This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countr...This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countries. Most U.S. stocks are repurchased through open market and the signals sent to the market through open market repurchase are getting weaker. Even though stock repurchases are at their early stage in the Chinese stock market and the dominated way to buyback is through a negotiated repurchase agreement for non-floating shares, the power of signaling seems much stronger. Examining stock prices pre- and post-repurchase, we find that stock repurchase records an average abnormal return of 3.42% on the announcement date and 3.24% on the date of actual renurchase.展开更多
The effects of the Rician noise on the calculated tensors are analyzed and an affine invariant gradient (AIG) based nonlinear anisotropic smoothing strategy is presented.The AIG based smoothing strategy is a developme...The effects of the Rician noise on the calculated tensors are analyzed and an affine invariant gradient (AIG) based nonlinear anisotropic smoothing strategy is presented.The AIG based smoothing strategy is a development of the affine invariant nonlinear anisotropic diffusion(AINAD) restoration model,introduced by Guillermo Sapiro,and adopted to restore vector-valued data.To evaluate the efficiency of the presented AINAD model in accounting for the Rician noise introduced into the vector-valued data,the peak-to-peak signal-to-noise ratio(PSNR),signal-to-mean squared error ratio(SMSE) and Beta(parameter that stands for edge preservation) metrics are used.The experiment results acquired from the synthetic and real data prove the good performance of the presented filter.展开更多
文摘This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countries. Most U.S. stocks are repurchased through open market and the signals sent to the market through open market repurchase are getting weaker. Even though stock repurchases are at their early stage in the Chinese stock market and the dominated way to buyback is through a negotiated repurchase agreement for non-floating shares, the power of signaling seems much stronger. Examining stock prices pre- and post-repurchase, we find that stock repurchase records an average abnormal return of 3.42% on the announcement date and 3.24% on the date of actual renurchase.
基金the National Basic Research Program(973)of China(No.2003CB716103)the ShanghaiNormal University Foundation(No.SK200734)
文摘The effects of the Rician noise on the calculated tensors are analyzed and an affine invariant gradient (AIG) based nonlinear anisotropic smoothing strategy is presented.The AIG based smoothing strategy is a development of the affine invariant nonlinear anisotropic diffusion(AINAD) restoration model,introduced by Guillermo Sapiro,and adopted to restore vector-valued data.To evaluate the efficiency of the presented AINAD model in accounting for the Rician noise introduced into the vector-valued data,the peak-to-peak signal-to-noise ratio(PSNR),signal-to-mean squared error ratio(SMSE) and Beta(parameter that stands for edge preservation) metrics are used.The experiment results acquired from the synthetic and real data prove the good performance of the presented filter.
