The Infona portal uses cookies, i.e. strings of text saved by a browser on the user's device. The portal can access those files and use them to remember the user's data, such as their chosen settings (screen view, interface language, etc.), or their login data. By using the Infona portal the user accepts automatic saving and using this information for portal operation purposes. More information on the subject can be found in the Privacy Policy and Terms of Service. By closing this window the user confirms that they have read the information on cookie usage, and they accept the privacy policy and the way cookies are used by the portal. You can change the cookie settings in your browser.
In this paper, we extend the martingale analysis of no-arbitrage pricing with transaction costs, bid-ask spreads and taxes. We establish the equivalence of a no-arbitrage condition for the existence of different shadow prices of certain optimal problems and obtain a characterization of state prices based on the absence of arbitrage.
The intention to build up Chinese Growth Enterprise Markets is to provide financing channel for small and medium-sized enterprises, thereby promote the small and medium enterprises to grow up and build up multi-level capital market system. To understand the financial condition of the listed companies on GEM, it makes analysis on asset-liability ratio, financial expenses and return on net assets and...
Motivated by the topics of active portfolio management payed close attention by many researchers and the fact that there exists rare explicit approach in robust portfolio literature. We propose a robust expectation maximization active portfolio model subject to the worst-case 1-order lower partial moment risk and multiple weights constraints in this paper. We first explore the explicit solution of...
Reflection and embodiment of management thoughts in the sector of accounting science enrich and promote the development of accounting theories and, under some circumstances, guide practices of accounting. Accounting practices and formation of accounting theories are inseparable from the needs of management practices. This paper believes that each internal change of management thoughts has profound...
Based on the connotation of balanced score card, the status quo and existing problems of performance evaluation of supply chain, the constitution system of logistics enterprises shall be analyzed. The content of the performance evaluation of supply chain shall be elaborated from the four dimensions: finance, customer, internal process, learning and growth. Then the shortage of the performance appraisal...
Based on the model of Duffie & Singleton (1999), this paper constructs a simpler reduced-form model of credit risk pricing. The result shows that, the model largely simplifies the calculation process of the traditional reduced-form model without affecting calculation accuracy. Lastly, empirical studies on credit spreads of risk bonds are made using the data of the Chinese bond market, which fairly...
The thesis examines the relationship between managerial ownership and firm performance for 66 samples of Chinese public State-owned enterprises (SOEs) privatized by doing Management Buyout (MBO) over the period from 1997 to 2009.The empirical results indicate that managerial ownership has a negative effect on firm performance. It also finds that firms with high managerial ownership exhibit a worse...
When entering the 21st century, the foreign assets and the number of oversea agencies of Chinese commercial banks increasing constantly, and its level of internationalization become higher. This paper relies on Dunning's eclectic theory (OLI Model) as a framework to explain the motivators of transnational operation of Chinese commercial banks. Empirical results show that: profitability and international...
Search engine has become an important daily network application tool to search information. As well-known search engine enterprises, the competitiveness of Baidu and Google is reflected in the financial statements. This paper analyzes competitiveness of Baidu and Google by financial analysis method from five aspects, including liquidity, solvency, operation efficiency, profitability and technological...
Set the date range to filter the displayed results. You can set a starting date, ending date or both. You can enter the dates manually or choose them from the calendar.