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We are in a very precarious position because investors' confidence is disconnected from any hard-hitting analysis of what is underlying the economy.

我们正处在非常危险的状态中,因为对深层经济因素的坦率分析已将投资者的信心搞得支离破碎。

This paper examines the price discovery process and information transmission between Taiwan stock index futures contracts、Mini Taiwan index futures contracts and underlying spot index, using a modification of Hasbrouck's (1995)"information share" market microstructure model.

中文摘要本研究使用 Hasbrouck(1995)所提出的资讯比例市场微结构模型,探讨台股期货契约、小型台指期货契约以及台股现货三者之间的价格发现过程与资讯传递现象。

An arc of lights running through the water, describing the underlying geometry of the Griffin Plan and the amphitheatre form of the lake edge, is one of the bolder proposals of Hayter's plan.

在海特的设计方案中,一道弧形的灯光划过水面,描绘了格里芬规划的几何美和湖边的球形美。

As the behavioral basis of the market publicity principle, Information disclosure has been the underlying belief and motivation headstream of modern capital market, and it is also one of the top ends of modern financial economic theories.

信息披露作为市场"公开"原则的行为基础,已经成为现代资本市场发展的基本信念和动力源泉,同时,也是现代金融经济学发展的理论前沿之一。

Alternatively it may be that intelligence is one manifestation of an underlying, genetically based healthiness.

另一个理解则是,智力是一种潜在的以及基因健康状态的表现。

In at least 10 percent of cases,no underlying heart disease is found.

至少有10%的个案没有潜在的心脏疾病被发现。

In general, this paper includes several parts, shown as the following: The first part summarizes the background and outline of stock index future and introduce briefly its local status and CSI 300 stock index future contract. The second part has a retrospect of the main academic papers of both local or overseas, and also a discussion of relevant hedge strategies and models, to lay a solid theoretical foundation for the empirical analysis and test for the operation process of hedge in latter parts. The third part outlines the principle, key factors and real operation process of hedge. Moreover, it makes a empirical analysis on popular hedge models with HK Hang Seng index. In the end, it test the hedge effect of trading on IF0706, CSI 300 stock index future contract, with CCB select-growth securities fund as present underlying. The fourth and also the last part, explores how to define hedge ratio in china mainland market. It includes the stability test ofβfor local securities portfolio, adjustment of historicalβand best data length for estimation of historicalβ, etc. Also, the thesis makes some beneficial experiments on the definition of best data length for estimation of historicalβ, survey of fashion forβand variation for industryβs. Fortunately, it's got some meaningful results.

按照以上研究思路,本论文论述由以下几个部分构成:第一部分,简要概述股指期货产生的背景和基本情况,对国内股指期货进程和沪深300股指期货合约进行简单介绍;第二部分,回顾海内外股指期货避险研究的主要文献,讨论相关避险策略及避险模型,为后面套期保值策略如何有效运用的实证分析和检验提供理论基础和依据;第三部分,对套期保值的原理、关键因素及实际流程进行概述,并采用香港恒生指数对常用的几种避险模型进行实证分析,最后一揽子以建信优选成长股票型基金为现货标的,实际检验以沪深300股指期货模拟交易IF0706产品进行对冲时的套期保值效果;第四部分,探讨国内确定避险比率的过程,包括国内股票组合β值的稳定性检验、历史β值的修正及估计历史β值的最佳数据长度等,通过数据分析,本文在寻找估计β值的最佳数据长度和考察风格、行业β值的差异上做了较为有益的尝试,并得到了有助于现实操作的结果。

Objective To explore the effect of nerve growth factor on hematopoiesis of granulocyte-macrophage and to elucidate the underlying mechanism.

目的 探讨神经生长因子对小鼠粒-巨噬系血细胞发生的影响。

This paper reviews the effects of social learning on foraging behavior in herbivorous birds and mammals and the underlying mechanisms.

综述了社群学习对植食性鸟类和哺乳动物觅食行为的作用,并述评了其学习机制。

These studies provide a genetic and molecular basis for the understranding of the signaling network underlying heterocyst development in caynobacteria.

以上结果为综合性研究异形胞的发育的分子机制提供了重要的分子生物学及遗传学的基础,便于更加深入的了解异形胞发育过程中的调控网络。

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Yang yinshu、Wang xiangsheng、Li decang,The first discovery of haemaphysalis conicinna.

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