3000点买股会不会当“韭菜”

问标叔,你好!去年,大家都不看好股市,没想到短短2个月时间,大盘已经涨到3000点了。我周围的人都在谈论股市,胆大的人已经买了股票,赚了钱。我很后悔没有在低位的时候建仓,现在买股票会不会太晚?会不会一进去就成了“韭菜”?标叔随着股市的上涨,关心股市的人也越来越多,这从股市的成交量上也能反映出来。在过去的2周内,沪深两市的单日成交金额屡屡超过1万亿元,市场中的人气又回来了。

神明之下的结合:论清代民间的神会——以徽州“神会”文书为线索

神会是人们以祭祀公共神祇为主要目的组成的一种组织共同体,通过神会的运行,来完成对于神明的共同祭祀。神会有经营会产与日常管理两个主要职能。在经营会产方面,有买卖、租佃、典、出借会资等交易方式;在日常管理方面,有处罚违规、调整经营规范、神庙维护、杂务处理、举办迎神赛会、接受捐献等职能。内部关系上,会户是按股出资,按股获得收益,会股可单独交易;外部关系上,相对方视神会为人的组合整体。若神会向大型组织发展,它的财产聚合性显现,独立性增强。

The Updated COSO Report 2013

This paper aims to investigate the issue relating to the internal control system of listed companies, according to the publication of the new framework COSO （Committee of Sponsoring Organization of Treadway Commission） updated in 2013. Since December 15, 2014 came into force the new framework on the procedures to implement and to make use of an efficient system of internal control for listed companies. With the introduction of the new framework, the original framework of 1992 will be considered as the preceding version. The recent 2013 updated framework is considered as an ＂evolution rather than a revolution＂. This study will explore the latest changes brought to the 1992 COSO framework and the opportunity arising with the transition to COSO 2013.

Value-relevance of accounting numbers for valuation

Recent empirical work suggested that the ability of accounting numbers to explain the relationship between accounting numbers and stock prices has deteriorated over the past four decades. The findings of this study suggest that the accounting earnings and book value are capturing most of the information that is relevant to assess the values of firms. At the same time, it also suggests that earnings and book value as well as non-accounting beta are more valued during the financial crisis as compared to after the financial crisis. Overall, the accounting estimate of the value of the firm is not deviating from the markets＇ estimate, which suggests that accounting numbers play an important role in the valuation of firms in Malaysia.

Family Firms and the Market Reaction to Dividend News

This paper provides an analysis of the market reaction to dividend change announcements for publicly-traded, family-controlled firms. Family firms have a significantly lower proportion of independent directors than non-family firms, which is consistent with the idea that family members dominate the board of directors and that family shareholders are common in publicly-traded firms. The author analyzed 390 dividend change announcements in Portugal over the period from 1991 to 2010 using a panel data approach. The results show no evidence of a significant market reaction to dividend change announcements, providing no evidence in support of the dividend-signaling hypothesis in the context of family firms. This conclusion agrees with previous studies in which there was no distinction between family and non-family firms. Empirical results show that family firms engage in lower payouts than their non-family counterparts, giving some supports to the expropriation hypothesis. This finding may indicate that families expropriate the wealth of shareholders through lower dividends. This result is also consistent with the clientele theory of dividends.

Board Members Oversight System- A Polish Example

The goal of the study was the development of a system to monitor the members of supervisory and management boards. The system currently covers 8,454 joint stock companies registered in Poland. The main purpose of the system is to monitor every change in the composition of every board of every joint stock company, from March 2001 up to the present, and it is updated every month. This system, however, also enables us to confirm some of the theories from the field of corporate governance. A generation change has been identified in the boards of the joint stock companies which were examined. Women constitute a large, and continuously increasing, section of the board members. The number of family companies, and of family involvement in boards, is still increasing. Board members of financial institutions （and not just of banks） possess significantly more directorates than board members of non-financial institutions. The number of interlocking directorates is positively linked to the macroeconomic development indicator of the total investment as percentage of GDP for Poland.

Social Network Impacts on Stock Market： An Experimental View

In this paper, the authors present a method to construct a simulation experiment system which used to prove how social network affects the stock market. The authors construct a model considered of three main stock market effect factors： cognitive factors, social factors and economic factors. In the simulation system, free-scale social network is generated for information relations among investors in stock market. The authors simulate the organization information propaganda processes and generate stock related news. The generated news contains economy factors and sudden events. Stockholders cooperate with the related stockholders in their social network, and make stock exchange decision based on this news and their cognitive understanding of this news. Simulation results shows that the social network news propaganda effect stock prices. If social network in stock market have circles, the news affection will be amplified.

University Social Responsibility from the Perspective of the Different Stakeholders

The objective of this research is to analyze social responsibility from the stakeholder’s perspective to establish whether universities have advanced in their conception. The research is exploratory and conclusive descriptive of the cross-sectional sample. The internal and external stakeholders of the public universities domiciled in Quito were taken into account. The results showed that university managers relate this concept with actions of connection with community, the relevance of the academic offer and the accountability, while students relate this concept with teaching in values and philanthropic activities. For administrative personnel instead, university social responsibility （USR） is related to work benefits. On the other hand, the business sector relates this concept with the answer to their needs of innovation. As expected, representatives of government agencies highlight the university’s responses that are necessary to become the engine of economic, productive and social transformation of the country. It is concluded that USR is applied in a partial way, which translates into management models that do not incorporate it as an explicit variable of their actions.

The New Method to Determine Ownership Stake to Exercise Control： An Empirical Analysis on Italian Companies

The idea of this work arises from the analysis of the researches developed in the literature on topic of ownership and control that are mostly based on threshold of ownership stake to determine control equal for all companies and, in most cases, not supported by theoretical arguments and empirical evidences. In fact, the aim of this paper is to build a new method of determining the threshold of ownership stake that allows the shareholder to exercise control. In particular, this survey uses all Italian listed companies as reference, and the minutes of the Ordinary and Extraordinary General Meetings of shareholders, in 2009-2012, as database. The topic can be enriched with further and future researches aiming to adapt this new method in a cross-country investigation and so to identify the different threshold for the countries, on the basis of the different national laws regarding the ownership stakes that affect the control.

GOCE kinematic orbit adjustment for EGM validation and accelerometer calibration

The main principle and mathematical model of GOCE kinematic orbit adjustment for Earth gravity field model （EGM） validation and accelerometer calibration are presented. Based on 60 days GOCE kinematic orbits with 1-2 cm accuracy and accelerometer data from 2009-11-02 to 2009-12-31, the RMS-of-fit （ROF） of them using EGM2008, EIGEN-SC, ITG- GRACE2010S and GOCO01S up to 120, 150 and 180 degree and order （d/o） are evaluated and compared. The scale factors and biases of GOCE accelerometer data are calibrated and the energy balance method （EBM） is performed to test the accuracy of accelerometer calibration. The results show that GOCE orbits are also sensitive to EGM from 120 to 150 d/o. The ROFs of EGMs with 150 and 180 d/o are obviously better than those of EGMs with 120 d/o. The ROFs of GOCO01S and ITG-GRACE2010S are almost the same up to 120 and 150 d/o, which are about 3.3 cm and 1.8 cm, respectively. They are far better than those of EGM2008 and EIGEN-SC with the same d/o. The ROF of GOCO01S with 180 d/o is about 1.6 em, which is the best one among those EGMs. The accelerometer calibration accuracies （ACAs） of ITG-GRACE2010S and GOCO01S are obviously higher that those of EGM2008 and EIGEN-SC. The ACA of GOCO01S with 180 d/o is far higher than that of EGMs with 120 d/o, and a little higher than that of ITG-GRACE2010S with 150 d/o. I t is suggested that the newest released EGM such as GOCO01S or GOCO02S till at least 150 d/o should be chosen in GOCE precise orbit determination （POD） and accelerometer calibration.

Employee Stock Options＂ Accounting for Optimal Hedging, Suboptimal Exercises, and Contractual Restrictions

Employee stock options （ESOs） have become an integral component of compensation in the US. In view of their significant cost to firms, the Financial Accounting Standards Board （FASB） has mandated expensing ESOs since 2004. The main difficulty of ESO valuation lies in the uncertain timing of exercises, and a number of contractual restrictions of ESOs further complicate the problem. We present a valuation framework that captures the main characteristics of ESOs. Specifically, we incorporate the holder＇s risk aversion, and hedging strategies that include both dynamic trading of a correlated asset and static positions in market-traded options. Their combined effect on ESO exercises and costs are evaluated along with common features like vesting periods, job termination risk and multiple exercises. This leads to the study of a joint stochastic control and optimal stopping problem. We find that ESO values are much less than the corresponding Black-Scholes prices due to early exercises, which arise from risk aversion and job termination risk; whereas static hedges induce holders to delay exercises and increase ESO costs.

Impact of Oil Price Fluctuations on Returns of Different Sectors of Malaysian Stock Market

Oil price fluctuations affect equity values in North American, European, and Gulf Cooperation Council （GCC） stock markets, as evidenced by prior studies. However, they only focus on market-wide level analysis. This study, through both market level and sector level analyses, examines the sensitivity of Malaysian stock returns to oil price fluctuations over the period from January 2000 to March 2014. A multifactor market model has been employed to capture this sensitivity. The regression results show a positive impact of oil price changes on the Financial Times Stock Exchange Kuala Lumpur Composite Index （FTSE KLCI） market return. Consumer staples and energy sector index returns were also positively affected by oil price changes. On the other hand, utilities and telecom services were negatively affected over the study period. Moreover, Granger causality analysis was performed to see if oil price fluctuations Granger cause the stock indices to change. With one month lag period, oil price fluctuations Granger cause consumer staple, energy, industrials, and telecommunication services return. Relevant policymakers and market caretakers （Ministry of Finance, Central Bank, and Security Commission） may use the fmdings of this study to develop and incorporate a preventive mechanism to minimize the unfavorable impacts of oil price fluctuations on different sectors of stock market, and Malaysian economy in general.

Business Combinations, Goodwill and Deferred Taxes： Evidences Emerging From a Comparative Analysis Between Italy and Bulgaria

The starting point for the research was the evidence of a possible contradiction in the provisions of IAS 12 on goodwill and deferred income taxes, i.e., about the need to calculate deferred income taxation on temporary differences relating to all assets except for goodwill. This paper aims at exploring the degree of consistency between the theoretical provisions of International Accounting Standards （IAS）/International Financial Reporting Standards （IFRS） and their actual application by the management of Italian and Bulgarian listed companies, as regards the accounting treatments of deferred income taxes relating to the item ＂goodwill＂. The findings suggest that there are some differences between the accounting methods used by the management of most Italian listed companies and the provisions of IAS/IFRS. It can be argued that the rules given by IAS/IFRS are sometimes contradictory, since they may cause doubts in interpretation. As a consequence, in the end of the paper, an amendment to the provisions, set forth in IAS/IFRS concerning the accounting treatment of deferred income taxes relating to the item ＂goodwill＂, is proposed.

Review on researches of earnings management and corporate governance mechanism

This research is based on previous theory research of corporate governance from the internal mechanisms, ownership structure and board structure, and researched how these three aspects affect earnings management.

Accounting variables and stock returns： Evidence from Istanbul stock exchange

The fundamental relationship between accounting variables and stock returns is a recurring theme in financial research. One of the major purposes of accounting is to help investors provide reliable, comparable and accurate information. If accounting data are informative about fundamental values and changes in values, they should be correlated with stock price changes. This study provides theory and evidence showing how accounting variables explain stock returns and examines the relationship between the stock returns and accounting variables of listed non financial companies in ISE-100 Indice for 2006-2008 period by using panel data methodology. Empirical analysis consists of 192 observations of 64 companies in years 2006-2008 to examine the effects of inventory, accounts receivable, gross margin, operating expense, return on assets, cash flow, leverage, liquidity, price/earnings, return on equity on stock returns. The results of the study confirm that the predicted roles of fundamental factors and stock returns are significantly related to gross margin, cash flow, leverage and equity variables. The model explains about 13.35 % of the variation of annual stock returns with the leverage variable with most of the significant power.

Robotics from the Investor＇s Point of View： How to Profit from the Rise of Robots

This research paper evaluates whether Robotics equities traded on Stock Markets worldwide are a good investment opportunity or not. Robotics seems to become more and more attractive for both institutional investors （who act rationally and prefer medium to long term investments） and individual investors （who are driven by irrational behaviour and prefer short term investments）. In order to forecast if robotics is an investment opportunity that could inflate a new financial bubble in the oncoming years, this research paper compares robotics equities with Internet equities and analyses what happened during the Dot-com Mania in the 1990s. A number of similarities come out as well as several key enabling factors that confirm robotics is a major investment opportunity for the next decade.

Market Structure, Liquidity and the Performance of Emerging Equity Markets

Recent studies analyzing the liquidity of emerging equity markets （EEM） focus mainly on two independent variables： （1） the turnover ratio and （2） value of equity traded. They ignore the impact of the market concentration of stock traded which could generate price distortion/manipulation. This study empirically estimates the impact of market structure （concentration） and liquidity （turnover ratio） on equity performance （price/returns） of 19 EEM. We use panel data for the period 1992-2000 and least square dummy variable regression technique that measure fixed effects and the dynamics of adjustment. The results show the significance of both independent variables. Liquidity favours investment, and market concentration suggests the potential for market/price manipulation that requires regulatory policies. These results indicate success of reform policies aimed at capital deepening to improve efficient capital allocation and provide profitable investment opportunities.

清代民间契约中关于“伙”的观念和习惯

在西方法律中的合伙制度尚未传入之前,中国古代便产生了自己的关于伙的观念和制度。在清代,尽管官方成文法中并没有关于伙的关系的规范存在,但是民间契约却表达了清人关于伙的观念,以及相当定型的关于伙的习惯。清代民间契约中所表达的伙的关系大体上有三种类型:乡村生活中所存在的伙佃、合业和会股;小手工业和小商业中的合伙关系;存在于四川自贡盐业生产中的合伙投资。