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关键词： 宏观经济环境   市场   烟机   国家统计局   数据显示   经济转型   消费品   GDP  

摘要： 2014年是中国经济转型的关键期．据国家统计局宏观经济数据显示．无论是国内GDP．国内社会消费品零售总额，采购经理人指数还是全国发电量等关键指数．近三年走势均呈现出一个较差的宏观经济环境。据中怡康测算，2014年1～9月份，从零售额的增长率变化来看．

关键词： Private equity   Minority equity investment   Governance engineering   Operational engineering   Board of directors   Monitoring and advisory roles  

摘要： Using block share acquisitions made by private equity (PE) funds, we examine the sources of value gains in PE minority equity investments. We find that compared with non-PE acquirers, PE acquirers are more likely to place representatives with finance experience or those with experience in the target's industry on the target's board when the need for target oversight and/or advice is higher. The targets in PE acquisitions, particularly poorly performing targets, targets with high R&D intensity, and targets with PE-appointed directors who have experience in the target's industry, realize both higher announcement returns and better post-acquisition operating performance than do targets in non-PE acquisitions. These findings suggest that the governance and operational engineering that PE acquirers apply to their targets constitutes important sources of value creation in PE minority equity investments. (C) 2014 Elsevier B.V. All rights reserved.

关键词： Stock Liquidity   Market Value   Gap Between Supply And Demand Index   Turnover Volume  

摘要： This study examines the relationship between stock liquidity and market value of companies using Tobin"s Q measure. Depending on the type of data, to test the hypothesis of a correlation analysis (Pearson coefficient) and Multiple Regression are used. Final result for each hypothesis using four regression models, Suggest that there is no significant relationship between Tobin"s Q and gap between supply and demand index prices as a measure of the stock liquidity. But there are statistically significant relationship between the Turnover Volume and Tobin"s Q as independent variable. The relationship between Turnover Volume and Tobin"s Q is Direct.

关键词： Disclosure quality   Tunisia   Value-relevance   Voluntary disclosure  

摘要： The present research examines empirically whether domestic investors in the Tunisia Stock Market (BVMT) perceive voluntary disclosure to be value-relevant. The study is motivated by the market-based value-relevance literature in the U.S. and by the developments of accounting and stock markets in Tunisia. This research, explores through an investigation by questionnaire external auditors' perception of the value relevance of voluntary information in the annual reports, it also uses panel data analysis to examine the association between voluntary disclosure and firm value. The Results reveal that external auditors discern that the politics of voluntary disclosure in the annual reports is minimalist. Results show, also, the interest that carries these auditors to nonfinancial and budgetary indicators and the utility of the annual report to the certification. After controlling profitability and size, regression results indicate a negative and insignificant relationship between voluntary disclosure and firm value. This lack of statistical significance supports the idea that there is a complex interplay of different factors affecting this association. However, this paper has contributes to that investigation in the context of emerging capital market in the North African Region. [ABSTRACT FROM AUTHOR]

关键词： size of the company   the ratio of book value to market value   stock return   Tehran Stock Exchange   SMB method   HML method  

摘要： In the present growing country"s economy, capitalist and portfolio managements gone seeking for appropriate choices of capitalization to the point of, not only reach the acceptable profit, increase their wealth in long period of time, as well. Capitalists need information such as rate of profitability and return of equities and etc., for having optimal option. In this direction, using information of financial statement items and equities return probably can be a proper guide to achieve exceptive goals for capitalists and company managements. This study is to a type of descriptive- correlation studies, with a good of studying, inter relation between Size of company and rate of book-value to of market-value (BV/MV) besides equities stock exchange. To reaching the point, 56 companies among accepted companies in securities stock exchange through the period of 1382- 86. subsequently, collecting information related to independent variables. Dependent and forming portfolio according to size and rate of book-value to market-value (BV/MV) in addition to the boost of analyzing the regression and correlation, assumption of study was stating under examining. And meaningfulness of patterns were proved with vitalizing of F statistical examination, T examination, R2, correlation coefficient (R), Durbin- Watson examination besides studying regression data"s. Conclusion of assumption examination show that (BV/MV), rather of variable size of company had topper rank of utterance for anticipation the actual return of equities.

关键词： Finance   stock return   balance sheet financing  

摘要： Today, capital is considered as accumulation of liquidity for beginning or continuing an economic activity. Governments and economic companies need financing for beginning or continuing a business. Selecting the most appropriate method of financing depends on recognition of capital markets and the types of its existing financial instruments. Financial managers are concerned about financing policies in the design of optimal financial structure. A variety of tools and methods can be used for financing that each has its own features, advantages and disadvantages and these tools and methods are defined and applied based on requirements, financial power, conditions of enterprises and people"s diversity of investment and confrontation with risks. This study examined the impact of the relationship between type and size of financing and stock returns among the firms listed in Tehran Stock Exchange. Testing of hypotheses was carried out through integrated data statistical method for a period of 6 years (2007-2012) using the data of 130 selected companies obtained through systematic elimination sampling method. The results showed that financing through issuance of stocks and operating leases (off balance sheet) was more favorable than financing through debt and led to more return.

关键词： 高峰论坛   管理创新   资本增值   中国   秋季   主旋律   财富管理   宏观经济环境  

摘要： 2014年10月17-18日,由清华PE班和投融中国联盟承办的＂2014第七届清华金融资本财富峰会暨投融中国（秋季）高峰论坛＂在北京辽宁大厦盛大召开。峰会围绕＂财富管理的发展趋势＂这一主题,从行业高度全方位解读金融动态与发展趋势,多角度分析在我国宏观经济环境下行的格局下,如何更有效的进行财富管理创新,实现资本增值。

关键词： 购物车   货币的时间价值   凯莱   买东西   账户余额   资产者   理财知识   月利率   芝加哥大学   活期账户  

摘要： 当我们一家人逛超市时,11岁的大儿子亨利会兴高采烈地把他最喜欢的商品扔到购物车里。当我们在餐馆点菜时,9岁的小儿子杰克则总是要一道开胃菜、一道主菜和甜点。这些行为当然不足为奇。就像狡猾的首席执行官碰到一个百依百顺的董事会,或者销售员可以大肆报销一样,我的孩子们根本不想节约。因为负担费用的是我,不是他们。

关键词： Neighbour position verification   mobile ad hoc networks   vehicular networks  

摘要： NPV (Neighbour Position Verification) method is companionable with security architectures counting the ones that have been projected for vehicular networks which symbolize a likely deployment environment for NPV. Such a situation is of particular interest since it leaves the door open for adversarial nodes to misuse or disturb the location-based services. We deal with the open issue by suggesting a completely circulated cooperative solution that is robust against independent and colluding adversaries and can be weaken only by an overwhelming presence of adversaries.

关键词： goodwill   pooled financial statements   predicting share price   increasing information content  

摘要： This study sought to examine the applicability of existing realities and arguments put forward opinions about the usefulness of information to the consolidated financial statements companies accepted in Tehran Stock Exchange during the 2007-2011 years. Statistical sample of this research is companies accepted in Tehran Stock Exchange during and sample size is 102 companies regarding screening methods after elimination outliers. In this study, book value of pooled goodwill for independent variable, firms" net income variables, pooled net income, book value of equity holders, cash obtained by firm"s operational activities, cash obtained from pooled operational activities are considered as control variables and price per share is dependent variable. In this research, panel data were used with stable effects. Multiple regression results in 95% confidence level showed that pooled goodwill has communication value regarding prediction of share price. Pooled goodwill also has increasing information content for predicting stock price.