股票市场

We can see that these good fundamentals of the stock below net asset per share is falling with the market pays top academics to create, share prices have been overkill.

我们可以看到，下面的每股净资产的股票，这些良好的基础，是与市场自付学界精英创建，股票价格已下跌矫枉过正。

Secondly, by analyzing basic variables——stochastic cash flow and manager utility function, we gain a proposition (7. 1): If manager is risk averter, then he prefers low risk or riskless and he is satisfied with a basically constant compensation.

资本市场效率越高，企业的股票价格越能反映企业经营情况，因而企业发行股票也就更容易，加上代理人是普遍是避险型的，偏好于股权融资，这样企业的债务比率就会更趋于低负债的资本结构。

Last week 2, 4 companies bring into the cool one's heels when American market studies analytic company Sterne Agee is Netease, will royal, the 9th city, perfect research limits, netease of preliminary assess, royal stock is " buy " the 9th city and perfect and spatio-temporal stock are grade, assess " hold " grade.

上周二，美国市场研究分析公司Sterne Agee将网易、盛大、第九城市、完美时空等四家公司纳入研究范围，并初步评定网易、盛大股票为"买入"评级、评定第九城市与完美时空股票为"持有"评级。

We then diagonalize the matrix C and obtain the eigenvalue spectrum and eigenvectors. The large eigenvalues which go beyond the upper bound of the random matrix, i.e., the Wishart matrix, reflect the local correlations between stocks. The largest eigenvalue corresponds to the market mode, and next large eigenvalues represent the interactions between stocks in a same sector.

进一步，通过对角化，我们得到矩阵C的特征值谱和特征向量，超过随机的Wishart矩阵特征值谱上边界的特征值反映了股票间的局域关联，其中最大的特征值对应于市场模式，其余的次大特征值代表了同一板块内股票间的相互作用。

And they can't just blame the market's downdraft — some did themselves in with badly timed stock purchases or margin calls on shares bought with loans.

他们不能只归咎于市场的下沉-一些没有自己的股票严重超时购买或保证金要求购买股票的贷款。

The main conclusions are: [1] Rapid development of corporations engenders urgent demand of financing, conflict between capital market imperfection and demand of financing leads corporations to control listed corporations by purchasing "shell" and enhance it"s financing capability; [2] Two kinds of pricing institution of stock provides stirpses for controlling listed corporations by low cost, monitoring institution imperfections provides corporations for operating listed corporations. Adjust of national assets provides more "shells; [3] More private corporations purchase listed corporations, some of them form stirpses; [4] Stirpses have positive influence about adjusting industry and enhancing capital market financing function; [5] Stirpses magnify financial risk by controlling listed corporations, and transform listed corporations from shareholders benefit to block shareholder benefit, having tendency of infracting shareholders benefit.

本文主要的结论：[1]中国企业的迅速发展对融资有迫切的要求，中国国内资本市场发展不完善与这种强烈的融资需求的冲突导致了企业寻求通过买&壳&的方式控制上市公司，以此来提高自身的融资能力；[2]中国上市公司股票的两种定价机制为&系&低成本控制上市公司提供了可能，监管机制的不完善为&系&提供了操纵上市公司的空间，国有资产在调整过程中从部分竞争行业退出，为资本市场提供了一定数量的&壳&资源；[3]民营企业纷纷买&壳&上市，在这个过程中，部分实力突出的企业形成了&系&；[4]&系&现象对进行行业整合、提高资本市场融资能力等方面起到了积极的作用；[5]&系&通过对上市公司进行的操纵放大了金融风险，将上市公司的股东利益最大化变为大股东利益最大化，存在着侵害小股东利益的潜在倾向。

They include contingent claims that represent a variety of exposure across markets and credit risks--standby letters of credit, interest rate and currency swaps, note issuance facilities, options, foreign currencies, fixed—and variable —rate loan commitments, and futures and forward contracts on everything from Treasury bills to gold.

近年来，金融市场最重要的发展就是期货，期权及相关衍生工具市场的成长。这些衍生工具为我们提供了取决于其他各类资产价值的支付手段，这些资产价值有商品价格，债权与股票的价格或市场指数值。

Perisher They are the markets every investor wants to find before they take off and after a 130 rise in China 's locally traded market last year , millions of Chinese have poured their money into stocks .

中国投资市场有8000万个体投资者，政府不想在泡沫市场中失去他们的信任及资金，尽管市场有泡沫及震荡，散户在很大程度上还是继续无畏买卖股票。

Compared with stock markets and national debt markets, enterprise bond markdts are slack. The inactivity of supply and demand in Enterprise bond markets has some major causes.

与股票和国债市场相比，我国企业债券市场的发展一直显得相对滞后与缓慢，我国企业债券市场清淡有其供求方面的主要原因。

But market efficiency is not the fact or truth, there should be three necessary conditions to attain market efficiency:(1) There should be enough investors to create liquidity;(2) there should be enough arbitrageurs to correct the distortion of market;(3) the information relative to the stock price must be obtained by all investors reliably, completely and timely.

然而，市场有效并不是想当然的一个既定前提或事实，市场达致有效的三个必要前提是：（1）有足够数量的投资者创造流动性；（2）有足够数量的理性套利者校正市场的扭曲；（3）与股票价格相关的信息必须可靠、完整、及时地被所有投资者获得。

And Pharaoh spoke to Joseph, saying, Your father and your brothers have come to you.

47：5 法老对约瑟说，你父亲和你弟兄们到你这里来了。

Additionally, the approximate flattening of surface strip using lines linking midpoints on perpendicular lines between geodesic curves and the unconditional extreme value method are discussed.

提出了用测地线方程、曲面上两点间短程线来计算膜结构曲面测地线的方法，同时，采用测地线间垂线的中点连线和用无约束极值法进行空间条状曲面近似展开的分析。