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关键词： genetic algorithms   algorithms and investment value  

摘要： This paper proposes the use of genetic algorithms Genetic Algorithm (Genetic Algorithm) for stock options to support quality investors in the stock market (stock market) value school of investing treatment. Value investing is the cornerstone of long-term growth, investors experience the ups and downs of the market the stock market is more likely to be more successful and have more investment strategies applied at each stage of development the stock market. Use these resources to learn more about value investing techniques can help investors increase the property value over time. With the basic financial information and trading stocks using genetic algorithms to determine market shares are undervalued than its true value. Experimental results show that genetic algorithm proposed portfolio selection provides a very flexible tool and useful to assist investors in selecting valuable stocks.

关键词： risk-return characteristics   convergence   stock market integration   market volatility  

摘要： We analyze the risk-return characteristics of nine European emerging stock market indices over the period from January 2000 to December 2013. We show that (i) the return distances declined and structural breaks in this characteristic are sparse;(ii) distances between standard deviations are more time-varying than return distances and several structural breaks have been identified through this risk metric;(iii) the mixed characteristic, i.e. risk-return distances declined over time and were subject to an occurrence of several breaks. The relationship between risk-return characteristics and market volatility is also examined. While the results clearly showed that this relationship is generally positive, the return, risk and risk-return distances increased during the more volatile periods. At the same time, for several CEE markets, this effect is mitigated during bearish market conditions. Overall, our results suggest that even in times of higher volatility, benefits for investors from international diversification to CEE emerging markets may still exist.

关键词： optimization   development stages of the open pit   net present value  

摘要： Long-term planning in the mining industry has one main goal: maximizing the value that is realized by excavation and processing of mineral resources. When designing the open pits, determining the stages of development the mining operations, (eng. Pushback) is one of the important factors in the process of long-term production planning. Using the different scientific methods and mathematical algorithms underlying the operation of mo- dern software for strategic planning of production, it is possible to control the business economy. This work presents the influence of the open pit development phase of the South Mining District Majdanpek on significant increase the net present value.

关键词： FINANCIAL statements   FAIR value   BANKING industry -- Accounting   BANK investments   STOCK price forecasting   FINANCIAL performance   INTEREST income   ACCOUNTING standards   BANKING industry -- Mathematical models   REGRESSION analysis  

摘要： The conceptual frameworks of International Accounting Standards Board (2010, QC7–QC8) and Financial Accounting Standards Board (2010b, QC7–QC8) both include predictive value as a fundamental qualitative characteristic of useful financial information. Because changes in fair value are unpredictable—that is, one period’s fair value gains (losses) cannot predict future periods’ fair value gains (losses)—fair value is criticized as diminishing the predictive ability (and, therefore, the usefulness) of financial information. We propose that the time-series relationship of fair value gains (losses) is an overly restrictive way to define predictive ability and completely ignores the forwardlooking information that is impounded in fair value measures. Specifically, the fair values of interest-bearing financial instruments capture the opportunity costs and benefits of holding below- and above-market instruments. Thus, we propose that the relative levels of unrealized holding gains (losses) should predict relative levels of future realized gains (losses) and interest income across firms (hereafter, “cross-sectional predictive ability of fair values for future reported income”). Because of the significance of financial instruments to commercial banks’ balance sheets and the availability of detailed fair value information for these instruments in banks’ regulatory reports, we test our predictions for a sample of commercial banks during 1994–2008. Consistent with our predictions, we find that accumulated fair value adjustments for interest-bearing securities are positively cross-sectionally associated with future interest income, future total realized investment holding returns, and future investment-security-related cash flows. Additional analyses reveal that the cross-sectional predictive ability of fair values for future reported income is positively related to the measurement precision of reported fair value measurements. Finally, we show that cross-sectional predictive abil

关键词： 资本市场有效性   资本资产定价模型   红利贴现模型   每股收益变动   股票价格变动   相关性  

摘要： 在证券市场中,投资者们最为关心的就是股票价格波动的规律,因为这直接决定了投资的损益。在股票市场中,影响股票价格变动的因素很多,政治经济环境、货币政策、产业政策以及上市公司的表现等等因素,都对股票价格的变动产生影响。然而,在系统风险相同的情况下,如何选择投资目标,产生尽可能多的投资收益,是投资者首先应该考虑的问题。国内外关于上市公司业绩与股票价格的相关性研究已有不少成果,值得投资者借鉴,投资者可以通过对上市公司的业绩来的研究来预测股票的价格价格变动方向,这些问题对投资者来说都是非常重要的,这将直接决定投资者股票资产的损益。 本文的创新之处在于,研究每股收益变化的大小对股票价格影响程度的强弱,并且考察股票价格在此作用下与股票估值的关系。本文论述的研究主要基于以下两个过程进行：首先使用资本资产定价模型(CAPM)以及红利贴现模型(DDM)对医药行业样本上市公司股票价值进行估值计算,把所得估值作为参考基准,并以股价现值与所得到的估值进行比较,判断股价现值是被高估还是被低估。然后再以每股收益作为考察对象,根据历史数据,研究每股收益变动率与股票价格变动率的相关性,并进行回归分析,得出结论,再以估值作为参考,观察样本上市公司的股票价格是向估值回归,还是会受到每股收益变动的影响发生变化。 通过对2009年-2012年沪市医药行业样本上市公司的研究发现,样本上市公司股票价格普遍被高估,然而其股票价格并未向着价值回归,而是继续受到每股收益变动的影响,并且在2009年-2011年这些上市公司股票价格变动率与每股收益变动率有显著的线性关系。本文的研究结果能为投资者在医药行业上市公司的投资提供一定参考。

关键词： 经济学实验   经济   仿真教学系统   宏观经济环境   投资   财政管理  

摘要： 产品介绍该系统在国内外首次实现了受控条件下的经济学实验,目前处于国际领先水平,为经管类实验教学提供了新的有力工具。教师充当"政府"的角色,根据GDP、CPI或者教学需要随时调整宏观经济政策,学生作为"居民"和"厂商",在充分考虑宏观经济环境和市场变化的基础上从事广泛的经济活动,在追求利益最大化的过程中获得丰富的感性体验,达到对经济学相关知识的融会贯通。系统特色经济学实验,从今以后可以象自然科学实验一样进行

关键词： 价值投资   内在价值   绝对估值法   相对估值法  

摘要： 投资者要在股市中获得较高的利润,必须有正确的投资理念和投资策略。价值投资策略是一种成功的投资策略,当股票市场价格低于其内在价值时,投资者可以逐步买入并长期持有;当股票市场价格高于其内在价值时,投资者可以逐步卖出,上司公司内在价值估值尤为重要,并以估值为基础进行价值投资判断。文章对各类估值方法进行总结,分析了各类方法的优缺点及适用范围。倡导价值投资,避免投机,对于正在或即将进行投资的投资者有长远应用价值。

关键词： 仿真教学系统   教学产品   经济学实验   宏观经济环境   经管类   相关知识   宏观经济政策   经济   同等价值   受控   投资   财政管理  

摘要： 产品介绍该系统在国内外首次实现了受控条件下的经济学实验,目前处于国际领先水平,为经管类实验教学提供了新的有力工具。教师充当"政府"的角色,根据GDP、CPI或者教学需要随时调整宏观经济政策,学生作为"居民"和"厂商",在充分考虑宏观经济环境和市场变化的基础上从事广泛的经济活动,在追求利益最大化的过程中获得丰富的感性体验,达到对经济学相关知识的融会贯通。

关键词： 实物期权   净现值法   投资决策   价值低估  

摘要： 本文讨论了实物期权理论中布莱克--斯科尔斯期权定价模型在企业投资决策中的应用，为企业投资决策提供了一种更加现实和有效的方法。另外，本文通过两种决策方法的比较，论证传统的净现值法容易低估项目价值，对投资决策产生消极影响。

关键词： 股票投资   收益性   风险性   对策  

摘要： 随着国民收入水平的持续提升,资金持有者越来越偏向于市场投资活动,将剩余资金投放市场以赚取相应的利益回报。近年来,股票成为市场投资取向的主要内容,大批股民涌入股市掀起了投资热潮,为股票市场发展起到了重要的推动作用。本文分析了股票投资的收益性与风险性特点,为市场投资活动提供了客观的参考意见。