Leverage effect of convertible corporate bonds 可轉(zhuǎn)換公司債券的杠桿效應(yīng)研究
Research into the leverage effect of chinese option markets : a double logarithmic model empitical analysis 基于雙對數(shù)模型的實證檢驗分析
The results in this section suggest that the phenomena of thick tails , volatility clustering , leverage effects and so on , are still exist in china ' s stock markets 我們在此部分的實證結(jié)果表明,中國股市股指收益序列存在和發(fā)達(dá)市場一樣的諸如尖峰態(tài)分布、波動聚集、杠桿效應(yīng)等波動特征。
Government support for the listed agribusinesses , especially tax credit , should be correctly treated . government should provide different tax credits and firms should make good use of leverage effect to increase the firms " value 政府對農(nóng)業(yè)上市公司提供稅收優(yōu)惠政策時應(yīng)該區(qū)別對待,企業(yè)在不享受稅收優(yōu)惠政策后應(yīng)該充分利用負(fù)債的財務(wù)杠桿效應(yīng)增加企業(yè)的價值。
However , the sample volumes in these studies are small , which leads to the instability sod unreliability of the empirical results , and studies are not adequate concerning the formation causes and mechanisms of leverage effect , weekday effect and herding effect 但是,在研究中也存在樣本容量小,容易導(dǎo)致實證結(jié)果不穩(wěn)定、不可靠,對杠桿效應(yīng)、周內(nèi)效應(yīng)、羊群效應(yīng)形成原因和機理研究不足等問題。
The author provides concrete advice on how to build strong brand through 4ps . sixth , brand extension contributes to brand awareness by the leverage effect . the author explores a realistic operation here which may enhance brand equity and should be cautiously used 筆者認(rèn)為品牌延伸有助于品牌資產(chǎn)與價值的提升,但品牌延伸并不是無止境的,未經(jīng)過理性決策和操作不夠科學(xué)穩(wěn)健的品牌延伸具有很大的風(fēng)險性,因此需要考慮多種因素。
The first part of this text recommends and explain the intension of the system of executive stock option with its key element , characteristic , current development , positive and negative effects , etc . which offering basic support for following analysis ; the second part , described the behavior of stock price and black - scholes option pricing model from the angle of quantitative analysis , and discuss the value factor of stock option with its encouragement , analyzed the change of every factor in black - scholes option pricing model impact on option worth ; then analyzed the leverage effects and manager ' s morals risk model of executive stock option , at last , considering the main defect existing in the system of executive stock option at present , that is : it depends on stock market unduly , and the stock option incomes of manager has no relationship with manager ' s achievement . this text bring forward the manager synthesizes achievement and appraises model 本文的第一部分全面介紹和闡述了經(jīng)理股票期權(quán)制度的內(nèi)涵,構(gòu)成要素,特點,發(fā)展情況和正負(fù)效應(yīng)等,為后面的分析提供了基本支持;第二部分,從定量分析的角度出發(fā)描述了股票價格行為和black - scholes期權(quán)定價模型,并以此為理論基礎(chǔ)探討了股票期權(quán)的價值因素和激勵性,分析了black - scholes期權(quán)定價模型中各因素的變化對期權(quán)價值的影響;接著分析了經(jīng)理股票期權(quán)的杠桿效應(yīng)和經(jīng)理人道德風(fēng)險模型,最后,針對當(dāng)前經(jīng)理股票期權(quán)制度存在的主要缺陷即:過度依賴股票市場,經(jīng)理的股票期權(quán)收入與公司的業(yè)績?nèi)狈ο嚓P(guān)性這一問題提出了經(jīng)理綜合業(yè)績評價模型。
Our findings are as follows : firstly , the phenomena of thick tails , volatility clustering , leverage effects , are existed in chinese stock markets . bad news affecting is higher than good news ; secondly , it is found from the comparison that the arch type models with student ’ s innovation is more capable to capture characteristics of logarithmic return time series ; thirdly , return of the four share indexes keep in co - integration at a long run ; lastly , the volatility spillover effect between a - share and b - share are tested and there exists a prominent spillover effect from a - share to b - share 而深市b股發(fā)生了變化,從第一階段的非對稱現(xiàn)象不顯著到第二階段的顯著,且跟a股保持同向的風(fēng)險補償。第四,上證a指對上證b指收益率在短期上具有格蘭杰原因,在b股對境內(nèi)投資者開放后, a 、 b股的關(guān)聯(lián)性增強。第五,在第一階段, a股向b股的波動溢出不太顯著,在第二階段滬深兩市a股向b股的單向波動溢出均顯著性存在。