发电企业上市公司引用股票期权激励机制探讨

分析了股票期权激励制度给上市公司带来的效益以及在中国的应用模式,并按九个方面阐述了股票期权激励制度设计。     

Reflections on the Efficient Market Hypothesis: 30 Years Later

In recent years financial economists have increasingly questioned the efficient market hypothesis. But surely if market prices were often irrational and if market returns were as predictable as some critics have claimed, then professionally managed investment funds should easily be able to outdistance a passive index fund. This paper shows that professional investment managers, both in The U.S. and abroad, do not outperform their index benchmarks and provides evidence that by and large market prices do seem to reflect all available information.     

Cross‐Border Auction Cycle Effects of Sovereign Bond Issuance in the Euro Area

We provide evidence for the euro area of spillovers from foreign public debt auctions into domestic secondary‐market auction cycles. We also confirm existing evidence of such spillovers from domestic issues into the domestic secondary market. Consistent with a theory of primary dealers’ limited risk‐bearing capacity, we find that auction cycles from domestic issues are stronger during the recent crisis period, whereas cross‐border effects are stronger in the precrisis period, but this evidence is not strong. This finding likely reflects the opposing effects of reduced sovereign bond market integration during the crisis and higher yield covariances caused by more market volatility.     

Out‐of‐sample stock return predictability in emerging markets

This article builds on the widely debated issue of stock return predictability by applying a broad range of predictor variables and comprehensively considering the in‐sample and out‐of‐sample stock return predictability of ten advanced emerging markets. It compares forecasts from models with a single predictor variable, multiple predictor variables and a combination forecast approach. The results confirm the findings of Welch and Goyal (2008) for US data that only a limited number of individual predictor variables are able to deliver significant out‐of‐sample forecasts. However, a combination forecast approach provides statistically and economically significant out‐of‐sample forecast results.     

金融控股公司若干问题研究

本文在广泛搜集近年来有关资料基础上,对金融控股公司的涵义、特征与必要性、利好与风险、问题与挑战、现状与成绩、模式选择与战略对策等内容进行了简要概述,初步勾画了金融控股公司理论体系的基本框架.     

我国股份公司监事会制度重构的法律思考

我国旧<公司法>存在缺陷,未能通过立法确立起一种确保股份公司监事会监督权有效运行的法律保障机制,重构监事会制度是完善我国股份公司内部监督制度的明智选择.文章从监事会的组成结构、监事会的职权、监事会的运作程序、监事的约束机制等方面,对我国现行<公司法>重构的股份公司监事会制度进行了分析,在此基础上就进一步完善我国股份公司监事会制度提出了具体建议.     

浅析流动性过剩背景下的股市泡沫

流动性过剩已成为中国经济发展中的一个热点问题.文章分析了形成流动性过剩的国际和国内两个方面的原因.对于流动性过剩导致了中国股市繁荣的现状,文章提出了防范股市泡沫的措施.     

多学科视角下的和谐证券探析

构建和谐的证券市场的一个基本问题是弄清和谐证券市场应具有的基本属性.文章结合人们对和谐证券市场认识上的一些误区,以经济学、政治学、法理学和伦理学为视角进行分析,认为和谐的证券市场是一个以市场为基础、以政府为主导、以法律及规则为准绳、以交换正义为标准的市场.     

股票抵押贷款预期回收率比较分析

股票抵押贷款是一种风险较大的产品.股票价值和收益的高波动性造成抵押品价值的回收率不稳定,进而影响贷款预期回收率,使得银行经营风险加大.为了有效估算股票抵押贷款回收率,本文运用预期回收率模型,借助中国色诺芬股票数据库和美国CRSP股票数据库信息,比较分析不同市场情况下预期回收率的区别.分析发现中国市场由于近几年股票波动率加强,整体预期回收率较低,而美国则相反;预期回收率与抵押率、违约概率都成负相关关系,而且预期回收率对于抵押率的变化非常敏感;60%贷款抵押率的设定在美国市场是可行的,而中国市场合理抵押率是54%左右.     

地质勘查费用投入及其效果分析

本文通过对大量数字资料的综合分析 ,阐述了主要有色金属矿产不同时期、不同工作阶段、不同矿种、不同地区的地质勘查费用投入及主要实物工作量投入。由此 ,从单位储量勘查费用、发现一个矿床或矿点的平均费用、单位面积勘查费用三个方面 ,展开了对地质勘查费用投入效果的分析。