Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus thi...Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder’s equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.展开更多
Resources potential assessment is one of the fields in geosciences,which is able to take great advantage of GIS technology as a substitution of traditional working methods.The gold resources potential in the eastern K...Resources potential assessment is one of the fields in geosciences,which is able to take great advantage of GIS technology as a substitution of traditional working methods.The gold resources potential in the eastern Kunlun Mountains,Qinghai Province,China was assessed by combining weights-of-evidence model with GIS spatial analysis technique.All the data sets used in this paper were derived from an established multi-source geological spatial database,which contains geological,geophysical,geochemical and remote sensing data.Three multi-class variables,i.e.,structural intersection,Indosinian k-feldspar granite and regional fault,were used in proximity analysis to examine their spatial association with known gold deposits.A prospectivity map was produced by weights-of-evidence model based on seven binary evidential maps,all of which had passed a conditional independence test.The study area was divided into three target zones of high potential,moderate potential and low potential areas,among which high potential areas and moderate potential areas accounted for 20% of the total area and contained 32 of the 43 gold deposits.The results show that the gold resources potential assessment in the eastern Kunlun Mountains has a higher precision.展开更多
The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the t...The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm＇s performance and meet shareholders＇ expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure.展开更多
Demonstrating theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient and has been an important topic at the frontier of the research on gener...Demonstrating theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient and has been an important topic at the frontier of the research on general equilibrium for financial markets. The paper examines the asymptotic properties of incomplete financial markets taking into accounting the asset structure. The paper deals with a case in which a structure of securities relates to the asymptotic inefficiency.展开更多
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 con...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.展开更多
In the process of transition from one social order to another, immigrants implement intentional or circumstantial adjustment strategies to position themselves in the new social structure, Within the broad perspective ...In the process of transition from one social order to another, immigrants implement intentional or circumstantial adjustment strategies to position themselves in the new social structure, Within the broad perspective of immigrants＇ incorporation into the receiving society, the present paper focuses on analysis at the micro-level, i,e., bottom-up strategies. These coping strategies define the social positioning of an individual. Through the structure-agency theoretical framework, this article analyses adjustment strategies used by immigrants in order to become members of the receiving society. This is discovered through semi-structured biographical interviews with female immigrants to Germany from former Soviet countries conducted by the author in 2012-2013 in Kaiserslautern. Several positioning strategies emerged in the course of these interviews： ＂destination as a way to a better life＂; ＂trip to joint self＂ which includes ＂identity as a task＂ and change of the behavioral patterns; shift in gender roles; usage of the imported educational capital; work of a ＂stranger next door＂; and social networking, The analysis of immigrants＇ adjustment strategies allows one to see the complexity of the incorporation processes into the receiving society： from essential personality traits such as imagination and aspirations, identity and roles to practically applicable aspects such as education, work, and networking.展开更多
In order to characterizc large fluctuations of the financial markets and optimize financial portfolio, a new dynamic asset control strategy was proposed in this work. Firstly, a random process item with variable jump ...In order to characterizc large fluctuations of the financial markets and optimize financial portfolio, a new dynamic asset control strategy was proposed in this work. Firstly, a random process item with variable jump intensity was introduced to the existing discrete microstructure model to denote large price fluctuations. The nonparametric method of LEE was used for detecting jumps. Further, the extended Kalman filter and the maximum likelihood method were applied to discrete microstructure modeling and the estimation of two market potential variables： market excess demand and liquidity. At last, based on the estimated variables, an assets allocation strategy using evolutionary algorithm was designed to control the weight of each asset dynamically. Case studies on IBM Stock show that jumps with variable intensity are detected successfully, and the assets allocation strategy may effectively keep the total assets growth or prevent assets loss at the stochastic financial market.展开更多
文摘Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder’s equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.
基金Under the auspices of National High-tech R & D Program of China(No.2007AA12Z227)National Natural Science Foundation of China(No.40701146)
文摘Resources potential assessment is one of the fields in geosciences,which is able to take great advantage of GIS technology as a substitution of traditional working methods.The gold resources potential in the eastern Kunlun Mountains,Qinghai Province,China was assessed by combining weights-of-evidence model with GIS spatial analysis technique.All the data sets used in this paper were derived from an established multi-source geological spatial database,which contains geological,geophysical,geochemical and remote sensing data.Three multi-class variables,i.e.,structural intersection,Indosinian k-feldspar granite and regional fault,were used in proximity analysis to examine their spatial association with known gold deposits.A prospectivity map was produced by weights-of-evidence model based on seven binary evidential maps,all of which had passed a conditional independence test.The study area was divided into three target zones of high potential,moderate potential and low potential areas,among which high potential areas and moderate potential areas accounted for 20% of the total area and contained 32 of the 43 gold deposits.The results show that the gold resources potential assessment in the eastern Kunlun Mountains has a higher precision.
文摘The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm＇s performance and meet shareholders＇ expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure.
文摘Demonstrating theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient and has been an important topic at the frontier of the research on general equilibrium for financial markets. The paper examines the asymptotic properties of incomplete financial markets taking into accounting the asset structure. The paper deals with a case in which a structure of securities relates to the asymptotic inefficiency.
文摘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.
文摘In the process of transition from one social order to another, immigrants implement intentional or circumstantial adjustment strategies to position themselves in the new social structure, Within the broad perspective of immigrants＇ incorporation into the receiving society, the present paper focuses on analysis at the micro-level, i,e., bottom-up strategies. These coping strategies define the social positioning of an individual. Through the structure-agency theoretical framework, this article analyses adjustment strategies used by immigrants in order to become members of the receiving society. This is discovered through semi-structured biographical interviews with female immigrants to Germany from former Soviet countries conducted by the author in 2012-2013 in Kaiserslautern. Several positioning strategies emerged in the course of these interviews： ＂destination as a way to a better life＂; ＂trip to joint self＂ which includes ＂identity as a task＂ and change of the behavioral patterns; shift in gender roles; usage of the imported educational capital; work of a ＂stranger next door＂; and social networking, The analysis of immigrants＇ adjustment strategies allows one to see the complexity of the incorporation processes into the receiving society： from essential personality traits such as imagination and aspirations, identity and roles to practically applicable aspects such as education, work, and networking.
基金Projects(71271215,71221061) supported by the National Natural Science Foundation of ChinaProject(2011DFA10440) supported by the International Science&Technology Cooperation Program of ChinaProject(CX2012B067) supported by Hunan Provincial Innovation Foundation for Postgraduate,China
文摘In order to characterizc large fluctuations of the financial markets and optimize financial portfolio, a new dynamic asset control strategy was proposed in this work. Firstly, a random process item with variable jump intensity was introduced to the existing discrete microstructure model to denote large price fluctuations. The nonparametric method of LEE was used for detecting jumps. Further, the extended Kalman filter and the maximum likelihood method were applied to discrete microstructure modeling and the estimation of two market potential variables： market excess demand and liquidity. At last, based on the estimated variables, an assets allocation strategy using evolutionary algorithm was designed to control the weight of each asset dynamically. Case studies on IBM Stock show that jumps with variable intensity are detected successfully, and the assets allocation strategy may effectively keep the total assets growth or prevent assets loss at the stochastic financial market.
