房地产投资信托基金系统性风险特征 实证研究及对金融创新的启示

根据美国、香港等国家(地区)的房地产投资信托基金（REITs）市场数据进行实证分析,探讨REITs的系统性风险特征.结合本文与现有国外实证研究结果,可知REITs的系统性风险与基准市场收益率选择以及REITs的基础资产类别有关,并因此呈现时变性与横截面差异.从资产配置角度以及REITs投资策略角度,本研究对潜在投资者具有直接参考意义,也为我国REITs市场的建立与发展以及其他金融创新提供有益的启示.     

债券的定价理论评述

１　引言传统的债券价格理论主要是研究到期利率或价格的决定因素。到期利率由于下列几个重要因素的变化而变化：（１）市场利率变化的影响;（２）期限长度;（３）收不到本金或利息的风险;（４）对现金收入流各种不同税收对待的影响;（５）赎回、回售条款的影响。债券投资者可能面临的风险有６种：市场利率风险、违约风险、提前偿还风险、通货膨胀风险、汇率风险、流动性风险。其中市场利率风险是主要风险。债券是一种具有固定收益的证券,以附息券为例,它一般具有如下的收入模式：［Ｃ,Ｃ,…,Ｃ＋Ｆ］这里Ｃ为每期利息,Ｆ为债券的…     

Black-litterman模型下行业资产配置——结合投资者情绪指数

Black-Litterman（B-L）模型可将传统金融学和行为金融学结合起来,量化设置投资者的行为决策。研究以行业资产配置为研究对象,通过B-L模型和投资者情绪指数,建立最优规划模型,动态模拟资产的最优配置策略。本文使用GARCH模型族刻画不同行业资产的收益波动状况,由投资者情绪指数构建投资者的信心水平,对我国股票市场的行业资产配置策略进行研究。研究结果表明：B-L模型的资产配置业绩要优于传统的资产配置模型。同时,随着投资者信心水平的上升,累计收益率不断上升。随着投资者信心水平的下降,累计收益率基本不变甚至略有上升。最后根据研究结论,对结合投资者情绪指数来优化行业资产配置的策略提出建议。     

投资者情绪对股价崩盘风险的影响研究

实证分析了投资者情绪对股价崩盘风险的影响.研究发现:无论是市场层面还是公司层面,投资者情绪及其波动性的增加会显著加剧股价的崩盘风险;进一步,投资者情绪通过影响股价同步性,进而对股价崩盘风险产生影响,主要表现为市场层面投资者情绪会显著增加股价同步性,而公司层面投资者情绪的影响并不明显;区分投资者类型后发现,在一定情绪环境下,机构投资者交易行为对股价崩盘风险影响更大.     

基于投资者不同风险偏好的风险投资决策研究

基于行为金融视角,研究投资者在风险投资不同投资阶段具有不同的风险偏好,并以此为基础对传统投资决策方法中的净现值法折现率固定不变的缺陷进行修正,构建基于投资者不同风险偏好的风险投资决策模型.并利用该模型进行实例分析.     

股票理论价值测算研究

股票理论价值测算研究程希骏，童晓莉（中国科技大学）（安徽省城调队）１股票理论价值意义及计算模型股票的理论价值既不同于其票面价值，也不同于其市场价格，它反映了在资金的机会成本、风险等诸多因素交互作用下一张股票究竟“值”多少钱。对一个投资者来说，如果他能...     

股指衍生品的研究及应用

本文利用相关分析和回归分析对股指衍生产品进行研究,根据样本数据,建立了回归模型,得出相关系数为0.87,通过显著性检验。股指期货市场和现货市场具有高度相关性,在两市场间进行套期保值具有可行性,投资者可利用回归方程预测未来的股指期货市场和现货市场的收益率。并且当在投资组合中成份股数较少的情况下,对回归系数（套期保值比率）影响不大,可得到比较理想的回归方程,投资者可以较好的规避系统风险。     

LPVR特许机制下的基础项目融资风险分担策略研究

由于许多基础项目融资有较大的市场风险,私人投资者会要求政府提供相应的担保,这些担保增加了政府的风险。为了有效降低政府担保的风险,本文提出了基于LPVR机制的风险分担策略,分析了特许协议中的政府目标,论证了LPVR机制能实现特许协议的社会最优化,并与固定特许协议进行了比较研究,最后,分析了LPVR机制的特点及应用。     

β约束下证券投资优化模型的研究

首先分析了系统风险和非系统风险对证券投资收益的影响；然后，讨论β系数在分析投资风险中的意义和作用；最后，运用均值方差模型（MVM）和资本资产定价模型（CAPM）理论给出β约束下在一定风险范围内收益率最大的证券投资优化模型。为此类投资者在分配投资基金时提供科学的理论和方法。     

风险资本市场中的行动团体及其特征

风险资本市场作为市场制度创新演进的产物，他的制度结构也必然反映了降低交易费用的特定机制，对这些结构有一个较为深入地了解，有利于进一步增进风险资本市场的效率。从投资者动机和资本来源来看，可以主要分为四类投资者，这反过来对投资者的投资行为、动机产生了影响。     

创新项目大众筹资:资助人公民行为的价值

互联网与民间资本的结合产生了大众筹资模式(简称众筹),资助人不仅在众筹网站为创新项目提供资金,而且主动辅助项目的执行。如何利用资助人的公民行为提高项目实施绩效是一个重要的学术问题。本文基于价值共创、价值与满意度方面理论,采用问卷调查法研究资助人公民行为对满意度的作用,以及公民行为的影响因素。主要有三点贡献:1首次从价值共创角度分析众筹项目的执行过程;2揭示了资助人公民行为、社区收益与满意度的关系;3验证了感知的项目风险、项目新颖度、社会责任感对资助人公民行为的影响。     

基于技术创新战略的高新技术企业人力资本投资

人力资本投资与技术创新战略的契合对企业绩效的提高发挥着重要的作用。鉴于此,企业在选择领先型、跟随型、模仿型技术战略时,采用与之相契合的累积型、协助型、效用型人力资本投资系统(这三种人力资本投资系统在投资水平、投资重点和投资原则上存在很大的差异),从而确保高新技术企业人力资本投资能够有效地支撑和服务于所采取的技术战略。     

Collective Consuming: Consumers as Subcontractors in Electronic Markets

In this essay, contrary to popular belief, it is argued on the basis of transaction cost economics that consumers will become dependent subcontractors in electronic markets. Consumers invest time and effort building up a relationship with a producer, (r)e-tailer, or intermediary—an investment that is idiosyncratic. The intermediary only needs to invest in generic assets that enable him or her to automate the process of collecting and processing customer information needed to differentiate products and discriminate prices. As subcontractors, consumers face high switching costs and are thus dependent on intermediaries. Virtual communities of consumers that organize countervailing power will not mitigate this tendency.     

Collective Consuming: Consumers as Subcontractors in Electronic Markets

In this essay, contrary to popular belief, it is argued on the basis of transaction cost economics that consumers will become dependent subcontractors in electronic markets. Consumers invest time and effort building up a relationship with a producer, (r)e-tailer, or intermediary—an investment that is idiosyncratic. The intermediary only needs to invest in generic assets that enable him or her to automate the process of collecting and processing customer information needed to differentiate products and discriminate prices. As subcontractors, consumers face high switching costs and are thus dependent on intermediaries. Virtual communities of consumers that organize countervailing power will not mitigate this tendency.     

Paths to tacit knowledge sharing: knowledge internalization and individual-task-technology fit

Tacit knowledge has long been considered instrumental to competitive advantage of organizations. However, whether knowledge workers will share their tacit knowledge may depend on the extent to which they internalize knowledge and the degree of a fit among certain task, technology, and individual factors. First, drawing from Adaptive Control of Thought theory, we develop Knowledge Internalization as the process an individual transforms his/her declarative knowledge into procedural knowledge. Second, based on the Task and Technology Fit theory, we propose a notion of Individual-Task-Technology Fit whose components include knowledge self-efficacy, preference for personalization knowledge management (KM) strategy, availability of appropriate KM systems, and task variety. The path analysis with a sample size of 259 confirms that both constructs positively affect tacit knowledge sharing.     

Career progress in centralized academic systems: Social capital and institutions in France and Italy

We analyze the role of social capital in academic careers. We distinguish between ties with reputed scientists and laboratories (scientific and technical human capital) and ties with influential actors with respect to recruitment/promotion decisions (political capital). We use institution-wise bibliometric indicators to measure separately the two types of capital for a large sample of French and Italian academic physicists between 2000 and 2003/2005. Controlling for scientific productivity, seniority and gender issues, career progress is explained by: the scientist's affiliation to important public research organizations (scientific and technical human capital - France); his/her social ties with senior members of the discipline, who exercise control over careers (political capital - Italy), and the commitment to work with senior colleagues in his/her own university (political capital - Italy). Significant differences exist between the two countries also with respect to the importance of productivity, seniority, and gender.     

Caroline Herschel: 'the unquiet heart'

Caroline Herschel was famous in her own time as the discoverer of eight comets, but of even greater significance was the help she gave her brother William in his exploration of 'the construction of the heavens'. She acted as his amanuensis during night watches, wrote up neat copies of their observing records and prepared his papers for publication. She also compiled an index to John Flamsteed's Star Catalogue, which was published by the Royal Society at its own expense, and after William's death she reorganized his catalogues of nebulae so that his son John could revise his father's work. Yet Caroline's was a hard and largely loveless life, for which she found the recognition that came her way a scant consolation.     

Johann and Elizabeth Hevelius, astronomers of Danzig

Elizabeth Hevelius (1647-1693) was the second wife of Johann Hevelius, the renowned astronomer of Danzig, and assisted with his observations from the first years of her marriage. Hevelius wrote of her in his books as an able collaborator and she is portrayed in one of them observing with him. She brought out his final, posthumous work. With Johann, she received many notable visitors (including Edmond Halley) and observed with some of them at Danzig. She is the first woman astronomer of whom we have any record.     

A framework for social well-being and skills management at the workplace

Employees are the human capital that contributes to the success of high-performance and sustainable organizations. In the digital economy, organizations need to be competitive and differentiate them self through the knowledge they detained. This requires the adoption of innovative solutions that valorize and recognize workers who invest their time to keep up-to-date with areas of knowledge that are relevant to the organization. Indeed, organizations are investing in retaining skilled workers, in particular senior workers whose knowledge and experience are a valuable asset that should be passed to younger co-workers. One way to address these concerns is to create conditions to promote a feeling of employee’s wellness in their work environment.In this paper, the two perception of well-being at the workplace (i.e. physical and social) are combined with gamification techniques and analyzed how it might help employees to acquire the expertise (“soft and hard-skills”) they need to improve their curriculum. This is particularly relevant for older adults to whom the feeling of fulfilment and recognition is much appreciated. The case study relates to the Active@Work project. The proposed solution incorporates an “intelligent behavior” to keep the user aware of their well-being status, triggering notifications to mitigate the risk of fatigue or stress at work. The solution also provides support for workers to engage in new and rewarding activities, where his/her knowledge and experience is considered as a relevant contribution, promoting in this way employee recognition and social well-being at the workplace. Team management and tutoring of younger co-workers by older adults will be, together with a Skill Development Tool, some of the innovative features within the project.     

对幼儿教育工作的思索

为幼儿创造健康良好成长环境,教师发挥着决定性的作用,作为一名幼儿教师应当具备童心、爱心、信心、决心、开心等基本素质,调整好心态,搞好工作,才能符合社会发展的需要,不辜负人类灵魂的工程师这一美誉。