Investor Pessimism and the German Stock Market: Exploring Google Search Queries

We analyze the relationship of retail investor sentiment and the German stock market by introducing four distinct investor pessimism indices (IPIs) based on selected aggregate Google search queries. We assess the predictive power of weekly changes in sentiment captured by the IPIs for contemporaneous and future DAX returns, volatility and trading volume. The indices are found to have individually varying, but overall remarkably high explanatory power. An increase in retail investor pessimism is accompanied by decreasing contemporaneous market returns and an increase in volatility and trading volume. Future returns tend to increase while future volatility and trading volume decrease. The outcome is in line with the conjecture of correction effects. Overall, the results are well in line with modern investor sentiment theory.     

如何在课堂上培养职业判断能力

会计教学的目的不仅在于训练学生毕业时即已成为一个专业人员,而且是在培养他们未来成为一个专业人员应有的素质。会计教学改革的首要任务,是如何着力提高会计专业学生职业判断能力的培养。会计职业要求不仅要具备良好的理论基础,还必须能够在实践中运用这些知识。会计职业判断就是在符合国家法律法规的前提下,如何在可持续的基础上为所有者价值最大化进行企业会计政策的选择与设计。     

Hedging,Financing and Investment Decisions: A Simultaneous Equations Framework

We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.     

中国商业银行市场结构分析——基于Panzar-Rosse模型

运用Panzar--Rosse模型这一国际上前沿的市场结构判定方法，分析中国商业银行的市场结构，发现其目前正处于垄断竞争状态，垄断性较强。在此基础上本文提出了降低市场准入门槛、改善市场竞争环境的政策措施。     

Accounting for Option–based Compensation: The Economic Cost Approach

The intrinsic value approach amortizes over the life of the option, the difference between the stock price on the date of the grant and the exercise price of the option. The fair market value approach amortizes over the life of the option, the market value of stock options on the date of the grant. These approaches do not reflect the changes in the option–based compensation cost after the grant date. This paper proposes an economic cost approach that not only adjusts for the changes in the value of the options during its life but also records the issuance of the stock at fair market value on the exercise date.     

Relative Guarantees

Many real-world financial contracts have some sort of minimum rate of return guarantee included. One class of these guarantees is so-called relative guarantees, i.e., guarantees where the minimum guaranteed rate of return is given as a function of the stochastic return on a reference portfolio. These guarantees are the topic of this paper. We analyse a wide range of different functional specifications for the minimum guaranteed rate of return, hereunder both so-called maturity and multi-period guarantees. Several closed form solutions are presented.     

论生态经济系统稳态

本文论述了生态经济系统非平衡稳定态的概念、特性及其实现的途径。指出生态经济系统稳态,是非平衡的,对外全面开放、激烈竞争、充分利用涨落作用,对内协同、有序、自组织、自适应、自催化、且有非线性作用和支配性、良性运转、进展演替的耗散结构状态。生态经济系统平衡的提法应被生态经济系统稳态的概念所取代。     

东部地区农业结构变动与政策变量之间的相关性研究

本文通过农民收入变量、农民受教育程度、农村人均固定资产投资额、政府用于农村人均文教娱乐用品及服务支出和政府用于农村财政支出等政策变量与东部地区农业结构变动的相关性分析,再根据未来若干年我国及东部地区农业政策变化趋势,从而预测未来我国东部地区农业结构的变化趋势。     

QUADRATIC TERM STRUCTURE MODELS FOR RISK-FREE AND DEFAULTABLE RATES

In this paper, quadratic term structure models (QTSMs) are analyzed and characterized in a general Markovian setting. The primary motivation for this work is to find a useful extension of the traditional QTSM, which is based on an Ornstein–Uhlenbeck (OU) state process, while maintaining the analytical tractability of the model. To accomplish this, the class of quadratic processes, consisting of those Markov state processes that yield QTSM, is introduced. The main result states that OU processes are the only conservative quadratic processes. In general, however, a quadratic potential can be added to allow QTSMs to model default risk. It is further shown that the exponent functions that are inherent in the definition of the quadratic property can be determined by a system of Riccati equations with a unique admissible parameter set. The implications of these results for modeling the term structure of risk-free and defaultable rates are discussed.     

WebGIS技术在物流配送系统中的应用

万维网地理信息系统（WebGIS)是Internet技术和地理信息系统技术相结合的产物。在分析WebGIS实现技术的基础上，探讨了基于WebGIS的物流配送系统设计，提出了一个以SuperMap IS平台为基础，基于组件和Java Applet技术，利用ASP来实现界面的显示和交互，体现Brower/Serser三层体系结构的系统解决方案。