Tài liệu miễn phí Đầu tư Chứng khoán
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IS STOCK PICKING DECLINING AROUND THE WORLD?*
To assess the explanatory power of a trust-based explanation we start by modelling the impact of trust on portfolio decisions. Not only does the model provide testable implications, but it also gives us a sense of the economic importance of this phenomenon. In the absence of any cost of participation, a low level of trust can explain why a large fraction of individuals do not invest in the stock market. In addition, the model shows that lack of trust amplifies the effect of costly participation. For example, if an investor thinks that there is a 3% probability that he will be cheated, the threshold level of...
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Fundamentals and Stock Returns in Japan
To test the model’s predictions we use a sample of Dutch households. In the Fall of 2003 we included some specific questions on trust, attitudes towards risk, ambiguity aversion, and optimism to a sample of 1,943 Dutch households as part of the annual Dutch National Bank (DNB) Household survey. These data were then matched with the 2003 wave of the DNB Household Survey, which has detailed information on households’ financial assets, income, and demographics. We measured the level of generalized trust by asking our sample the same question asked in the World Values Survey (a well-established cross country survey): “Generally speaking, would you say that most people...
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Understanding Stock Return Volatility Emilio Osambela
We find that trusting individuals are significantly more likely to buy stocks and risky assets and, conditional on investing in stock, they invest a larger share of their wealth in it. This effect is economically very important: trusting others increases the probability of buying stock by 50% of the average sample probability and raises the share invested in stock by 3.4 percentage points (15.5% of the sample mean). These results are robust to controlling for differences in risk aversion and ambiguity aversion. We capture these differences by asking people their willingness to pay for a purely risky lottery and an ambiguous lottery. We then use these responses...
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DotComMania:The Rise and Fall of Internet Stock
Two other studies also examine the relation between earnings and the price response to splits; unfortunately, due to methodological differences their results provide no evidence regarding the issue raised by AHP. For example, McNichols and Dravid [19] find that split announcement-period abnormal returns are positively related to analysts' earnings forecast errors observed for the fiscal year-end that follows the announcement. At first glance, this result appears inconsistent with AHP. However, unless one knows the source of analysts' underestimation of post-split earnings, i.e., unanticipated earnings increase after the split or analysts not recognizing that pre-split earnings increases are permanent, it is impossible to conclude that their results...
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Stock Manager: An Analysis Pattern for Inventories
Particularly for rented apartments, key control by apartment management is an important issue. Large jury awards have been made to victims of crimes in apartments because of negligent key control and use of a master key. A resident gives up some rights when they move into a multi-residential property. In most cases, the resident, per written agreement, cannot add or replace the lock on their door unless management is given an extra key. By doing this, the management assumes the responsibility of and legal liability for key control. Key control requires restriction and documentation of those who use back-up and master keys. The following measures help provide for...
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Intelligent Techniques in Stock Analysis
Door frames should be solidly anchored to the rough opening. There are often spaces left between the rough opening stud at a point midway up the door jamb. These spaces create a poor anchorage for hardware making the door easy to kick open. If possible, the door molding should be removed and these spaces should be filled or “shimmed” prior to mounting any new lock strikes. If the entry door opens inward, the stop strip should actually be part of the wood frame, not applied. The stop strip is a wood strip installed on or milled into the door jamb (it’s the part of the jamb that...
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Pattern Discovery from Stock Time Series Using Self-Organizing Maps †
A key-in-knob lock by itself makes entry into a residence a simple matter. All entry doors (and possibly some interior doors) should be equipped with some form of deadbolt lock. When purchasing a lock, there are three primary things to look for: 1) a deadbolt with at least a 1 projection —— the bolt should extend at least 1 from the front edge of the door; 2) a heavy tapered steel guard ring protecting an outside key cylinder that spins freely around the cylinder —— this protects the outside key cylinder from being twisted off with a pair of pliers or other tools; 3) at least two...
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SHAREHOLDER VALUE MAXIMISATION, STOCK MARKET AND NEW TECHNOLOGY: SHOULD THE US CORPORATE MODEL BE THE UNIVERSAL STANDARD?
Another type of lock —— a rim deadbolt —— that can be mounted to the inside surface of an entry door can also be used. Such locks will perform well under a forced entry attack, if they are properly selected. Some rim lock deadbolts actually interlock with the strike (a strike is the part of the lock installed on the door frame). This, in effect, physically interlocks the door to the frame thereby providing a substantial forced entry resistance, if the lock is mounted by carriage bolts (the kind of bolt with a smooth rounded head) and the strike is securely anchored with 3 or greater length...
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Intelligent stock trading system by turning point confirming and probabilistic reasoning
Sliding glass doors are easy for a burglar to enter if no remedial action is taken. Often, the door panels can simply be lifted out of the tracks. To solve this problem, open the active door and install a few screws in the track, allowing the screw to project down 3/8 to 1/2. Use a stack of several metal washers to serve as a spacer so the screws can be firmly set. Slide the door closed, making sure the extended screws pass freely over the top rail of the door. Now try to lift the door from the track; upward movement should be stopped by the...
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Firm performance and focus: long-run stock market performance following spinoffs
Once the door has been secured from lifting, some sort of auxiliary lock should be provided because more than likely, the standard lock supplied with the door is nothing more than a small hook bolt that can easily be forced open. Locking bars (commonly called the “Charlie Bar”) are ideal for this purpose; but a length of dowel —— an old broom or mop handle, for example —— can also be placed in the bottom track to keep the door from being pushed open. The dowel should be cut to a length so it fits snugly in the track between the wall and the door frame....
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Impact of Property Prices on Stock Prices in Hong Kong
To install an inexpensive pinning device in a double hung window, drill a 3/ 16 hole from the inside window sash halfway through the outside sash at a slight downward angle. Then insert a nail or pin into the hole to secure the window. If the sash is wood, the pin can be made of such length as to set flush with the sash. A magnet kept nearby can then be used to remove the pin. The occupant must remember, however, that room windows are often used as a means of escape from burning buildings and at least one window in each room should be available for...
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A stock market boom during a financial crisis? ADRs and capital outflows in Argentina
Horizontal sliding windows should be treated much the same as sliding glass doors. Header stops in the form of screws with metal washer stacks can be used to remove the space between the top rail of the sash and the track in a way that prevents the sash from being lifted from the track. Once this has been accomplished, a length of wood dowel or special blocking lock bar can be installed on the window to prevent the window from sliding. In some cases, both window sashes slide independently. The outer most sash should be fixed in the track by screws and/or brackets. Once this is accomplished, the...
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Stock Market Efficiency Withstands another Challenge: Solving the “Sell in May/Buy after Halloween” Puzzle
Fire escapes provide both a ladder down for the building occupant during an emergency and a ladder up to a less secure upper floor for a burglar. Occupants should not do anything that impedes access to a fire escape but there are things that can be done to make it less attractive to the burglar. If an apartment building uses a fire escape, there are a number of battery operated alarms for less than $40.00 that can be installed to detect the opening of a door or window and sound a loud alarm to alert the occupants. If the fire escape ladder is a pull down...
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FISH STOCK ASSESSMENTS IN THE MEDITERRANEAN: STATE OF THE ART*
An alarm system is composed of three primary elements: sensors, controls and annunciation. Sensors consist of switches, motion detectors, sound or vibration detectors and other devices that are designed to “sense” the presence of an intruder, either the point of entry or when he moves within the residence Sensors can also take the form of buttons, that the occupant uses to activate a duress alarm. Controls consist of a panel and a keypad into which a code number that arms or disarms the system is entered. Controls also perform other functions that allow flexibility in how and when an alarm system is armed or disarmed. Finally, the annunciation...
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Otolith shape analysis as a tool for stock discrimination of the black scabbardfish, Aphanopus carbo Lowe, 1839 (Pisces: Trichiuridae), in Portuguese waters
The Evinox ModuSat satellite heating system has been designed to provide apartments and communal housing developments with independent fast recovery hot water and high efficiency heating. With a large range of models available, the system suits a variety of applications, from single occupancy apartments to groups of family homes. Consisting of a fast recovery hot water tank or high capacity heat exchanger, with either a hydraulic header or plate heat exchanger, pump and mixing valve set for the heating the ModuSat offers a total heating solution. This includes a meter for billing of energy usage and cold water consumption for ...
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Report on Research into the 1994 Revisions to Article 8 of the Uniform Commercial Code
The vertical cascade flue system from Evinox prevents multiple flue penetrations through roofs or walls by allowing up to 11 boilers on 11 levels to share a common 110mm flue riser, making it ideal for modern buildings with glass facades. The Evinox range of wall hung, condensing system and combination boilers are designed for use with our unique cascade flue system for apartment installations. An inbuilt non return valve on the boiler fan, allows for direct connection to the cascade system. The boiler range includes models with varying outputs to suit applications ranging from small studio flats to...
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The Six Classic Priority Scenarios
The clients’ decision to choose the cascade system was driven by their desire to maintain the façade of this sleek iconic building, and with modern apartments increasingly using internal service risers the cascade system provides the perfect solution. The inbuilt microprocessor within the boiler enables adjustment of fan speeds to suit flue conditions and provide a balanced boiler and flue system. This guarantees optimum performance and efficiency, enables full boiler power output to be achieved, and ensures that the life expectancy of the boiler fan is not shortened because it has been overworked. The exceptionally low...
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COMPLETE STOCK LIST SPRING 2009
There are 2 double bedrooms with a living room, terrace and a bathroom (including mosquito net, fan and fridge). From here you can start various activities as hiking, golfing, biking, organized one or several days tours, visit art and craft shops. After relaxing in the garden and eventually foot-reflexology massage or reiki, you can enjoy nightlife in Senggigi or enjoy just a dreamful sunset. To the beach, it is a 10 minute walk. It is possible to use the swimming-pools of the nearby Jayakarta Hotel for a small fee. The town Ampenan and the tourist- center Senggigi are simple and fast (about 4...
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Effects of temperature, wind and spawning stock biomass on recruitment of Arcto-Norwegian cod
This study examined the clinical findings of visual display terminal (VDT) users who presented with monocular symptoms. The sample consisted of 35 people performing sustained work at VDTs. Each subject un- derwent an evaluation that included: visual acuities, determination of refractive status, ocular motor testing, the stability of fixa- tion, degree of suppressions of simulta- neous binocular perception, and ocular health status. These findings were com- pared to a control group of 100 subjects who did not habitually use a VDT. Signifi- cant signs of unstable fixation/suppression were found with symptomatic subjects, as compared to the controls. We also found initial visual acuity differences between the two eyes of the VDT user group, but no sig- nificant refractive...
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Lunar cycle effects in stock returns
We continue our investigation of international stock returns with a comprehensive coverage of the smaller stock exchanges around the world. Panel A of Table 6 lists the individual results for 18 additional countries, which include most remaining sizable stock exchanges in the world. The available return series for these countries vary in length, with the longest series starting in 1971 and the shortest series starting in 1982. An examination of Panel A reveals that the lunar-cycle effect found for the G-7 countries is pervasive around the world. 7 In fact, the most striking evidence of...
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EXAMINATIONS BY THE SECURITIES AND EXCHANGE COMMISSION’S OFFICE OF COMPLIANCE INSPECTIONS AND EXAMINATIONS
As one might expect from the preceding results in Tables 1 and 5, most of the return differences between new moon and full moon windows are insignificant at the individual exchange level. The persistence results are also similar to earlier results. New moon returns exceed full moon returns for most years for 16 out of 18 exchanges, one shows an even split of years, and one shows the converse result. Similar to Figures 1 and 2, in Figure 3 we illustrate the economic magnitude of the return differences by presenting a graph of annualized new moon and...
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PUBLIC SECTOR ROLES IN STRENGTHENING CORPORATE SOCIAL RESPONSIBILITY: TAKING STOCK
One of the more fascinating sections of the WSJ is on the inside of the back page under the standing headline “Abreast of the Market.” There you can read each day what the market did yesterday, whether it went up, down or sideways as measured by indexes like the Dow Jones Industrial Average ... . In that column, you can also read selected post-mortems from brokerage houses, stock analysts and other professional track watchers explaining why themarket yesterday did whatever it did, sometimes with predictive nuggets about what it will do today or tomorrow. This is where the fascination lies. For no matter what the market did—up, down...
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Monetary Policy and Stock Market Booms
To my knowledge, this paper is the first to find evidence that news media content can predict movements in broad indicators of stock market activity. Using principal components analysis, I construct a simple measure of media pessimismfromthe content of theWSJ column. I then estimate the intertempo- ral links between this measure of media pessimism and the stock market using basic vector autoregressions (VARs). First and foremost, I find that high lev- els of media pessimism robustly predict downward pressure on market prices, followed by a reversion to fundamentals. Second, unusually high or low values of media pessimism forecast high market trading volume. Third, low market returns lead to high...
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How I Made $2,000,000 In The Stock Market by Nicolas Darvas
Many securities are financial instruments under the definitions established in Section 386 of the CICA Handbook.A financial instrument is any contract that gives rise to both a finan cial asset of one party and a financial liability or equity instrument of another party. In th context of intercorporate investments, financial assets are defined as any contractual righ to receive cash or another financial asset from another company. Bonds and share invest ment meet this definition. Investments that are financial instruments are classified according to the rules in propsose Section 3855, “Financial Instruments—Recognition and Measurement.” These classifications an rules are brand new, effective in any fiscal year beginning after...
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Warrants Understanding trading and investment warrants
It’s important to not put too much weight on the percentage of share ownership, though; a great deal depends on who owns the other shares, as well as on the other (non-ownership) financial and operating relationships between the investor and the investee corporations. For example, ownership of 30% of an investee corporation may not give the investee significant influence (or any influence) if the other 70% is held by a single shareholder who will not tolerate any influence. Conversely, an ownership interest of 15% may give the investor virtually unchallenged influence if ownership of the other 85% is widely dispersed. It is worth noting that, in...
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FISCAL MONITOR October 2012: Taking Stock A Progress Report on Fiscal Adjustment
Joint ventures are distinct in that they are subject to joint control, regardless of share ownership percentage. That is, the investors must unanimously agree on key operating, investing, and financing decisions before they are implemented. This feature of joint con- trol means that majority ownership does not confer control, nor does the right to appoint the majority of the Board of Directors. Joint ventures are quite common in mining operations and in oil and gas ventures. The joint venturers all contribute something to exploration activities, and all share in any wealth generated. For example, a small mining company may have exploration rights over a prop- erty, and...
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Assessing the Frequency and Causes of Out-of-Stock Events Through Store Scanner Data
Many equity investments have a quoted market price in an active market, which is used as fair value. These market prices reflect normal market transactions and are readily avail- able from brokers or in the financial press.When trading is light, recent bid prices are accept- able, although light trading may indicate that estimating fair value is problematic. For exam- ple, a recent price might not be relevant if significant events had taken place after the bid date (CICA ED 3855.A26). What if there are no recent transactions? The AcSB suggests that fair value can be esti- mated, through judicious use of valuation techniques. These valuation techniques must incorporate...
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U.S. Atlantic and Gulf of Mexico Marine Mammal Stock Assessments -- 2000
In our model, an initial improvement in the prospects for having higher future productivity growth generates the following set of reactions. First, the market value of firms is driven up by the increase in the expected discounted value of profits. Because of the higher market value, new firms find their financing constraints relaxed and are able to operate with a higher initial capital investment and employment. At the aggregate level, the increase in labor demand from the new firms pushes up wage rates and forces existing unconstrained firms to adjust their production plans to increase the marginal productivity of labor. Therefore, while newer and smaller firms expand their employment,...
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FARM SECURITY AND RURAL INVESTMENT ACT OF 2002
When an investor controls an investee, consolidation is required. The parent investor must prepare consolidated statements, to enable investors (and others) to see the assets, liabili- ties, revenues, and expenses of the entire economic entity, consisting of the parent and all of its subsidiaries. When consolidated statements are prepared, the investment account relating to a con- trolled subsidiary disappears entirely from the balance sheet. Instead, the subsidiary’s assets and liabilities are added to those of the parent and reported together as a single economic entity. If the parent owns less than 100% of the subsidiary’s shares, the interest of the non- controlling (i.e.,minority) shareholders is shown as a...
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Permissible Securities Activities of Commercial Banks Under the Glass-Steagall Act (GSA) and the Gramm-Leach-Bliley Act (GLBA)
We discussed differential reporting in Chapter 1. Essentially, if an organization has no pub- lic accountability and all owners consent, including those not otherwise entitled to vote, simpler accounting rules may be adopted in certain areas. Remember that the entities that are eligible for this GAAP treatment are private com- panies—those with no shares or debt traded on public markets. Usually, this is the smaller business sector, but not always. There are some large private companies in Canada. For these companies, if the equity holders all agree, the cost of more complex accounting standards can be avoided. The benefit of information provided is not worth the effort....
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