This article highlights an important demographic shift in China. Fewer students are entering the job market because the one-child policy's consequences finally come into play. It carries two implications. First, those who are already a professional will enjoy higher salaries (due to less competition). Second, schools and universities will face redundancies in teachers and teaching facilities. Bad news for business owners and teachers unless they find a way to treat employees and students better.

One of the key roles played by an underwriting investment bank is to support and stabilize the market once the new shares start trading. Usually the fall of share price below its initial offering level indicates the existence of over-pricing, which would harm the reputation of the newly-listed firm. Although much could be done before the trading date such as correct valuation, investor education, careful investor selection, the investment bank cannot control where the share price would eventually end up several days following the debut. What it could do is stabilize the price by intervening in the market, i.e. buying back some of the shares from those who want to get rid of them, usually small retail investors aiming at making quick profits. That’s why institutional investors are preferred and often touted at in the first place. They form corner stones to counter share price fluctuations. Despite this, investment banks nevertheless would have to put their own money at risk to suppo

The world population is projected to reach 9 billion in 40 years, despite the drop in world fertility rates. Arable land is limited so crop yield enhancing is crucial to feed ever more mouths.

秘笈一，自制投资表格

罗杰斯一直都记得1968年，当他开始在华尔街闯荡时，正是华尔街激情燃烧的岁月，股价常在一周内就翻了数倍。有一天，一个经纪人急急忙忙地来找他屋里的另一个分析师，他当时正在动手做一张金融总分析表格，经纪人就问他：“你做什么呢?”罗杰斯告诉对方自己的手头工作。此人不屑一顾地打击他说：“现在没人做这个。”

罗杰斯成名华尔街后，他的总分析表也广为流传。一开始，他的总分析表做得非常简单。罗杰斯会把利润率、净资产收益率，以及此前该公司的历史走势和状况列出来；随着年份增加，他会加入其他的数据，比如应收账款、库存等数据。从这些数字就可以看出这家公司的经营状况及走势。他的总分析表的时间跨度一般为10一15年，他认为这有利于自己用历史的眼光看待一家公司的发展。

 

A recent paper shows that the deterioration in US subprime mortgage after 2004 could not explain the collapse of the subprime market. The paper demonstrated that the underwriting standards for US subprime mortgages had not weakened prior to the financial meltdown in 2008 as had been commonly believed. It is likely that the subprime mortgage was designed as 'bridge finance' to extend credit to borrowers to make quick gains from house price appreciation. Since 1995 and before 2006, house prices in the US had kept appreciating. During this period, subprime mortgage default rates were low as distressed borrowers could prepay either by refinance or by sale. However, once the house price failed to appreciate in 2006, subsequent subprime mortgage borrowers were in trouble making payments and default rates spiked.