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After years of development as the main force over the counter market, now the National Equities Exchange and Quotations, commonly known as the new over-the-counter market, has formed a fairly large scale. The number of enterprises grows rapidly and there have been more than 10000 enterprises in the new over-the-counter market today, bringing the trading boom. However, in the thriving new over-the-counter...
Computational finance is a challenging application domain with ever-increasing performance requirements. Driven by the competition between companies, computational finance pushes High Performance Computing (HPC) technology to its limits. In this paper, we consider Asian options which are financial derivatives whose payoff is determined by the average price of their underlying asset at predetermined...
This paper presents our work on Subject-Action-Object (SAO) extraction as one component needed on patent discovery system development for Islamic Finance and Banking. There are some processes done in order to conduct SAO extraction. They are covering retrieving patents and transforming patents into structured data. We used several patent databases such as USPTO, MyIPO, WIPO, and EPO to collect patents...
EVA, as a performance assessment or evaluation in the enterprise (or departments), is more and more widely used. Right now, EVA is gradually being applied to the field of business valuation. However, the existing EVA evaluation model is obviously insufficient, especially not accurately reflects the impact of the profit and loss forecast for each year of the enterprise value of existence. In this paper,...
Our proposed methodology allows to calculate the economic value and evaluate the performance, for each of the components of a website. Currently, to assess a website, there are several techniques: expert assessment, business performance factors, valuation algorithms or income and expenses of the website. These methods incorporate a subjective estimate to determine income — they incorporate income...
A power purchase agreement (PPA) is a contractual mechanism used by energy suppliers and consumers to manage long term price and volume risk. The contract has value once an agreement on price and volume has been made. The value of the contact is stochastic and based on the current and future expectations of the underlying electricity price. The total contract value can be positive for the producer...
Many empirical studies find in Chinese capital market, companies providing external guarantees have higher asset-liability ratio and worse operating performance( Liu and Zheng, 2005; Jian and Xu, 2012; etc. ). Their studies suggest that the underlying reasons are the expropriation of minority shareholder wealth by controlling block holders. But seldom theoretical works can explain this phenomenon...
This study provides a new perspective to the long-standing debate on the business value of IT. Prior research on IT value takes an internal perspective -- focusing on business processes and complementary resources that help create value form IT investments. In this study, we take an external perspective -- focusing on the value discovery role of stock analysts. Stock analysts collect information about...
In multicast transmission on the Internet, agents are divided into multicast groups based on the content they demand. In addition, when multi-rate transmission is used, each user in the same multicast group may request different quality of service for the same content. With multi-rate multicast transmission, each link on the network carries only the highest quality content of each multicast group...
This paper introduces a generalized deviation concept, inspired by quantitative finance. Standard risk metrics like volatility or downside risk are deconstructed into five general sub-functions for reference, selection, penalization, normalization and re-dimensioning. The advantage of this approach is its flexibility, allowing modeling a wide range of risk perceptions in numerous application fields...
With the listed companies on Chinese Securities Market during the sample period from 2006 to 2009, by controlling the firm size, annual share turnover in the underlying stock, ROA, debt level and whether the firm pays a dividend, the relationship between warrants trading activity and firm valuation is investigated by using the multivariate regression model. Several findings are put forward: the negative...
In the tendency of financial internationalization and liberalization, how to improve the company's value has become the important subject on the development of the bank industry. To a company in the financial service industry that focuses its core value on intangible assets, non-financial factors that are related to the company market value are even more important than financial performance. This...
Chinese private listed companies' equity is concentralized, and the related-party transactions are generalizing. Through Tunneling, Chinese private listed companies occupied other shareholders' assets, with dominant forms are guarantee, mortgage and merchandise trade. The relationships between trades are related to the motivation of tunneling.
This paper proposes a dynamic model of the growth firm facing takeover threats stochastically. The formal analysis here focuses on the defensive payout strategy of value-maximizing management under the circumstances of random stock market valuation errors, and the bidders' perceived synergistic gains. By borrowing the concept of "hazard rate" from reliability theory, The model sheds light...
The disadvantages of ABC have been exposed gradually by the deep studying and practicing. So the new generation of cost management system—RCA that can extend and remedy ABC come into being at the opportune historic moment. RCA combines ABC with GPK, and it builds up an advanced cost management system that can integrate resources and cost accounting from accounting objectives, quantity structure and...
The price of project of the settlement is a very important economic management activities, and the project benefits have done the most direct impact on it. Taking the combination of completion of the construction of a settlement for example, from the scale of the project, settlement patterns, settlement of the preparation and completion of the project technical and economic scale of the engineering...
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 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...
On the basis of principal-agent model and production function, we derivate solution method of productivity parameters by Shareholders maximize expected total surplus. Using the productivity parameters of total assets and managerial ownership, we research the relationship between asset structure, managerial ownership and firm value. In our sample of 745 firm-year data in 1999–2006, we find that the...
The accuracy of pricing in initial public offering under book-building method is determined by the efficiency of the information extraction mechanism. This article discloses that mechanisms involving underpricing, discretionary allocation are key factors to enhance the efficiency of information extraction, through proposing a “truth-telling” model In China, mechanism of discretionary allocation is...
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