机构投资者、公允价值与市场波动——基于我国A股市场面板数据的实证研究

文章研究了机构投资者对所投资公司公允价值计量的偏好和机构行为与市场波动的关系,以及公允价值计量方式对于市场波动的影响,并且检验了公允价值计量收益和机构交易对于市场波动的交互作用。研究发现,机构表现出对于公允价值计量资产的回避态度。公允价值计量收益减小了市场波动,而机构投资者的持股和交易却显著加剧了波动,这与我国基金普遍存在短视和羊群行为的解释相吻合。研究结论对于促进公允价值计量,限制机构投机,提高市场效率具有参考意义。     

A Comparative Analysis of Earnings Forecasts in Europe

This study examines the accuracy and bias of financial analysts' EPS forecasts in nine European countries during 1987 to 1995. There are significant differences between the countries which may be due to the differences in earnings behaviour, accounting practices, and the influence of securities markets. An optimistic bias is endemic in European forecasts, consistent with research from the US. Investors who incorporate earnings forecasts in their stock selection procedures may be able to improve returns by explicitly adjusting their models for observed regularities in earnings forecast errors. However, we have shown that these regularities differ in incidence and magnitude across the countries studied, and further research is needed to effectively model these differences.     

浅析ESP外保温墙体建筑的优越性

随着城市建设规模的迅速发展和住宅商品化的深入,人们对节约能源和保护环境要求不断提高,建筑节能和建筑环保日益得到人们的重视,出现了不少新技术、新工艺、新材料,建筑结构围护保温(即建筑外墙的保温)便是其中之一。外墙苯板外保温饰面系统的墙体,我国从20世纪80年代开始试点到现在全国基本上全面开花。在国外经验的基础上,结合国内情况,我国制定了《外墙外保温工程技术规程》JGJ144-2004,按照此规程进行设计与施工,确保工程质量,促使EPS外保温墙体建筑更加迅速发展起来。     

EPS大模内置在外墙中的应用

随着社会经济发展,近年来高层建筑发展较快,为响应国家节能减排相关政策,高层建筑墙体保温尤为重要且形式多样,EPS钢丝网架板现浇混凝土外墙外保温系统工艺目前在国内外墙保温施工中应用较为广泛,本文结合单位职工住宅楼项目外墙保温施工,详细介绍了EPS钢丝网架板现浇混凝土外墙外保温系统的施工方案、技术要求、施工工艺及质量控制。     

经理人股票期权会计问题研究

近年来,经理人股票期权激励机制在我国开始实施,如何在借鉴国外已有的先进经验的基础上,根据我国现有国情和“本土化”的股票期权计划的发展程度构建的我国股票期权会计制度就成为迫切需要解决的课题。本文认为我国经理人股票期权应当费用化确认,同时采用服务单位法在经理人提供服务期间进行摊销;选择公允价值为计量基础,行权日为计量日;采用公允价值法计算考虑经理人股票期权稀释效用后的每股收益并进行充分的信息披露。     

聚苯乙烯(EPS)板墙体外保温在建筑工程中的应用

综合阐述了聚苯乙烯(EPS)板厚度尺寸的采用及主要技术性能,提出了现场聚苯乙烯(EPS)板施工中必须注意的一些问题,重点论述了聚苯乙烯(EPS)板施工的注意事项及施工技术措施。     

Expected EPS and EPS Growth as Determinantsof Value

This paper develops a parsimonious model relating a firm’s price per share to, (i), next year expected earnings per share (or 12 months forward eps), (ii), short-term growth (FY-2 versus FY- l) in eps, (iii), long-term (asymptotic) growth in eps, and, (iv), cost-of-equity capital. The model assumes that the present value of dividends per share (dps) determines price, but it does not restrict how the dps-sequence is expected to evolve. All of these aspects of the model contrast sharply with the standard (Gordon/Williams) text-book approach, which equates the growth rates of expected eps and dps and fixes the growth rate and the payout rate. Though the constant growth model arises as a peculiar special case, the analysis in this paper rests on more general principles, including dividend policy irrelevancy. A second key result inverts the valuation formula to show how one expresses cost-of-capital as a function of the forward eps to price ratio and the two measures of growth in expected eps. This expression generalizes the text-book equation in which cost-of-capital equals the dps-yield plus the growth in expected eps.This revised version was published online in August 2005 with a corrected cover date.     

Optimism bias in financial analysts' earnings forecasts: Do commissions sharing agreements reduce conflicts of interest?

Implemented in May 2007, the French rules governing commission-sharing agreements (CSAs) consist of unbundling brokerage and investment research fees. The goal of this paper is to analyze the effect of these rules on analysts' forecasts. Based on a sample of one-year-ahead earnings per share forecasts for 58 French firms during the period from 1999 to 2011, we conduct panel data regressions. We show that the analysts' optimistic bias declined significantly after CSA rules, which suggests that these rules are effective at curbing the conflicts of interest between brokerage activities and financial research. Our results are robust to the impact of the Global Settlement and the Market Abuse Directive.     

EPS应急电源在事故氯装置中的应用

氯碱企业对供电负荷的要求;简要介绍EPS应急电源的工作原理;重点介绍了EPS应急电源在事故氯装置中的应用。