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根据今日投资《在线分析师》(www.investoday.com.cn)对国内近百家主流研究机构4000余名分析师的投资评级数据进行的统计,上周投资评级上调居前的25只股票中,化工行业排名靠前,有4只个股入围,这引起了我们的极大关注。本期重点点评一下该行业。 相似文献
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纺织品和服饰:行业攻守兼备根据今日投资《在线分析师》(www.investoday.com.cn)对国内近百家主流研究机构4000余名分析师的投资评级数据进行的统计,上周投资评级上调居前的25只股票中,纺织品和服饰行业排名靠前,有3只个股入围,这引起了我们的极大关注。本期重点点评一下该行业。 相似文献
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目前,我国的股市主要实行收益市盈率,而非分红市盈率,此种做法与欧美股市的通行做法有所不同.从表面看,即使是收益市盈率明显提高,与一般投资者之间并没有太大的关系.因为收益市盈率更多的体现为理论数据,只存在于账面上,股民无法获得收益的分红.因此,在我国的股市中正逐步兴起投资高分红股票,其超额收益广受各界关注,本文仅就相关问题进行探讨. 相似文献
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目前,我国的股市主要实行收益市盈率,而非分红市盈率,此种做法与欧美股市的通行做法有所不同。从表面看,即使是收益市盈率明显提高,与一般投资者之间并没有太大的关系。因为收益市盈率更多的体现为理论数据,只存在于账面上,股民无法获得收益的分红。因此,在我国的股市中正逐步兴起投资高分红股票,其超额收益广受各界关注,本文仅就相关问题进行探讨。 相似文献
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纺织品和服饰行业:具有较高的投资安全边际根据今日投资《在线分析师》(www.investoday.com.cn)对国内近百家主流研究机构4000余名分析师的投资评级数据进行的统计,上周投资评级上调居前的25只股票中,所属行业较为分散,化工品入选三家公司、信息技术与服务、 相似文献
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房地产行业:板块可能仍难有起色根据今日投资《在线分析师》(www.investoday.com.cn)对国内近百家主流研究机构4000余名分析师的投资评级数据进行的统计。上周投资评级上调居前的25只股票中,所属行业有所分散,房地产和化工品各入选四家公司,电子设备与仪器入选三只;金属与采矿、电力和机械制造各入选二只,其余分布在运输基础设施、通讯设备、航天与国防、纺织品和服饰等行业中。本期我们关注一下房地产行业。 相似文献
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化工品行业:产量稳定增长下游产品涨价根据今日投资《在线分析师》(www.investoday.com.cn)对国内近百家主流研究机构4000余名分析师的投资评级数据进行的统计,上周投资评级上调居前的25只股票中,化工品行业排名第一,有10只个股入围;机械制造和制药行业分别有3只个股入选;电子设备与仪器有2家入选;其余分布于电力、房地产、建筑工程、汽车零配件、通讯设备以及证券经纪行业。本期我们选择化工品行业进行点评。 相似文献
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Investment Plans and Stock Returns 总被引:2,自引:0,他引:2
Owen A. Lamont 《The Journal of Finance》2000,55(6):2719-2745
When the discount rate falls, investment should rise. Thus with time-varying discount rates and instantly changing investment, investment should positively covary with current stock returns and negatively covary with future stock returns. Aggregate nonresidential U.S. investment contradicts both these implications, probably because of investment lags. Investment plans, however, satisfy both implications. These investment plans, from a U.S. government survey of firms, are highly informative measures of expected investment and explain more than three-quarters of the variation in real annual aggregate investment growth. Plans have substantial forecasting power for excess stock returns, showing that time-varying risk premia affect investment. 相似文献
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以2017—2022年各季度基本养老保险基金投资数据为样本,考察基本养老保险基金投资对股票收益率与股价波动性的影响。结果显示:基本养老保险基金持股比例变化对股票未来收益率有一定预测效应,持股比例增加会加剧股价波动。异质性检验表明,被持股公司规模越大,持股比例变化对股票收益率的影响越不明显,对股价波动性影响的时滞性越强。对于短期持股而言,持股比例增加会加剧股价波动,而对于长期持股而言,持股比例增加有利于稳定股价。鉴于此,应继续推动基本养老保险基金全国统筹,进一步扩大其市场化投资规模、延长投资考核期限,提升基金可持续发展能力。 相似文献
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This article presents general conditions under which it is possible to obtain asset pricing relations from the intertemporal optimal investment decision of the firm. Under the assumption of linear homogeneous production and adjustment cost functions (the Hayashi (1982) conditions), it is possible to establish, state by state, the equality between the return on investment and the market return of the financial claims issued by the firm. This result proves to be, in essence, robust to the consideration of very general constraints on investment and the inclusion of taxes. 相似文献
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We study the dynamic implications of capital investment in innovative capacity (IC) on future stock returns, investment, and profitability by modeling the unique effects of IC investment on uncertain option generation/exercise and postexercise revenue. The model highlights the diverse effects of IC investment on expected returns in different postinvestment regimes and yields the novel prediction that, under the neoclassical assumption of nonincreasing revenue returns, IC investment is positively related to subsequent cumulative stock returns with a lag. The model also predicts a positive effect of IC investment on future investment and profitability. We find strong empirical support for these predictions. 相似文献
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Bambang Setiono Norman Strong 《Journal of Business Finance & Accounting》1998,25(5&6):631-657
We examine the profitability of the Ou and Penman (1989a) Pr trading strategy and the Holthausen and Larcker (1992) Prob trading strategy over the period 1980–1992 in the UK. This is a test of whether an investor can earn abnormal returns by exploiting fundamental accounting data. We employ alternative abnormal return metrics and research designs to control for risk. Using a UK dataset offers an independent test because the UK differs from the US in its formal and informal financial reporting environment, its structure of share ownership, and the behaviour of its economy over the study period. We find consistent evidence that an investor could have used a summary measure of financial statement information to predict future abnormal returns by indirectly predicting one-year-ahead earnings changes, but only weak and inconsistent evidence that an investor could have used a summary measure of financial statement information to predict one-year-ahead stock returns directly. We offer some thoughts on the reasons for these different results. 相似文献
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Building on a model of corporate investment under collateral constraints, we develop and test a hypothesis on the differential effect of debt capacity on stock returns across financially constrained and unconstrained firms. Consistent with the hypothesis, we find that debt capacity is a significant determinant of stock returns only in the cross-section of financially constrained firms, after controlling for beta, size, book-to-market, leverage, and momentum. The findings suggest that cross-sectional differences in corporate investment behavior arising from financial constraints, predicted by theories of imperfect capital markets and supported by empirical evidence, are reflected in the stock returns of manufacturing firms. 相似文献
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This paper attempts to reconcile the conflicting results reported in prior interest rate sensitivity studies that utilized the stock returns of financial institutions. By analyzing the interest rate elasticities during different interest rate cycles and adjusting for different monetary policy regimes, this paper suggests that sample period effects rather than methodological differences account for the conflicts presented in previous studies. More specifically, the empirical results indicate some asymmetrical interest rate sensitivities during various interest rate cycles. For example, the stock returns of savings and loan institutions were found to be more sensitive to falling interest rates. On the other hand, the stock returns of banks appeared to be more responsive to rising interest rates. Consequently, any attempt to employ models utilizing aggregated data either for policy making or to construct portfolio strategies will result in time aggregation bias and misguided decision making. 相似文献
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EUGENE F. FAMA 《The Journal of Finance》1990,45(4):1089-1108
Measuring the total return variation explained by shocks to expected cash flows, time-varying expected returns, and shocks to expected returns is one way to judge the rationality of stock prices. Variables that proxy for expected returns and expected-return shocks capture 30% of the variance of annual NYSE value-weighted returns. Growth rates of production, used to proxy for shocks to expected cash flows, explain 43% of the return variance. Whether the combined explanatory power of the variables—about 58% of the variance of annual returns—is good or bad news about market efficiency is left for the reader to judge. 相似文献
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Gil S. Bae Jinho Jeong Huey-Lian Sun Alex P. Tang 《The Journal of Financial Research》2002,25(3):337-352
We examine long‐run stock returns and operating performance around firms’ offerings of common stock, convertible debt, and straight debt from 1985 to 1990. We find that pre‐issue abnormal returns are positive and significant for stock issuers, but not for convertible and straight debt issuers. The post‐issue mean returns show that common stock and convertible debt issuers experience underperformance during the post‐issue periods, but straight debt issuers do not. Consistent with these results, common stock issuers experience the best pre‐issue operating performance among all three types of issuers, and operating performance declines during the post‐issue periods for common stock and convertible debt issuers. Using a new approach in linear model estimations to correct heteroskedasticity and to adjust for finite sample, we find a positive relation between post‐issue operating performance and issue‐period stock price reactions. The results suggest that future operating performance is anticipated at the issue and that securities issues provide information on issuers’ future performance. 相似文献