Short selling,margin buying and stock return in China market

It is well argued that short sellers are informed traders, and short interests predict future stock returns significantly. However, most researches neglect margin buyers, as twin sisters of short sellers, and keep silent about their impact on stock returns. In this article, we demonstrate that margin buyers significantly impact predictive power of conventional short measures. We document that conventional short measures neglecting margin‐buying activities, short interest ratio (SIR) and days to cover (DTC) fail to predict stock return unless our analysis is confined to lightly margin bought stocks. We also show that short‐margin trading ratio (SMTR), revised short measure with consideration of margin buying, predict stock return more sharply. What is more, we can form profitable portfolios by the new short measure.     

Short sale constraints and information-driven short selling: evidence on NASDAQ

This article examines the impact of the NASDAQ’s bid test rule on the information content of short sales surrounding the U.S. Security Exchange Commission introduction of the pilot programme in 2005. It shows that abnormal short selling prior to analyst recommendation changes were very informative when stocks were restricted by the bid test rule. Such informativeness of short selling disappears when the bid test rule was temporarily suspended for pilot stocks. The results are robust after controlling for various factors that may contribute to this anomaly. Both the shorting efficiency hypothesis and the regulatory concern hypothesis are developed to provide explanations for this anomaly. Additional tests show that the regulatory concern is more consistent with the data.     

Changing purchasing habits through non-monetary point of sale strategies: The case of Australian oysters

In Australia, oysters are perceived as luxury products or are reserved for special occasions, making their consumption infrequent. Point of sale (POS) strategies can encourage consumers to increase purchase frequency. This paper reports the results of a field trial conducted for the Australian oyster industry to increase oyster purchase frequency. Five non-monetary POS strategies were trialled over 16 weeks in seven specialty seafood stores. While issues with store POS strategy compliance made evaluation difficult, sales increased by 15–20%; the most effective strategy was in-store sampling. Management and staff commitment to the POS campaign positively impacted results.     

Closed-form solutions for Wee’s and Martin’s EOQ models with a temporary price discount

In this article, we use closed-form solutions to solve Wee and Yu (1997) deteriorating inventory model with a temporary price discount and Martin’s (1994) EOQ model with a temporary sale price. In Wee and Yu (1997) and Martin’s (1994), the benefits during the temporary price discount purchase cycle are represented by their objective functions. Wee and Yu (1997) and Martin (1994) only used search methods to find approximate solutions. Following the theorems we suggested, you can find closed-form solution directly when there are integer operators involve in an objective function. Using the data of Wee and Yu (1997) and Martin (1994), we can find the results are more quick and more accurate.     

Earnings Announcements,Differences of Opinion and Management Guidance

Berkman, Dimitrov, Jain, Koch, and Tice (2009) document a negative relationship between differences of opinion and earnings announcement returns, and this relationship is more pronounced when short‐sale constraints are likely to be high. These findings are interpreted as support for the theory in Miller (1977) that binding short sale constraints cause pessimists to be underrepresented in price formation. We conjecture that accounting information (i.e., earnings news) is likely to play a role in this returns pattern. After controlling for the level of earnings news, we find that the relationship between differences of opinion and stock returns is either eliminated or opposite from what is predicted by Miller's theory. Further, we present evidence that suggests the confounding effect of earnings news can be explained by (pessimistic) management earnings guidance. Our findings offer an alternative explanation for why low differences of opinion stocks earn greater abnormal returns around earnings announcements.     

影响国债销售因素及其负面效应探析——以江西抚州市为例

金融理财产品的大量推出以及国债销售主体的商业银行利益取向的变化,直接影响国债在金融投资市场的占有份额,国债投资追逐者逐渐减少,国债销售情况逐渐由热趋冷。为扩大国债发行的市场规模和占有率,本文拟从金融理财产品不断丰富以及国债销售利益分配机制不匹配等具体情况的对比入手,分析国债销售受到冷落的原因,针对性地提出意见或建议。     

谈情报产品的市场营销策略

情报生产是为一定的社会活动服务的,它能满足用户在其社会活动中的某种需要,能反映情报供需双方的交换关系,是推动情报经济活动的有力杠杆。现今社会的情报价值观发生了深刻变化,情报产品的商品化亦大为增强。本文论述了情报产品的市场运营,包括情报产品需求分析、情报产品的生产、销售、服务等方面。     

拉式促销与维护产销价值链分析

在激烈竞争的现代市场,拉式促销已由过去偏隅于信息传递的一种营销策略发展到现在促进产销价值链形成的战略高度。拉式促销与精特优新产品相策应,所引发的顾客需求及其提升的产品附加值,是引导分销商合作参与价值链建设的重要动力源。要发挥拉式促销这一战略性潜能,必须在分销商和制造商两个环节共同做好产销价值链的维护工作。     

Predatory Short Sales and Bailouts

This paper extends the literature on predatory short selling and bailouts through a joint analysis of the two. We consider a model with informed short sales, as well as uninformed predatory short sales, which can trigger the inefficient liquidation of a firm. We obtain several novel results: A government commitment to bail out insolvent firms with positive probability can increase welfare because it selectively deters predatory short selling without hampering desirable informed short sales. Contrasting a common view, bailouts can be optimal ex ante but undesirable ex post. Furthermore, bailouts in our model are a better policy tool than short selling restrictions. Welfare gains from the bailout policy are unevenly distributed: shareholders gain while taxpayers lose. Bailout taxes allow ex ante Pareto improvements.     

对增值税视同销售行为的税务与会计处理探析

文章结合交易事项观和收益观,在界定交易与事项两种不同的经济业务类型和明确收入实质的基础上,把增值税视同销售行为划分为交易类和事项类两类行为,并根据各自的主要特征提出了不同行为下具有规律性的税务与会计处理原则与方法。