EMH of Stock Market by the Method of R/S

First,we comment on the theory of stock market validity of China. Basing on the analysis of the actuality of stock market validity of China, the market validity by R/S method empirically is studied also, and the conclusion is given that china's stock market is in vice-effective.     

False-Signaling Game in Security Market

Based on informational asymmetry,this article builds up a false-signaling game model in security market.The game model illuminates the mechanism of Herd Behavior in the stock market by a way in which the more-informed investor cheats the less-informed investor through the derivative financial market .Meanwhile,it makes a conclusion of separating equilibrium for common investors'security investment.Finally,the article gives some policies for reference for both the development of Chinese security market and the opening as well as development of Chinese derivative financial market.     

Research on Market Targeting Model of Selecting Manager and Cooperation Mechanism in Commercial Bank Based on Stock Option

Selecting manager by market and improving team cooperation efficiency are two basal tasks to construct an effective human resource management system of commercial bank in China,but there are the limitations the traditional methods in explaining the players' cooperation.The paper constructs a market targeting model of selecting manager of commercial bank and a game model of team cooperation based on stock option,and then the talent identification mode and team cooperation mechanism in commercial bank are established.It is concluded that talented managers is selected but talent-less is refused owing to stock option incentive mechanism,and employee and managers holding stock plan is an incentive force to whole team if residual remains of shareholder is less than half team residual remains.     

Selection Theory and Method of Stock Investment Strategy

The author analyzes and concludes the factors that affect the stock market, and gives out the theory basis of the model and its feasibility; Then, based on the related knowledge of statistics and unit exchange, the selection theory and its corresponding model of stock investment strategy are gotten to describe the risk situation of stock market. At last, the author concludes the selection method of stock investment strategy and does the empirical study to prove that the strategy is both right and efficient.     

Analysis on the Ownership Structures of American Listed Companies and Its Enlightenments

The authors investigate the ownership structures about American stock corporations and think that the successful experiences based on institutional arrangements for the ownership structures of American listed companies and the way to carry out ownership authorities will give some following enlightenments for Chinese stock companies to perfect their ownership structures:Let all kinds of equity ownerships tradable completely,some ownership diffused or concentrated should be determined by market.To decentralize and transform the state-owned ownership through in the competitive industries,and the ownerships should be mainly holded among legal investors,strategic investors, individuals,employees,managers,foreign investors. The following results are realized to develop perfect law and regulate systems with the function enhancing fair competition and make ownership structure,corporate governance mechanism,all markets,corporate performance interact profitably.     

Theory of RBV-Competitive Advantage of the Stock Company

China's stock market enters a stage where the competition's rules as well as the competition's environment are changing continuously,Under such circumstances,to gain the competition advantages is of vital importarce to the existence and development of China's stock companies themselves. As a result, the stock companies should have a thorough analysis of the RBV theory at present, and evaluate its applicability to China's stock companies, Then they should come up with some reformational measures,aiming at improving the competition advantages of domestic stock companies. There fore they are able to make measonable use of the company's resources and accomplish the organic unity combination of the company's valued resources and its strategic administration. These are the key measures used by stock companies to gain the competition cedvantges.     

An Empirical Analysis on the Correlation between China''s Stock Market and Economic Growth

The correlation between China stock market and economic growth is always regarded by economic and financial studies. For the time limit of the developing of stock market and the difficulty of data's collection, it is still in studying that the correlation between stock market and economic growth, especially the causation versus regression. By the method of Demirguc - Kunt and Levine,this paper empirically tests the correlation between China's stock market and economic growth on the seasons serial data from 1995 to 2000. The conclusion is that the relationship economic growth between stock market is unilateral.     

New Trend of Development of Enterprise Salary in the Knowledge-based Economy Condition

The article analyzes the basic constitutes of enterprise salary in our country by applying the theories of HR. As the characteristics and functions of the basic constitutes are different from each other, the article mainly discusses the obvious salary, then gives the related expression and the chart between salary and its elements. Aiming at the main problems which are average, short-term and single in enterprise salary at present, the author probes that enterprise salary will be market, long-term and diverse under the knowledge economy by applying the salary frame, the theories of stock options and employees' needs.     

Vacancy Dynamics and Labor Market Efficiency in the Dutch Labor Market

ABSTRACT This paper focuses on cyclical and regional variations in vacancy dynamics in labor markets with persistent imbalances between demand and supply. In particular the so-called matching approach is used to investigate labor market efficiency across regions and over the business cycle. In this matching approach the relationship between the flow of filled vacancies and regional stocks of unemployed job seekers and vacant jobs is specified in a “search production” function. The matching approach is applied to the Dutch labor market, which is characterized by strong disequilibria and persistent regional differences in unemployment and vacancy rates. To explore the development of these regional imbalances from a demand side perspective, the dynamic structure of regional data on vacancies is analyzed over the business cycle. The movements of vacancy duration and the change in the vacancy stock over time appear to be similar across Dutch regions. Moreover, an investigation of the structural causes of regional variations in vacancy duration via shift-share analysis makes clear that regional differences in sectoral composition of unfilled vacancies do not contribute to regional differences in vacancy duration in the period 1989–93. Estimation results of a matching model reveal that there are no region-specific differences in labor market efficiency to produce filled vacancies. The ratio of vacancies to unemployment appears to be the critical determinant of the matching process in the Dutch regions. Another general (non region-specific) finding is that the estimated labor market efficiency increases during recessionary and recovery periods while it decreases during an economic boom.     

Pricing Methodology of the New Issue of Public Offerings in Shanghai Stock Market

Based on the efficiency market theory, considering the relationship between A share prices in Shanghai stock market and factors such as earnings per share, net asset value per share, industry price/earning ratios, this paper builds the multiple regression model between the opening A share prices at the time point of March 1st,2001 and their corresponding financial indexes. Then, according to the fact that the net asset value per share after the new issue will change in the same rate with the issuing prices, this paper calculates the relationship between them and gives out the new issue pricing model which considers 5 factors, including such factors as the A share composite indexes in shanghai stock market. This model is very meaningful and compensates the deficiency of the traditional pricing methodology which considers only the P/E ratios.     

Geography and the Future of Stock Exchanges: Between Real and Virtual Space

ABSTRACT This paper aims to contribute to the debate on the future of stock exchanges and financial centres by focusing on two questions. First, whether, how, why, and which stock exchange activities are prone to concentration in financial centres? Second, are they prone to concentration in national or international financial centres? Through a detail‐rich analysis of stock exchange activities, including trading system, as well as relationships with members, issuers, and investors, the paper suggests a framework for the geography of stock exchange activities based on two dimensions—proneness to concentration in a financial centre and proneness to international consolidation. With this framework, predictions are made about the future geography of stock exchange activities led by the argument that while significant geographical reconfigurations are likely to unfold, driven primarily by the development of international networks of stock market institutions, stock exchanges, and financial centres will remain crucially important for each other.     

Financial SEM Analyzing on Stock Evaluation in Circulation of China

Now the appraisement of stock market of China is still in the exploring phases. When stocks are appraised, people usually use expert-method or history-method aiming at different factors, especially the confirming of the factors that affect the stock evaluation and the interaction between different factors are not analyzed quantitatively, resulting in the stagnation of next researches on the whole.By applying the SEM to stock evaluation of Chinese stock market, we build a financial structural model, analyzes the influence to stock evaluation of each factor and build the experience mode value of stock evaluation of China. This can be consulted by stock evaluation and credit evaluation of China.     

农林牧渔指数的波动特征分析

参照上证指数的波动特征对中国股市农林牧渔指数的波动特征进行分析,研究导致股市异常波动的影响因素和股价异常波动的特点。结果表明：农林牧渔指数市场具有异常波动的特点,但是相对上证指数来说,农林牧渔指数发生暴涨暴跌的可能性会比较小一点,市场对波动冲击的反应也比较灵敏,它的“长久记忆性特征”也没有那么显著,投资者对利好消息的反应更加强烈。农林牧渔指数呈现相对中国整体股市波动比较适度的情况,在此基础上,针对农林牧渔指数进一步良好的发展提出相关政策建议。     

Empirical Analysis on Stock Market and Real Estate Market Wealth Effect in China

Based on the Modigliani's Life-Cycle Hypothesis of consumption,and relevant data,the paper empirically studies stock market and real estate market wealth effect in China by using the method of unit root test and cointegrating regression.The results show that,regardless of short-run effect and long-run effect,the stock market wealth has significantly negative effect on civil' consumption level,but real estate market wealth or housing market wealth has significantly positive effect on civil' consumption level.     

An Empirical Analysis on the Connection between China''s Stock Market and Economic Growth

The connection between China's Stock Market and Economic Growth is always regarded by economic and finances studies. For the time limit of the developing of stock market and the difficulty of data's collection, it is still in studying that the connection between stock market and economic growth, especially the causation versus regression. By the method of Demirguc - Kunt and Levine,this paper empirically tests the connection between China's stock market and economic growth on the season serial data from 1995 to 2000.The test indicates that there are insignificant between them.     

Response of Chinase A-share Market to the Announcement on the Related Party Transactions

This paper studies the response of A-share market to the announcement on the related-party transactions, with the method of excess earnings and multiple regression analysis. The evidence shows that stock market makes weakly positive response to the announcement. Results also suggest the surplus announcement is of informational content. Finally, some reasons resulting in weak response are presented.     

Constrained agencies: The emergence of Singapore's distinctive temporary staffing industry

This paper presents the first economic geography study of Singapore's temporary staffing industry. Drawing on secondary data and semi‐structured interviews with trade association representatives and senior executives from temporary staffing agencies, it examines the structure and characteristics of Singapore's industry and, more specifically, how its distinctive institutional configuration influences the activities of staffing agencies and the industry's overall trajectory. While temporary staffing in Singapore has experienced steady growth since the turn of the millennium, growth is ultimately constrained by both Singapore's regulatory environment and the inherent nature of its labour market. As such, the temporary staffing industry is still relatively small today, and has become increasingly saturated with strong competition between transnational and domestic agencies. Empirically, analysis of the Singapore case contributes to the wider literature on temporary staffing markets by profiling the nature and growth dynamics of a small and emerging temporary staffing market. Conceptually, the study reveals under‐studied aspects in current work relating to how the market is shaped by intersections with shifting global divisions of labour, the nature of the state's managed immigration regime and elements of national labour‐market culture.     

Real Option Analysis of the Underpricing of IPO

The underpricing of initial public offering(IPO) has been one of the "the new issue puzzles" in the finance.The paper studes the underpricing of IPO phenomenon by real option methods.The research find that even the information of stock market is symmetry,the underpricing of IPO is inevitable.With the development of stock market,the(degree) of the underpricing of IPO will be lowed.The reasons of underpricing of the IPO in Chinese stock market,on the one hand come from widespread existing IPO underpricing,and on the other hand,come from the irrationality of IPO pricing way and stocks is not all circulate.     

Empirical Analysis of Linkages Between Stock Exchange Index and Economic growth

By using the co-integration testing and error correction model (ECM), this paper investigates long-run and short-run linkages between stock exchange index and GDP. Through exploring the data from the Chinese economy, the authors get the evidences that suggest the equilibrium between stock exchange index and GDP has been broken. Then based on Expectations Theory, they reveal the reason of the stock market down-going with the increase of GDP. Then on the light of above analysis, some adviec is given.     

认证的可靠性:质量标志是消费者的政策工具

目前在食品行业中存在数量众多的认证体系,但是与认证的经济学研究却很少。认证是在市场交易中可确保商品某种隐藏质量声明真实性的有效工具。在信息不对称的情况下,诸如有机生产、动物福利、公平贸易等"过程导向"的品质特性容易产生不正当使用标志问题。从长远来看,只有可靠的控制程序才能减少食品安全事件的发生。首先提出了一个影响认证结果和认证标志有效性的模型,然后探讨了认证市场价格战的趋势和认证制度变革的必要性,提出了减少对检查员的依赖程度、强化职责、增加公信力效应和降低认证费用等策略,最后讨论了对官方和非官方监管的政策内涵。