Group 1 - Starbucks Corp's China operations are attracting bids of up to $10 billion, with the company retaining a 30% stake in the equity [1] - The stock has increased by 30.5% over the past 12 months, and is currently trading at its highest level since April 2 [2] - The stock's recent performance has been supported by its ascending 20-day moving average [2] Group 2 - Options traders are showing bullish sentiment, with a 50-day call/put volume ratio of 2.11, ranking in the 98th percentile of annual readings [3] - The Schaeffer's put/call open interest ratio (SOIR) of 0.88 stands in the 12th percentile of readings from the past 12 months, indicating strong bullish sentiment [3] - Options are currently considered affordable, with a Schaeffer's Volatility Index (SVI) of 29%, which is in the 16th percentile of its annual range [4] Group 3 - The equity has historically outperformed low volatility expectations, as indicated by its Schaeffer's Volatility Scorecard (SVS) of 98 out of 100 [4]

文/复旦大学管理学院青年副研究员 常惠丰 编辑丨周茗一 学术界和业界普遍发现，来自债券和股票市场的风险指标对宏观经济活动具有显著的预测能力。实证研 究表明，当债券信用利差上升或股票波动率提高时，企业投资往往会减少。然而一个重要的实证发现 是，尽管信用利差和股票波动率均包含了企业资产波动率和杠杆率的信息，但在预测企业投资方面，信 用利差的表现显著优于股票波动率。对于这一现象，原有研究尚未形成统一的解释。是因为债券市场投 资者拥有更强的信息优势，而股票市场的价格更容易受到投机泡沫的影响，还是债券价格能更有效地反 映下行风险，而股票价格则更多地包含了关于未来增长机会的信息？ 论文的研究发现 从这个问题出发，复旦大学管理学院青年副研究员常惠丰、斯德哥尔摩经济学院金融学副教授阿德里安 ·达韦纳斯（Adrien d'Avenas）和美国加州大学洛杉矶分校安德森商学院教授安德莉亚·艾斯菲尔德 （Andrea Eisfeldt）共同撰写的论文《债券与股票：投资的信息》（Bonds vs. Equities: Information for Investment）（以下简称论文），系统探讨了股票波动率、资产波动率、信用利差、杠 ...