TopicFive研究报告.ppt

* * How Investor Decisions Affect the Stock Price If investors revise their expectations of a firm’s performance upward ? more buy orders than sell orders, or demand for shares exceeds the supply of shares for sale, price increase. Stock transactions between investors in the secondary market do not affect the capital structure of the issuer, but merely transfer of shares from one investor to another. * * How Investor Decisions Affect the Stock Price Investor Reliance on Information: new information will affects investors’ opinions about the firm’s performance. Favorable news ? firm’s stock is undervalued at its prevailing price ?demand for shares of this stock will increase ? placing upward pressure on the stock’s price; Unfavorable news ? firm’s stock is overvalued at its prevailing price ?demand for shares of this stock will decrease ? placing downward pressure on the stock’s price; ? the valuation process used by an investor can have a strong influence on the investor’s investment performance. * * * * How Investor Decisions Affect the Stock Price Individual Investor: unable to effectively monitor corporations or have substantial influence on management. ? 免费搭车(公司治理) Institutional Investor: all financial institutions such as mutual funds, insurance companies, pension funds. ? Take a much larger equity position in a corporation ? more voting power, more capable of enacting changes in the management of a corporation. ? Significantly affect stock market prices by their collective sales or purchased of stocks. * * * * 8月16日上午11时许，光大证券策略投资部对其内部团队开发的投资模型进行测试。由于忽视了测试环境为实盘交易系统，加之测试时，把拟买入3000万股误搞成3000万手。 光大证券策略投资部拟购买3000万股50ETF，每份约1.64元，错下单为3000万手，引发ETF基金自动购买成分蓝筹股及其他程序化交易资金的迅速跟进，银行石油等大蓝筹瞬时涨停，指数旋即大涨。 累计申报买入234亿元，实际成交72.7亿元。同日，光大证券将18.5亿元股票转化为ETF卖出，并卖空7130手股指期货合约. 下午股价大幅回落，全天上证50指数最终跌0.15% * * 光大乌龙指或亏7亿传旗下期货做空赚34亿 * * CCER数据库使用,用户名和密码均为swjtu * * * * * * * * * * * * 3110001: 两个市场A股简单算术平均平均市场指数 * * Topic Five Equity Markets (证券市场) * * Equity Markets(证