一种基于信号机制在UNIX实时应用中快速传递信息的方法

在多进程的实时应用程序中，进程之间往往需要通过传递一些信息来达到资源共享的目的。介绍了一种基于信号机制在UNIX实时应用中的两个进程之间实现快速传递信息的方法，提高了实时性。     

Detection of Financial Time Series Turning Points: A New CUSUM Approach Applied to IPO Cycles

This paper presents a new Cumulative Sum approach for the detection of turning points in financial time series that are subject to cyclical mean level and volatility regime shifts. The new CUSUM approach is applied to the problem of detecting turning points in hot issue markets for Initial Public Offerings (IPOs), thus providing a multi-dimensional characterization of states of the IPO cycle.     

IPO share allocation and conflicts of interest

The underwriter of an IPO has two sources of compensation for its services on behalf of the issuer. One is through a commission (spread), the other is by buying issued shares for itself (or its affiliates) and reselling them in the post-issue market. Profits from the former decrease along with the magnitude of underpricing while profits from the latter increase with it. Faced with these countervailing interests, the present paper analyzes how the underwriter decides upon the pricing and allocation of IPOs.      

基于证券市场分割的企业IPO融资成本研究

随着我国市场经济不断深入与发展,中国证券市场不断完善,许多境外上市的中国企业开始回归内地证券市场,而中国企业也日益成为世界各证券交易所的青睐对象,因此中国企业应根据自身的条件和需求以及国家的利益,客观的选择上市的证券市场,从而在维护国家利益的前提下达到企业筹集资金和发展的目的。本文将以IPO融资成本为主线,定量分析不同市场融资费用状况,为正在选择不同市场上市的企业提供一点历史和现实依据。     

Pricing the risks of default

This paper decomposes default risk into timing and recovery risks. The two default components are explicitly priced as if they were traded in the futures market. We develop estimation strategies evaluating recovery risks and then construct implicit prices of contingent securities reflecting purely the timing risk. The models are estimated on monthly data for rates on certificates of deposit offered by institutions in the Savings and Loan Industry, during the 1987–1991 period. Empirical results support market expectations of lower likelihoods of default after 1989.     

Why is timing perverse?

The existence of negative market timing, even for passive portfolios, poses a relevant puzzle when assessing portfolio management. In this paper, we develop a simple theoretical model so as to explain why such perverse market timing might occur and why those stocks with the lowest beta in upward markets exhibit pronounced negative timing. Our explanation is based on the existence of higher correlations of stocks in down markets than in up markets. We find that changes in beta, which drives timing, has four components; however, just two of these, mean covariance shift and covariances dispersion map, serve to explain the asymmetric behavior across stocks. We find that a high percentage of the negative market timing ability identified for mutual funds in the literature could be explained by this bias.     

创业板新股上市折价率影响因素的实证分析

文章选取创业板市场上的有关样本,对高折价率的影响因素进行了多元回归实证分析,结果表明:发行规模、换手率、发行市盈率、中签率等变量可在一定程度上解释我国创业板新股上市折价的现象。     

投资者参与、企业内在价值与IPO抑价——基于中国A股市场的经验证据

本文以中国A股市场为背景,以2009～2010年沪深两市通过IPO募集股权资本的上市公司为样本,探讨了投资者参与程度、企业内在价值与IPO抑价之间的关系。研究发现,在诸多影响因素中,以市盈率衡量的企业内在价值与IPO抑价负相关;以中签率和换手率衡量的投资者参与程度,与IPO抑价正相关。较低的中签率和较高的换手率,代表更高的投资者参与热情,通常会导致更高的IPO抑价。此外,诸如IPO规模和行业特征等其他因素也会对IPO抑价产生影响。     

IPO发行审核制度回顾与简析

随着中国经济的不断发展及资本市场的不断完善,在过去的十多年里,中国的IPO发行制度经历了不断变迁和演进的过程.本文主要从发行审核制度、对我国IPO发行制度的演进过程做了较为完整的回顾与评价,并展望了未来的发展方向.     

一种新的SC—FDE系统粗定时同步算法

定时同步是单载波频域均衡(SC-FDE)系统的一项关键技术,其中的粗定时同步算法决定着同步收敛速度,由Schmidl和Cox提出的传统算法中出现的测度峰值平台影响着粗同步的精度与速度。通过训练符号格式的重新设计,利用其中4个相同部分良好的相关特性,提出了一种基于特殊训练符号的粗同步算法。仿真结果表明,在高斯白噪声信道和多径衰落信道条件下,新算法定时偏差估计的方差和均值接近于理论值,粗定时同步能够精确地完成,较好解决了测度峰值平台问题。