排序方式: 共有18条查询结果,搜索用时 15 毫秒
1.
The downside risk in a leveraged stock position can be eliminatedby using stop-loss orders. The upside potential of such a positioncan be captured using contingent buy orders. The terminal payoffto this stop-loss start-gain strategy is identical to that ofa call option, but the strategy costs less initially. This articleresolves this paradox by showing that the strategy is not self-financingfor continuous stock-price processes of unbounded variation.The resolution of the paradox leads to a new decomposition ofan option's price into its intrinsic and time value. When thestock price follows geometric Brownian motion, this decompositionis proven to be mathematically equivalent to the Black-Scholes(1973) formula. 相似文献
2.
With time-varying adverse selection in the market for new equityissues, firms will prefer to issue equity when the market ismost informed about the quality of the firm. This implies thatequity issues tend to follow credible information releases.In addition, if the asymmetric in information increases overtime between information releases, the price drop at the announcementof an equity issue should increase in the time since the lastinformation release. Using earning releases as a proxy for informativeevents, we find evidence supporting these propositions. 相似文献
3.
<正> 南方公司是美国东南部5间受控管制公用电之控股公司,并为美国最大之电力生产商。南方电力是南方公司其中一间附属公司,在世界各地从事电力发展业务。其子公司亚洲电力发展有限公司发展项目遍布中国、菲律宾及亚洲其他地区。南电收购State Line发电设备的项目是更新旧电厂以提高效率、减低烟气排放及延长机组寿命的好例子。 相似文献
4.
财务指标在决定一个项目是否应该上马时是十分重要的。但企业需要使用一系列会计和非会计方法来决定如何推进项目。 相似文献
5.
An empirical investigation of international asset pricing 总被引:3,自引:0,他引:3
We investigate several asset pricing models in an internationalsetting. We use data on a large number of assets traded in theUnited States, Japan, the United Kingdom, and France. The modeltogether with the hypothesis of capital market integration implytestable restrictions on multivariate regressions relating assetreturns to various benchmark portfolios. We find that multifactormodels tend to outperform single-index models in both domesticand international forms especially in their ability to explainseasonality in asset returns. We also find that the behaviorof the models is affected by change in the regulatory environmentin international markets. 相似文献
6.
This article investigates the structure on preferences requiredto derive Ross's arbitrage pricing theory (APT). It is shownthat only ordinal preferences are required. In particular, theAPT does not require that agents possess preferences representableas risk-averse expected utility functions. This characteristicof the APT is not shared by the standard equilibrium-based capitalasset pricing models. 相似文献
7.
A Markov model for the term structure of credit risk spreads 总被引:31,自引:0,他引:31
This article provides a Markov model for the term structureof credit risk spreads. The model is based on Jarrow and Turnbull(1995), with the bankruptcy process following a discrete statespace Markov chain in credit ratings. The parameters of thisprocess are easily estimated using observable data. This modelis useful for pricing and hedging corporate debt with imbeddedoptions, for pricing and hedging OTC derivatives with counterpartyrisk, for pricing and hedging (foreign) government bonds subjectto default risk (e.g., municipal bonds), for pricing and hedgingcredit derivatives, and for risk management. 相似文献
8.
The second fundamental theorem of asset pricing: a new approach 总被引:1,自引:0,他引:1
This article presents a new definition of market completenessthat is independent of the notions of no arbitrage and equivalentmartingale measures. Our definition has many advantages, allshown herein. First, it preserves the Second Fundamental Theoremof Asset Pricing, even in complex economies. Second, under ourdefinition, the market can be complete yet arbitrage opportunitiesexist. This is important in practice, and stands in contrastto the traditional definitions. Third, under the assumptionsof no arbitrage and when used in the standard models, our definitionis equivalent to the traditional one. 相似文献
9.
RA Konstantin Weinholz 《Heilberufe》2009,61(1):41-42
Streitpunkte im Arbeitszeitgesetz - Immer wieder werfen die Regelungen zum Bereitsschaftsdienst in Kliniken und Pflegeeinrichtungen
Fragen auf. Nicht alles, was sich in der Praxis eingebürgert hat, ist rechtlich haltbar. Was ist erlaubt, was nicht? 相似文献
10.
改革开放以来,中国家族企业不断发展和完善,但也不可避免的出现了一系列问题,尤其是在激励机制方面,长期以来员工的积极性得不到充分调动。以温州模式为例,对家族企业在员工激励方面存在的问题进行了考察,分析了其形成原因,并依据现代激励理论提出了系统的建设方案,以期改善家族企业高管人员和普通员工的激励现状,进而不断振兴和完善中国的家族企业。 相似文献