万事达卡驻中国地区人员只有二十几个,而他们在2004年的人民币交易总额突破了18万亿元。这两个数字的对比总能给人留下深刻的印象。是什么原因使万事达卡具有如此高的效率? 冯炜权:一个公司要提高效率,当然会有自己的独到之处。我认为效率的提高至少要具备以下几个方面的条件。     

解读吉利财务实践

无论是“资本链、融资线、现金池”还是三链协同,吉利的财务创新理论如何才能真正落地？本期客座总编辑吉利控股集团副总裁、财务总监尹大庆和对外经贸大学国际商学院的执行院长汤谷良教授如是点评。     

期待创业板

2009年5月1日,证监会《首次公开发行股票并在创业板上市管理暂行办法》正式生效,深圳证券交易所5月8日发布《深圳证券交易所创业板股票上市规则(征求意见稿)》,公开向社会广泛征求意见,意味着创业板已逐步走向了实际操作阶段。创业板让中国把资本市场之剑磨砺了10年之久,也让人们期待了10年,最大     

Affine forward variance models

We introduce the class of affine forward variance (AFV) models of which both the conventional Heston model and the rough Heston model are special cases. We show that AFV models can be characterised by the affine form of their cumulant-generating function, which can be obtained as solution of a convolution Riccati equation. We further introduce the class of affine forward order flow intensity (AFI) models, which are structurally similar to AFV models, but driven by jump processes, and which include Hawkes-type models. We show that the cumulant-generating function of an AFI model satisfies a generalised convolution Riccati equation and that a high-frequency limit of AFI models converges in distribution to an AFV model.

     

常州天合逆市跳级

在全球光伏产业绩持平甚至略有下滑的大趋势下,常州天合通过提升价值创造、加强价值实现,以及合理运用价值经营手段,在短短两三年时间里,从中国市场的行业跟进者,一跃成为全球光优产业的市值亚军。     

二ОО五年度VC之最榜——2005年度Top5最佳VC新秀榜

谁是最抢眼的风险投资明星？谜底将在第二界亚太投资峰会TopCapital颁奖典礼揭晓！[编者按]     

Structural change in the forward discount: Implications for the forward rate unbiasedness hypothesis

It is a well-accepted empirical result that forward exchange rate unbiasedness is rejected in tests using the “differences regression” of the change in the logarithm of the spot exchange rate on the forward discount. We model the forward discount as an AR(1) process and argue that its persistence is exaggerated due to the presence of structural breaks. We show using a stochastic multiple break model that the forward discount persistence is substantially less if one allows for multiple structural breaks in the mean of the process. We argue that these breaks could be identified as monetary shocks to the central bank's reaction function. Using Monte Carlo simulations, we show that if we do not account for structural breaks that are present in the forward discount process, the forward discount coefficient in the “differences regression” is severely biased downward, away from its true value of 1.     

寻找最佳员工

对许多公司来说,寻找优秀的人才是他们最紧迫的任务之一,这项工作不仅仅局限于母公司境内。如今,全球化的跨国公司是哪里有人才就在哪里找、哪里需要人才就在哪里找。     

哪些企业活得最好——2012中国上市公司活力百强榜发布

这是新理财杂志社连续第4年推出中国上市公司活力百强榜。国际经济动荡、国内经济下行的时期,这100家公司用连续及稳定的营业收入增长证明:逆流也可飞舟,只要绽放内在的活力。高科技公司和制造业企业走在榜单最前列,这符合我国目前大力发展高科技及创新产业的国策,也为中国制造品牌转型升级做了极好的代言。众所周知,一个国家的经济发展有两个不可或缺的因素:创新的科学技术,以及坚实的工业基础。     

不良资产:最佳解决途径

金融机构、大型国有企业由于投资决策失误造成的巨额不良资产或巨额亏损,究竟应该由谁承担责任?在全国政协十届三次会议期间,政协委员陈守义关于《不良资产核销必须问责》的大会发言,在委员中引起了不小的反响     

FMPM Best Paper Award 2021

Financial Markets and Portfolio Management -     

FMPM Best Paper Award 2019

Financial Markets and Portfolio Management -     

Looking forward to the future

J Doyne Farmer reflects on his period as Joint Editor-in-Chief and outlines his vision for the future of financial economics.