Investor Protection, Ownership Structure and Corporate Valuation

Introduction The extent of legal protection of investors in acountry is an important determinant of the develop-ment of its financial markets[1,2]. In contrast to thedevelopment of Chinese economy, the developmentof stock market is not very satisfying. Co…     

企业避免汇率风险决策的0—1规划方法

针对外贸企业在某一段时期内存在多种交易的事实，采用多目标0－1规划方法对企业该时期内的所有交易进行综合避险和损益介绍，建立了三个外汇交易的决策模型，所建模型从净收益和风险两个方面恰当地反映了外汇交易风险管理的最终目的，且模型中含可以反映决策者对风险厌恶程度的调节参数，使模型可以适应不同决策者的需要，最后采用实际案例对上述模型进行了实证分析，结果表明，模型可以改善投资效果，优化外汇贸易的结构，规避一定的风险。     

Theoretical Explanation of Return Predictability Based on Stock Price Formulation

To find out which factors determine stock return and to give rational explanation of return predictability, according to the principle of stock price formulation, the trend of stock price is obtained by use of option pricing method. The trend of stock price is put into reconstructing CAPM （capital asset pricing model） beta; it is concluded that the firm-specific biases and the scale biases potentiaUy induce return predictabih＇ty. In addition, through the relation between the biases structure and the intrinsic value, an appropriate theoretic explanation is supplied for three-factor pricing model proposed by Fama and French.