This paper analyzes the portfolio with inflation and transaction cost by broadening mean-variance model assumption. Based on the comparison between efficient frontier with and without transaction cost and inflation, t...This paper analyzes the portfolio with inflation and transaction cost by broadening mean-variance model assumption. Based on the comparison between efficient frontier with and without transaction cost and inflation, the conclusion is drawn that the new efficient frontier is revolving and the new investment strategy changes. Furthermore, we provide a numerical example based on real world data.展开更多
This paper reports an investigation on Chinese companies＇ perception on overseas public listing. The investigation is mainly based on a questionnaire survey. The result shows that Chinese companies overwhelmingly acc...This paper reports an investigation on Chinese companies＇ perception on overseas public listing. The investigation is mainly based on a questionnaire survey. The result shows that Chinese companies overwhelmingly accept overseas listing as a preferred option, which may shed some light on other Chinese companies in their evaluation on seeking overseas public listing as a strategic option to the overseas exchanges in their efforts of wooing the Chinese market.展开更多
Investor education is not only one of the most important and fundamental institutional constructions at capital market, but also an important part of the cultural construction of capital market. At the present stage, ...Investor education is not only one of the most important and fundamental institutional constructions at capital market, but also an important part of the cultural construction of capital market. At the present stage, the long-effect mechanism for investor education is not only a demand of China＇s securities market on its healthy development, but also an objective reality that China＇s investor education is necessary to confront with. For these reasons, it is necessary for China to deepen investor education, expand investor education platform, strengthen risk prevention, and take initiative to build up a multi-level investor education system, and ultimately establish and improve a long-effect mechanism for investor education, so as to ensure the stable, harmonious and order development of China＇s Securities market in futures.展开更多
Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ra...Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ratio should be the liability/asset ratio. In their business operations, it is inevitable for real-economy enterprises to incur liabilities arising from business and financial transactions. Therefore, the significance of deleveraging operations is to reduce the leverage ratio below a certain threshold to effectively prevent risks arising from an excessive leverage ratio, rather than to reduce the liability ratio of real-economy enterprises to zero. For real-economy enterprises, a key question is how to adjust their debt structure by reducing current liabilities and increasing mid-and long-term liabilities. The debt structure of real-economy enterprises is primarily determined by their financial structure. Hence, it is essential to adjust the financial structure in order to improve the debt structure of real-economy enterprises and increase the share of direct finance. Various risks exist in the combination of shares and bonds within the banking system, investment-lending linkage and market-based debt-to-equity operations, which are options in reducing the leverage ratio for real-economy enterprises. From the standpoint of giving play to capital market functions, it is advisable to increase the issuance of midand long-term corporate bonds and preferred stock, restrict non-financial listed companies from engaging in financial operations and the shareholders of listed companies from selling shares, encourage equity investment institutions to enhance equity investment in realeconomy enterprises, and further develop the financing function of the stock market.展开更多
1.1. Development of international data exchange standards in securities field Securities market involves a large number of participants, like investors, securities companies, exchanges, clearingcorporations and so on...1.1. Development of international data exchange standards in securities field Securities market involves a large number of participants, like investors, securities companies, exchanges, clearingcorporations and so on. Businesses among the participants are completed via data exchange. Therefore, the data exchange protocols serve an important factor to determine and promote the sate and rapid development of the securities market.展开更多
Some widely-used technical indexes of stock analysis are introduced as input of BP neural networks for the prediction of ups and downs of stock market, and better accuracy of prediction is achieved. A jump training st...Some widely-used technical indexes of stock analysis are introduced as input of BP neural networks for the prediction of ups and downs of stock market, and better accuracy of prediction is achieved. A jump training strategy and three varying training ratio methods are used to accelerate the training iteration. An online prediction strategy is applied to monitor the training iteration procedure. The ratio of central distances of prediction examples is defined, in order to locate the un-stable prediction examples.展开更多
This paper applies Markov switching techniques to examine the different conditions of Chinese Stock Market from 1995 to 2004, Three contrasting regimes are identified： a bear market, a bull market and a speculative m...This paper applies Markov switching techniques to examine the different conditions of Chinese Stock Market from 1995 to 2004, Three contrasting regimes are identified： a bear market, a bull market and a speculative market, This paper also surveys the time period and probability of each regime, The timing of regime switching reflects the strong policy market feature of Chinese stock market.展开更多
he private equity （PE） bubble could be about to burst. During the market boom of the past few years, most bonds for funding leveraged buyouts （LBOs） were issued at low interest rates and few covenants. Since the...he private equity （PE） bubble could be about to burst. During the market boom of the past few years, most bonds for funding leveraged buyouts （LBOs） were issued at low interest rates and few covenants. Since the collapse of the US sub-prime mortgage cri- sis, global markets have tightened considerably. I believe that the US io-year treasury bond yield will normalize back to 6% and the risk premi- um on bonds will also normalize. The interest rate on bonds for funding LBOs could increase by 4-5 percentage points from the bottom. Such an increase in funding costs would make most LBOs impossible.展开更多
文摘This paper analyzes the portfolio with inflation and transaction cost by broadening mean-variance model assumption. Based on the comparison between efficient frontier with and without transaction cost and inflation, the conclusion is drawn that the new efficient frontier is revolving and the new investment strategy changes. Furthermore, we provide a numerical example based on real world data.
文摘This paper reports an investigation on Chinese companies＇ perception on overseas public listing. The investigation is mainly based on a questionnaire survey. The result shows that Chinese companies overwhelmingly accept overseas listing as a preferred option, which may shed some light on other Chinese companies in their evaluation on seeking overseas public listing as a strategic option to the overseas exchanges in their efforts of wooing the Chinese market.
文摘Investor education is not only one of the most important and fundamental institutional constructions at capital market, but also an important part of the cultural construction of capital market. At the present stage, the long-effect mechanism for investor education is not only a demand of China＇s securities market on its healthy development, but also an objective reality that China＇s investor education is necessary to confront with. For these reasons, it is necessary for China to deepen investor education, expand investor education platform, strengthen risk prevention, and take initiative to build up a multi-level investor education system, and ultimately establish and improve a long-effect mechanism for investor education, so as to ensure the stable, harmonious and order development of China＇s Securities market in futures.
文摘Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ratio should be the liability/asset ratio. In their business operations, it is inevitable for real-economy enterprises to incur liabilities arising from business and financial transactions. Therefore, the significance of deleveraging operations is to reduce the leverage ratio below a certain threshold to effectively prevent risks arising from an excessive leverage ratio, rather than to reduce the liability ratio of real-economy enterprises to zero. For real-economy enterprises, a key question is how to adjust their debt structure by reducing current liabilities and increasing mid-and long-term liabilities. The debt structure of real-economy enterprises is primarily determined by their financial structure. Hence, it is essential to adjust the financial structure in order to improve the debt structure of real-economy enterprises and increase the share of direct finance. Various risks exist in the combination of shares and bonds within the banking system, investment-lending linkage and market-based debt-to-equity operations, which are options in reducing the leverage ratio for real-economy enterprises. From the standpoint of giving play to capital market functions, it is advisable to increase the issuance of midand long-term corporate bonds and preferred stock, restrict non-financial listed companies from engaging in financial operations and the shareholders of listed companies from selling shares, encourage equity investment institutions to enhance equity investment in realeconomy enterprises, and further develop the financing function of the stock market.
文摘1.1. Development of international data exchange standards in securities field Securities market involves a large number of participants, like investors, securities companies, exchanges, clearingcorporations and so on. Businesses among the participants are completed via data exchange. Therefore, the data exchange protocols serve an important factor to determine and promote the sate and rapid development of the securities market.
基金Supported by the National Natural Science Foundation of China(19971012)
文摘Some widely-used technical indexes of stock analysis are introduced as input of BP neural networks for the prediction of ups and downs of stock market, and better accuracy of prediction is achieved. A jump training strategy and three varying training ratio methods are used to accelerate the training iteration. An online prediction strategy is applied to monitor the training iteration procedure. The ratio of central distances of prediction examples is defined, in order to locate the un-stable prediction examples.
文摘This paper applies Markov switching techniques to examine the different conditions of Chinese Stock Market from 1995 to 2004, Three contrasting regimes are identified： a bear market, a bull market and a speculative market, This paper also surveys the time period and probability of each regime, The timing of regime switching reflects the strong policy market feature of Chinese stock market.
文摘he private equity （PE） bubble could be about to burst. During the market boom of the past few years, most bonds for funding leveraged buyouts （LBOs） were issued at low interest rates and few covenants. Since the collapse of the US sub-prime mortgage cri- sis, global markets have tightened considerably. I believe that the US io-year treasury bond yield will normalize back to 6% and the risk premi- um on bonds will also normalize. The interest rate on bonds for funding LBOs could increase by 4-5 percentage points from the bottom. Such an increase in funding costs would make most LBOs impossible.
