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关键词： Real estate securities markets   Correlation structure   Network   Cluster analysis   Dynamics   Community structure  

摘要： In this paper, we investigate the correlation structure and dynamics of international real estate securities markets by using daily returns of 20 national markets during the period 2006-2012 from a network perspective. We construct the minimum spanning tree (MST), the hierarchical tree (HT), and the planar maximally filtered graph (PMFG) obtained from the correlation matrix computed by the daily returns during the investigated period, and analyze the corresponding clustering structure, hierarchical structure, and community structure. We also build the time-varying MST and PMFG networks by a rolling window to examine the dynamics of correlation structure. The empirical results show that (1) the distribution of correlation coefficients is asymmetric, fat-tailed, and non-Gaussian. (2) The distributions of the influence-strength of the MST and PMFG networks obey a power-law. (3) Two clusters (i.e., the European and Asia-Pacific clusters) are found in the MST network, three hierarchical clusters (i.e., two like in the MST and the North American cluster) in the HT, and three communities in the PMFG network, which shows that national markets are linked together according to their geographical distributions. (4) The descriptive statistics of correlation coefficients and distances of the MSTs and PMFGs are time-varying;especially during periods of crisis they have a large fluctuation. (5) A huge number of linkages between national markets survive from one time to the next, and the long-term stability of the correlation structure in international real estate securities markets descends as time goes on. Our obtained results are new insights in international real estate securities markets and have wide applications for investment portfolio and risk management. (C) 2015 Elsevier B.V. All rights reserved.

关键词： Institutional Ownership   Ownership Concentration   Stock liquidity   Information Asymmetry   Bid-Ask spread  

摘要： This paper is about examining the link between the liquidity of a firm"s stock with its ownership structure in the Kuwait Stock Market (KSE) during the crisis periods from 2008 till 2011. Institutional investors can influence a firm"s stock liquidity in a number of ways. First, the liquidity may go down as a result of an increase in asymmetry of information. Secondly, any competition pitting the corporate investors in the firm tends to increase liquidity, which enhances price discovery. The effect of ownership structure in the Kuwait stock market is effecting on the stock prices using ROA and REO. The data that was utilized in the analysis section was obtained from the KSE"s official website (www. kse. com), where the data was considered here for annual closed stock price for 2008, 2009 and 2010. The total number for companies was 157 for all selected years. The companies in Kuwait stock market is distributed into seven sectors. A linear regression model was utilized in the testing of the hypotheses formulated for this study. The results of this paper show the crucial and beneficial link between the ownership types based on ROE variable and the equally significant relationship between the ownership types based on ROA variable. The regression model shows the associations between the ownership types toward ROE and ROA. The most effective factor was family that explained the dispersions of ROE and ROA.

关键词： 跨时现值模型   耐用品消费   经常项目   差额波动  

摘要： 本文将经常项目的跨时现值模型进行扩展,把居民的耐用品消费包含进模型,并利用中国1982至2012年的时间序列数据对模型进行实证检验,结果表明包含耐用品的扩展模型对经常项目差额的预测能力有了提升,模型功效得到了改善,耐用品消费成为中国经常项目波动的重要影响因素。因此,增加居民的耐用品消费,促使居民消费结构升级,是拉动内需、调节国际收支的有效途径。

关键词： 机床工具行业   区间   中国   行业结构调整   宏观经济环境   预计   国内   投资  

摘要： 2015年中国机床工具行业有望走出下行区间，预计行业整体发展状况将与上年持平或小幅增长。2014年是机床工具行业承受下行压力的一年，也是行业结构调整深入的一年，行业主体仍未走出下行区间，但下行，隔度已明显趋缓。2015年国内宏观经济环境预计不会发生大的变化，但由于行业近几年的调整逐步到位，同时2015年国内投资状况有可能改善，释放部分需求，因此预计行业2015年有可能走出下行区间。

关键词： 项目评价   净现值   生命周期   Logistic模型  

摘要： 为了克服传统的净现值法(NPV)假设项目现金流量不变、折现率固定的缺陷,本文将生命周期理论(PLC)纳入净现值法以改进对项目期限、项目现金流量、折现率三个参数的预测。为了识别项目生命周期阶段,文章以与生命周期拟合度较高的Logistic曲线为基础,以增长率作为识别生命周期阶段的主要指标,通过构建改进的Logistic模型,推导出项目期限、现金流量以及折现率模型,从而实现了对项目期限、项目现金流量、折现率三个参数的动态预测,并以实例演示了此方法的运用过程。

关键词： 资产减值   资产负债表日   可收回金额   现金流量   计量属性   减值测试   商誉减值   财务信息质量   现值   总部资产  

摘要： 借鉴《国际会计准则第36号——资产减值》的精神,财政部于2006年2月新颁布了《企业会计准则第8号——资产减值》,即新会计准则,并于2007年1月1日起正式实施。本文简要叙述新会计准则下资产减值准备的相关变动及现实意义,对资产减值准备在实际运用中存在的问题提出几点建议。一、新会计准则关于资产减值准备的变动新会计准则明确确认了资产减值的时间,

关键词： 纺织服装行业   宏观经济环境   结构调整   企业学习   消费品行业   互联网  

摘要： 增速换挡、结构调整以及动力转换是我国宏观经济的“新常态”。服装行业用创新来驱动发展，企业还需要提高运转效率，向快时尚企业学习，并利用互联网思维给消赞者提供超出他们期待的产品和服务。增速换挡、结构调整、动力转换是我国宏观经济的“新常态”。作为消费品行业，我国纺织服装行业的发展与宏观经济环境密不可分，同样进入到了增速放缓需提质增效的新阶段。

关键词： 经济效益   煤层气   常规天然气   净现值模型  

摘要： 经济效益是决定开发项目能否快速、高效开发的关键,煤层气的开发特点与常规天然气有很大不同,两者的现金流入、流出也存在差异。在对比两者各项经济评价指标的基础上,建立适用于煤层气开发项目的净现值模型;通过评价实例,表明煤层气项目的经济效益与常规天然气相比尚有差距,但仍然有一定投资价值。分析影响煤层气项目经济效益的关键因素,提出增加其经济价值的途径关键在于增产和优化井网密度,为决策部门今后工作方向提供参考依据。

关键词： 社会高度   没收财产   任陶   上缴国库   副主任   如实供述   公司代理   现值   一审判决   公众监督  

摘要： 2013年5月初,多个网站爆出署名深圳市人民医院麻醉科医生的举报帖,称该院麻醉科副主任陶明哲涉贪,曾引起社会高度关注。陶明哲因受贿人民币35万元、美金1万元、欧元2000元,日前被罗湖区法院一审判处有期徒刑10年,并处没收财产人民币5万元;退还的赃款人民币376989元予以没收,上缴国库。网络上的帖子举报称,陶明哲担任深圳市人民医院麻醉科科室副主任（主持工作）近7年,

关键词： 固定资产更新   平均年成本法   年均净现值法  

摘要： 在固定资产更新决策中,由于技术进步等原因,新设备在生产能力上可能更优于旧设备,在这种情况下,常用的平均年成本法可能不再满足决策的需要,年均净现值法更适合性能不完全相同的更新项目投资分析。但现有教材对年均净现值法介绍较少,为了分析的需要,文章从两个角度介绍了年均净现值法的计算并对其进行投资决策评价。