基于利润的股票定价模型研究

股息现值模型 (Gordon model)、税后利润再投资有限增长模型 (Gordon and Gordon m odel)以及简化后的税后利润再投资有限增长模型 (Morris m odel)都无法为亏损公司的股票定价。根据弱有效市场假设 ,提出基于净利润的股票定价模型。该模型允许公司未来几年把全部或部分利润投资于盈利项目。利用该模型投资者可以计算不同类型上市公司股票的投资价值     

Dynamic optimal capital growth of diversified investment

We investigate the problem of dynamic optimal capital growth of diversified investment. A general framework that the trader maximize the expected log utility of long-term growth rate of initial wealth was developed. We show that the trader's fortune will exceed any fixed bound when the fraction is chosen less than critical value. But, if the fraction is larger than that value, ruin is almost sure. In order to maximize wealth, we should choose the optimal fraction at each trade. Empirical results with real financial data show the feasible allocation. The larger the fraction and hence the larger the chance of falling below the desired wealth growth path.     

股利再投资计划及其实施效应分析

股利再投资计划 ( Dividend Reinvestm ent Plans,简称 DRPs)产生于 2 0世纪 6 0年代 ,近年来在国外成熟的资本市场得到了广泛的应用。本文简要介绍了股利再投资计划基本内涵及其在国外的发展和研究现状 ,运用资本结构优化理论、委托代理理论、信号机制理论及价值理论 ,分析了股利再投资计划对上市公司及股东产生的效应 ,并展望了 DRPs在我国资本市场上的应用前景。     

A new coat of paint: The bluewashing of justice reinvestment and realignment to community reinvestment

Justice reinvestment has been hailed as a solution to mass incarceration across the United States for nearly 20 years. It suggests that inefficiencies in the criminal justice system can be eliminated to reinvest money in high-incarceration communities to reduce the correlates of crime. However, the implementations have focused on reinvesting criminal justice funds back into public safety, which has led to the “bluewashing” of justice reinvestment. Introduced here, bluewashing occurs when a justice agency that has historically poor social justice performance communicates positive justice performance after implementing a theoretically supported reform in name only. In actuality, the reform has been modified to suit their own continuance. A realignment of the logic and theoretical support of justice reinvestment is critical to produce reforms that can provide relief for states, agencies, and citizens that are promised by justice reinvestment. This work directly connects the justice reinvestment thesis with the spatial interconnectedness of poverty, education, employment, and housing with crime and recidivism. It argues that justice reinvestment is a crime prevention policy that can simultaneously reduce mass incarceration and empower millions of American citizens living in the United States' most brutal conditions.