昨日阅读6个小时,累计阅读489小时
阅读一
A comparative study of unit root tests withpanel data and a new simple test --3
单位根检验与面板数据的比较研究和一种新的简单检验–3
1, The Levin ±Lin (LL) Tests
2, Levin and Lin (1992) conduct an exhaustivestudy and develop unit root tests for the model
Thus, themodel incorporates a time trend as well as individual and time-specificeffects.
1) Initially, they assume that
2) butthey state that under serial correlation, with the inclusion of lagged firstdifferences as in the ADF test, the test statistics have the same limitingdistributions as mentioned subsequently, provided the number of laggeddifferences increase with sample size.
3) Levin and Lin consider several subcases ofthis model. In all cases the limiting distributions are as
4) Also inall cases, the equation is estimated by OLS asa pooled regression model.
The submodels are:
In model 6, both intercept and time trend varywith individuals.
阅读二
巴菲特的估值逻辑:20个投资案例深入复盘
1, 第16章 1990:富国银行(之二)
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=7102043&page=1&extra=#pid59137585
依据财报的财务数据,1989年该行的净利润是6.011亿美元,每股利润11.02美元。相比于前一年,净利润增长了17%,每股利润增长了20%。总资产收益率是1.26%,净资产收益率是24.5%。相比于1988年1.14%的总资产收益率和24%的净资产收益率,这两个数据都得到了改善。就绝对值来看,这些收益率都明显高于银行业的均值。为了进一步说明,这里仅给读者提供一个特别的视角:24%的净资产收益率意味着,该行用100美元自己的钱,在那一年获得了24美元的利润。无论以什么标准衡量,这都是很不错的回报!
2, 第16章 1990:富国银行(之三)
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=7102044&page=1&extra=#pid59137665
让我们转向估值。鉴于巴菲特1990年购买富国银行股票时所支付的每股57.88元均价这个事实, [5] 你可以得出两个结论。首先,在1990年第3季度和第4季度时,巴菲特已经完成了自己手里富国银行大部分股票的收购。因为在那一年该股票仅在这两个季度探底过每股60美元以下的价格。其次,该股票价格的波幅是在42.75~80.13美元;如果你认为潜在投资者彼时具有的价格是每股58美元(大约是巴菲特的均价),那么,它的估值看起来就像是后面所述内容了