Dissertation > Excellent graduate degree dissertation topics show

The Analysis of Mainstream Investment Philosophy and Operating Characteristics of the Securities Markets

Author: ZhouYu
Tutor: WangZuo
School: Zhejiang University
Course: Finance
Keywords: Investment philosophy Maket liquidity Market volatility Securities-selectivity ability Market-timing ability
CLC: F832.51
Type: Master's thesis
Year: 2008
Downloads: 99
Quote: 0
Read: Download Dissertation

Abstract


The rapid development in Chinese capital market in the past 10-plus years, especially after equity division reform, witnesses a fast development in terms of the framework, system, culture, and law of securities market, the quality of listed companies, and investors’ quality. At the same time, the market, regulatory institutions and investors are becoming mature, which is geared to international standards. But there are also many problems in Chinese securities market now, such as great market fluctuation, poor asset pricing, and obvious herd behavior of investors. A large amount of scholars and people in investment are discussing "what kind of investment concept do we need?" and besides it, a special column concerning this problem in China Securities Journal is opened. Therefore, a study on the relationship between investment concept, investment behavior of investors, and movement of securities market is of important practical meaning. This project aims to deal with the following problems:1) how to establish the right investment concept in Chinese securities market; 2) promoting the study and innovation of investment concept; 3) providing a theoretical foundation for a sound, stable, and sustainable Chinese securities market; 4) offering help for every level of investor who is faced with investment decision.On the basis of a review on some scholars’ and securities pursuers’research findings, we find out few papers regarding the relationship between investment concept and movement of securities market, especially an empirical research on mainstream investment concept through quantization analysis. With empirical analysis method and role analysis method, this project studies the features of securities market and investment strategy of investors in different stages of investment concepts before the interaction between movement of securities market and the replacement of investment concepts and its related reasons are revealed.The project is divided into seven chapters, starting with an introduction of definition and connotation of investment concept and mainstream investment concept. Chapter Two presents the development process of investment concept and clear classification of classic investment concept from philosophical point of view, methodology, and operation imbalance. Chapter Three examines and analyzes the progression of mainstream investment concept of American securities market. Chapter Four examines and analyzes the development and evolvement of mainstream investment concept of Chinese securities market. In this chapter, adopting Neil’s way of looking for mainstream investment concept, the author divides Chinese securities market from May,1999 to June,2007 into four stages:a prevailing stage of single growth investment concept, a prevailing stage of multiple growth investment concepts, a stage of non-investment concept, and a prevailing stage of single value investment concept. Chapter Five and six discusses investment concept and movement of market with empirical analysis. The last chapter offers the conclusion of the whole paper.The findings of this paper show:1) In the different prevailing stages of mainstream investment concepts, the investment ability, investment style of investors, and movement of securities market have remarkable differences; 2) In the stage of non-investment concept, the situation of securities market is worst. The investors’securities-selectivity ability and market-timing ability are quite poor. The systematic risk of securities market increases. The market has the features of low liquidity and great volatility; 3) In the stage of growth investment concept, the investors lay particular stress on market-timing, an investment strategy. The market has the features of strong liquidity and volatility; 4) In the stage of value investment concept, the investors pay more attention to investment strategy called securities-selectivity. The securities market has the features of strong liquidity and low volatility; 5) In the stage of multiple investment concepts, securities market seems stable and sound beyond our expectation. The market has the features of low volatility and the highest liquidity.This paper explains the above-mentioned problems from two aspects:1) the features of value and growth investment concepts; 2) the structure of investors having an influence on the mainstream investment concept and movement of securities market. As to a dispute on value investment concept or growth investment concept, which one is more suitable for the development of Chinese securities market, the author holds that either value investment concept or growth investment concept can reflect partial basic rules and basic features of securities market from different angles. Both single value investment concept and growth investment concept will increase the systematic risk of market and weaken the vitality of market, while multiple investment concepts can make the market decrease the systematic risk of market and strengthen the vitality and liquidity market.

Related Dissertations

  1. The Study About the Securities Investment Funds’ Holding and Price,F224
  2. Research on the Regime Switchin Aciton in Chinese Stock Market Volatiolity,F832.51
  3. The Impact Study of the Short Selling Mechanism to the Volatility of the Stock Market,F832.51
  4. An Empirical Analysis on the Volatility of Stock Market and the Relationship with Economy in China,F832.51;F124
  5. Empirical Analysis of Chinese Open-end Funds Performance,F832.51
  6. Microstructure Research on China Securities Market Volatility,F224
  7. The Empirical Analysis of Applicability of the Value Investment in China’s Securities Market,F832.51
  8. Chinese fund positions STRATEGIES,F224
  9. Analysis of the Volatility of Chinese Stock Market Based on Theories of Microstructures,F832.5
  10. The Impact of the Decrease of Stamp Duty Rate for Securities Transactions on the Volatility of Chinese A Stock Markets--An Empirical Study,F832.5
  11. China 's Securities Investment Fund Performance Evaluation,F832.5
  12. The Research of the Stability of China’s Stock Market,F224
  13. Research on the Performances of Security Investment Funds and Its Evaluation System,F830.91
  14. The Study of Psychology and Philosophy of Stock Traders,F830.9
  15. A Positive Study of the Relationship between the Fluctuation in the Stock Market and Economy in China,F224
  16. Volatility of Stock Market: Empirical Study on Shanghai Stock Exchange,F832.51
  17. Disaggregate Volatility Components and Their Trends: An Empirical Study in Chinese Stock Market,F832.51
  18. Empirical Study on Volatility Timing Ability of China’s Investment Funds,F830.91
  19. Research on China's stock market volatility,F832.5
  20. Positive Research that the Exchange Rate Change of RMB Influences to the Stock Market of Our Country,F832.51;F224
  21. The Empirical Researches on Volatility of Shanghai Stock Market Based on a Non-linear GARCH Models,F832.51

CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
© 2012 www.DissertationTopic.Net  Mobile