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关键词： 基金业绩   换手率   基金经理技能   申购和赎回   投资者侵蚀   自由裁量交易  

摘要： 近年来,共同基金已经成为居民家庭实现多元化投资的重要工具,对于居民财产性收益的稳健增长大有助益,基金业绩的驱动因素也随之成为学术界关注的热点话题。以2004—2017年中国441只共同基金作为研究样本,实证检验了投资者行为侵蚀、基金经理努力对基金业绩的影响。研究发现,共同基金的业绩不仅取决于基金经理的努力,还受投资者行为的影响。具体而言,中国共同基金投资者的申购和赎回行为会对基金经理非自由裁量交易产生影响,在控制基金投资者申购和赎回行为的影响下,基金经理的自由裁量交易对基金业绩将产生正向影响。研究结果表明,在中国共同基金市场,投机者和短视基金投资者的行为会对基金经理的努力产生侵蚀。因此,应加强基金投资者教育,增强基金投资者互动和信息沟通等,最大限度地减少基金投资者行为的不稳定影响,以提高基金业绩的可持续性。

关键词： Market quality   Microstructure   Liquidity   Spread   Litigation  

摘要： We perform a microstructure analysis of trading activities pre- and post-class period end-dates of securities class action lawsuits. We posit that these events are likely to significantly impact the spreads of affected firms, in addition to the well documented market capitalization loss that spurs the legal action. We detect neither meaningful widening of spreads nor change in put-call ratios ahead of the class period end-date, suggesting no microstructure or option open interest signal of the upcoming event. However, we present strong evidence of a significant degradation in market quality post the class period end-date based on widening spreads lasting for at least 60 trading days. We also document a trading volume spike and share price decline around the event date. Our research shows the impact on shareholders extends beyond the capitalization loss through wider spreads for defendant firms, while the same is not true for a control sample.

关键词： 私募股权投资基金   抗风险能力   投资回报率   信息不对称   宏观经济环境   阶梯式   发展与转型   透明度  

摘要： 近年来,私募股权投资基金的规模呈现阶梯式增长,在经济发展中发挥着越来越重要的作用。虽然私募股权投资基金存在信息不对称、透明度低的缺点,但也具有灵活性强、专业度高的优势。在全球经济复杂多变的宏观经济环境下,我国私募股权投资基金业呈现出投资回报率下降、抗风险能力差和行业结构有待调整等问题,但未来发展仍值得期待。

关键词： 文化旅游产业   国家治理体系   战略与管理   文化旅游企业   结构调整   宏观经济环境   有效促进   生存压力  

摘要： 在中国特色社会主义制度和国家治理体系的明显优势下,我国经济目前呈持续上升态势。此前,在经济下滑期间,中国文旅业的发展遭受了巨大的压力和挑战,从根本上改变了中国的社会环境和宏观经济环境。文化旅游产业的市场结构、发展支撑、人才条件和内在动力等发生了明显变化,面对这些综合性的变化,中国文化旅游公司的生存压力不断增加,但与此同时,环境的变化也为文化旅游产业的结构调整创造了新机遇。如何科学应对压力与机遇,已成为当前文化旅游企业的重要战略命题。因此,在新时期,如何抓住机遇,如何有效促进文化旅游产业的全面发展,是一个值得各文化旅游企业深入思考和探索的问题。

关键词： 股票价值评估   Gordon增长模型   ZZ增长模型   每股红利   每股收益   市盈率  

摘要： 科技创新和资本市场的发展,凸显了股权或股票价值评估的重要性。目前流行的评估基本无外乎应用Gordon增长模型的绝对价值评估,以及应用市盈率等评估比率方法的相对价值评估。然而,深入分析发现,Gordon增长模型实际上没有应用可行性,而评估比率方法没有理论合理性。多方面比较分析发现,ZZ增长模型(至少)与Gordon增长模型有同样的理论合理性;同时可以容忍一定的参数估计误差,有应用可行性。基于ZZ增长模型推导出的三个理论比率模型,可以从根本上改进评估比率方法缺乏理论合理性的缺陷。不仅如此,ZZ增长模型特别适合评估目前两大方法都不擅长的高增长的股票,这意味着作为ZZ评估系列模型的ZZ增长模型以及ZZ理论比率模型在互联网和高科技公司的价值评估中大有用武之地。

关键词： 股票回购   美国证监会   股东回报   标普   波动性   潜在风险  

摘要： 近10年股票回购从金额和数量上在全球各大市场大幅攀升,在改善市值、提高股东回报、降低波动性等方面有益于上市企业,但同时也存在诸多潜在风险。美国是率先实施股票回购的国家,自1982年美国证监会10B-18规则的出台,标普500企业参与股票回购的数敏大幅攀升,由1992年的196家攀升到2019年的480家,回购总金额也快速涨到8000亿美元。

关键词： 货币时间价值   企业财务管理   个人理财   应用分析  

摘要： 货币时间价值是指货币在一定时间内可以通过存款、投资或者理财的方式产生更多的价值,对于一个企业来说,货币时间价值观念非常重要,货币时间价值越高,则企业投资效果越好,企业经济效益也就越理想。如果企业货币时间价值不高,则意味着企业在一段时间之内的财务管理效果不好,同时也直接影响了企业的可持续发展。对于个人理财来说,货币时间价值观念也非常重要,只有使货币时间价值得到体现,才能保证理财收益。基于此,本文尝试对货币时间价值在企业财务管理以及个人理财中的应用进行了分析。

关键词： breeding   DNA   Dominant White   Equine Coat Color   Equine Genetics   KIT   W31   W32   SPOTTING PATTERN   GENE   MUTATION   PREDICTION   LIGAND  

摘要： Over 30 polymorphisms in the KIT Proto-Oncogene ReceptorTyrosine Kinase (KIT) gene have been implicated in white spotting patterns ranging from small areas to full dermal depigmentation in the horse. We performed a candidate-gene exon sequencing approach on KIT and MITF, 2 known causatives of white spotting patterns, within 2 families of horses of unknown white spotting. Family 1 (Fam1, N = 5) consisted of a Quarter Horse stallion and 4 offspring with white spotting pattern ranging from legs, lower ventral, and head regions with jagged borders, to almost complete *** second family (Fam2, N= 7) consisted of 6 half-sibling American Paint Horse/ Quarter Horse and their dam, demonstrating unpigmented limbs with belly spots and an extensive white patterning on the face. This approach resulted in 2 variants significantly associated with familial phenotypes, where Fam1 variant is an indel leading to a frameshift mutation, and Fam2 a non-synonymous SNP. We validated the variants within an unrelated population of horses (Fam2 variant, P = 0.00271944) as well as for protein functional impact with ExPASy, Protter, Phyre2, SMART, PROVEAN, SIFT, and 1-TASSER, confirming the reported associations. Fam1 associated variant, deemed W31, alters the protein sequence, leading to an early stop codon truncating the normal amino acid sequence from 972 to just 115 amino acids. Fam2 associated variant, deemed W32, may have a subtle impact on receptor function or could be in linkage with a non-coding or regulatory change creating the mild spotting pattern observed in this family.

关键词： Oil Prices   Stock returns   Asymmetry effects   Structural breaks   Nonlinear models   SHOCKS   VOLATILITY   RETURNS   TRANSMISSION   ECONOMIES   NEXUS   US  

摘要： Although the relationship between the global oil and stock markets has been given extensive critical assessment in the literature, this study gives a re-examination of this nexus for the Gulf Cooperation Council countries with certain innovative contributions. We employ both the Symmetric ARDL by Pesaran et al. (2001) and Nonlinear ARDL by Shin et al. (2014) and we also account for structural breaks using the Bai and Perron (2003) test that allows for multiple structural changes in regression models. Using a weekly dataset from 1992-2016, we observe that most of the GCC stock markets respond asymmetrically to oil price. The need to account for structural breaks is also undeniably seen as the break dates are largely significant. We discovered some breaks which coincidentally correspond to the series of OPEC cuts of 1999, Asian demand soars of 2005 and global financial crisis of 2008, among others. Our robustness check suggests that global economic activity and geopolitical risks are very sensitive to oil price specification, however in a linear fashion which may change conclusions regarding the effect of oil price shocks on stock returns. In all, the findings of this study, especially the large asymmetric responses of the stock markets to oil price, have serious policy implications for the government of each country and potential investors because of their oil-dependent posture.

关键词： backtesting   expected shortfall   Gram-Charlier mixture   value-at-risk   EXCHANGE-TRADED FUNDS   VALUE-AT-RISK   SEMI-NONPARAMETRIC DISTRIBUTIONS   MAXIMUM-LIKELIHOOD   RETURNS   MODELS   ROBUSTNESS   DENSITIES   FORECASTS   IMPACT  

摘要： This paper analyses risk quantification for three main stock market index exchange-traded funds in world financial markets. We compare the relative performance of a set of parametric and semi-nonparametric models in terms of both value-at-risk and expected shortfall backtesting techniques. To this end, we explore the result of the jointly elicitability of these two risk measures. We provide a new mixture of Gram-Charlier distributions that have been used in this framework for the first time and derive a close formula for directly computing expected shortfall. This model is compared to the Gaussian (benchmark model), Student'st, generalized Pareto (a case of the extreme value theory) and mixtures of Gram-Charlier distributions. The results show that peaks-over-threshold (extreme value theory) and flexible Gram-Charlier approximations are suitable to quantify market risk and mitigate concerns about possible financial instabilities generated by misuse of exchange-traded funds trading.