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关键词： Quality of life   Older people   Stock market participation   Structural equation modelling   Psychometric properties   RISK-TAKING   POSITIVE AFFECT   MOOD   HAPPINESS   TRUST   EMOTION   BEHAVIOR  

摘要： Using data from the Survey of Health, Aging and Retirement in Europe (SHARE), we studied the relationship between four quality of life domains (Control, Autonomy, Pleasure, and Self-realization) and stock market participation of the elderly in 13 European countries. We first assessed the psychometric properties of the CASP-12 scale used in SHARE and then proposed a structural equation model wherein quality of life affects stock market participation indirectly through its effect on trust and risk behavior. We found that risk preference had a greater effect on stock market participation than trust. Furthermore, our results indicated a consistent positive effect of the Self-realization domain and a negative effect of the Pleasure domain on stock market participation. Finally, the empirical results showed that the joint Control and Autonomy domain can have both a positive and a negative effect on stock market participation, depending on the country.

关键词： Corporate social responsibility   Profitability   Corporate governance   Corporate value  

摘要： Purpose The purpose of this study is to examine the relationship of corporate governance and corporate profitability on corporate value with corporate social responsibility (CSR) disclosure as the intervening variable. Design/methodology/approach The population of this study was all companies listed in Indonesia, China and India Stock Exchange in 2013-2016. The inferential statistics used in this study applied the partial least square-based (PLS-based) structural equation model (SEM) method with PLS. The PLS method was selected based on the consideration that there was a construct formed with reflective indicators in this study. Findings In Indonesia, corporate governance and corporate profitability have a significant and positive effect on CSR disclosure. Similarly, CSR disclosure and corporate profitability have a significant and positive impact on corporate value. Corporate governance indirectly influences corporate value, through mediation CSR disclosure. In China, corporate governance and corporate profitability have a significant and positive effect on CSR disclosure. Similarly, CSR disclosure and corporate governance have a significant and positive impact on corporate value. Corporate profitability indirectly affects corporate value, through mediation CSR disclosure. In India, corporate governance and corporate profitability have a significant and positive effect on CSR disclosure. The same thing is seen that CSR disclosure has a significant and positive effect on corporate value. Corporate governance and corporate profitability influence indirectly corporate value, through mediation CSR disclosure. Originality/value The study is one of the few studies to investigate and compare the relationship between corporate governance, corporate profitability, CSR and corporate value. The originality of this study is on the reason that many studies that have been conducted still indicated the inconsistency in the results and diversity of the indicators, so that a simila

关键词： 价值投资   中国股票市场   问题   建议  

摘要： 中国股市是一个新兴市场,由于我国资本市场仍处于发展的初级阶段,股市的正常发展受到市场中潜在的过度投机套利行为、上市公司治理不完善,信息传递机制不健全以及市场制度建设滞后等多重风险的严重影响,这些现象也极大得损害了众多中小投资者的切身利益。中国资本市场因其特殊性,在践行价值投资的同时,需要依据我国基本国情做一些调整。本文针对中国股票市场特殊性,结合中国经济结构发展不平衡背景,指出了中国股票市场当前存在的主要问题,并针对性的就我国科技教育、中国股票市场的运行机制与监管提出了相关建议。

关键词： 空气质量   股票市场   有限关注   污染度   地理区位  

摘要： 关于空气质量对股票投资收益的影响,已有研究主要聚焦于整个股票市场,与有限关注假说相悖,偏离投资事实。基于投资者有限关注理论,重点研究空气质量对高空气污染行业及低空气污染行业影响的差异性,并尝试研究同等污染度下,不同地理区位股票投资收益率的异质性,研究发现:高空气污染行业股票投资收益率与空气质量指数显著负相关;控制污染度不变,北方地区股票投资收益率受空气质量指数的影响更大;基于Logit模型,从市场行情视角,得到了同样的研究结果。从污染度、地理区位两个层面验证了投资者有限关注假说,研究结论可作为企业选址及政府招商的决策参考。

关键词： 宏观经济环境   农业上市公司   资本结构  

摘要： 农业类上市公司资本结构不合理现象存在,本文从宏观经济角度研究对农业类上市公司资本结构的影响,选取的是2005年~2018年19家农业类上市公司数据为样本,采用面板数据模型分析,选取的宏观经济指标有GDP增长率、通货膨胀率、实际贷款利率。M1-M0增长率,股市年收益率,并以公司层面变量为控制变量。

关键词： 股价   分析阶段   股票   日均线   走势   赚钱  

摘要： 1)股价以5日均线为支撑沿5日均线上升表现(最强势);2)股价以10日均线为支撑沿5日均线上升表现(一般强势);3)股价以30日均线为支撑沿10日均线上升表现(普通强势)。无论从何种角度去分析阶段最赚钱的股票,最终都要回到股价本身表现上。以上表达的是中短线股票最赚钱的阶段走势表现。在K线上可以进行更详细的走势细分。

关键词： Leucogranite   Topaz granite   A-type granite   Magmatic differentiation   Greisen alteration   Rare metals   HIGHLY FRACTIONATED GRANITES   MAGMATIC-HYDROTHERMAL FLUIDS   TRACE-ELEMENT   NB-TA   GEOCHEMICAL EVOLUTION   RAPAKIVI GRANITES   LI MINERALIZATION   ALBITE GRANITES   QUARTZ VEINS   ICP-MS  

摘要： The Inhandjara leucogranite is a highly differentiated Ediacaran stock with crystallization age of ca. 570 Ma (SHRIMP zircon U-Pb dating). It is a satellite intrusion of the Itu batholith, a large post-orogenic A-type granite in south-eastern Brazil. The Inhandjara stock consists of two leucogranitic facies: (1) an early inequigranular to porphyritic biotite-bearing monzogranite (BG), with potassium feldspar megacrysts in a medium to coarsegrained matrix; and (2) a more evolved equigranular medium to fine-grained topaz-bearing alkali feldspar granite (TAG) with subhedral albite, anhedral quartz and potassium feldspar, and accessory Li-bearing siderophyllite, topaz, Y-bearing fluorite, zircon, ilmenite, and columbite-group minerals. Both facies display signs of autometasomatism, mainly as pervasive albitization and fissure to pervasive greisenization. The Inhandjara leucogranite is reduced, metaluminous to weakly peraluminous and shows A-type affinity. There is a progressive increase of SiO2, Al2O3, Na2O, F, Cs, Rb, Nb, Ta and Y from the early biotite granite to the late topaz granite, parallel to a decrease in TiO2, Fe2O3, MgO, CaO, Sr, Ba and Zr. The seagull-wing-shaped REE pattern of the topaz granite, with a strong negative Eu anomaly (Eu/Eu* = 0.003), is unique in the Itu batholith. Both facies have very negative epsilon Nd-(570Ma) values, ranging from -11.7 to -13.2, with the lowest values within the Itu batholith. Zircon crystals from biotite granite show oscillatory zoning and chemical evolution from core to rim; whereas in the topaz granite, zircon is unzoned and strongly enriched in Y, Hf, Nb, Th, and U, suggesting crystallization from a residual melt in the presence of a fluid phase. The Inhandjara stock crystallized from a highly evolved magma derived from a lower crustal source. The strong enrichment in incompatible lithophile elements mostly results from protracted magmatic fractionation, enhanced by the interaction with magmatic-hydrothermal fluids. Th

关键词： Market microstructure   Invariance   Transaction data   Market frictions   Trade size   Tick size   Order shredding   Clustering   TAQ data   Liquidity   TICK SIZE   LIQUIDITY   SPREADS  

摘要： We examine invariance relationships in tick-by-tick transaction data in the U.S. stock market. Over the period 1993-2001, monthly regression coefficients of the log of the trade arrival rate on the log of trading activity have an almost constant value of 0.666, close to the value of two-thirds predicted by market microstructure invariance. Over the 2001-2014 period, after decimalization and the increasing use of electronic order matching systems and algorithmic trading, the coefficients increase to about 0.79. The evidence suggests that changes in coefficients are due to increasing importance of minimum lots size in a world where algorithmic traders split orders into tiny pieces. Published by Elsevier B.V.

关键词： European stock markets   Nonstationarity   Unit roots   Fractional integration   Persistence   Non-linearities   FRACTIONAL-INTEGRATION   LONG MEMORY   TESTS  

摘要： This paper examines persistence, structural breaks and non-linearities in the case of five European stock market indices, namely the FTSE100 (UK), DAX30 (Germany), CAC40 (France), IBEX35 (Spain) and FTSE MIB40 (Italy), using fractional integration methods. The empirical results provide no evidence of non-linearities in either prices or returns; the former are found to exhibit unit roots and the latter to be I(0) in most cases. Further, between 2 and 4 structural breaks are found for each of the return series, and mean reversion in some subsamples. (C) 2020 The Author(s). Published by Elsevier Inc. on behalf of Board of Trustees of the University of Illinois.

关键词： 会计准则   防范金融风险   压力测试   IFRS   金融危机后   特殊情境   预期信用损失模型   宏观经济环境  

摘要： 疫情下,预期信用损失模型应用所面临的困难,说明即使作为金融危机后会计准则变革的成果,IFRS 9在实践中会不断面临各种特殊情境下的"压力测试",需要不断演进和变化。同时,也引发了业内关于在充满不确定性的宏观经济环境下,会计准则如何更好地发挥防范金融风险作用的思考。