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文献、资料中文题目：融资融券禁令在实验资产市场
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专业：金融学
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翻译日期： 2017.02.14
毕业论文外文资料翻译题目融资融券存在的马太效应分析——
基于券商的视角
Margin Trading Bans in Experimental Asset Markets
Woolridge
Abstract
In financial markets, professional traders leverage their trades because it allows to trade larger positions with less margin. Violating margin requirements, however, triggers a margin call and open positions are automatically covered until requirements are met again. What impact does margin trading have on the price process and on liquidity in financial asset markets? Since empirical evidence is mixed, we consider this question using experimental asset markets. Starting from an empirically relevant situation where margin purchasing and short selling is permitted, we ban margin purchases and/or short sales using a 2x2 factorial design to a allow for a comparative static analysis. Our results indicate that a ban on margin purchases fosters efficient pricing by narrowing price deviations from fundamental value accompanied with lower volatility and a smaller bid-ask-spread. A ban on short sales, however, tends to distort efficient pricing by widening price deviations accompanied with higher volatility and a large spread.
Keywords: margin trading, Asset Market, Price Bubble, Experimental Finance
1.Introduction
However, regulators can only have a positive impact on the life-cycle of a bubble, if they know how institutional changes affect prices in financial markets. Note that regulation is a double-edged sword since decision errors may lead from bad to worse. Given the systemic risk posed by speculative bubbles and their long history, it may be surprising how little attention bubbles have received in the literature and how little understood they are. This ignorance is partly due to the complex psychological nature of speculative bubbles but also due to the fact that the conventional financial economic theory has ignored the existence of bubbles for a long-time. But even if theories on bubble cycles have empirical relevance, it is clear that the issues surrounding the formation and the bursting of bubbles cannot be analyzed with pencil and paper. Conclusions on bubble cycles must be backed with quantitative data analysis. Given the limited number of observed empirical market crashes and their non-recurring nature, an experimental analysis of bubble formation involving controlled and replicable laboratory conditions seems to be a promising way to proceed.
The paper is organized as follows. Section II reviews the related literature, Section 0 presents the details of the experimental design and section IV reports the data analysis. In section V, we summarize our findings and provide concluding remarks.
2. Leverage in asset markets
Do margin requirements have any effects on market prices? Fisher (1933) and also Snyder (1930) mentioned the importance of margin debt in generating price bubbles when analyzing the Great Crash of 1929. The ability to leverage purchases lead to a higher demand, ending up in inflated prices. The subsequently appreciated collateral allowed to leverage purchases even more. This upward price spiral was fueled by an expansion of debt. From the end of 1924, brokers’loans rose four and one-half times (by $6.5 billion) and in the final phase broker’s borrowings rose at more than 100% a year until the bubble crashed. Then, after the peak of the bubble, a debt spiral was initiated. Investors lost trust and started to sell assets. Excess supply deflated prices resulting in a depreciation of collateral. Triggered margin calls lead to forced asset sales pushing supply even further. An increase in defaults on debt, and short sales exacerbated supply and finally assets were being sold at fire sale prices. It only took 6 weeks to extinguish half of the total of brokers’credit. Finally, in 1934, the U.S. Congress established federal margin authority to prevent unjustifiable increases or decreases in stock demand since margin requirements can prevent dramatic price fluctuations by limiting leveraged trades on both sides of the stock market: extremely optimistic margin purchasers and extremely pessimistic short sellers.Recent experimental evidence suggests short sale constraints to increase prices. Ackert et al. (2006)and Haruvy and Noussair (2006) find prices to deflate–even below fundamental value in the latter study –while King, Smith, Williams, and Van Boening (1993) find no effect. In a setting with information asymmetries, Fellner and Theissen (2006) find higher prices with short sale constraints but not depending on the divergence of opinion as predicted by Miller (1977). In a setting with smart money traders, Bhojraj, Bloomfield, and Tayler (2009) report short selling to exacerbate overpricing, even though it reduces equilibrium price levels. Hauser and Huber (2012) find short selling constraints with two dependent assets to distort price levels. Our design deviates from the previous studies in several but one important way: We use a more empirically relevant facility in that traders have to provide collateral facing the threat of margin calls.
3. Implementing Margin Purchasing and Short Selling
We conducted four computerized treatments utilizing a 2x2 factorial design as displayed in Table II. Starting from an empirically relevant situation where margin purchases Traders execute margin purchases when they purchase shares by using loan, collateralized with shareholdings evaluated at the current market value.11 In this case, traders make a bull market bet, i.e. they borrow cash to buy shares, wait for the price to rise and sell them with a profit. However, a decline in prices depreciates collateral while keeping loan constant. When prices fall below a certain threshold, such that the loan exceeds the value of the shareholdings (i.e. debt > equity), a margin call is triggered. Immediately, i) the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts selling shares at the current market price until margin requirements are met again or until
all shares have been sold.12 Traders execute short sales when they sell shares without holding them in their inventory, collateralized with sufficient cash at hand.13 In this case, traders make a bear market bet, i.e. they borrow shares to sell them in the market, wait for the price to decline, buy them back with a profit and return them. Note that the amount of debt equals the total amount the trader has to pay to buy back the outstanding shares. Thus, an increase in prices increases debt and reduces collateral (cash minus value of outstanding shares), simultaneously. When prices exceed a certain threshold, such that the amount to buy back outstanding shares exceeds collateral (i.e. debt > equity), a margin call is triggered. Immediately, i)the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts buying shares at the current market price until margin requirements are met again or until all short positions have been covered. Note that short sellers have to pay dividends for their short positions at the end of each period.14 After period 15, both long and short positions are worthless.15 In any case, a margin call can lead to bankruptcy. However, the consequences of a margin call hold even during bankruptcy, i.e. outstanding positions continuously being closed although subjects are bankrupt. This is different to any other asset market experiment considering leverage
4. Margin traders tend to make less money than others
By leveraging purchases and sales, traders take more risks to be able to make more money. But do margin traders make more money at all? To evaluate this question, we classify traders into types, i.e. margin traders, who trade on margin at least once, and others. Table X shows the average end- of round-earnings within types for each treatment along with the number of subjects. The spearman rank correlation between type and end of round earnings is negative in both rounds and in all three treatments. The coefficient is significantly different from zero only in MP|NoSS and NoMP|SS when subjects are once experienced . Subjects, who executed both margin purchases and short sales in MP|SS earned less than subjects who refrained from trading on margin. This is significant only for inexperienced subjects . One final note on the distribution of earnings. Comparing the treatments by evaluating the dispersion of earnings using the coefficient of variation , we find that the average CV in the NoMP|NoSS is lower than any other treatment Although not statistically significant, the results indicate that it is less risky to participate in markets with margin bans than in the markets where margin
trading is permitted.
5. Conclusion
In an attempt to halt the decline in asset values, recent regulatory measures temporarily banned short sales in financial markets. To assess the impact of banning leveraged trading on market mispricing is a complicated task when being reliant on data from real world exchanges only. it is unclear if possible price increases following a ban on short sales would come from new long positions or from covered short positions, and the announcement of such measures affects an uncontrolled reaction of the market. Owed to the uncontrolled uncertainties in the real world, asset mispricing can be measured only with weak confidence.
In comparison to other experimental studies where limits to margin debt and short sales are rare, our design involves margin requirements comparable to the real world. Highly levered investors face margin calls that lead to forced liquidation of positions, affecting a reinforcement of the swings of the market. We have studied the impact of leverage on individual portfolio decisions to find an increase in risk taking characterized by higher concentrations of risky assets eventually resulting in individual bankruptcies. Thus, our
Talking about security loopholes Richard S. Kraus reference to the core network security business objective is to protect the sustainability of the system and data security, This two of the main threats come from the worm outbreaks, hacking attacks, denial of service attacks, Trojan horse. Worms, hacker attacks problems and loopholes closely linked to, if there is major security loopholes have emerged, the entire Internet will be faced with a major challenge. While traditional Trojan and little security loopholes, but recently many Trojan are clever use of the IE loophole let you browse the website at unknowingly were on the move. Security loopholes in the definition of a lot, I have here is a popular saying: can be used to stem the "thought" can not do, and are safety-related deficiencies. This shortcoming can be a matter of design, code realization of the problem. Different perspective of security loo phole s In the classification of a specific procedure is safe from the many loopholes in classification. 1. Classification from the user groups: ● Public loopholes in the software category. If the loopholes in Windows, IE loophole, and so on. ● specialized software loophole. If Oracle loopholes, Apach e,
Statistical hypothesis testing Adriana Albu，Loredana Ungureanu Politehnica University Timisoara,adrianaa@aut.utt.ro Politehnica University Timisoara,loredanau@aut.utt.ro Abstract In this article,we present a Bayesian statistical hypothesis testing inspection, testing theory and the process Mentioned hypothesis testing in the real world and the importance of, and successful test of the Notes. Key words Bayesian hypothesis testing; Bayesian inference;Test of significance Introduction A statistical hypothesis test is a method of making decisions using data, whether from a controlled experiment or an observational study (not controlled). In statistics, a result is called statistically significant if it is unlikely to have occurred by chance alone, according to a pre-determined threshold probability, the significance level. The phrase "test of significance" was coined by Ronald Fisher: "Critical tests of this kind may be called tests of significance, and when such tests are available we may discover whether a second sample is or is not significantly different from the first."[1] Hypothesis testing is sometimes called confirmatory data analysis, in contrast to exploratory data analysis. In frequency probability,these decisions are almost always made using null-hypothesis tests. These are tests that answer the question Assuming that the null hypothesis is true, what is the probability of observing a value for the test statistic that is at [] least as extreme as the value that was actually observed?) 2 More formally, they represent answers to the question, posed before undertaking an experiment,of what outcomes of the experiment would lead to rejection of the null hypothesis for a pre-specified probability of an incorrect rejection. One use of hypothesis testing is deciding whether experimental results contain enough information to cast doubt on conventional wisdom. Statistical hypothesis testing is a key technique of frequentist statistical inference. The Bayesian approach to hypothesis testing is to base rejection of the hypothesis on the posterior probability.[3][4]Other approaches to reaching a decision based on data are available via decision theory and optimal decisions. The critical region of a hypothesis test is the set of all outcomes which cause the null hypothesis to be rejected in favor of the alternative hypothesis. The critical region is usually denoted by the letter C. One-sample tests are appropriate when a sample is being compared to the population from a hypothesis. The population characteristics are known from theory or are calculated from the population.
中文3696字 本科毕业论文外文翻译 出处：Infosys Strategic Vision 原文： Insights from Banking Simple By Ashok Vemuri Introduction “A simpler way of banking.We treat with you respect. No extraneous features. No hidden fees.” For the unini tiated, this is the mantra of BankSimple, a Brooklyn-based startup which has positioned itself as a consumer-friendly alternative to traditional banks. BankSimple pushes a message of user experience—sophisticated personal finance analytics, a single “do-it-all” card, superior customer service, and no overdraft fees.Though branchless and primarily online-based, BankSimple is also planning to provide some traditional customer service touches, including phone support and mail-in deposits. Interestingly, BankSimple will also likely not be a bank—at least not in the technical, FDIC sense of the word. Rather, BankSimple’s strategy is to be a front-end focused on the customer experience. The back-end core “bank” component will be FDIC-insured partner banks. Unfettered by years of IT investments and entrenched applications, BankSimple’s team has the freedom to build an innovative, user-friendly online interface, customer service program, and the associated mobile and social bells and whistles that more and more consumers are demanding. One way to look at it is as a wrapper insulating the consumer from the accounting, compliance, and technology challenges that many banks face. Like personal finance sites https://www.doczj.com/doc/3815487821.html, and Wesabe before it, BankSimple is looking to tap into a perceived gap between what major banks provide and what consumers want. A recent survey by ForeSee Results and Forbes found that consumers view online banking as more satisfying than banking done offline. Though good news for the industry as a whole, the survey also found that the five largest banks in the country scored the lowest in the study. Cheaper and more customer friendly, digital banking is the future—but many consumers are finding it is better done with credit unions, community banks, and (down-the-road) startups like BankSimple. As you read, significant investments are being made by banks to improve their online, mobile, and IVR customer-friendliness. Major banks are embracing these channels, and customer satisfaction will likely improve over time. Even so, startups like Bank- Simple should be viewed as a learning opportunity. Their ideas are disruptive and often highlight pain points that need to be addressed. BankSimple’s first two stated philosophies are a good place to start: “A simpler way of banking” and “We treat you with respect.”
Inventory management Inventory Control On the so-called "inventory control", many people will interpret it as a "storage management", which is actually a big distortion. The traditional narrow view, mainly for warehouse inventory control of materials for inventory, data processing, storage, distribution, etc., through the implementation of anti-corrosion, temperature and humidity control means, to make the custody of the physical inventory to maintain optimum purposes. This is just a form of inventory control, or can be defined as the physical inventory control. How, then, from a broad perspective to understand inventory control? Inventory control should be related to the company's financial and operational objectives, in particular operating cash flow by optimizing the entire demand and supply chain management processes (DSCM), a reasonable set of ERP control strategy, and supported by appropriate information processing tools, tools to achieved in ensuring the timely delivery of the premise, as far as possible to reduce inventory levels, reducing inventory and obsolescence, the risk of devaluation. In this sense, the physical inventory control to achieve financial goals is just a means to control the entire inventory or just a necessary part; from the perspective of organizational functions, physical inventory control, warehouse management is mainly the responsibility of The broad inventory control is the demand and supply chain management, and the whole company's responsibility. Why until now many people's understanding of inventory control, limited physical inventory control? The following two reasons can not be ignored: First, our enterprises do not attach importance to inventory control. Especially those who benefit relatively good business, as long as there is money on the few people to consider the problem of inventory turnover. Inventory control is simply interpreted as warehouse management, unless the time to spend money, it may have been to see the inventory problem, and see the results are often very simple procurement to buy more, or did not do warehouse departments . Second, ERP misleading. Invoicing software is simple audacity to call it ERP, companies on their so-called ERP can reduce the number of inventory, inventory control, seems to rely on their small software can get. Even as SAP, BAAN ERP world, the field of
吉林化工学院理学院 毕业论文外文翻译English Title（Times New Roman ，三号） 学生学号：08810219 学生姓名：袁庚文 专业班级：信息与计算科学0802 指导教师：赵瑛 职称副教授 起止日期：2012.2.27～2012.3.14 吉林化工学院 Jilin Institute of Chemical Technology
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外文文献翻译（译成中文2000字左右）： As research laboratories become more automated,new problems are arising for laboratory managers.Rarely does a laboratory purchase all of its automation from a single equipment vendor. As a result,managers are forced to spend money training their users on numerous different software packages while purchasing support contracts for each. This suggests a problem of scalability. In the ideal world,managers could use the same software package to control systems of any size; from single instruments such as pipettors or readers to large robotic systems with up to hundreds of instruments. If such a software package existed, managers would only have to train users on one platform and would be able to source software support from a single vendor. If automation software is written to be scalable, it must also be flexible. Having a platform that can control systems of any size is far less valuable if the end user cannot control every device type they need to use. Similarly, if the software cannot connect to the customer’s Laboratory Information Management System (LIMS) database,it is of limited usefulness. The ideal automation software platform must therefore have an open architecture to provide such connectivity. Two strong reasons to automate a laboratory are increased throughput and improved robustness. It does not make sense to purchase high-speed automation if the controlling software does not maximize throughput of the system. The ideal automation software, therefore, would make use of redundant devices in the system to increase throughput. For example, let us assume that a plate-reading step is the slowest task in a given method. It would make that if the system operator connected another identical reader into the system, the controller software should be able to use both readers, cutting the total throughput time of the reading step in half. While resource pooling provides a clear throughput advantage, it can also be used to make the system more robust. For example, if one of the two readers were to experience some sort of error, the controlling software should be smart enough to route all samples to the working reader without taking the entire system offline. Now that one embodiment of an ideal automation control platform has been described let us see how the use of C++ helps achieving this ideal possible. DISCUSSION C++: An Object-Oriented Language Developed in 1983 by BjarneStroustrup of Bell Labs,C++ helped propel the concept of object-oriented programming into the mainstream.The term ‘‘object-oriented programming language’’ is a familiar phrase that has been in use for decades. But what does it mean? And why is it relevant for automation software? Essentially, a language that is object-oriented provides three important programming mechanisms:
论文题目：关于巴塞尔II：新巴塞尔资本协议的影响 学院名称：财经学院专业班级：金融0814班学生姓名：王庆贺 外文题目：Dealing with Basel II: the impact of the New Basel Capital Accord 出处：Balance Sheet,2003,Vol.11(No.4) 作者：Thomas Garside and Jens Bech 译文： 关于巴塞尔II：新巴塞尔资本协议的影响 托马斯·加赛德和杰尼斯·伯克 摘要：国际监管机构在2003年完成新资本协议，银行决定在2006年底执行这个协议。巴塞尔协议是对全球银行业改革的监管。在本文中，我们回顾新巴塞尔资本协议内容以及一些我们所期望对欧洲银行业发生的重要影响。正如在第一届巴塞尔协议修正案（Basel I）中，我们得出结论，新巴塞尔协议不仅对持有资本额的数量做了规定，还对银行业的战略格局进行展望。 关键词：银行，流动性，监管，风险管理 新巴塞尔资本协议的新规则 巴塞尔委员会虽然只是公布了三分之一，但这很可能是协商的最后新资本协议（Basel II）文件。这项建议如获通过，将会深刻地改变银行的偿付能力的方式，监管机构监管银行风险管理实施过程和银行必须对市场参与者公布的风险信息量，经过讨论会，巴塞尔委员会预计将在2003年底发布的新资本协议的最后草案。 目前的巴塞尔资本协议（Basel I）对达到加强国际金融体系的稳定的既定目标已经有了显著成效，通过在不同国家持续应用本协议的同时，增加了资本水平，创造了一个更公平的竞争领域。总的来说，目前的全球一级资本的平均水平从1993年的约6%升至8%，此外，巴塞尔资本协议已经应用于100多个国家，远远超过最初的预期。 尽管实现其最初目标的成效很明显，很显然，对于巴塞尔我有一些意想不到的不
软件专业毕业论文外文文献中英文翻译 Object landscapes and lifetimes Tech nically, OOP is just about abstract data typing, in herita nee, and polymorphism, but other issues can be at least as importa nt. The rema in der of this sect ion will cover these issues. One of the most importa nt factors is the way objects are created and destroyed. Where is the data for an object and how is the lifetime of the object con trolled? There are differe nt philosophies at work here. C++ takes the approach that con trol of efficie ncy is the most importa nt issue, so it gives the programmer a choice. For maximum run-time speed, the storage and lifetime can be determined while the program is being written, by placing the objects on the stack (these are sometimes called automatic or scoped variables) or in the static storage area. This places a priority on the speed of storage allocatio n and release, and con trol of these can be very valuable in some situati ons. However, you sacrifice flexibility because you must know the exact qua ntity, lifetime, and type of objects while you're writing the program. If you are trying to solve a more general problem such as computer-aided desig n, warehouse man ageme nt, or air-traffic con trol, this is too restrictive. The sec ond approach is to create objects dyn amically in a pool of memory called the heap. In this approach, you don't know un til run-time how many objects you n eed, what their lifetime is, or what their exact type is. Those are determined at the spur of the moment while the program is runnin g. If you n eed a new object, you simply make it on the heap at the point that you n eed it. Because the storage is man aged dyn amically, at run-time, the amount of time required to allocate storage on the heap is sig ni fica ntly Ion ger tha n the time to create storage on the stack. (Creat ing storage on the stack is ofte n a si ngle assembly in structio n to move the stack poin ter dow n, and ano ther to move it back up.) The dyn amic approach makes the gen erally logical assumpti on that objects tend to be complicated, so the extra overhead of finding storage and releas ing that storage will not have an importa nt impact on the creati on of an object .In additi on, the greater flexibility is esse ntial to solve the gen eral program ming problem. Java uses the sec ond approach, exclusive". Every time you want to create an object, you use the new keyword to build a dyn amic in sta nee of that object. There's ano ther issue, however, and that's the lifetime of an object. With Ian guages that allow objects to be created on the stack, the compiler determines how long the object lasts and can automatically destroy it. However, if you create it on the heap the compiler has no kno wledge of its lifetime. In a Ianguage like C++, you must determine programmatically when to destroy the
本科毕业论文（设计）文献综述和外文翻译 撰写要求与格式规范 一、毕业论文（设计）文献综述 （一）毕业论文（设计）文献综述的内容要求 1．封面：由学院统一设计，普通A4纸打印即可。 2.正文 综述正文部分需要阐述所选课题在相应学科领域中的发展进程和研究方向，特别是近年来的发展趋势和最新成果。通过与中外研究成果的比较和评论，说明自己的选题是符合当前的研究方向并有所进展，或采用了当前的最新技术并有所改进，目的是使读者进一步了解本课题的意义。文中的用语、图纸、表格、插图应规范、准确，量和单位的使用必须符合国家标准规定，引用他人资料要有标注。 文献综述字数在5000字以上。 正文前须附500字左右中文摘要，末尾须附参考文献。 参考文献的著录按在文献综述中出现的先后顺序编号。 期刊类文献书写方法:[序号]作者（不超过3人，多者用等表示）.题（篇）名[J].刊名,出版年,卷次（期次）:起止页次.
图书类文献书写方法:[序号]作者.书名[M].版本.出版地:出版者,出版年:起止页次. 论文集类文献书写方法:[序号]作者.篇名[C].论文集名.出版地:出版者,出版年:起止页次. 学位论文类书写方法:[序号]作者.篇名[D].出版地:单位名称,年份. 电子文献类书写方法:[序号]主要责任者. 题名:其他题名信息[文献类型标志/文献载体标志 ]出版地:出版者,出版年（更新或修改日期）[引用日期].获取和访问途径. 参考文献篇数应符合学院毕业论文（设计）工作的要求。 （二）毕业论文（设计）文献综述撰写与装订的格式规范 第一部分：封面 1.封面：由学院统一设计，“本科生毕业论文（设计）”根据作业实际明确为“论文”或“设计”，其它文本、表格遇此类情况同样处理。 第二部分：文献综述主题 1.中文摘要与关键词 摘要标题（五号，宋体，顶格，加粗）
专业外文翻译 题目JSP Technology Conspectus and Specialties 系（院）计算机系 专业计算机科学与技术 班级 学生姓名 学号 指导教师 职称讲师 二〇一三年五月十六日
JSP Technology Conspectus and Specialties The JSP (Java Server Pages) technology is used by the Sun micro-system issued by the company to develop dynamic Web application technology. With its easy, cross-platform, in many dynamic Web application programming languages, in a short span of a few years, has formed a complete set of standards, and widely used in electronic commerce, etc. In China, the JSP now also got more extensive attention; get a good development, more and more dynamic website to JSP technology. The related technologies of JSP are briefly introduced. The JSP a simple technology can quickly and with the method of generating Web pages. Use the JSP technology Web page can be easily display dynamic content. The JSP technology are designed to make the construction based on Web applications easier and efficient, and these applications and various Web server, application server, the browser and development tools work together. The JSP technology isn't the only dynamic web technology, also not the first one, in the JSP technology existed before the emergence of several excellent dynamic web technologies, such as CGI, ASP, etc. With the introduction of these technologies under dynamic web technology, the development and the JSP. Technical JSP the development background and development history In web brief history, from a world wide web that most of the network information static on stock transactions evolution to acquisition of an operation and infrastructure. In a variety of applications, may be used for based on Web client, look no restrictions. Based on the browser client applications than traditional based on client/server applications has several advantages. These benefits include almost no limit client access and extremely simplified application deployment and management (to update an application, management personnel only need to change the program on a server, not thousands of installation in client applications). So, the software industry is rapidly to build on the client browser multilayer application. The rapid growth of exquisite based Web application requirements development of