股票期权制度在我国的实践研究

随着企业制度改革的推进 ,股票期权制度逐渐成为我国理论界和实务界关注的热点问题 ,出现了大量的关于股票期权理论及其制度设计的研究成果 ,但实证分析其在我国实践效果的却比较少见。本文以上市公司为样本 ,通过对公司经营业绩的实证比较 ,对股票期权的实践效应进行分析 ,并对造成股票期权激励无效的原因进行了一些探讨     

西南边疆民族地区流动人口的族群关系研究—以迪庆藏族自治州建塘镇为例

我国流动人口在出现由少数民族聚居区的西部落后地区向东部沿海发达地区大规模迁移流动的同时．也有局部的逆向流动。这种逆向流动的规模尽管不如前者显著．但却涉及到更复杂的民族关系．而各民族的居住格局又是影响民族关系的一个重要因素。文章以西部云南省迪庆州为例分析发现．总体上流动人口中汉族与其他少数民族整体居住分离程度还是比较低,反映了民族之间的居住融合比较理想,但分民族来看．汉族与藏族、回族的居住分离程度较高．远远大于白族、纳西族和傈僳族。有效地进行居住迁移调整不仅可以减少各民族流动人口内部的矛盾．而且也能促进各民族流动人口之间、各民族流动人口与原住居民之间的融合,从而推动民族地区社会与经济的和谐发展。     

基于Black-Scholes模型的沪深300股指期权定价研究

2013年11月8日,沪深300股指期权仿真交易开始在中国金融期货交易所运行,这意味着我国即将正式推出股指期权交易项目。基于Fischer Black、Myron Scholes和Robert Merton于1973年建立的Black-Scholes期权定价模型可以对沪深300股指期权定价进行模拟实证研究,计算出期限为1个月的沪深300股指期权合约的看涨期权价格和看跌期权价格,通过比较模拟交易数据,可以看出使用该定价模型可以较为准确地模拟出沪深300股指期权价格,从而显示出Black-Scholes期权定价模型对沪深300股指期权定价的有效性。     

Nutrient intake in day workers and shift workers

Abstract

The 24-h dietary intake, nutritional status parameters and psychosomatic factors of two-shift, three-shift and day workers were compared. Estimations of the dietary intake (across a work cycle) were made by use of a nutrient database. No significant differences were found between the groups for a large number of nutritional variables: intake of energy; intake and percentage of energy from protein, fat, total carbohydrates and sucrose; intake of coffee; and intake and density of vitamins and minerals. Only minor differences were found between the groups with regard to the quantitative intake of alcohol and calcium, and with regard to the quality of the diet (percentage of energy from alcohol, density of calcium). The groups differed significantly with respect to attitude towards work hours (three-shift workers being most negative in their attitude) and sleep disturbances (shift workers being most negative). The three-shift workers were more evening-oriented and they had higher concentrations of glucose in their blood. It was concluded that work hours not related to nutritional intake—at least not when total amounts across time are considered. It was also concluded that work hours were not related to Body Mass Index or blood lipids: triglycerides, total cholesterol, LDL (low-density lipoprotein) cholesterol and HDL (high-density lipoprotein) cholesterol.     

基于因子分析的GDP质量综合评价

GDP是反映一个国家整体经济态势和发展水平的最重要的指标，然而单一用GDP来反映整个经济发展状况存在一定的缺陷。为此，按照一定的原则，构建GDP质量综合评价指标体系很有必要，因子分析结果表明我国GDP质量水平从1983-2006期间总体上呈先降后升的趋势。     

运用KPI考评改进证券公司营业部绩效考评体系

绩效考评在企业人事管理中处于中心地位,是人力资源管理的核心。传统绩效考评方法主要是管理者对下级绩效的反馈,这种绩效考评最大的不足之处在于考评的结果只反映了上级主管单方面的意见。本文通过对证券公司营业部特点和考评现状的研究,运用KPI考评法对证券公司营业部目前的绩效考评体系提出了改进方案。     

Trading on Twitter: Using Social Media Sentiment to Predict Stock Returns

Decision making is often based on the rational assessment of information, but recent research shows that emotional sentiment also plays an important role, especially for investment decision making. Emotional sentiment about a firm's stock that spreads rapidly through social media is more likely to be incorporated quickly into stock prices (e.g., on the same trading day it was expressed), while sentiment that spreads slowly takes longer to be incorporated into stock prices and thus is more likely to predict stock prices on future days. We analyzed the cumulative sentiment (positive and negative) in 2.5 million Twitter postings about individual S&P 500 firms and compared this to the stock returns of those firms. Our results show that the sentiment in tweets about a specific firm from users with less than 171 followers (the median in our sample) had a significant impact on the stock's returns on the next trading day, the next 10 days, and the next 20 days. Interestingly, sentiment in tweets from users with fewer than 171 followers that were not retweeted had the greatest impact on future stock returns. A trading strategy based on these findings produced meaningful economic gains on the order of an 11–15% annual return.     

浅析股权转让的制约因素

股权是公司这种现代企业组织形式中不可缺少的一项内容 ,股权转让 ,作为股权受让人 ,其投资目的是为了获得股权 ,但股权转让能否交易成功 ?受让人能否取得该股权 ?一方面受到转让客体有无权利瑕疵、转让主体和价格等实体性因素的制约 ,另一方面受到修改公司章程、变更工商登记和股东名册等程序性因素的制约 ,同时 ,还受到理论与实践悖论的制约。本文就股权转让的制约因素作一点粗浅的探讨 ,以期对完善我国公司法律制度有所裨益。     

证券市场虚假陈述民事责任研究

虚假陈述是证券欺诈民事行为的一种,本文探讨了虚假陈述民事责任的法律性质,认为它既有违约责任,又有侵权责任,还有违约责任和侵权责任的竞合。在此基础上,分析了证券虚假陈述民事责任因果关系的认定,应借鉴国外相当因果关系的认定标准。最后分析了虚假陈述民事行为的法律后果,因虚假陈述受到损害的投资者,可以向法院起诉,要求撤销合同和赔偿损失。     

中国劳动关系和谐度预警机制的研究

本文用AHP法、模糊评价的定量方法确定了中国劳动关系和谐度的层次结构模型和评价方法,并根据评价值用蓝灯,绿灯,黄灯,红灯对劳动关系安全域进行预警,使中国劳动关系和谐度能真正直观反应社会和谐的"风向标"。本文不只是从分析原理上进行介绍,更多的是从可操作性上进行了阐述。