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There are many categories in the financial market, and futures market plays a very important role. How to make the most profit in futures market is a problem that investors, fund organizations and private placement teams have been studying all along. This paper constructs a futures investment decision model based on intensive learning model theory, makes graphical conversion according to historical time series data, defines the return of strategies for local strategy banks, trains a DQN network, automatically switches strategies, and ensures the maximization of gains.

P203 events give investors opportunities to gain excess return in stock markets, however, their performance would be influenced by many factors in a quite complicated way. Based on data mining on PPMA events over period 2010–2016 in China's stocks markets, this paper discloses that discount, scale of private placement, size and industry of listed company are some crucial impact factors to excess return, and some specific investment strategies are verified and suggested.

Nepal Stock Exchange is the only Stock Exchange in Nepal. It has already introduced ATS. Central Depository System has also been implemented in the investment of Nepal stock Exchange. With physical share certificates trading, it takes at least 15 days to transfer securities from the seller to the buyer and about a week for the seller to receive funds. Even with the introduction of Central Depository System, the settlement cycle of trades done in NEPSE is T+3. T+3 means that when a security is purchased, payment and the securities certificate must change hands no later than three business days after the trade is executed. In the current scenario, the market is changing continuously but investors are unable to sell or buy their securities at their preferred time. So, there is a need of online trading system that helps investors to buy or sell their securities and settle their trade in less time. At the moment, securities market is broker dependent so this research proposes a system model to increase the dependency of the investors directly in the secondary market. For this purpose, this work investigates the current IT systems implemented in securities market and proposes a model of online trading system for Nepal Stock Exchange. This research has used qualitative and quantitative methodologies to collect the data from the stakeholders.

This paper uses listed companies which had completed private placement during 2006 to 2009 period as research samples, and the research content lies in the motivation of listed company to implement private placement had any effect on the its profitability, applying multiple regression analysis method and empirical method into analyzing the effect of motivation of private placement on the profitability of the company. The author found that different motivation has different impact on the listed companies' follow-up profitability based on the research results.

In this paper, we propose a new wealth tunneling model between larger controlling shareholders and institution investors, and then analyze the related relationship between price discount of private equity placement and wealth-transferring effects. Price discount ratio and wealth transferring effects of private equity placement are closely related with subscribing private placement objects. Firm wealth transferring effects owned by larger controlling shareholders and institution investors exhibit an increasing trend with an increase of price discount ratio of private placement and the difference between share-subscribing ratio after private placement and original share-holding ratio owned by controlling shareholders and institution investors. In the event of larger controlling shareholders and institution investors participation, Larger controlling shareholders and institution investors have greater incentive to transfer firm wealth through private equity placement with an increase of the degree of interest deviation among larger controlling shareholders, institution investors and minority shareholders outside.

This paper studies how the motives of private offering of additional shares of listed companies affect the performance of listed companies, using listed companies having offered private additional shares from 2005 to 2010 as study sample. This study adopts multivariate logistic regression model to empirically analyze which factors affect the motive of private offering of additional shares. This study, from results of analysis, founds that small scale companies with poor historical performance have stronger motives of private offering of additional shares.

Objectives: The purpose of this study was to investigate the relationship between institutional stock trading and loan renegotiation information. As lenders, institutional investors routinely receive private information about borrowers. However, most of these investors also trade in public securities. Institutional investor maybe use inside information acquired from the borrowers to trade in public securities. This study examines the stock trading of institutional investors whose portfolios also hold loans, and the effect of internet information.

The paper develops a model of private placement, then explores the discount of private placement under the control of controlling shareholder and how to influence company's value. We find that private placement is used to a mechanism for tunneling, Whether and how much to tunnel may depend on the discount and the percentage of private placement which purchased by the controlling shareholder. At the same time, asymmetric information has an important influence on the discount of private placement, and the discount is larger when it exists more asymmetric information.

This paper focus on the behavior option of majority stockholders in private placement of assets-injecting. This research based on the market timing theory. I find that the majority stockholders prefer to issue shares and inject assets when the benchmark price under the intrinsic value and the company's earnings before issue lower than the overall industry earnings. In order to manipulate the benchmark price, they will use the way of choosing pricing base day, opposite earning management and delist. Except that, I also discover that the majority stockholders prefer to issue stocks and inject assets under the background of bull market expectation and in accordance with equity division reform. But the conclusions above also should be verified by empirical research.

This paper is a systematic review on private placements of equity covering the literature both abroad and domestic, including three aspects: theory illustration of private placements of equity's discount, influencing factors of discount and its announcement effect, tunneling in private placements of equity. Especially pay close attention to assets-injecting of PPE. Through review, we discover that information asymmetry theory, control right theory and chance window theory are fit to illustrate the practice of China's PPE. The main influencing factors of discount is the identity of shareholders, and market quotations, investor's mood will also affect discount. PPE has positive announcement effect in short window of event, while its long announcement effect is not ideal. PPE is gradually turning to be a potential way of tunnel of control shareholders and its related party. assets-injecting of PPE has become the new hot topic of the stock market. There are both sustaining and tunneling views of control shareholder's assets-injecting from the literatures. From the review, this paper finally point out the orientation of following research.

Securities have the characteristics of virtuality, value anticipation, uncertainty and information influence. These characteristics have the direct connection with the information asymmetry in securities market. Information asymmetry increase the uncertainty in securities market, The harms of it show in adverse selection, moral hazard, insider dealing and market manipulation, furthermore, lead to market failure. In order to decrease and cope with information asymmetry, the government should play an active role in it.

In this paper we examine three main effects (which are announcement effect of issue plan, discount of issue price and post-issue long-run abnormal returns)of private placement of equity by public firms in China and the relationships among them by separating the samples into three groups (large shareholders, outsider-investors, large shareholders and outsider-investors) according to the identity of participating investors. Our conclusions are as follows: 1. Plans of private placement of equity have significant positive announcement effect. 2. Large shareholders' participation increases the average discounts of issue price of groups relative to that of the group of outsider-investors and stronger announcement effect is associated with higher discount across three groups. 3. There are significant positive relations between issue price discounts and changes in stock prices during the period from the announcement of issue plan to execution of issuance, and issue price discounts is partially caused by the overoptimistic reaction of market. 4. There are significant negative relations between the participating investors' rational expectations about future performance of stock prices and issue prices discounts. 5. Participating investors of private placements gain significant positive post-issue long-run abnormal returns which are caused by discounts.

In this paper, the listed companies which declared holistic listing between September 30th of 2003 and December 31st of 2009 have been chosen as research samples. And then, the different stock market reactions of group companies' holistic listing based on the four holistic listing models proposed by State-owned Assets Supervision and Administration Commission (SASAC) have been analyzed empirically. The empirical result shows that the positive responses led by companies which listed holistically through private placements are stronger than those through other models. With this conclusion, rational choice for holistic listing models can be made more reasonably.

In this paper we establish a reputation mechanism model, based on the effective reaction of rational investors to fresh news, to regard the supervision ability as an endogenous variable, and therefore to analyze the relationship among the listed company, the regulatory authority and the exterior investors. This model may contribute to realization of the exterior investors' self-protection by impelling the listed company and the regulator to maintain their own reputation. By constructing a reputation mechanism on the securities market, based on Diamond's model on the bank loan market in 1989, we provide an access to a well-established securities market, that is to promote the rational investors' ratio in order to strengthen the reputation mechanism on the securities market. Besides, this model provides a benchmark to the problem of selection between centralized supervision and decentralized decision-making.

In this paper, we investigate the dissimilation of announcement effects of private placement between bull and bear markets by taking these public corporations of announcing private placement from 2006 to 2008 as sampled corporations. We can disclose the following phenomena: in the bull stock market, the significant announcement effect can only be showed in the announcement day whereas it can be significantly showed during the whole process including pre- and post- announcement day in the bear stock market. The relationship in the different stock market surroundings between the effects of announcement and price discount will be significantly different and the announcement effects will be lessened with the increasing of discount whereas it will be swelled in the bull stock market surroundings. In last, some theoretic interpretations will be given according to investor sentiment and the corresponding revelations.

The emergence and development of the Internet provides a new means of securities trading and stock subscription channels for investors, at the same time, it provides better facility for investors. Brokers can make use of Internet to analyze the customer's investment preferences and trading habits, they could provide personalized service according to the customer's situation. What's more, they can also carry out marketing activities on the Internet and develop more customers. In the long run, the keys of securities companies develop an online securities business is to build Internet trading platform, do human resource training and development, establish online stock broker online trading system, all these aspects could build innovation system.

As of December 1, 2008, the revised “Management Measures of Securities Companies' Risk Control Indicators” (“Management Measures”) and its counterpart regulations have been put in force with the emphasis on risk capital reserve by China Securities Regulatory Commission (CSRC). In order to meet the stipulations of risk control in “Management Measures”, securities companies should expand the business scale prudently, establish the pressure test mechanism and upgrade the rank in classification.

In recent two decades, because of its unique superiority, private offering fund has won a rapid development around the world, and become an important source of the fund of small and medium–size enterprises, especially for those in financial crisis. This paper analysises the necessity and feasibility of the current private financing of SMEs for the status quo of China's SME development and financing situation, which is based on the basic connotation and the characteristics of private offering fund, which provides SMEs with innovative financing ideas and some related recommendations for the problems occurring during the development of private offering fund in China.

This study aims to examine whether information asymmetry hypothesis can properly explain announcement effects of seasoned equity issues in China. We use the market adjusted model to measure announcement effects in event studies and use six variables (SIZE, AGE, VOL, B/M, VAR, and EARN) as proxies for information asymmetry in multiple regression analyses. The results show that cumulative abnormal returns around the announcement day are significantly positive for private placements but insignificant for public offerings. The results also show that the coefficients of all variables as proxies for information asymmetry are insignificant in regression analyses. The evidence indicates that information asymmetry hypothesis cannot properly explain the announcement effects of new equity issues in China.

We develop and test a logistic regression model to examine how companies choose between public offering and private placements in China. Three findings emerge. First, profitability is one of the most important factors that influence on the choices of SEO. Companies that cannot make enough profits without qualifications for public offering are more likely to choose private placement. This evidence indicates that the choice of SEO in China is most influenced by relevant regulations and that listed companies have equity financing preference. Second, the impact of information asymmetry and the pressure of demand for fund are also important factors. Small companies tend to reduce the risk of issue failure; Companies with high debt ratio tend to meet the demands for fund. Finally, control benefit is another factor which influences the ways of SEO. Block holders with higher initial stakes are under little risk of losing their control power. So they tend to choose private placement, especially to new institutional investors instead of current investors.

In capital market, second equity offering (SEO) is the main method of refinancing for listed companies. Private placement is a representative example of SEO. And in recent years, more and more irrational phenomena have been rising with private placement in Chinese stock market because of lack of efficient pricing method. The research on stock pricing for private placement in China is of great significance. We consider the problem of price estimation in SEO with marketability restriction. In SEO with marketability restriction, especially in private placement, the stock price is determined by price discount and initial price. To estimate the price discount, we employ Longstaff’s framework of opportunity cost and extend Longstaff’s assumption. In our extended assumption, return and volatility of stock price are given by independent stochastic process. To estimate the initial price of stock in private placement, we introduce residual income method into our pricing model. Monte Carlo method is adopted to simulate the price movement in order to numerically estimate price discount in private placement. And result of empirical analysis shows that our model can effectively price the stock in private placement in China.

With the sustainable development of China's economy, China's securities market would play more and more important role in the global securities market. However, as an emerging market, the speculative psychology and short-term investing behavior in China's securities market is very obvious, therefore, it is of important theoretical and practical significance to research on behavioral finance features of China's securities market. Firstly, the paper introduced the basic characteristics of China's securities market and illuminated the development background of behavioral finance in China; secondly, analyzed the structure and educational level of investors; finally, explained the difference of the investing behaviors between information trader and noise trader. Based on the analysis, the paper draw a conclusion that the frequent noise trading and sudden and sharp volatility of stock price of China's securities market was closely related with the perfect degree of market system and the investors, thus, the paper put forward some policy suggestions from the two aspects of macrocosmic supervision of government departments and improvement of investors' educational level.

The paper addresses online securities trading and the possibility of occurrence of securities offences. Using online investment newsletters, bulletin boards, e-mail spam, etc online securities offences could be committed. Spreading false information about certain securities, non-disclosure of receiving commission for promoting stocks, practising false trading, market rigging, market manipulation are considered as fraud under the Malaysian legislation and whoever practices will be prosecuted. The paper also analyses the available Malaysian legal framework to control and curb the commission of securities related offences. The Securities Commissions Act 1993 provides regulatory framework for conduction e-trading activities while the Securities Industry Act 1983 makes false trading, market rigging, market manipulation false and misleading information as regard to stocks as offences. The Contracts Act 1950 in section 18 allows the investors to recover damages and cancel the trading of securities if the transaction was caused by misrepresentation. The Computer Crimes Act 1997 addresses threat like hacking cracking, transfer of classified and confidential information. The analysis of the legislation was done to see the adequacy of the existing laws to control the commission of securities offences. Beside the analysis of legislation and related cases the paper also analyses the provisions of guideline issued by the Malaysian Securities Commission to see the level of safeguard the Malaysian legal framework gives to the investors

Raising money, the ability to attract funds and investors to emerging high-tech companies, can be a difficult and delicate task. Sources of capital include private investors, venture capitalists, strategic corporate partners, institutional investors, private placements, public offerings, and government programs designed to encourage small business. Each source has distinct advantages and requirements and understanding those requirements and the role that intellectual property plays in attracting potential investors and corporate partners is critical to the success of the emerging business. >