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A股上市银行股票的内在价值与估值偏离分析 被引量:3
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作者 余程辉 《金融论坛》 CSSCI 北大核心 2014年第5期66-71,共6页
本文基于资本市场普遍采用的三阶段股利贴现模型,以三家A股代表性上市银行为样本,以较为谨慎的盈利增速,模拟测算了其内在价值,并与市场公开模型进行了结果印证。研究表明,A股上市银行股票的市场价格长期低于其内在价值区间,从模型参数... 本文基于资本市场普遍采用的三阶段股利贴现模型,以三家A股代表性上市银行为样本,以较为谨慎的盈利增速,模拟测算了其内在价值,并与市场公开模型进行了结果印证。研究表明,A股上市银行股票的市场价格长期低于其内在价值区间,从模型参数角度分析,这种估值偏离的主要影响因素是实际折现率溢价、长期增长信心折价、非对称信息折价、短期投资考核机制等。本文认为,未来A股上市银行股价上涨的主要驱动力将会来自于自身估值回归,那些经营基本面良好、投资者关系公开透明的银行的股票或存在较大的估值回归动能。 展开更多
关键词 A股上市银行 内在价 估值偏离 折现率
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A high performance frequency offset estimator for OFDM 被引量:1
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作者 WU Yun LUO Han-wen +1 位作者 DING Ming YAN Chong-guang 《Journal of Zhejiang University-Science A(Applied Physics & Engineering)》 SCIE EI CAS CSCD 2006年第12期2104-2109,共6页
This paper proposes a simple method to enlarge the estimation range of conventional carrier frequency offset (CFO) estimation methods based on correlations among the identical parts of the preamble. A novel preamble i... This paper proposes a simple method to enlarge the estimation range of conventional carrier frequency offset (CFO) estimation methods based on correlations among the identical parts of the preamble. A novel preamble is designed, which is composed of one regular OFDM training block with even numbers of identical parts and one irregular OFDM training block with odd numbers of identical parts. The initial estimates obtained over the two training blocks are next exploited to jointly estimate the CFO. By elaborately selecting the numbers of identical parts for the two training blocks, the proposed CFO estimator can estimate frequency offset over tens of the subcarrier spacing. Simulation results showed that the proposed CFO estimator satisfies the estimate range requirement for the practical OFDM systems, while achieving a very good estimate performance. 展开更多
关键词 OFDM Frequency offset estimation PREAMBLE Chinese residues theorem
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Combining Stated Preference and Revealed Preference Methods for the Valuation of Non-market Goods 被引量:1
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作者 Zhang Haipeng Xie Xuxuan 《Chinese Journal of Population,Resources and Environment》 2012年第4期121-126,共6页
In this paper,we introduce the combining stated preference and revealed preference methods which is the state-ofthe-art method for the valuation of non-market goods.Revealed preference methods and stated preference (S... In this paper,we introduce the combining stated preference and revealed preference methods which is the state-ofthe-art method for the valuation of non-market goods.Revealed preference methods and stated preference (SP) methods have both been applied by economists in valuing non-market goods;however both methods have inherent weaknesses.In order to exploit the strengths of the various approaches while minimizing their weaknesses,combining the two methods has become an important methodological option.Up to now,a growing number of literatures of studying combing the two types of data have evolved,and researchers developed three types of models to estimate combining revealed preference and stated preference data in academic fields:discrete choice model,continuous choice model and mixed choice model.Combining stated and revealed preference methods have been developed fast especially in the transport study field in which ideas could also be leant for environmental economic studies. 展开更多
关键词 stated preference revealed preference (RP) valuation of non-market goods
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