基于聚类分析的IPO定价实证研究

股票发行定价作为股市运行极为关键的一环,它的合理与否将直接关系到整个股市运行的效率。选取沪A近4年来发行新股作为研究样本,然后利用多元线性回归方法作分析,可找出影响IPO发行价格的8个主要因素。将定价研究集中到行业中进行,以多元回归得到的主要因素作为聚类指标,选取某一行业(如电力行业)已发行股票为样本,对其进行聚类分析和判别分析,建立该行业新股发行定价的衡量体系,可为拟发行新股的公司提供定价指导。     

A Probabilistic Dealing Strategy

A probabilistic dealing strategy is proposed which allows all premium brands in an established market to earn nonnegative profits without cooperation. Following the strategy, brands take turns attracting deal-responsive customers. Relative to a reactive competitive strategy, the proposed strategy improves the positions of all premium brands. With use of the strategy, average deal sizes are positively related to a brand's market share, the proportion of quality conscious customers, the proportion of informed customers, the span of regular prices in a market, and the range of customers' acceptable prices.     

The Individually Responsible and Rational Decision Approach to Economic Lot Sizes for One Vendor and Many Purchasers

Banerjee's [2] joint economic lot size (JELS) model, along with related works by Monahan [12] and Lal and Staelin [10], represents one approach to minimizing the total inventory carrying and ordering costs of a vendor and his purchaser(s). Noting that JELS philosophy requires a coordinated system and that its practical implementation is problematic, we present an alternative approach to the same problem: the individually responsible and rational decision (IRRD) approach. The IRRD approach is consistent with a free enterprise system and easy to implement. In order to show that the IRRD approach is also more economical than the JELS approach, we first build a more refined JELS model for the case of one vendor and many identical purchasers. Drawing on earlier criticisms of specific JELS models, our refinement relaxes the lot-for-lot assumption commonly used by JELS scholars. To be comparable with earlier works, we retain the assumption of deterministic conditions and demonstrate the economic advantages of IRRD over JELS through a numerical example. An algebraic proof of IRRD's superiority over JELS is offered in the more general and realistic case of a vendor dealing with K nonidentical purchasers with reasonably predictable annual demand but uncertain order quantities and timings.     

论股票IPO市场的对外开放

中国经济的快速发展,使得中国的资本市场日益庞大起来.引入境外企业到境内上市的问题被提到议事日程上来.对此,有呼吁尽快开放中国股票IPO市场者,也有质疑者.我们分析了IPO市场开放的原则,指出应该有限度地开放;分析了开放的基本条件、中国大型金融机构的培育问题以及境外企业股票发行的审批问题,提出了推行市场开放政策的时机,并提出了某些具体实施措施.     

A股上市首日超额收益影响因素的实证研究

在股权分置改革的背景下,运用多元线性回归模型的加权最小二乘法,对2004年1月1日至2007年12月31日期间发行上市的206只A股的实证研究,发现上市首日股票换手率、筹资规模和市场指数对上市首日超额涨幅具有较显著的影响;而发行价格、发行市盈率、发行前每股净资产、发行后实际流通股比例、发行方式及股权分置改革对A股上市首日超额收益影响不显著。     

《正红旗下》民俗文化论

《正红旗下》是老舍先生直接描写满族生活的作品,其满族民俗文化得到了充分的展示。其中,语言习俗方面的满语遗存,北京话的运用,与骑射习俗有关的八旗制度,辫子、旗袍等服饰习俗,以及日常生活中的称谓、礼仪、育儿等方面的习俗,尤为突出。这部自传体长篇小说是老舍先生的代表作之一。作品不但记录了他早年的生活,更倾注了他对自己民族的全部热情。     

略论抗战时期大后方的讨汪运动

大后方声势浩大的讨汪运动,共分为汪精卫叛国与反汪浪潮的兴起、汪逆投降活动的加剧与反汪斗争的发展以及汪伪政权的建立与反投降斗争的最高峰等三个阶段,研究这一段历史,对深化抗日战争研究和批判今天阻挠祖国统一的分裂行为,均具有重要的理论和现实意义.     

Interdistributional Income Inequality

Incomplete moments are used to characterize income inequality and provide the basis for interdistributional Lorenz curves. Four measures of interdistributional inequality are considered and seen to be related to an interdistributional welfare interpretation. Based upon these measures, there has been a significant secular decline in interdistributional inequality between blacks and whites over the past 30 years.     

形而上与形而下:后形而上学的解读--王船山的道器之辨及其哲学意蕴

作为中国古代哲学的总结者,王船山对于形而上与形而下之间的区分作出了不同于宋明儒家的理解.他的理解主要从两个前提出发:第一,之谓与谓之之辨,通过这两个语词的区分,王船山明确了形而上与形而下的区分不是世界固有区域的客观划分,而是根据主体的存在方式才作出的主观性划分;第二,有无与隐显之辨,通过这个讨论,王船山告诉我们,形而上与形而下之别是隐显之别,而不是有无之辨.王船山对形上、形下的如上解读意味着把哲学之思从形而上学框架内解放出来的努力,意味着后形而上学视域的开启.     

大山深处的美丽——评田开林中篇小说《人头山下一座坟》

田开林的中篇小说<人头山下一座坟>以一个发生在鄂西南这片红色的土地上的革命故事,揭示了土家儿女对红军的一片真情.伴随着这个美丽的故事,小说还为读者展现了鄂西南土家山乡独特的风景、风物及土家儿女那纯朴美丽的人性.小说借美丽的革命故事、独特的山川风物、浓郁的地方风情特别是土家人的原始素朴的自在人生和不拘礼俗的自然人性,将隐藏在那大山深处的美丽呈现在读者面前,给读者以丰富的审美体验,并为当代小说特别是鄂西乡土小说融入中国当代小说创作的大舞台昭示了一片新的天地.