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关键词： Stock   criteria   rating   value line   dominance principal   domination cone  

摘要： Investment in stock market involves many decision criteria and variables;hence investors are increasingly relying on the ratings provided by rating agencies to guide their stock selections. However, do these stock ratings have information value? Are these agencies' ratings valid? We establish the dominance cone principle and use the Value Line stock ratings to demonstrate the application of the dominance principle. Our results based upon limited data show that the Value Line rating does not support the notion that better rating results in better rate of return during 2006-2007.

关键词： Stock market   Co-movement   Social network   Centrality   Minimum spanning tree   Financial crisis  

摘要： A novel method is proposed to rank the stock indices from across the globe to capture changes in the dominance of an index with respect to other indices. A correlation-based network structure is formulated and centrality measures are used to track these changes. Temporal evolution of the minimum spanning tree derived from the network of 93 stock indices worldwide has been analyzed with data from Bloomberg for the 5-year period from year 2006 through 2010. Measures are suggested for identifying dominant stock indices in the global stock market. It is investigated how the stock market turbulence can be detected by measuring the relative change in the ranks of the stock indices and in the network centralization of the emergent network structure. The study reveals how inclusion of abstract non-living entities such as stock indices in the social network analysis framework can capture the latent interdependence as manifested in the stock market. The chosen period of study encompassed the behavioral change in the stock market network before and after the collapse of Lehman Brothers in the USA, revealing interesting counter-intuitive findings that the turbulence following the collapse of Lehman Brothers had a structure-loosening impact on the global stock market.

关键词： Value-Relevance   Domestic GAAP   IFRS   Separate Financial Statements   Regulation 1606/2002   non-linear regression model  

摘要： Based on a sample of Italian firms, this paper investigates whether separate financial statements are useful to capital market investors and whether IFRS are more value-relevant than domestic GAAP. This issue is key in evaluating the decision made by some states in the European Union to extend the use of IFRS to separate financial statements. Findings provide evidence that separate financial statements are value-relevant, regardless of the accounting standard set. However, contrary to expectations, separate financial statements under IFRS do not have incremental information content beyond domestic GAAP. There is even some evidence that domestic GAAP are more value-relevant than IFRS. Finally, this paper documents the important role of model specification in value-relevance studies.

关键词： value averaging   cost averaging   mutual funds   SIP  

摘要： Cost averaging is widely publicized investment strategy in India and is implemented using Systematic Investment Plans (SIP’s) for Mutual Funds. Cost averaging is a technique in which a fixed amount is invested periodically resulting into averaging of the price at which the securities are bought. In contrast value averaging is a technique wherein the amount is invested depending on the required rate of return and the actual return attained in the last period. This paper is an attempt to compare the return of the investments made using the two techniques using selected diversified equity oriented mutual fund schemes in India over last five years.

关键词： Value at risk   backtesting   market risk   historical simulation   EWMA  

摘要： The aim of this paper is to investigate stock returns stylized facts of both developed and emerging capital markets and to validate market risk measurement models in circumstances of global financial crisis. In order to analyze characteristics of stock returns we employ descriptive statistic, normality tests, white-noise and ARCH effect test. We present results on both VaR 1% and VaR 5% on a one-day horizon for the following indices: S&P 500, DAX, SAX, PX and Belex 15, which show us potential maximum expected losses that investors can suffer on daily basis. To examine the validity of VaR results we employ three backtest: unconditional coverage, independence and conditional coverage. Our results show that Historical Simulation and EWMA VaR methodology during the crisis period underestimate the true level of market risk, because both methodologies failed to satisfy unconditional coverage and independence properties of backtest at same time. We believe that our findings and contribution can help investors to make appropriate decisions when investing in emerging stock markets in volatile times.

关键词： 股票   市盈率   投资价值  

摘要： 市盈率是衡量股票估价是否合理、判定股市泡沫的一个重要指标。从中国股票市场的流通性、总体规模等特点来看,研究市盈率进行股票价值的评估很有研究价值。分析了市盈率的影响因素,对市盈率估算中国股票价值提出了几点看法,并对市盈率指标进行了修正。

关键词： 中国调味品协会   品牌化   高档化   调味品行业   平均增长率   展平   宏观经济环境   数据显示  

摘要： 7月10日，中国调味品协会香辛料专业委员会换届大会上，中国调味品协会副会长兼秘书长白燕女士指出，据中国调味品协会2012年著名品牌企业100强的统计数据显示：企业生产总产量的行业平均增长率为15．67％，总销售收入平均增长率为19．02％。尽管受整个宏观经济环境的影响，不少行业处于下行周期，然而，从以上数据可以看出，调味品行业仍然保持着平稳的增长态势。根据齐鲁证券六月公布的数据显示，在本年度，调味品的销量增长也表现得相当平稳，如酱油，1-5月份的销量增长为12．6％。

关键词： EVA   企业价值   股票收益率   相关性  

摘要： 本文以2006—2012年沪深300为研究样本,以股票收益率为因变量,以现代EVA变量指标体系,采用多元线性回归分析,检验EVA与股票收益率的相关性。研究表明,基于EVA的企业价值与股票收益率存在显著的线性关系;建立多元回归分析的企业价值模型具有对股票收益率进行一定程度上解释分析的能力;投资者在对上市公司的股票收益率进行分析时,还要考虑非企业价值信息产生的影响。

关键词： 信息消费   宏观经济环境   运营商   经济增长速度   经济复苏   经济风险   环境影响   国际经济  

摘要： 当前，全球宏观经济环境复杂多变，经济复苏乏力，多种宏观经济风险上扬。中国经济受国际经济环境影响，外需受到较大抑制，同时，经济转型、结构调整以及资源环境约束问题仍旧突出，使得经济增长速度放缓。虽然经济刺激政策可以在短期内减缓经济下滑压力，但在长期却无法真正推动经济复苏。我国的经济形态亟须从出口外向型转向扩大内需型的自主型经济，需要巩固扩大传统消费，积极培育新的消费热点，促进消费结构优化升级。

关键词： 公允价值   历史成本   现值   计量属性  

摘要： 本文首先分析了公允价值在我国应用的历史,然后分析了公允价值在我国会计准则中的具体应用,最后提出了公允价值在我国应用的建议,认为公允价值计量属性的应用是大势所趋,但在具体实践中还需要一个漫长的过程。