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The accounting valuation of bank stocks in Europe

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Journal of Modern Accounting and Auditing 2009年第1期5卷 49-62,66页

作者： Dimosthenis Hevas Georgia Siougle Christos Staikouras Department of Accounting and Finance Athens University of Economics and Business Athens 10434 Greece

In this study we examine the validity of the earnings-book value capitalization model in the pricing of bank stocks in Europe. We perform cross-sectional tests using a sample of banks operating in 21 European Union countries. We split our sample into code and common law countries to control for the influence of the financial reporting system upon the pricing of earnings and book value. Our empirical findings suggest that disaggregating total reported clean surplus income into reported gains and losses from securities and other income increases the explanatory power of the accounting valuation model. Indeed, reported gains and losses from securities are priced lower than other income, irrespective of whether the financial reporting system is classified as a code or a common law system, probably because the market considers the former as a less stable source of income. Additionally, we observe that the pricing of both earnings and book value is influenced by the financial reporting system. We conclude that earnings announced under a common law financial reporting system are priced differently from those reported under the respective code law system. Finally, we provide evidence that comprehensive and dirty surplus income are two value relevant variables for banks reporting earnings under the code law system, although dirty surplus income is priced lower than clean surplus income.

关键词： value relevance financial reporting capital markets banking sector

How value relevant are earnings when they are transitory？ Empirical evidence for France

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Journal of Modern Accounting and Auditing 2010年第12期6卷 42-49页

作者： Melita Charitou Division of Finance and Economics School of Business University of Nicosia Nicosia 1700 Cyprus

capital market participants take seriously into consideration the value relevance of earnings for security valuation. This study examines the value relevance of earnings when earnings are transitory, i.e., there is great variability in earnings. It hypothesizes that the relationship between earnings and security returns worsens when earnings are transitory and this robustness is country specific. The dataset consists of more than 1,100 French firm-year observations over a nine year period. Empirical results show that when earnings are transitory, investors pay more attention to operating cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. These results should be of great importance to financial analysts, investors and bankers for investing and credit decisions, especially after the recent global financial crisis.

关键词： Transitory earnings capital markets earnings France empirical

Stock Indices and New Technologies

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Economics World 2021年第2期9卷 76-86页

作者： Ewa Drabik Warsaw University of Technology WarsawPoland

Stock indices were created to accurately reflect changes in the prices of stock exchange securities included in *** are divided into price-weighted and value-weighted *** price-weighted indices,each security has the same impact on the index,which is the arithmetic mean of the stock values of the companies it comprises.A value-weighted index accounts for changes in the value of *** choosing the right composition of share packages,one can change the impact of a given security on the *** dynamics also change the composition of the index by removing securities and replacing them with *** impact on the index grows as the price of a given security ***,index values have been strongly influenced by new technology companies,which have greatly appreciated during the SARS-CoV-2 *** aim of this work is to show the changes in two indices in particular:US NASDAQ Composite,and the new competitive SSE STAR index,an index from the Shanghai Stock Exchange.

关键词： stock indices capital markets stock exchange NASDAQ Composite SSE STAR Index

中央企业A股+H股整体上市及其对中国资本市场的影响

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全国社会保障基金理事会管理体制的转型与突破

投资与证券 2010年第12期

作者：邓旭陈燕

在分拆上市和单独境外上市对中国资本市场的不利影响日益凸显的情况下，中央企业A股+H股整体上市是兼顾企业利益和国家利益的现实选择。本文利用实证的研究方法，分析了中央企业先H股后A股、A股+H股同步和先A股后H股三种整体上市路径以... 详细信息

在分拆上市和单独境外上市对中国资本市场的不利影响日益凸显的情况下，中央企业A股+H股整体上市是兼顾企业利益和国家利益的现实选择。本文利用实证的研究方法，分析了中央企业先H股后A股、A股+H股同步和先A股后H股三种整体上市路径以及中央企业A股+H股整体上市对中国资本市场的影响，得出的结论是，三种中央企业A股+H股整体上市路径都能对我国资本市场的发展产生或多或少的积极影响；同时，中央企业A股+H股整体上市对包括中国香港在内的中国资本市场将产生多方面的积极影响。

关键词：中央企业 A股+H股整体上市资本市场 holistic listing central enterprises A+H capital markets

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面向2035和2050：从负债型向资产型养老金转变的意义与路径

社会保障制度 2017年第9期

作者：郑秉文

文章对社保理事会始终存在的定位与管理体制问题进行了剖析，认为主要存在以事业单位编制管理和全额预算拨款管理为特征的八个问题；在国际比较的基础上，提出主权养老基金投资主体有三个管理体制模式；结合中国的具体国情，对社保理事... 详细信息

文章对社保理事会始终存在的定位与管理体制问题进行了剖析，认为主要存在以事业单位编制管理和全额预算拨款管理为特征的八个问题；在国际比较的基础上，提出主权养老基金投资主体有三个管理体制模式；结合中国的具体国情，对社保理事会“转制”提出了四个改革方案，并对其利弊权衡提出了个人看法；针对基本养老保险基金受托投资面临的挑战，提出社保理事会亟须建立四个重要机制；最后，文章以“加拿大养老基金投资公司”为参照，对运营16年的全国社会保障基金性质进行了分析，认为全国社会保障基金本质上讲是一只“无限期”的“储备型”主权养老基金，应树立“长期主义”的投资理念，确立“主动主义”的投资战略，这是近十年来国际大型养老基金机构投资者的最佳实践和改革趋势，社保理事会应及时做出重大战略调整，并据此提出运用大类资产比例监管和扩大投资范围等系列改革建议和一揽子方案。

关键词：养老基金投资机构投资者全国社会保障基金理事会主权养老基金资本市场 pension fund investment institutional investor NCSSF sovereign pension fund capital markets

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