Does stock repurchase declaration affect stock price? Differences between the electrics industry and other industries

This study is to discuss the impact of stock repurchase declaration and purpose of repurchase on the stock price in the backdrop of listed companies on Taiwan’s stock market. Event Study Method is employed to discuss stock price fluctuations while GARCH (Generalized Autoregressive Conditional Heteroscedasticity) is applied to estimate the Market Model regressive coefficients. The samples consisted of companies declaring first stock repurchase are selected from August 9, 2000 to December 31, 2005 with a precondition that all the companies shall be listed ones 150 days prior to declaration. The study results reveal that companies from other industries have considerably bigger average CAR than companies of the electrics industry before and after the declaration of stock repurchase. Companies with application purpose of “maintain stockholders’ equities and corporate credit” have considerably bigger average CAR than companies with application purpose of “transferring stocks to employees”. In industries other than electrics, companies with application purpose of “maintain stockholders’ equities and corporate credit” have bigger accumulated abnormal return response than companies with application purpose of “transferring stocks to employees”. In case of “maintain stockholders’ equities and corporate credit” as the application purpose of stock repurchase, companies from industries other than electrics have relatively higher average CAR response. The empirical study results can serve as a reference for the listed company management and to related academic studies.     

The generalized assortment and best cutting stock length problems

This paper introduces two new one-dimensional cutting stock models: the generalized assortment problem (GAP) and the best cutting stock length (BSL) problem. These new models provide the potential to reduce waste to values lower than the optimum of current models, under the right management circumstances. In the GAP, management has a standard length and can select one or more of any additional custom stock lengths, and management wishes to minimize cutting stock waste. This model is different from existing models that assume that the selection is from a small fixed set of stock lengths. In the BSL problem, management chooses any number of custom stock lengths, but wishes to find the fewest custom stock lengths in order to have zero waste. Results show waste reductions of 80% with just one custom stock length compared with solutions from standard cutting stock formulations, when item lengths are long relative to the stock length. The models are most effective when the item lengths are nearly as long as the stock length. Solutions from the model have been implemented for a manufacturer. The model is easily generalized to allow multiple existing stock lengths and different costs.     

中国石油化工股份公司股价子系统的研究与实现

中国石油化工股份公司股价子系统是中国石化股份公司主页系统的一个重要组成部分。文中对主页系统进行了整体介绍 ,分析了股价子系统的需求 ;讨论了信息发布系统的实现技术 ,并在此基础上对系统进行了软硬件平台选择、数据库设计和功能模块的设计。利用Delphi编写的后台维护程序提供用户友好的界面辅助数据处理人员进行股价信息的维护 ,利用预先定义好的模板从数据库中生成股价信息页面 ,并能方便地将信息页面发布到WWW服务器上去。另外 ,利用php脚本程序实现对股价页面进行基于时间的检索     

基于灰色系统理论的股指预测研究

作为市场的晴雨袁,股市行情的准确预测不仅是政府决策人员的目标,也是股民们的期望．灰色系统理论被成功应用于众多科学领域,灰色系统预测便是其中之一．首先,基于GM（1,1）和新陈代谢GM（1,1）两种灰色模型,利用2013年7月26日-8月15日的上证指数收盘数据,研究两者在股指预测中的应用．然后,在上述两种模型的基础上建立两者的组合模型,进而研究组合模型在股指预测中的应用．通过对3种模型预测误差的分析比较,得出了灰色组合模型的预测精度最高的结论．     

Satisfying quality requirements in the design of a partition‐based,distributed stock trading system

Although quality requirements (QRs) have become a major drive in today's software development, there have been very few real‐world examples in the literature that demonstrate how to meet these requirements. This paper presents such an example. Specifically, the paper describes the design of a partition‐based distributed stock trading service system that satisfies a set of QRs related to resource utilization, performance, scalability and availability. The paper evaluates this design through detailed experiments and discusses some design alternatives and the lessons learned. Central to this design are a static load distribution strategy and a dynamic load balancing strategy. The first strategy is to achieve an initial balanced workload on the system's server cluster during the system initialization time, whereas the second strategy is to maintain this balanced workload throughout the system execution time. Together, these two strategies work in unison to ensure that the server resources are efficiently utilized; the user requests are processed with the required speed; the application is partitioned with sufficient room to scale; and the system is highly available. Copyright © 2011 John Wiley & Sons, Ltd.     

CAD/CAM在钣金放样展开及下料方面的应用

介绍了以三维Solidworks软件为设计平台,对裤型椭圆锥三通管进行放样和展开,生成的二维图形经过排料后直接输出给数控编程软件FastCAM,并生成火焰切割机的加工程序,火焰切割机直接进行切割的实现方法.     

灰色关联度在股票综合评价中的应用

针对股票的主要财务数据,应用灰色关联度确定的多目标决策方法,对选取的股票进行综合评价研究．通过对所选取的股票应用灰色关联度多目标决策原理进行计算和分析,验证灰色关联决策法在股票评价中的有效性和适用性,以给股票投资者一定的决策参考．     

有交易费用的股价波动源模型期权定价

在红利率、无风险利率、无跳跃发生时股票价格波动率均为时间的已知函数和证券市场存在交易成本的假设下,利用随机微分理论和无套利原理,推导出波动源模型的欧式期权定价方程及其定价公式,从而得出欧式看涨期权和看跌期权的定价公式.     

新型焦炭运输专用车的设计与应用

阐述了T型焦炭运输专用车的设计制造过程、技术参数、特点、结构,介绍了该车与原M11车的比较、该车的运用情况、效益等。     

带残损原材料的二维优化下料问题的研究

本文将遗传算法和模拟退火算法相结合来求解二雏优化下料问题，下料件为不规则形状，原材料上带有残损，问题具有一般性。并在Windows2000平台下，用Matlab实现上述算法。通过实例验证了该算法的有效性。