Three Essays On The Effect Of Price Limits On The Chinese Equity Market
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Three Essays On The Effect Of Price Limits On The Chinese Equity Market
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Author : 李勤
language : en
Publisher:
Release Date : 2018
Three Essays On The Effect Of Price Limits On The Chinese Equity Market written by 李勤 and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Stocks categories.
Three Essays On Global Stock Markets
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Author : Mengmeng Dong (Professor of finance)
language : en
Publisher:
Release Date : 2018
Three Essays On Global Stock Markets written by Mengmeng Dong (Professor of finance) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with International finance categories.
My dissertation consists of three sole-authored essays that study global stock returns. The first one “Global Anomalies” estimates the aggregated return predictability of 117 U.S. anomalies across 40 countries. These anomaly variables generate substantial return predictability when they are aggregated within the same category as defined in Hou, Xue, and Zhang (2015) using composite measures. Combining all six categories of anomaly variables into one single composite measure, a global hedge portfolio generates an average equal (value)-weighted monthly return of 2.15% (1.20%) with a t-statistic of 9.22 (4.66). These results highlight the importance of using composite measures to summarize the information contained in individual anomaly variables. My dissertation consists of three sole-authored essays that study global stock returns. The first one “Global Anomalies” estimates the aggregated return predictability of 117 U.S. anomalies across 40 countries. These anomaly variables generate substantial return predictability when they are aggregated within the same category as defined in Hou, Xue, and Zhang (2015) using composite measures. Combining all six categories of anomaly variables into one single composite measure, a global hedge portfolio generates an average equal (value)-weighted monthly return of 2.15% (1.20%) with a t-statistic of 9.22 (4.66). These results highlight the importance of using composite measures to summarize the information contained in individual anomaly variables. In the third chapter “The Impact of Price Limits on Stock Volatility and Price Delay: Evidence from China”, I focus on the Chinese stock market and study how market interventions affect price behaviors. To overcome challenge in identification, I first match firms by characteristics and use difference-in-difference methodology to establish causality. Exploring a Special Treatment policy in China, I show that 5-basis-point tightening in daily price limits (from ±10% to ±5%) significantly reduces annualized volatility by 6.5 basis points (t =5.00) yet increases price delay by 63% from the previous year (t =7.40). Trading activity and liquidity significantly decrease under new limits but return increases by an equal-weighted average of 27% (t = 3.22) in 12 months. Evidence suggests that in the long-run price limits are effective in reducing volatility and improving firm value yet causing delayed price discovery and lower liquidity.
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Author : Frank Joseph Shulman
language : en
Publisher: Hong Kong University Press
Release Date : 2001-01-01
written by Frank Joseph Shulman and has been published by Hong Kong University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-01 with Language Arts & Disciplines categories.
A descriptively annotated, multidisciplinary, cross-referenced and extensively indexed guide to 2,395 dissertations that are concerned either in whole or in part with Hong Kong and with Hong Kong Chinese students and emigres throughout the world.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2009-05
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05 with Dissertations, Academic categories.
Essays In Honor Of Joon Y Park
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Author : Yoosoon Chang
language : en
Publisher: Emerald Group Publishing
Release Date : 2023-04-24
Essays In Honor Of Joon Y Park written by Yoosoon Chang and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-24 with Business & Economics categories.
Volumes 45a and 45b of Advances in Econometrics honor Professor Joon Y. Park, who has made numerous and substantive contributions to the field of econometrics over a career spanning four decades since the 1980s and counting.
American Doctoral Dissertations
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Author :
language : en
Publisher:
Release Date : 2002
American Doctoral Dissertations written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Dissertation abstracts categories.
Index To Theses With Abstracts Accepted For Higher Degrees By The Universities Of Great Britain And Ireland And The Council For National Academic Awards
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Author :
language : en
Publisher:
Release Date : 2008
Index To Theses With Abstracts Accepted For Higher Degrees By The Universities Of Great Britain And Ireland And The Council For National Academic Awards written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Dissertations, Academic categories.
Corporate Governance And Organisational Performance
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Author : Naeem Tabassum
language : en
Publisher: Springer Nature
Release Date : 2020-06-28
Corporate Governance And Organisational Performance written by Naeem Tabassum and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-28 with Business & Economics categories.
Establishing a corporate governance strategy that promotes the efficient use of organisational resources is instrumental in the economic growth of a country, as well as the successful management of firms. This book reviews existing literature and identifies board structural features as key variables of an effective corporate governance system, establishing a multi-theoretical model that links Board structural characteristics with firm performance. It then, using a comprehensive empirical study of 265 companies listed on the Karachi Stock exchange, tests this conceptual model. This research serves as a significant milestone, reflecting the socio-economic setting of emerging economies, and highlighting the need for the corporate sector in emerging markets to move away from a 'tick-box' culture. It argues that the sector needs to implement corporate governance as a tool to mitigate business risks; appoint and empower non-executive directors to achieve an effective monitoring of management; and establish their own ethical and governance principles, applicable to the Board of Directors. Based on an extensive data base, collected painstakingly over five years, this book offers new insights and conceptual framework for further research in this area. Given the breadth and width of the research, it is a useful source of future reference for students, researchers and policy makers.
China S Grand Strategy
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Author : Andrew Scobell
language : en
Publisher: Rand Corporation
Release Date : 2020-07-27
China S Grand Strategy written by Andrew Scobell and has been published by Rand Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-27 with History categories.
To explore what extended competition between the United States and China might entail out to 2050, the authors of this report identified and characterized China’s grand strategy, analyzed its component national strategies (diplomacy, economics, science and technology, and military affairs), and assessed how successful China might be at implementing these over the next three decades.
Managing Capital Flows
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Author : Masahiro Kawai
language : en
Publisher: Edward Elgar Publishing
Release Date : 2010-01-01
Managing Capital Flows written by Masahiro Kawai and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Business & Economics categories.
Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.