Stock Repurchases Around The 2015 16 Chinese Stock Market Crash
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Stock Repurchases Around The 2015 16 Chinese Stock Market Crash
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Author : Yiqin Bao
language : en
Publisher:
Release Date : 2017
Stock Repurchases Around The 2015 16 Chinese Stock Market Crash written by Yiqin Bao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Financial crises categories.
I examine the market reactions to the release of a circular by the China Securities Regulatory Commission (CSRC) around the Chinese stock market crash in 2015 to encourage under-valued firms to conduct open-market share repurchases. I find that the average cumulative abnormal return of under-valued firms is 7.54% higher than that of over-valued firms in a three-day (-1, +1) window around the event day when the Circular is released. Those gains of under-valued firms gradually reverse during the next 29 trading days as they did not follow the Circular to repurchase shares as expected. Even though the Circular did not manage to encourage many under-valued firms to repurchased shares, many more firms repurchased shares between June 2015 and March 2017. I study the stock price reactions to these 52 openmarket share repurchase announcements during this period. The average cumulative abnormal return in the three-day event window around the board announcements is 6.3%. But I do not find any significant long-term abnormal returns in one year following the repurchase announcements. The market reacts differently to different types of share repurchases. Firms announce share repurchases to reduce capital on average gain 7% more than those to implement employee stock ownership plans. Share repurchases do not seem to be motivated by undervaluation, agency costs or earnings management. It is likely that these open-market repurchases are conducted to take advantage of the CSRC Circular to artificially support their stock prices in the short run. As a result, repurchasing firms are observed to buy back their shares on the costs of the capital expenditures.
Empirical Asset Pricing
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Author : Turan G. Bali
language : en
Publisher: John Wiley & Sons
Release Date : 2016-02-26
Empirical Asset Pricing written by Turan G. Bali and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-26 with Business & Economics categories.
“Bali, Engle, and Murray have produced a highly accessible introduction to the techniques and evidence of modern empirical asset pricing. This book should be read and absorbed by every serious student of the field, academic and professional.” Eugene Fama, Robert R. McCormick Distinguished Service Professor of Finance, University of Chicago and 2013 Nobel Laureate in Economic Sciences “The empirical analysis of the cross-section of stock returns is a monumental achievement of half a century of finance research. Both the established facts and the methods used to discover them have subtle complexities that can mislead casual observers and novice researchers. Bali, Engle, and Murray’s clear and careful guide to these issues provides a firm foundation for future discoveries.” John Campbell, Morton L. and Carole S. Olshan Professor of Economics, Harvard University “Bali, Engle, and Murray provide clear and accessible descriptions of many of the most important empirical techniques and results in asset pricing.” Kenneth R. French, Roth Family Distinguished Professor of Finance, Tuck School of Business, Dartmouth College “This exciting new book presents a thorough review of what we know about the cross-section of stock returns. Given its comprehensive nature, systematic approach, and easy-to-understand language, the book is a valuable resource for any introductory PhD class in empirical asset pricing.” Lubos Pastor, Charles P. McQuaid Professor of Finance, University of Chicago Empirical Asset Pricing: The Cross Section of Stock Returns is a comprehensive overview of the most important findings of empirical asset pricing research. The book begins with thorough expositions of the most prevalent econometric techniques with in-depth discussions of the implementation and interpretation of results illustrated through detailed examples. The second half of the book applies these techniques to demonstrate the most salient patterns observed in stock returns. The phenomena documented form the basis for a range of investment strategies as well as the foundations of contemporary empirical asset pricing research. Empirical Asset Pricing: The Cross Section of Stock Returns also includes: Discussions on the driving forces behind the patterns observed in the stock market An extensive set of results that serve as a reference for practitioners and academics alike Numerous references to both contemporary and foundational research articles Empirical Asset Pricing: The Cross Section of Stock Returns is an ideal textbook for graduate-level courses in asset pricing and portfolio management. The book is also an indispensable reference for researchers and practitioners in finance and economics. Turan G. Bali, PhD, is the Robert Parker Chair Professor of Finance in the McDonough School of Business at Georgetown University. The recipient of the 2014 Jack Treynor prize, he is the coauthor of Mathematical Methods for Finance: Tools for Asset and Risk Management, also published by Wiley. Robert F. Engle, PhD, is the Michael Armellino Professor of Finance in the Stern School of Business at New York University. He is the 2003 Nobel Laureate in Economic Sciences, Director of the New York University Stern Volatility Institute, and co-founding President of the Society for Financial Econometrics. Scott Murray, PhD, is an Assistant Professor in the Department of Finance in the J. Mack Robinson College of Business at Georgia State University. He is the recipient of the 2014 Jack Treynor prize.
China S Growing Influence On Asian Financial Markets
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Author : Mr.Serkan Arslanalp
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-20
China S Growing Influence On Asian Financial Markets written by Mr.Serkan Arslanalp and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-20 with Business & Economics categories.
This paper finds that financial spillovers from China to regional markets are on the rise. The main transmission channel appears to be trade linkages, although direct financial linkages are playing an increasing role. Without an impact on global risk premiums, China’s influence on regional markets is not yet to the level of the United States, but comparable to that of Japan. If China-related shocks are coupled with a rise in global risk premiums, as in August 2015 and January 2016, spillovers to the region could be significantly larger. Over the medium term, China’s financial spillovers could rise further with tighter financial linkages with the region, including through the ongoing internationalization of the renminbi and China’s capital account liberalization.
Rising Inequality In China
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Author : Shi Li
language : en
Publisher: Cambridge University Press
Release Date : 2013-10-31
Rising Inequality In China written by Shi Li and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-31 with Business & Economics categories.
This book examines the evolution of economic inequality in China from 2002 to 2007; a sequel to Inequality and Public Policy in China (2008).
Managing Elevated Risk
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Author : Iwan J. Azis
language : en
Publisher: Springer
Release Date : 2014-12-11
Managing Elevated Risk written by Iwan J. Azis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-11 with Business & Economics categories.
This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.
Efficiency And Anomalies In Stock Markets
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Author : Wing-Keung Wong
language : en
Publisher: Mdpi AG
Release Date : 2022-02-17
Efficiency And Anomalies In Stock Markets written by Wing-Keung Wong and has been published by Mdpi AG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-17 with Business & Economics categories.
The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
Payout Policy
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Author :
language : en
Publisher:
Release Date : 2007
Payout Policy written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Corporations categories.
Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.
Regional Economic Outlook April 2016 Asia And Pacific
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Author : Mr.Ranil M Salgado
language : en
Publisher: International Monetary Fund
Release Date : 2016-05-03
Regional Economic Outlook April 2016 Asia And Pacific written by Mr.Ranil M Salgado and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-03 with Business & Economics categories.
Although Asia remains a growth leader in the global economy, growth is expected to ease slightly to 5.5 percent during 2016, with countries affected to varying degrees by a still weak global recovery, slowing global trade, and the short-term impact of China’s growth transition. Structural reforms are needed if Asia is to maintain its position in the global economy, including reforms aimed at enhancing productive capacity. Needed reforms range from state-owned enterprise and financial sector reform in China to labor and product market reforms in Japan and reforms to remove supply bottlenecks in India, ASEAN, frontier economies, and small states.
Historic Documents Of 2015
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Author : Heather Kerrigan
language : en
Publisher: CQ Press
Release Date : 2016-06-24
Historic Documents Of 2015 written by Heather Kerrigan and has been published by CQ Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-24 with Reference categories.
For more than 40 years, the Historic Documents series has made primary source research easy by presenting excerpts from documents on the important events of each year for the United States and the World. Each volume includes 60 to 70 events with well over 100 documents from the previous year, from official reports and surveys to speeches from leaders and opinion makers, to court cases, legislation, testimony, and much more. Historic Documents is renowned for the well-written and informative background, history, and context it provides for each document. Each volume begins with an insightful essay that sets the year’s events in context, and each document or group of documents is preceded by a comprehensive introduction that provides background information on the event. Full-source citations are provided. Readers have easy access to material through a detailed, thematic table of contents, and each event includes references to related coverage and documents from the last ten editions of the series.
Global Waves Of Debt
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Author : M. Ayhan Kose
language : en
Publisher: World Bank Publications
Release Date : 2021-03-03
Global Waves Of Debt written by M. Ayhan Kose and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-03 with Business & Economics categories.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.