Convertible Securities,Employee Stock Options and the Cost of Equity

We provide a method for calculating the cost of equity and the cost of capital in the presence of convertible securities and employee stock options. We demonstrate how this approach can be applied if a company already has issued convertible claims or if it is considering doing so for the first time. We provide several numerical examples illustrating the significance of errors in estimating the cost of capital that can result when (1) employee stock options are ignored or (2) the observable stock price is used as a proxy for the unobservable underlying asset.     

Sudden Stops,Time Inconsistency,and the Duration of Sovereign Debt

We study the sovereign debt duration chosen by the government in the context of a standard model of sovereign default. The government balances off increasing the duration of its debt to mitigate rollover risk and lowering duration to mitigate the debt dilution problem. We present two main results. First, when the government decides the debt duration on a sequential basis, sudden stop risk increases the average duration by 1 year. Second, we illustrate the time inconsistency problem in the choice of sovereign debt duration: governments would like to commit to a duration that is 1.7 years shorter than the one they choose when decisions are made sequentially.     

Stock Option Measures and the Stock Repurchase Decision

The major purposes of this study are two fold. First, we investigate whether or not the dilutive effect from stock options on the denominator of earnings per share is associated with the incurrence of stock repurchases. We use the FASB dilution and the economic dilution as the direct dilution measures and examine their relationship with stock repurchase decision. Second, we explore which of the extant measures of stock options can better explain the incurrence of stock repurchases. Six extant measures of stock options from previous studies are used: (1) the FASB's treasury-stock EPS dilution method, (2) the economic dilution measure based on Core, Guay and Kothari (2002), (3) the number of employee stock option exercises, (4) the number of stock option grants, (5) the number of total stock options outstanding, and (6) the number of exercisable stock options.Using a pooled cross-sectional sample from 1996–2000, we find a positive association between the likelihood of stock repurchases and the FASB dilution as well as the economic dilution in EPS, respectively. Thereby providing support for the undo-dilution hypothesis. The highest incremental explanatory power is found when we add the number of stock options exercisable to the baseline model. However, further analysis does not support the option-funding hypothesis suggested by Kahle (2002). We provide two explanations for why exercisable stock options better explain the stock repurchase decision.     

制度差异风险与中国对外直接投资——双边投资协定与贸易依存度的调节效应研究

本文分别从理论与实证两个层面探讨了制度差异风险对中国OFDI 的影响。在理论层面通过模型构造论证了双边投资协定和双边贸易依存度对制度差异风险的调节效应：稀释效应与累积效应。在此基础上,选取2006-2015 年中国“一带一路”沿线41 个国家和地区样本,对理论假设进行了经验检验。研究表明：制度差异风险对中国OFDI 产生负面影响且具有门槛效应,中国更倾向于投资制度风险接近的国家;双边投资协定对中国OFDI 具有正向促进作用且对发展中国家作用更大,双边投资协定在一定程度上可以替代东道国的制度缺位,稀释制度差异风险对中国OFDI 的负面影响;双边贸易依存度有益于中国OFDI 且对发达国家作用更大,双边贸易依存度通过加强制度学习和经验积累,对制度差异风险具有反向调节作用。     

白酒中微量元素快速检测技术的探讨

目的:运用电感耦合等离子体原子发射光谱法(ICP-OES)对白酒中23种元素测定的前处理方法进行研究.方法:采用稀释法、微波消解法对56％白酒进行处理,利用ICP-OES对处理液中23种元素进行测定,并对测定方法进行了方法学研究.结果:ICP-OES法方法学结果良好,23种元素的检出限为6 ng·mL-1,重复性<1％...     

品牌扩展中“稀释效应”的消费者认知机制分析

品牌扩展策略中的“稀释效应”,是指随着核心品牌在新产品上的使用,消费者对核心品牌的评价有所下降的现象。这种现象是否发生,主要取决于消费者对扩展产品的评价值。从消费者的认知出发,用情感迁移模型和联想需求模型分析消费者如何对扩展产品进行评价,认为扩展产品与核心产品的拟合度低、核心品牌的联想不能适用于扩展产品的领域而导致“稀释效应”的产生。     

一种利用相位差变化率的机载单站无源定位方法

利用空频域信息的无源定位对角速度测量要求较高,分析相位差变化率模型可知相 位差变化率对角速度具有明显的放大作用,将其应用于机载单站无源定位,建立新的无源测 距模型并进行误差分析。仿真实验表明：该方法减小了参数测量难度,定位误差主要受相位 差变化率和频率变化率影响,并随载机和目标相对速度的增大而减小,与原方法相比具有更 好的定位精度。     

盈余管理、股权再融资与公司业绩表现*

在公司股权结构集中的情况下，控股股东实施盈余管理并进行股权再融资后会引起公司利润回调，并可能对公司长期经营能力造成影响。本文以沪深两市实施股权再融资的A股上市公司为样本，研究发现盈余管理导致公司股权再融资后业绩下降。进一步地，在热发市场中公司实施盈余管理的幅度更大，引起股票错误定价的程度更高，导致股权再融资后会计业绩和市场业绩下滑的作用更为明显。此外，在发生控股股东股权稀释的公司中，盈余管理引起公司股权再融资后业绩下降的程度更为严重，这表明控股股东利用股价高估的“机会窗口”侵占外部投资者利益的动机非常强烈。     

目标高度对广域多点定位系统精度的影响

广域多点定位技术是对航路和终端区域的飞行器进行监视的新技术,由于多个接收站 点通常布局在地面上,站点的基线长度和飞行器高度对系统的定位精度至关重要。根据双曲 线/面定位技术,导出了最小二乘法解算目标位置时定位精度与高度误差的关系,然后对同高 度层和高度层变化的水平精度稀释和垂直精度稀释进行了分析和仿真,证明了高度变化对精 度影响显著的结论。最后,讨论了站点布局的作用,在高度不变的情况下,适合的布站形状和 基线长度可减小高度误差对定位精度的影响。     

基于分数布朗运动和跳过程的股本权证定价模型

考虑到金融市场中资产价格具有的记忆性和长期相关性,模型假设股本权证标的资产价格服从分数布朗运动过程;并考虑到市场存在不确定因素而引起的价格巨大的波动,在模型中又引入了一个跳过程。首先得出权证定价的一般公式,最后在考虑股本权证行权后产生的稀释效应,得出稀释调整后的股本权证定价公式,并将其延伸到支付红利情况下。