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Their participation enables otherwise impossible take atteempts to become successful; The involvement of the arbitrager explains very well the widely observed stock market movement during the process of the takeover, including the dramatic rise in share price and in transaction volume. It predicts that in most case, a high transaction volume is associated with a high success rate, as well as with a high post-announcement trading price. Also, the higher the bidding price, the higher the success rate and the bigger the jump in share price; The existence of the arbitrager implies that in the tender offer, the shareholder can always expect to get a fixed portion of the total value improvement by the raider. This surprisingly simple division rule of the takeover surplus may have great implications for related empirical research and indicates that the market for corporate control may be efficient.

其次,我们构建了一个股权收购模型,研究套利者在接管过程中的重要作用,并论证了:套利者在公司接管过程中能发挥重要作用,他们的参与能设法使其他方面不可能的接管变得成功;套利者的卷入很好地解释了在接管过程中广泛观察到的股市活动,包括股价和交易量的暴涨,并指出了在大多数情况下,更高的交易量导致更高的接管成功率和接管宣告后更高的交易价,同样,更高的竞价必然导致更高的接管成功率和更大的股价涨幅;套利者的存在指出了在发盘收购中,股东总是期望从袭击者带来的价值增加总量中获得一个固定部分,接管盈余的划分规则对相关经验研究有很大的关系,指出公司控制权市场是有效的。

"I had considered to appear on the market, but when a company has good ready money to shed movement, appear on the market financing is not best choice certainly, the financing way with 1000 interactive oak can have a lot of, although be not,appear on the market financing can be compared to appear on the market by attenuant share price the share price of financing is some lower, but the company has more freedom, can work stealthily, can gain more opportunities, and appear on the market the enterprise does what thing must transparent, a lot of opportunities are missed possibly."

"我考虑过上市,但当一个公司有良好的现金流运转的时候,上市融资并不一定是最好的选择,千橡互动的融资途径会有很多,尽管非上市融资被稀释的股价会比上市融资的股价低些,但公司有更多的自由,可以静静做事,可以赢得更多的机会,而上市企业做什么事都必须透明,很多机会就可能错失。"

Each shareholder got 1.5 shares of Palm. It does not take an economist to see that in a rational world the price of 3Com would have to be greater than 1.5 times the share of Palm, but for months this simple bit of arithmetic was violated.

无需是经济学家就知道,在理性世界里,3Com公司的股价必然会高于Palm股价的1.5倍,但在好几个月期间,这样一道简单的算术题也失灵了。

PrimeCredit fixed-income securities researcher Chang-jun said that the hippocampus of convertible bonds for example, the early redemption Back to the provisions of -"company's share price 30 consecutive trading day, at least 20 trading days is higher than the current price of 130% Convertible hippocampus shares have the right to the face value of 103% the redemption price of non-transfected hippocampus convertible shares ", that is, the hippocampus 120 convertible price even higher than 130 yuan, the listed companies out of concern ahead of the redemption, bond investors tend to choose large-scale Convertible.

安信固定收入证券研究员长军说,例如可转换债券海马,提早赎回回的规定-"公司的股价连续30个交易日,至少有20个交易日是比当前价格高出130 %可转换海马的股价已到了103%,票面价值的赎回价格的非转染海马兑换股票"的权利,即,海马120可兑换的价格甚至高于130元的上市公司关注提前赎回,债券投资者倾向于选择大型敞篷车。

The stock price of Citibank Group closed at 3.77 U.S. dollars.

在过去几个交易日里,花旗银行集团的股价大幅下挫。21日,该集团的股价收于3.77美元。

It is also found that the conditional variance and jump frequency are time varying. Furthermore, both permanent and transitory components of the conditional variance really exist in the whole sample period.

此外,各国股价指报酬的条件变、跳跃强都是随时间而变动的,并非固定变,且随时间变动的跳跃强对於各国股价指报酬的解释非常显著,符合资产报酬的为。

Conoco paid a 26% premium to Burlington's share price, which now looks like a bargain.

目前其股价仍然比其并购Burlington Resources时的高峰股价低15%。

One type of formula investing, called dollar cost averaging, involves putting the same amount of money into a stock or mutual fund at regular intervals, so that more shares will be bought when the price is low and less when the price is high.

有一种程式投资叫美元成本平均法,按均匀的价格间隔,用相同的资金投资于一种股票,或者一个共同基金的股份;当股价处于低位时买得多,当股价处于高位时买得少。

In the science and technology 7 years ago foamy evening, telecommunications is filled with prep above of Ceng Yuan of division share price 100 HK dollar, drop in this round in a few years of time before, telecommunications is filled with the share price of the division to be controlled in 5 HK dollar all the time.

在7年前科技股泡沫的末期,电讯盈科股价曾远高于100港元,在此轮下跌前的几年时间里,电讯盈科的股价一直在5港元左右。

By introducing the exogenous supply shock variable into Phillips Curve and adding asset prices (e. g. housing price and stock price) and the exogenous demand shock variable to IS Curve, this paper applies GMM method to estimate the extended IS-PC Model between 1996 and 2006. The empirical results show that housing price has a notable positive impact on the output gap, while share price doesn't have. Lastly, the article puts forward corresponding enlightenments.

本文在菲利普斯曲线的解释变量中引入外部供给冲击变童,在IS曲线中引入了房价、股价等资产价格和外部需求冲击变量,以我国1996-2006年的季度数据为样本、采用GMM方法佑计了扩展后的IS-PC模型,实证结果显示房价对产出缺口有显著的正向影响而股价对产出缺口的影响不显著,并在此基础上提出了相应的政策启示。

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