创业板启动IPO

9月21日，创业板首批10家公司率先披露招股意向书，并进行网上路演、初步询价和现场推介，25日同时申购，30日公布网上中签结果。“十年磨一剑”的创业板，可能在10月底之前正式开闸。     

没有比马云更幸运的路演人了

美国当地时间9月8日，以马云为首的阿里巴巴集团在纽约开启了为期10天的上市路演。向全球投资者们推介自己的股票，并预计于9月19日在纽交所挂牌交易，股票代码“BABA”。     

谁来为中石化买单

中石化宣布发行A股伊始,股市开始下跌,而且在7月份烽火通信等股票发行更逢上了股市的暴跌。中石化发言人和董事长在报刊和路演会上多次说,中石化不是在A股市场上圈钱,然而事实胜于雄辩,从中石化的所做所为和发行公告中,我们不仅看到他们在圈钱,而且更重要的是损害了市场规则,使股市陷入混乱。     

高职院校创新创业人才培养“商业路演”模式研究

"大众创业、万众创新"的广谱式双创浪潮下,高职院校双创育人成果与问题并存。双创教育的核心是构建系统高效的人才培养模式,文章提出高职院校双创人才培养"商业路演"模式,从培养理念、目标、路演训练原则、逻辑主线、运作机制体系、评价反馈和配套体系等多个角度进行构建,形成实践—理论—实践螺旋上升实践训练梯度,实现培养高质量双创型技能人才目的。     

路演：上市之前的死亡峡谷

1999年，路演失败最终导致了中海油上市梦想的夭折；8年后的今天，雄心勃勃的阿里巴巴们应该如何实现完美着陆？[编者按]     

事件

沪杭铁路客运专线领导小组二次会议召开,连杭物流基地奠基,渤海商品交易所全国首站路演杭州举行     

中国金融中心--"三城演义"

2005年新年伊始,北京市有关部门就在欧洲开始了一场大张旗鼓的路演．旨在说服各家国际金融机构把它们的地区总部设到北京。     

论股票期权激励机制异化与舞弊财务报告

本文探讨和分析了美国股票期权激励机制背离其激励初衷的原因,认识到由于股票期权的滥用、公司治理结构的缺陷、外部监管的不力和法律上的漏洞导致股票期权激励机制的异化及由此产生的舞弊财务报告。针对上述原因,结合我国实施股票期权激励机制的情况,对防范我国股票期权激励     

商业银行股票质押贷款的风险及防范

股票质押贷款是我国商业银行贷款业务的一项创新。本文分析了券商股票质押借款给提供融资的商业银行可能带来的风险 ,并指出商业银行防范股票质押贷款风险的关键 :一是要选择质地优良的券商和股票、二是要加强对股票变现风险和上市企业风险的防范。     

香港豪宅上海路演

内地楼市的“挤出效应”，让很多有投资需求的内地客转而赴港购房。 日前，香港信和集团旗下大型高端海景楼盘“温明·天赋海湾”在上海路演，鉴于之前的项目已频繁有内地客斥资千万大手笔买入，信和集团对此番路演寄予厚望。     

中国银行业多元化业务收入对其利润影响的实证分析

已有的实证研究表明,我国商业银行业务多元化在一定程度上能提高其盈利能力。本文在已有研究的基础上,实证研究了我国商业银行各项业务收入对其利润的影响。研究结果表明,虽然各项业务收入有助于提高银行总利润,但是利息收入、其它营业收入和投资收益却对银行净利润存在明显的负向影响,但当考虑其与是否股份制银行的虚拟变量的交互影响后,发现业务收入对股份制银行的净利润有显著的正向影响。同时,金融企业往来收入、汇兑收益、营业外收入对银行净利润都具有正向影响,其中又以营业收入的边际影响最显著。     

The Walk‐down to Beatable Analyst Forecasts: The Role of Equity Issuance and Insider Trading Incentives*

It has been alleged that firms and analysts engage in an "earnings‐guidance game" where analysts first issue optimistic earnings forecasts and then "walk down" their estimates to a level that firms can beat at the official earnings announcement. We examine whether the walk‐down to beatable targets is associated with managerial incentives to sell stock after earnings announcements on the firm's behalf (through new equity issuance) or from their personal accounts (through option exercises and stock sales). Consistent with these hypotheses, we find that the walk‐down to beatable targets is most pronounced when firms or insiders are net sellers of stock after an earnings announcement. These findings provide new insights on the impact of capital‐market incentives on communications between managers and analysts.     

市场进入次序优势在基金业中的实证研究

本文对基金市场的进入次序优势进行了实证研究。选取54只封闭式基金作为样本，以基金净值增长率为因变量，以基金设立时间、基金规模、证券指数变化、利率等为自变量，进行回归分析。结果显示基金市场存在先动优势，即基金设立时间越早，平均净值增长率越高。     

基于DEA模型的共享经济概念股票投资价值评价研究

应用DEA方法,建立了全面反映共享经济概念股票投资价值的指标体系,选取C2R模型,通过对上海证交所具有共享经济概念的13家上市公司股票进行实证分析,得到DEA效率指数与有效投影,以及股票价格、每股净资产和每股收益对样本公司DEA有效性的影响,计算了股票的相对投资价值,评价上市公司是否为技术有效和规模有效,为评判创新型商业模式的上市公司股票投资价值提供了一种新的途径。     

权证净需求对隐含波动率的影响

权证市场价格严重偏离理论价值,其隐含波动率远远大于基础股票的历史波动率。文章从供给和需求视角探索隐含波动率偏大的原因。实证结果发现：统计上,净需求对权证隐含波动率有显著的正影响：权证净需求对认股权证隐含波动率变化的影响强于对认沽权证的;认沽权证与基础资产的相关性弱于认股权证。本研究结果有助于市场监管者建立更完善的权证供给制度;有助于投资者根据隐舍波动率与历史波动率偏差建立套利策略。     

Managing Insurance Company Financial Statements to Meet Regulatory and Tax Reporting Goals*

This study investigates the extent to which property-casualty insurers select levels of loss reserves, net capital gains, and net stock transactions to meet solvency and tax reporting goals. Insurer solvency is reflected in financial measures known as IRIS (Insurance Regulatory Information System) ratios. IRIS ratios are generally enhanced by underestimating loss reserves, accelerating the realization of capital gains, postponing the realization of capital losses, issuing stock, and cutting dividends. Taxable income is reduced by reporting higher reserves and lower net capital gains on investments. We use simultaneous equations to model the three discretionary choices individually, while controlling for potential tradeoffs among the decisions. During the sample period of the study (1990-95), there is a shift in the regulatory environment that we argue tends to reduce incentives to meet IRIS goals. Specifically, risk-based capital (RBC) requirements were adopted in 1994. Although IRIS ratios continued to be used for solvency screening, their effect is expected to be diluted in the post-RBC period. Our results provide qualified support for this claim. Evidence of the phenomenon is stronger when the choice variables are net capital gains and stock transactions, and weaker when loss reserves are considered. Two of the three discretionary choices affect taxable income: loss reserves and capital gains. We find that tax incentives are significantly associated with the loss reserve estimate throughout the sample period. In contrast, our results are only weakly consistent with the view that capital gains are timed to achieve tax relief.     

CEO Overconfidence and Stock Price Crash Risk

This study examines the association between chief executive officer (CEO) overconfidence and future stock price crash risk. Overconfident managers overestimate the returns to their investment projects and misperceive negative net present value (NPV) projects as value creating. They also tend to ignore or explain away privately observed negative feedback. As a result, negative NPV projects are kept for too long and their bad performance accumulates, which can lead to stock price crashes. Using a large sample of firms for the period 1993–2010, we find that firms with overconfident CEOs have higher stock price crash risk than firms with nonoverconfident CEOs. The impact of managerial overconfidence on crash risk is more pronounced when the CEO is more dominant in the top management team and when there are greater differences of opinion among investors. Finally, it appears that the effect of CEO overconfidence on crash risk is less pronounced for firms with more conservative accounting policies.     

Dissecting long-run and short-run causalities between monetary policy and stock prices

We adopt a Cointegrated Vector-Autoregressive (CVAR) model to analyze the long-run behavior and short-run dynamics of stock markets across five developed and three emerging economies. Our main aim is to check whether liquidity conditions play an important role for stock market developments. As an innovation, liquidity conditions enter the analysis from three angles: in the form of a broad monetary aggregate, the interbank overnight rate and net capital flows which represent the share of global liquidity that arrives in the respective country. A second objective is to understand whether central banks are able to influence the stock market.     

Influence of macroeconomic factors on the Russian stock market

The article highlights approaches to estimating external factors having an impact on development of the Russian stock market. It contains different standpoints of international and domestic authors on this subject. The authors have tested the econometric EGARCH model in the article in order to evaluate the impact of various factors on the domestic stock market. The factors analyzed include the gross domestic product (GDP), US dollar exchange rate, euro/dollar ratio, net capital movement, and Brent oil free market price. The results of analysis show the heavy reliance of the dynamics of the Russian MICEX stock exchange index primarily on the oil price and US dollar exchange rate.     

Stock returns and investment trust flows in the Japanese financial market: A system approach

To study dynamic and causal relations between stock returns and investment trust flows in Japan, we employ a system method which utilizes information from the stock, bond, and money markets. The empirical evidence from SURECM, and Granger (1969) and Sims (1972) causality tests in the system method indicates that investment trust flows are weakly exogenous and stock returns cause net fund flows, implying that investors move their money to the securities that yield higher returns to rebalance their investment portfolios in the short-run. Thus, our findings do not support the popular notion of mutual fund flows as a driving force behind rallies in Japanese financial markets.