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In the financial markets, there are different assets, such as stocks, bonds, foreign exchanges, options, commodities, real estates and future contracts, available for trading. The qualities of these assets vary from very good to extremely poor. Usually, it is difficult for investors to find out those good quality assets because of information asymmetry and asset price fluctuations. Therefore, it is...
In a world of intense competition, Six Sigma is considered to be an important management philosophy, supporting organisations in their efforts to obtain satisfied customers. As financial service organisations have been slow to adopt Six Sigma, issues concerning its implementation are of major importance. For its implementation a large number of tools and techniques have been suggested by academics...
This paper analyzed the strategies of socially responsible investment and pointed out that socially responsible investment enhances a firm's value by improving its operating environment and reducing its financing costs in theory. And some empirical evidences also are found that there is a positive relation between SRI and firms' value. Social screens are relevant to firms' value. Socially responsible...
As the energy supply situation becomes aggravating, the efficient mandatory policy has always being sought by Chinese government to promote renewable energy development rapidly and sustainably. This paper firstly introduces the details of the renewable portfolio standard designed in Texas, and analyzes the successful experience of the policy implementation. Then, based on the analysis and the Chinese...
The comprehensive evaluation is playing an important role in modern management. For the same goal, different comprehensive evaluation method may cause the different conclusion, which is not good for the management decision. To solve the problem, we recommend the portfolio method which is based on the kinds of singal evaluation method. And we think this method is more scientific and more reasonable...
The uncertainty of venture capital has patterns and rules to follow. This study theoretically analyzes the strategies used in dealing with the uncertainties in venture capital investment, including syndication investment, staged investment, and portfolio investment. And there are two cases followed to demonstrate the theories discussed.
The value of Unitized With-Profit contract is affected by surrender, guaranteed interest rate and bonus strategy. This paper is intended to construct a valuation model for Unitized With-Profit Contract considering all these factors. In this model, these elements can be valued separately underpinned by Monte Carlo techniques. From the numerical results, we concluded that the effect of surrender option...
Technology Integration makes a significant contribution to the oil companies' business success. There are two types of technology integration being identified in oil industry: one focus on technology development which played as a novel R&D approach and the other focus on technology application which viewed as a new production pattern. The challenge to promote effective technologies transfer and...
Debt financing is one of the principle factors in capital structure of a firm, which is important to ensure operating capital and improve value of the firm. By now, measuring methods of debt financing have focused on computation of deviation between the real earnings and expected profits. It has been known that the key to avoid “two-side” of debt financing is to utilize low cost of debt capital effectively...
With the development of market economy, increasing investment of Chinese enterprises, investment risk management is more important. In this paper, with two aspects, securities investment and industrial investment, analyzed, propose some the methods of risk management. Risk management in securities investment: Analyze the investment environment and forecast various types of securities trend; Make use...
AMERICAN Electric Power (AEP) is one of the largest electric utilities in the United States delivering electricity to customers in 11 states: AEP East (Indiana, Ohio, Michigan, Virginia, West Virginia, Kentucky, Tennessee) and AEP West (Arkansas, Louisiana, Oklahoma and Texas). AEP is a member of three Regional Transmission Organizations/ Independent System Operators: PJM Interconnection, SPP (Southwest...
Collaborative Decision Making (CDM) is one of the concepts of human reasoning awareness, which refers to expert knowledge of the group and its preferences in a dynamic market environment. In this paper, we present a new approach, which is a framework for collaborative decision making, together with expert feelings about market dynamics to deal with multiple models of stock investment portfolios. The...
As a non-renewable resource, oil is crucially important for the economy of a country. Once recognized, oil matters decisively not only for one single country but also for the whole world. To conduct a more accurate method for oil cost accounting, activity-based costing is investigated and accessed to be applied to oil companies. The shortcoming of cost management in oil companies was expected to be...
This study examines the impact of local bias on investment returns shown on the funds' selections of investment portfolio, using semi-annual panel data for China's open-end funds during 2006–2009. The results show that open-end funds represent significant preference for local stocks, local investment positively affects the investment returns and the impact of local investment on investment returns...
The engagement of new ventures in simultaneous cross-border venture capital with different partners has become a ubiquitous phenomenon in today's international business landscape. This paper reviews and synthesizes the extant cross-border venture capital syndication literature and organizes it around three key research areas: (a) the motivation and decision of cross-border venture capital syndication;(b)...
With 185 months Chinese capital market data, this paper proves that the Fama-French Three-Factor Model has an excellent explanation on the cross-sectional variation in average stock returns. Furthermore, the examination of long-term abnormal stock returns following stock dividends based on the three-factor model and zero-investment portfolio model shows that the corporations which have stock dividends...
As the development of financial market and maturity of derivatives's pricing theories, different connotations of credit risk come into being, and many classical credit risk models come up. This paper makes a comparative analysis of current credit risk models and summarizes some of the recent advances in credit risk modeling.
Decision model for venture capital provider and venture capitalist is established, and the effect of policy support on asset allocation and effort level of venture capitalist and the effect on asset allocation of venture capital provider is studied. The study shows that venture capitalist would enhance his effort level and venture capital company would increase the weight of investment to venture...
Merger arbitrage can get remarkable return according to research results of tender offers or mergers in United States, Canada, and Australia. But report has not been found about if merger arbitrage is a profitable investment strategy in China, whose capital market is still in the undeveloped stage and is dominated by negotiated acquisitions. This paper explores the performance of merger arbitrage...
The functioning of the new balancing regime of the natural gas market in the Netherlands is explored using an agent-based model. The operation of the new regime is simulated to determine the total imbalance of the gas system, the participants cash flows and the price emerging in the balancing market. Calculating the progression of these variables allows for an ex-ante assessment of the efficiency...
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