Gradual information diffusion and contrarian strategies

Various rational and behavioral models have been proposed to explain contrarian portfolio returns. In this article, I test the gradual information diffusion model of Hong and Stein [Hong, H., & Stein J. C. (1999). A unified theory of underreaction, momentum trading, and overreaction in asset markets. Journal of Finance, 54, 2143–2184]. Specifically, I study contrarian strategies based on past long-term returns and fundamental value-to-price ratios. Using ex post returns as a proxy for expected returns and size-controlled analyst coverage as a proxy for the rate of information diffusion, I show that contrarian portfolio returns decline monotonically with increasing rates of information diffusion. These results are consistent with the predictions of the Hong and Stein model. In addition, I show that analyst coverage is more important among glamour than value stocks, supporting the view that investors are more prone to decision biases when it comes to pricing hard-to-value glamour stocks for which information is relatively more ambiguous.     

跨国并购知识产权价值评估相关问题研究

明确跨国并购知识产权评估中的价值类型、影响因素和评估方法对于并购交易、国有资产管理等无疑是有着非常重要的意义,本文从价值类型、影响因素和评估方法三个方面对跨国并购知识产权的评估问题进行研究.跨国并购中知识产权的价值类型可分为三种:市场价值、投资价值、清算价值或重整价值.跨国并购知识产权评估中应考虑知识产权的价值影响因素,如法律因素、收益因素、风险因素、市场因素、宏观因素和技术因素等.在跨国并购知识产权评估中,应区分股权并购和资产并购采用不同的评估方法,且因为知识产权的不确定性,应加强模糊评价和因素分析法等方法在知识产权评估中的应用.     

A THEORETICAL AND PRACTICAL PERSPECTIVE ON THE EQUITY RISK PREMIUM*

Abstract In historical perspective, equity returns have been higher than interest rates but have also varied a good deal more. However, the average excess return has been larger than what could be expected based on classical equilibrium theory: the equity risk premium (ERP) puzzle. This paper has two objectives. First, the paper presents a comprehensive overview of the vast literature developed aimed at adjusting theory and testing the robustness of the puzzle. Here we will show that the failure of theory to link asset prices to economics is mostly quantitative by nature and not qualitative (anymore). Second, beyond providing a survey of theory, we aim for a relevant practical angle as well. Our main contribution is that we spend time on why returns have been higher than investors reasonably could have expected. We present evidence that forecasts of equity returns can be enhanced by valuation models: low valuation levels (low price‐to‐earnings ratios) portend high subsequent returns. While conventional wisdom (several years ago) was to use historical returns to forecast future returns, a growing consensus now recognizes that the predictive power of valuation ratios is preferred. Finally we provide some practical implications based on this predictability. While the ERP is essentially a long‐term issue, the likelihood of a lower risk premium increases risk for many and means that short‐term volatility might not be neglected.     

REAL OPTIONS AND THE CROSS‐SECTION OF EXPECTED STOCK RETURNS

This paper surveys the theoretical literature investigating the effect of firms’ investment flexibility on the cross‐section of expected stock returns. Real options analysis derives firms’ value‐maximizing investment policies as functions of exogenous fundamental drivers of profitability and calculates firms’ market values as functions of the same variables. These functions yield the relationship between expected stock returns and firm fundamentals. Several plausible explanations for the value premium – the high average stock returns earned by firms with high book‐to‐market ratios – emerge from this literature.     

上市公司资产评估与交易定价关系研究——基于2010年上市公司数据分析

本文以2010年沪深两市上市公司资产评估与交易定价为研究对象,对沪深两市整体资产评估与交易定价情况进行描述性统计,并结合行业、交易类型、板块等因素分析评估价值和交易价格之间的关系,研究表明,上市公司资产评估价值已经成为交易定价的重要参考依据,行业、交易类型、板块因素对评估价值和交易价格之间的关系存在一定影响。     

全成本核算在医院绩效考核评价中的应用

市场经济形势下,医院作为竞争主体,不但面临着发展机遇,同时也面临着巨大的压力和挑战.因此,医院整体改革已然成为发展的必然趋势.在医院绩效考核当中,全成本核算模式的运用能够更加科学合理地对成本进行控制,不但有助于促进医院管理的有效运行,而且可以提高医院整体竞争力,深化医疗改革.作为经济运行当中的一种动态化管理模式,医院全...     

价值工程发展方向——价值管理

本文从价值及其涵义出发,面对时代发展与科学进步的态势与趋势,对价值源泉,价值工程与价值管理进行探讨,并提出全面(全要素、全过程、全寿命、全员工、全风险、全生态)价值管理理论方法论。     

解析产品价值创造的途径

消费者所能感知的产品的价值是影响其购买行为的决定性因素。因此,如何理解和提升价值就成了企业在激烈的市场竞争中胜出的关键。由于产品价值的模糊性,"比"的概念更加符合消费者价值评价的过程。通过对提高产品价值的第四和第五种途径的重点把握,指出了△F(功能差)/△C(费用差)对于产品价值提升的意义以及自身的一些不足之处。     

Do investments in intangible customer assets affect firm value?

This paper develops a simple model of investment by service firms in intangible customer assets, and tests whether the model identifies some critical drivers of firms’ stock returns. Similar to firms with significant research and development (R&D) expenditures, we argue that firms in fast-growing service industries with few tangible assets can increase firm value by investing in customer acquisition and service (A&S) expenditure. Using a unique hand-collected data set, we show that per-customer changes in firms’ revenues, customer acquisition costs, and customer service costs help to explain their abnormal stock returns.     

互换价值的会计计量方法研究

互换作为一种新型的金融衍生工具,自上世纪八十年代以来,在风险管理中得到广泛的应用。互换所产生的价值具有十分重要的意义,而这种价值在会计中应选用何种方法加以计量,成为会计界与金融界特别关注的问题。本文针对两种涵义提出两种计量方法,并分别对其特点进行分析,从中选出一种更加合理的方法,为互换价值的会计计量提供借鉴。     

WHAT'S TO KNOW ABOUT HYPOTHETICAL BIAS IN STATED PREFERENCE VALUATION STUDIES?

Abstract Hypothetical bias arises in stated preference valuation studies when respondents report a willingness to pay (WTP) that exceeds what they actually pay using their own money in laboratory or field experiments. Although this bias is not found in all stated preference surveys, hypothetical WTP typically exceeds the actual value by a factor of two to three. Unfortunately, there is no widely accepted general theory of respondent behaviour that explains hypothetical bias. Therefore, two meta‐analyses are reviewed to test current hypotheses regarding the causes of this overstatement of WTP and the associated recommendations to mitigate the bias. Suggestions for future research are made including the development of a general theory.     

刍议提高学校基本建设投资效益审计质量

学校基本建设投资效益审计,是学校管理的重要内容,涉及内部控制制度、资金管理、项目投资、管理效能、经营预算等审计内容。文中通过效益审计、财务审计,就及时防范控制项目风险,保护资金使用安全,避免投资浪费,提高投资效益进行了探讨。     

浅析上市公司股利信息在价值投资中的应用

根据信号传递理论,股利政策传递了会计利润所不能传达的信息,股利政策能较为真实的反映一个公司的价值。文章通过对上市公司的分配方案的分析,揭示其利润分配的真实动因,解读管理者传递的公司内部信息,从而预测其未来发展前景,评价其投资价值。     

我国城市住宅房屋拆迁估价技术初步研究

本文对我国部分城市城市非住宅房屋拆迁估价技术规范进行了分析和归纳,通过研究城市非住宅拆迁估价技术规范的特点和适用条件,对存在的问题进行了分析,并提出了研究估价方法、参数,建立估价审查机制和明确估价报告的出具条件和标准等解决的对策。     

从公开披露信息分析券商的自营投资能力

本文主要分析了券商金融资产分布及占比情况,重点券商收入结构情况,以及重点券商自营投资收益情况,从而对券商的自营投资能力做出简要概括。     

基于价值网络理论的知识转化研究

知识经济时代,价值网络成为一种更为有效的价值创造方式。文章通过图示的方法,揭示了价值链与价值网络的关系。随后又进一步探讨了价值网络对知识管理的影响过程,通过价值网络对知识资源的更有效配置能力,打造企业的核心竞争力。