企业碳交易的有效性——基于中国A股上市公司的实证研究

从上市公司的角度,分析了我国CDM项目交易的有效性,即将衡量碳交易有效性的标准设定为能够使企业股票产生价值溢价,实证检验了碳交易对我国A股上市公司股市表现的影响。检验结果显示,上市公司发布CDM项目注册公告当日,能给上市公司带来显著为正的异常收益率;对事件窗及事件发生后15个交易日的检验显示,公告没有使股市产生显著为正的累计异常收益率。对沪市和深市的对比检验表明,上市公司发布公告当日,两市的反应存在较大的差别。     

论Lab-Corder测量太阳电池伏安特性的实验技巧

在Lab-Corder测量太阳电池伏安特性实验中,只要改变二个可变电位器的负载大小,就可以完成本实验的数据测量.但Lab-Corder采集到的数据及图形往往不是很理想,达不到预期的结果.在实验过程中如何进行才能得到我们想要的实验结果呢？在本实验中实验的技巧是至关重要的一环,本文重点探讨其实验的技巧及方式方法对实验的结果影响.     

浅析日本汇率改革历程对我国的借鉴意义——基于对日本GDP和汇率的相关性分析

从1970年开始,日本采取了新的汇率制度,即浮动汇率制度,之后又迫于美国为首的大国压力,大幅度提升了对美元的汇率。今天,贸易持续顺差的中国也面临着同样的处境。通过分析日本实施新汇率制度后GDP和汇率水平的关系,建立回归模型并根据残差,分析汇率政策在1970年后的经验、教训和对我国的借鉴意义。     

上市公司资产重组市场效应的实证分析

从市场效应的角度来揭示重大资产重组事件对公司价值的影响。通过对2000-2003年中国上市公司的187个资产重组事件的平均股价和累计非正常收益率实证分析表明,市场对上市公司的重大资产重组有强烈的超前反应,资产重组给公司带来了一定的价值提升。     

上市公司业绩预告与股票收益率的经验研究

运用上市公司财务与市场数据,对业绩剧变公司的业绩预告的特点、影响因素及业绩预告对股票价格影响的实证研究发现,业绩预告披露的可能性与业绩变动、基金持股比例、公司规模等因素有关,与风险、前十大股东持股比例等因素无关;业绩预告披露、年度财务报告披露期间的异常收益率与ROE变动比率、资产规模、信息披露细致程度等因素有关。在年报披露期间,业绩预告披露与否对异常收益率有显著影响,业绩预告会在一定程度上削弱年度财务报告信息对该公司股票的利空、利好效应.     

The impact of mergers on acquiring firm shareholder wealth: The 1905–1930 experience

From the standpoint of investors successful acquisitions increase profitability and stock Contemporary studies find acquiring firm shareholders earning small gains before and large losses after consolidation. Using modern financial market procedures, we examine a portfolio of 191 acquiring firms from 1905 to 1930 to determine the impact on firm owners of early industrial acquisitions in the United States and the effect of institutional changes on takeover gains. Acquisitions from 1905 to 1930 raised shareholder wealth by more than 3 percent, an increase exceeding gains from more recent mergers. Stock price continued to rise after completion for acquisitions before World War I, but fell dramatically for acquisitions during the oligopoly merger wave of the late 1920s.We would like to thank Patrick Byrne and Tara Nussman for help in collecting the financial data, Ralph Nelson for permitting us to use his and Carl Eis's worksheets on merger activity from 1905 to 1930, and George Bittlingmayer, Malcolm Burns, David Gulley, Stephen Grubaugh, Lori Leeth, John Matsusaka, Dennis Mueller, Rexford Santerre, Scott Sumner, Tugrul Temel, and Nikhil Varaiya for their helpful comments.     

Information in stock prices: the case of the 2016 U.S. presidential election

On the day before the 2016 U.S. presidential election, the odds of Hillary Clinton winning the presidency, according to political prediction markets, were above 90%. Surprisingly, Donald Trump won the Electoral College handily. In this study, we examine how movements in specific stock prices foreshadowed the eventual outcome. Specifically, we conduct a series of standard event-study tests focused on pharmaceutical companies, which became a focal point during the presidential campaign. Results show that while stocks of pharmaceutical companies significantly underperformed the market prior to the election, prices substantially increased beginning three days before the election outcome. This increase is both statistically significant and economically meaningful and robust to various event-study methodologies. These results suggest that some sectors of the stock market seemed to anticipate the election outcome.     

IPO首日超额收益:基于抑价和溢价的研究综述

从一级市场抑价和二级市场溢价两个角度时IPO首日超额收益的相关研究进行了综述,并为我国IPO首日超额收益提供了新的解释.基于信息不对称,一级市场抑价解释认为IPO首日超额收益是发行抑价的结果,是对投资者面临的风险或者提供私有信息的补偿;在对称信息下,抑价是股权选择的一种均衡机制,也是发行人和投资者行为偏差的影响结果;基于行为金融,二级市场溢价解释认为噪声交易者的存在使IPO上市首目交易价格偏离了内在价值,产生了二级市场溢价.     

中国股市波动性研究——基于Shiller-Sentana-Wadhwani模型

股票市场的价格波动并非像传统金融学所说得那样围绕公司基本价值进行小幅震荡，常常表现出大幅波动的特征。本文采用基于garch模型作出的Shiller-Sentana-Wadhwani模型对中国股票市场成立十多年的股价波动进行实证研究，得出中国股票市场存在反馈交易且其程度随着股价波动的增大而提高、随着涨跌限制而加大的结论。     

基于小型开放经济RBC模型的中国经济波动模拟分析

以随机动态一般均衡模型作为基本分析框架,建立一个具有投资组合调整成本的小型开放经济实际经济周期(RBC)模型,在模型参数校准的基础上分析模型对中国经济波动典型化事实的模拟能力和方差分解效应,结果表明:小型开放经济RBC模型平均可以模拟大约80%以上的中国经济波动;技术冲击是造成中国产出和就业波动的主要因素。