从上证指数月K线看2002年中国股市走向

上海证券交易所自成立以来，至今已经历了11个年头。在国家重点扶持的政策背景下，我国股市发展速度非常快。市场规模迅速扩张。市场交易规则不断健全，法律法规的建设水平迅速提高，为我国经济的发展和以外开放起到了不可磨灭的贡献。改革开放对经济的促进作用同时推动着股市的迅速发展。     

以产权改革消除股市泡沫

今年7月以来,政府大大加强了对我国证券市场的清理整顿力度,例如清理银行违规入市资金、加强信息披露制度的建设、查处券商和上市公司的违规包装重组和透支等行为、取消上市公司的税收优惠政策等等,从而使证券市场的规范性的制度建设工作,取得了显著的成效。同时,也使得我国证券市场的泡沫问题,再次成为国人所警视和瞩目的焦点。我们认为,对我国证券市场泡沫问题的系统考察,可分为两个层面:一是静态的考察,即简单比较我国目前市盈率与发达国家的差别,由此容易得出我国目前证券市场的泡沫问题是十分严重的结论;二是动态的考察,即关注影响我国市盈率的核心因素——产权制度的现况及其未来的变化趋势,由此将大大降低对我国目前证券市场泡沫状况的估计和担忧。     

股市踏空100点进场号令——千点时刻的股市分析

当绵绵阴跌的大盘击穿1000点大关时，各方一片惊呼，基金半公开承认抛盘，证监会主席发表公开声明，随后大盘股指单日上涨最高79点，涨幅最高7．62%，近400只个股涨停，涉及各行业、各板块及其龙头，久违的上涨再次演绎了中国股市的又一个神话!但在实质性利好没有实施之前，大盘强势上扬终究不能持久?目前来看，股市中的某些品种的投资价值突出，不管现在的1000点是否是“股”底，投资都可以关注一下股市了井喷过后，投资应该如何投资?     

从上证指数月K线看2002年中国股市走向

上海证券交易所自成立以来,至今已经历了11个年头。在国家重点扶持的政策背景下,我国股市发展速度非常快。市场规模迅速扩张,市场交易规则不断健全,法律法规的建设水平迅速提高,为我国经济的发展和对外开放起到了不可磨灭的贡献。改革开放对经济的促进作用同时推动着股市的迅速发展。     

中国股市的涨幅居全球之首

美林证券在2000年度总结报告中称，全球38个最主要的股票市场只有包括中国在内的6个国家和地区的指数上涨。     

从中国股市现状看发展投资基金的迫切性

从中国股市现状看发展投资基金的迫切性吴世亮在我国从传统的计划经济体制向社会主义市场经济体制转轨过程中，恐怕没有哪一个市场比证券市场发展得更快了。自九十年代初开始至今，中国股市经过短短几年的发展，已经从区区数万股民发展到今天的２１００万；深、沪两个交易...     

股权分置改革时期的中国股市非对称效应研究

<正>股票价格频繁波动是股票市场中最明显的特征之一,它反映了股票市场资金的流动与资产真实价值的变化。因此,研究股票市场波动性,对投资组合选择、衍生证券定价和风险管理等有重要作用。中国股市作为新兴市场,变化快、阶段性特征明显,尤其是股权分置改革这一特殊时期,中国股市正在经历着明显的质的变化,股市的波动性更能反映资产的价值变化。所以本文认为对股权分置改革时期的中国股市波动性的研究具有一定的理论与现实意义。     

从三个角度看"九百"

我谈三个想法。一个想法,从区属角度来看,九百集团还是很成功的。成立10年经历了很多的困难,在这样一块土地上,依靠这样一支队伍,尽心尽责地做这样一番事业。从经营规模、资产的规模、利润的规模、对国家贡献的规模,都是很成功的。从区的角度来看,九百集团是个大集团,不管是总资产收益也好,还是国有资产的规模,达到50亿元,也是个成功的集团。九百集团不但能活下来,而且得到了发展,所以也是成功的,这是一个角度,应该充分肯定,充分总结。     

The value of celebrity endorsements: A stock market perspective

Are celebrity endorsements worthwhile investments in advertising? To answer this question, we analyze a unique sample of 101 announcements made between 1996 and 2008 by firms listed in the USA. Internet is the main medium of communication for these announcements. We employ event study methodology and document statistically insignificant abnormal returns around the announcement dates. This finding is consistent with the notion that the incremental benefits from celebrity endorsements closely match the incremental costs due to such contracts. Further, we investigate if the announcement date return depends on a number of characteristics that are often used in the endorsement literature. As a result, we find that endorsements of technology industry products coincide with significant positive abnormal returns around the announcement dates. Finally, we find weak support for the match-up hypothesis between celebrities and endorsed products.     

金融改革进程中我国银行资本的市场运作研究

伴随经济的全球化和多样化,金融结构的调整和改革,金融的业务竞争也越来越激烈,为了生存和发展,银行作为盈利性的企业,必定要在自身的经营方式和结构上进行具有创新性的重组和调整,这样,银行资本的市场运作必定也会受到一系列影响。     

Flight-to-liquidity: Evidence from China's stock market

In an order-driven and strictly regulated stock market, illiquidity risks' effects on asset pricing should be highlighted, particularly in such extreme market conditions as those in China. This paper utilizes panel data from China's stock market in an attempt to answer whether the illiquidity risk in various dimensions—including price impacts, the transaction speed, trading volume, transaction costs, and asymmetric information—can explain stock returns. We find that almost all dimensions of stock illiquidity are positively associated with excess stock returns. More importantly, smaller, less-liquid stocks suffer more liquidity costs, providing a strong evidence for “flight-to-liquidity.” Additionally, the transaction costs and asymmetric information, denoted by bid-ask spreads, robustly account for these illiquidity effects on stock pricing and differ from the findings in the U.S. market. We also find that the “flight-to-liquidity” can partially explain the idiosyncratic volatility puzzle, investors' gambling, and herding psychologies. This study provides substantial policy implications in regulation and portfolio management for emerging markets.     

股指期货的推出对我国金融市场的影响及策略研究

股指期货的推出作为完善证券市场运行机制的一部分,是我国金融发展的必然要求.如何利用股指期货的积极作用,同时防范其消极影响,成为我国证券市场面临的又一个挑战.本文通过论述股指期货的积极影响和不利因素,并结合我国的具体情况,提出我国发展股指期货的相应措施,以便对我国顺利发展股指期货有所帮助.     

The gambling preference and stock price: Evidence from China's stock market

Considering the strong gambling preference of retail investors in emerging markets and using the data of Chinese A-share listed companies from 2000 to 2018, this paper constructs an index of investor's gambling preference based on the theory of explicit preference and develops a factor model to capture the risk premium of gambling by introducing gambling factors. The results show that the factor model not only fits the gambling characteristics of the Chinese stock market well but also has strong explanatory power for common market anomalies. Through the index of capital gains over-hang (Wang et al., 2016), this paper further finds that facing different degrees of losses, investors will show different gambling preferences. The factor model also shows stronger explanatory power in the sample with more losses, revealing the investment characteristics of retail investors that the more you gamble and the more you lose. This study would be meaningful for exploring behavioral pricing factors, understanding emerging stock markets and supporting investment practice.     

Debt source choices and stock market performance of Russian firms during the financial crisis

This paper examines the relationship between stock returns and the sources of corporate debt during the financial crisis of 2008. In particular, using data on large-capitalization Russian firms, we investigate whether dependence on either bank debt or bonds affected stock returns during the credit crunch. Our results indicate that the firms which rely entirely on bank debt significantly outperformed the firms with public debt amidst the crisis. This finding suggests that bank debt may be particularly valuable in harsh times. However, we also document that the stock prices of the bank dependent firms recovered more slowly in the post-crisis period.     

The roles of news and volatility in stock market correlations during the global financial crisis

The global financial crisis has again brought the interdependencies of international financial markets to the fore, particularly during times of financial crises. This paper explores the relative roles of news and volatility in explaining the changes in correlations between national stock markets during the global financial crisis. Our results show that the majority of the correlations are more strongly explained by volatility rather than news. However as the global financial crisis evolves the relative role of news grows in importance.