员工持股制度（ESOP - Employee Stock Ownership Plan）起源于美国，是指在某特定的时期内，以某种约定的方式使公司经营管理者或普通员工得到该公司一定量的股份，使经营者或员工的角色发生转变，由单纯的代理方转向管理者和所有者的双重职能，从而使其更加尽职尽责，达到激励公司雇员而取得公司利益最大化的目的。 本文主要针对该种制度在中国的实践和理论状况做一探讨。

Cross-asset derivative securities are studied and a dichotomous asset pricing model (DAPM) is derived that signi…cantly enriches the Sharpe-Lintner-Black capitalasset pricing model. An asset’s beta is shown to be observable ex ante through the price of its cross-market call or put, and the DAPM separately predicts the assets’ expected return - beta relations under the upper-market and lower-market conditions. A su¢cient condition for the DAPM to hold is that assets’ return distributions satisfy Ross’ (1978) two-fund separation property, which implies that any well-diversi…ed portfolio is both mean-variance and gain-loss e¢cient.

In this study, we investigate the aggressiveness of trading by foreign investors in the Indonesian stock market. We accomplish this with the help of complete order and transaction records between May 1995 and May 2003, from the Jakarta Stock Exchange. We find that foreign investors, compared to domestic investors, exhibit aggressive trading behavior in several respects: (1) the orders submitted by foreign investors have a higher probability of being executed (filled); (2) foreign investors are more likely to submit orders to initiate trades; and (3) it takes less time for the non-initiation orders from foreign investors to be filled. We also find that the aggressive trading behavior of foreign investors does affect their trading performance, even though they do not necessarily have an information disadvantage over domestic investors. Finally, we find weak evidence to suggest that the aggressive trading may increase selling pressure on stock prices when the market is under distress.

Although bank loans themselves are somewhat illiquid because of private information, most of their cashflows are not. Recent financial innovations allow commercial loans to be liquefied via credit derivatives and actual and synthetic securitizations. The loan originating bank holds the remaining illiquid tranche containing the concentrated credit risk, private information rent and the “excess spread” that incentivize the bank to continue to monitor and service the loans. Empirically, we find that the average size of the residual tranche is about 3%, which reflects the size of the “market determined capital” necessary to support the liquefaction. The liquefaction of bank loans makes possible a banking system that restricts the guaranteed accounts to be backed by 100% reserves and the non-guaranteed deposits to be backed by liquid securitized loan tranches, while retaining the deposit-lending synergy. Such a system is perfectly safe without deposit insurance and it renders banks bankruptcy-remote without sacrificing a bank’s traditional role as a financial intermediary.

　　这篇文章是本人学习《保险精算》课程时老师布置的作业之一，基本上是按照某种线索把原文介绍了一遍，原文题目是 Actuarial and Economic Aspects of Securitization of Risk　作者是 SAMUEL H. COX; JOSEPH R. FAIRCHILD; & HAL W. PEDERSEN，可能是这篇文章从某种角度来说有很强的可读性，所以布置此题，让学生写出简要的提纲来。以下就是本人对这篇文章写的提纲，里面掺杂着本人的主观理解，由于水平有限难免会存在些错误。如需要原文者请与本人联系，大家共同切磋。

内容摘要：中华区域经济一体化是未来两岸四地经济发展的必然结果，未来两岸可考虑实行统一货币“华币”，并使华币成为世界货币之一，这将给两岸四地带来重要大经济利益，也将进一步促进中华经济一体化进程。然实行统一货币“华币”必须改变现行人民币、港币、新台币及澳门币制度，而且将面对美元与欧元等货币的竞争。 Abstract::The economic integral of China district is an inevitable outcome of cross-straits four ground economy developing in the future.the Cross-straits can consider practice to unify the currency HB, and make HB become the one of the world currencies, and this will give cross-straits four districts important and big and economic benefits, and also will further promote the economic integral of China district .but practices to unify the currency HB must change current RenMinbi, Hong Kong dollar, NT$ and Pataca system, and will face the US$ and euro competition, etc..

IPO underpricing has been documented by many empirical papers. A lot of researchers believe this phenomenon is not isolated and happen by accident. Many theories and empirical studies have given some explanations. This paper study IPOs market in UK follow former researcher’s model. According to previous empirical studies, there are negative relation between IPOs underpricing and advisors’ reputation. But after investigating on UK’s IPOs and its underwriter (most are investment bank) during 2004 to present, I can not find strong support for this theories.

We consider the optimal intertemporal consumption and investment policy of a CARA investor who faces ¯xed and/or proportional transaction costs when trading multiple stocks. We show that when the stock returns are independent, the optimal investment policy in each stock is for the investor to keep the dollar amount invested in the stock between two constant levels and upon reaching one of these thresholds, to trade to the corresponding optimal targets. An extensive analysis of the optimal policy is conducted. This analysis reveals the signi¯cant relevance of transaction costs to the predictability and trading volume literature. We also obtain some seemingly counterintuitive results. For example, conditional on positive investment in a stock, as transaction costs increase, the average amount invested in the stock increases.

We explore the source of managerial hubris in mergers and acquisitions by examining the history of deals made by individual acquirers. We find that compared to their first deals, acquirers of second and higher-order deals experience significantly more negative announcement effects. We also find that while acquisition likelihood increases in the performance associated with previous acquisitions, previous positive performance does not curb the negative wealth effects associated with future deals. We interpret these results as consistent with self-attribution bias leading to overconfidence. We also find evidence that the market anticipates future deals based on an acquirer's acquisition history and impounds such anticipation into stock prices.

本文在Campbell and Cochrane (1998) 和 Brandt and Wang (2001)的研究基础之上利用随机贴现因子对包含习惯的效用函数中的风险厌恶进行了动态一般化分析，并探讨了动态风险厌恶、随机贴现因子、资产定价以及消费增长等因素之间的一般化关系。这种一般化关系有助于解释“股权溢价之谜”(Equity Premium Puzzle)等不合理现象的存在。本文还对模型的计量方法进行了简要的分析。 This paper will make a generalization of dynamic risk aversion on the base of habit-formed consumption-based CAPM, and thus can explain the equity premium puzzle in a general way. Different from Campbell and Cochrane (1998) and Brandt and Wang (2001) which both hypothesize the steady state, this paper supposes the unit root process of the dynamic risk aversion. Also, this paper does not suppose the relevant factors of the forming of consumption habit. So the result is a general form of the relationship between the asset pricing and dynamic risk aversion.