Scheduled macroeconomic news announcements and intraday market sentiment

We analyze the effects of scheduled macroeconomic news on intraday and daily market sentiment by comparing sentiment on news announcement dates with that on non-announcement dates. Announcements of macroeconomic indicators change neither intraday nor daily market sentiment. However, the directions of the announced values have asymmetric effects on intraday market sentiment, although they do not affect daily market sentiment. For example, an announcement of an increase in the gross domestic product (GDP) reduces short-term intraday market sentiment, whereas an announcement of a decrease in GDP does not significantly affect intraday market sentiment. We also find that the effect of intraday market sentiment on short-term market returns is greater following announcements of macroeconomic indicators that significantly affect intraday market sentiment.     

CEO optimism,CEO selection,compensation, and corporate investment decision: The case of CEOs who were rehired as CEOs by another firms after turnover

What happens to CEOs after they are let go by their firm? This study is designed to investigate CEOs who are rehired as CEOs by another firms after turnover. CEOs defined as “moderately optimistic” and those who left voluntarily from their departing firms, are younger, have better prior performance, and work in larger firms are found to have a greater likelihood of being rehired as a CEO by another employer. Moreover, new-hire firms with higher growth opportunity and higher R&D expenditures are found to be significantly more willing to hire overconfident CEOs. Furthermore, more-optimistic CEOs are found to receive higher total compensation from their new-hire firms than CEOs who are less optimistic. Finally, overconfident CEOs working in firms with high growth opportunity and higher R&D show a significantly greater tendency toward increasing firm investment.     

多证券融资结构探析

融资问题研究是企业理论的重要领域。公司收益分配直接关系到公司的控制权分配,融资契约与融资手段的选择决定了各方间的收益分配及公司的控制结构。从融资行为研究的框架体系出发,本文在非对称信息的基础上分析了公司融资理论面临的相关问题。     

我国物流业开展物流金融服务的风险及对策

现代物流行业中,一些传统的物流业务。如仓储、运输等,其利润率已越来越低,而且很难进一步提高。近年来,物流金融服务这一新型业务在物流行业中异军突起。日益成为物流行业的一个主要利润来源之一。尽管物流金融带来可观的效益．但是物流企业开展物流金融业务时要面临诸多的风险。因此。我们需要谨慎地评估物流金融风险．并科学地采取风险规避措施。文章将对物流企业开展物流金融服务的典型案例入手,分析其存在的风险并提出相应的对策。     

论和谐金融构建与金融审计职能创新

文章立足于国有商业银行股份制改革以来的现状和宏观调控背景,从国家审计的视角,深入分析当前金融审计职能重新定位的重要意义,并深刻阐述了创新和完善现行金融审计职能的具体思路.     

试论我国房地产金融市场的发展

房地产业是一个资金密集型产业,与金融业存在着很大的关联度,因此必须促进房地产金融市场的发展。文章将分析我国房地产金融市场的发展现状及存在的主要问题,并提出发展与繁荣我国房地产金融市场的有关对策建议。     

从产业融合角度分析我国物流金融的发展

随着物流业与金融业的合作加强．共同发展,物流金融受到了更多的关注。物流企业与金融机构为了增强自身在行业的竞争力,已经把物流金融作为重要途径之一。作为产业形成的方式之一,更好地了解产业融合．能够帮助我们更好地了解物流金融业发展的原因及趋势。通过介绍产业融合的定义和动因来分析物流业与金融业融合的必要性与可行性。     

我国上市公司债务融资治理效应研究

债务融资,同股权融资一样,也是企业的一种重要融资方式;同时,作为一种重要的治理结构,债务融资在减少股东与经营者之间的代理成本等方面发挥着积极的作用.我国上市公司的债务融资治理现状不容乐观;存在5个方面的问题,在分析这些问题的基础上提出了改善我国上市公司债务融资治理效应的政策建议.     

中小企业存货质押供应链金融博弈及数值分析

本文根据供应链金融理论,分析存货质押供应链金融融资模式中各主体间的博弈关系,对复制动态方程表示的银行、物流企业及中小企业利益函数进行数值分析,认为存货质押供应链金融融资模式对三方收益具有积极影响,三者之间信任关系的建立及维护对供应链金融融资模式的实施具有重要影响。最后提出了同一供应链条上的核心企业与中小企业加强信任与合作、强化物流企业对中小企业贷款抵押存货的监管、建立和完善银行对中小企业的还款追加制度和存货质押管理制度以及成立中小企业政策性银行四点政策建议。     

个人中长期投资理财研究与分析

文章从基础层面对中长期理财规划进行了探讨,对其理论基础和原则进行了充分的阐述,在此基础上,提出了中长期理财规划的一些基本技能。