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关键词： 内在价值   合理估值   公司的成长性   长期投资策略  

摘要： 以内在价值的投资理念为基础,用随机过程的方法讨论了股票长期投资的策略问题.论证了股票长期投资成功的前提是选择具有良好成长性的公司.为了反映股票的内在价值,定义了股票的合理估值概念.论证了长期价值投资的关键是实时追踪公司成长性的动态变化和公司股票的合理估值.为避免市场风险,稳健获利,以股票的合理估值为基准,提出并论证了长期价值投资中的购股和动态持股策略.

关键词： 信息化委员会   积极应对   工业经济   杭州市   科学发展观   信息化经济   信息化建设   宏观经济环境   中国企业   转型升级  

摘要： 今年以来,杭州市经济和信息化委员会坚持科学发展观,认真贯彻落实市委、市政府的决策部署,深入实施"创新强市"、"实业兴市"战略,积极应对复杂多变的宏观经济环境,抓创新促转型,转作风提效能,努力打造杭州工业和信息化经济升级版,推动全市工业经济和信息化建设较快发展。经济总量持续扩大杭州工业经济借改革开放春风,努力拼搏,在全国工业排名榜中,一次次站在了前列。2013年,中国企业500强中杭州占25家,中国制造业企业500强中杭州占30家。中国民营企业500强中,杭州有53家企业入选。

关键词： 几何Brownian运动   Brownian运动   鞅   年金   随机利率  

摘要： 在随机利率为反射Brownian运动和Brownian运动交替更新的假设下,在最低利率水平a、中间利率水平b和最高利率水平c调整基准利率和年金届期日为随机变量的条件下,借助于鞅方法和相关结论,研究了基准利率不断调控的随机利率下的年金,得到了控制随机利率下的年金现值.

关键词： 风险投资项目   净现值   价值评估  

摘要： 在风险投资项目价值评估中,净现值法(NPV)是目前投资项目价值评估最为理想的方法,优于其它评估方法,利用修正的净现值法进行投资项目价值评估将更为准确与符合实际。文章在对折现率调整方法与净现金流量调整方法的优点与缺点分析的基础上,对各种风险进行归类,对净现值修正模型进行构建,利用模型计算公式,对风险投资项目价值评估的实际应用进行了分析。

关键词： Carbon active filter   Nano tube carbon filter   Economic evaluation   Monte Carlo simulation   Net present value  

摘要： The paper purposes to evaluate the Net Present Value (NPV) of the installation of Carbon-active and Nano-tube-Carbon filters to filter (refine) Mononitrotoluene. The evaluation will help us recognize the more economical filter. The lifetime of Carbon-active filters and Nano-tube-Carbon filters are 9 and 50 days, respectively. Hence their NPVs will be calculated during 450 days. Since the costs of installation are probabilistic, Monte Carlo simulation is used to calculate the NPVs. The average amounts of installation for Carbon-active filters and Nano-tube-Carbon filters are 2331168140 Rials and 12038414350 Rials, respectively. Therefore, the Nano-tube-Carbon filter is much more economical to be installed than the Carbon-active one.

关键词： Individual investors   Online communities   Stock recommendations   Investment value   Event study   Abnormal returns  

摘要： This paper investigates the investment value of individual investors' stock recommendations within online communities. We find that aggregated recommendations contain no explicit investment value and that following these recommendations may have a negative impact on investment performance. Our results suggest that recommendations are mostly based on simple heuristics and concentrate on a small number of stocks. When restricting the set of recommendations to those made by the most experienced or successful recommenders, results marginally improve but still preclude profitable investment strategies. Experienced and successful recommenders seem more likely to avoid the most expensive pitfalls rather than actually exhibit superior investment performance.

关键词： STOCK exchanges   STOCKS (Finance) -- Rate of return   STOCKS (Finance) -- Prices   BOOK-to-market ratio   BUSINESS enterprises -- Size   SMALL business  

摘要： We report on a seasonal pattern that has persisted in the Japanese stock market for more than half a century: Mean stock returns are significantly positive for months during the first half of the calendar year and significantly negative for months during the second half. Dubbed the Dekansho-bushi effect, this seasonality is independent of other known calendar anomalies, such as the so-called January effect. The Dekansho-bushi effect should be distinguished from the `sell in May effect,' because Japanese stocks perform well in June and poorly in November and December. The Dekansho-bushi effect varies in magnitude among firms and is particularly significant among small firms with high book-to-market ratios. Nonetheless, the effect exists, regardless of a company's size or book-to-market ratio.

关键词： Asset   Conditional expectation   present value   Zero mean variable  

摘要： In this note, by calculating the present value, we argue that we should avoid adding independent assets to our portfolio.

关键词： vendor managed inventory   net present value   buyer-supplier coordination  

摘要： It This paper developed the coordination inventory models with vendor-managed inventory (VMI). The mathematical models are derived from Net Present Value (NPV) functions for the single-buyer single-supplier under deterministic conditions. The main objective is to develop a model to find optimal lot-size and profit function in supply chain. The model is analyzed under two different scenarios consisted of without-coordination and coordination inventory policy. In the case of without coordination the buyer and the supplier act independently to optimise their profits or costs; while in the coordination scenario both actors are agree to joint decision policy to determine the optimal variables to achieve profit (or cost) functions. The classical inventory model is applied for non-coordination scenario as the based case to explore the effects of NPV to optimal lot-size and profit function. In the proposed model, four different VMI strategies which derived from NPV are applied in the coordination models where the supplier is authorized to manage the buyer"s inventory and make all the replenishment decisions. The experimental results have shown that the profit function derived from NPV is given the total profit in supply chain better than classical inventory model. Furthermore, coordinated VMI approaches derived from NPV have shown that the VMI+ can achieve a very good coordination. This model guarantees that the profit function for both players remains the same without coordination and increases as a result of coordination.

摘要： The major concern for any capitalist available market is volatility. Throughout the recent past, the stock returns on a mean area unit negative. The frequent changes available costs, makes it troublesome for the capitalist to speculate available market. one in all the foremost factors inflicting volatility within the stock exchange is lack of correct speech act of knowledge by corporates. In Bharat SEBI has given sure tips concerning disclosures. Corporates do follow these tips. Disclosures area unit each obligatory and voluntary. Some corporates give info higher than the statutory needs. the current article examines the correlation of disclosures and volatility of stock costs. The study uses regression model for understanding the importance of disclosures on stock worth volatility.