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关键词： 住房发展   人口控制   上海   社会保障能力   宏观经济环境   城市居民   市场化程度   房地产经济  

摘要： 住房发展与每一个城市居民的安居乐业休戚相关．是城市以人为本发展的核心内容，既涉及住房的规模．住房的结构和住房的空间布局．也关系到房地产经济的市场化程度、宏观经济环境和社会保障能力。结合十八届三中全会《决定》和习近平总书记在中央政治局第十次集体学习会议上的讲话精神，谈一些个人对上海住房发展相关问题的认识。

关键词： 股票回购   上市公司   公司价值  

摘要： 半个多世纪前的西方,诞生了一种创新性的金融工具——股票回购,并逐渐变成了上市公司普遍的利益分配途径以及资本运营手段。股票回购在我国的发展较晚,其制度的健全伴随着我国资本市场渐渐成熟完善,在全流通时代即将到来的整体环境下,客观清楚地了解上市公司实施股票回购的动因以及认识实施回购之后的市场效应及公司价值变化等具有十分重要的意义。

关键词： CCAPM   长期风险理论   国际股票市场   价值溢价  

摘要： 价值型公司组合总体收益高于成长型公司组合,即价值溢价之谜在国际股票市场上普遍存在。在经济一体化假设下,采用传统消费的资本资产定价模型、习惯形成、协整的长期风险和平稳的长期风险等CCAPM理论来研究主要发达国家和地区的价值溢价现象,实证结果发现价值溢价产生的原因在于价值型公司对于协整风险和时变经济波动风险的暴露更大;协整的长期风险理论综合考虑了股票的短期和长期风险暴露,较其他模型优胜。这对于同样存在价值溢价,又处在越来越开放的经济条件下的中国股票市场具有一定的启示作用。

关键词： Ownership Concentration   Agency Theory   Firm Value  

摘要： The aim of this study consists in providing the first empirical evidence for the companies listed in Romania regarding the influence of ownership concentration on firm value. The empirical research was employed for a sample of companies listed on the Bucharest Stock Exchange (BSE), over the period 2007-2011, being estimated multivariate regression models for panel data, unbalanced, with fixed effects. The value of the companies was measured out by the instrumentality of Tobin's Q ratio, however adjusted with the purpose of taking into account the industry membership diversity of the selected sample. We considered distinctly the ownership of the first, the second, and the third largest shareholder, as well the sum of holdings of the two largest shareholders and the sum of holdings of the three largest shareholders. Therefore, the results sustain a lack of influence on firm value exhibited by the first largest shareholder, while the second largest shareholder positively influences firm value. By considering the ownership of the third largest shareholder we identified a positive influence, but down to a level of holdings of 13.08 percent, thereupon the influence becomes negative. Thereby, beyond the identified threshold we could perceive the reduction of the third largest shareholder’ concern regarding the process of directors’ monitoring, thus following the own aims’ achievement. Further, from the ownership concentration perspective only the sum of holdings of the three largest shareholders positively influences firm value. However, there was not identified any statistically significant relationship between the sum of holdings of the two largest shareholders and firm value. Accordingly, the results are influenced by the context of an underdeveloped Romanian capital market within the first largest shareholder ownership discourages the occurrence of another investors holding significant stakes.

关键词： Growth and Value stocks   ratio of nominal value to market value   price to earnings ratio of each share  

摘要： Selecting stocks and creating suitable and profitable portfolio is considered as a multi- dimensional, multi-phase challenge in Iran"s current investment market. There are many differences between Growth stocks and Value stocks in sense of the effect of human factors such as risk, revenue, high and low market activity, time horizon, and company sizes on investment market. Investors are always concerned about making decisions in order to select the stocks and create a high revenue portfolio. This study examines the subject of categorizing stocks into growth and value stocks in Tehran Stocks Exchange on period 2006 to 2010. Required data were collected from fiscal tables provided by the companies accepted in Tehran Stocks Exchange market. Obtained results show that statistically significant difference in size, revenue, and risk of investment can be observed between Growth stocks and Value stocks when the measure of book value to market value for shareholders" equity is used for categorizing companies to growth or value. While when using "price to Earnings ratio" as the basis for this categorization, the difference is observed during fewer number of years (maximum 2 years), which indicates higher efficiency of this measure relative to equity book value to market value measure for stating the differences of these two portfolios regarding size, revenue and risk of investment.

关键词： housing loans   mortgage sector   real estate market  

摘要： Both the real estate market and the mortgage sector have had similar evolutions since 1990, with a significant influence on one another. In the first few years of this interval, the term 'housing loans' was mostly associated with the state-run financing schemes for the purchase of such assets (the famous CARS), but after 2001 commercial banks entered this market segment. The products they initially offered were poorly adapted to demand, involving short maturities, high interest rates and impossible collateral, but soon the trend shifted and lending pushed up the construction of new buildings and that created an entire bull market. At the same time, personal loans helped fuel the population's consumption for a significant time, but eventually ended up by being avoided due to the economic incertitude after 2008. [ABSTRACT FROM AUTHOR]

关键词： Zero-percent interest rate   Mesbah Point   Islamic Finance   Time Value of Money   Securitization  

摘要： The concept of "Interest" has been viewed as a forbidden instrument in Islamic investments. This study has focused on establishing an interest-free platform, and introducing a new method of direct-to- consumer financing using the amortization and the time value of money. Based on this method, the borrower makes a pre-determined amount of upfront payment in order to receive zero percent interest rate financing and only makes monthly principal payments during the term of the loan. Using the same interest rate and the same term period as in amortization, the total amount of interest occurring during the amortized loan is replaced as future value and the discounted value is calculated as the amount of upfront payment. The relationship between the amount of upfront payment in each range of 30,20,15,10 and 5 year terms and the interest rates 1%-30% shows a parabolic pattern in each term, in which the amount of upfront payment will increase to a pivotal level in each term and will decrease as the interest rate increases. The vertex point of the parabola is named "Mesbah Point" in order to distinguish this conceptual point. Therefore, Mesbah Point is the optimum amount of upfront payment collected, irrespective of the interest rate, to receive an interest free, zero percent loan. In other words, Mesbah Point is as an interest rate-proof value in which the borrower, regardless of interest rates in the market, can contribute a pre-determined amount of upfront payment to receive an interest free, zero percent interest rate loan.

关键词： External financing   Profitability ratios   Type of industry  

摘要： Firms use different financial sources in different ways in order to pay off their debts, invest in profitable projects, as well as to earn a maximal output so as to be able to increase the stockholders" assets and the firm"s value. The firm"s potential for determining the internal and external organizational sources and providing the capital and designing suitable plans are considered as the main determinants in each firm"s growth and development. To determine the level to which managers have been able to maximize the owners" assets, indexes of financial performance are evaluated. Financial ratios are considered as important indexes in evaluating the firms" financial performance. Financial ratios are generally divided into five categories including: liquidity ratios, activity ratios, leverage (debt) ratios, profitability ratios and market ratios. This study has dealt with the effect of the relation between external financing using short-term loan, stock issuance and commercial credit on profitability ratios. The statistical sample of the research involves 110 firms manufacturing four industries including: auto industry, pharmaceutical and chemical industry, food and beverage industry, as well as non metal industry. The firms" data related to the time interval of 2006 and 2011 has been collected. External financing has been considered as the independent variable of the research, profitability ratios as the dependant variable and the type of industry as the control variable the effect of which on profitability ratios has been measured. To test the hypotheses, a multivariable regression model was designed and analyzed using Data panel and E views software. The research results show that there is no significant relation between external financing through stock issuance and profitability ratios, while there is a significant relation between external financing through short-term loans and commercial credit. As well as the control variable of the type of industry affects t

关键词： advertising   brand value   stock returns   structural model   marketing and finance  

摘要： This paper brings structural modeling to the literature on financial research in marketing. I propose a dynamic investment-based model to understand the impact of advertising expenditures on stock returns and firm value. In addition, by interpreting advertising expenditures as an investment in brand capital, the approach in this paper provides a novel way to measure brand equity grounded in economic theory. Using the Euler equations from the firm's maximization problem, I derive closed-form expressions for the firm's equilibrium stock returns and market value, which depend on observable firm characteristics. I test the model's predictions by the generalized method of moments and data from a large cross section of publicly traded firms. The model is able to match simultaneously the pattern of average stock returns and firm values of portfolios sorted on advertising expenditures that standard asset pricing models cannot. The estimation results also show that brand equity accounts for a substantial fraction of firm market value (about 23%), and that this value varies substantially across industries. Implications of the findings for research at the intersection of marketing and finance are discussed.

关键词： Internet Financial Reporting   Firm Value   Stock Price   and Stock Return  

摘要： The rapid development of internet could be used by the company to disclose finan- cial and non financial information quickly to the investors. However, in Indonesia the disclosure of financial and non financial information through the internet is rarely done by the company. This study aims to examine whether the use of internet financial reporting affect the firm value, stock price, and stock return in manufac- turing companies listed in Indonesia Stock Exchange. The data of this study were collected from a sample of 50 manufacturing companies listed in Indonesia Stock Exchange. Simple regression analysis was employed in this study. From the process of analysis, it was found that the companies that used internet to disclose financial and non financial information have a significant and positive impact on their firm value and stock price.