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Stock market dynamics is of great importance to researchers from diverse fields. Network Analysis of stock data can play an important role in the study of stock market. In this paper, network based data mining of stock market is done to identify crucial players. Stock market network in United States created based on dynamics of stocks over one year captured as daily time series, is used for the analysis...
Tax audit has vital influence on improving professional quality of tax team, impartial law enforcement and construction of a clean government. View of the complexity of performance evaluation of tax audit, this paper established the performance evaluation model of tax audit to select the various influential factors via gray-relation analysis. Based on artificial neural network, it built the performance...
This study adopts the method of factor analysis, and focuses on the asset quality of 16 listed banks in 2009–2013.This paper chooses 13 major indexes from four aspects: assets structure ratio, asset management effectiveness, profitability and risk to make the comprehensive analysis, and calculates F value of the quality of listed bank assets. By comparing the F value, we find that the scores of state-owned...
Training effect evaluation is an essential step of enterprise training management. The article, by introducing the evaluation index system, attempts to evaluate enterprise training effect with grey correlation analysis method. By empirical analysis of an enterprise, it analyzes the staff training effect with the evaluation result, and further assesses the enterprise training effect. Accordingly, the...
In recent years, researches on stock price behavior after factor driven major price shocks have raised more attention. In this paper, investors' under-reaction (overreaction) to information is regarded as an interpretation of momentum (reversal). Using analyst reports as a proxy, we compare post-event stock returns evolution of stocks with information and without information after major price shocks...
Feedback trading is an irrational trading activity that making investment decisions only based on past changes in asset prices' movement. Based on the stock index futures daily returns data, this paper estimates the feedback trading in nine Asian stock index futures markets using a TGARCH-based asymmetric feedback trading model. This paper also discusses the relationship between the feedback trading...
Whether the phenomenon of abnormal net redemption exists in Chinese fund market has recently been a controversial issue. An empirical research, based on a multivariate mixed time series model, is conducted to find out the long-term and short-term effects of factors which influence net redemption rate. The empirical results indicate that the abnormal net redemption phenomenon in Chinese fund market...
Country risk is a quite important factor for international investment. Many institutions and researchers try to assess country risk by using numerous indicators and various evaluation models. This paper investigates the dynamic behavior of country risk in order to offer more detailed information of country risk to investors. First, country beta is taken as the proxy of country risk. Second, dynamic...
The fractionally integrated asymmetric power autoregressive conditional heteroscedasticity model has successfully captured the empirical stylized facts such as the leverage effect, volatility power transformation and long memory in the foreign exchange markets. This study further explores the applicability of this model in the Asian equity markets. The findings of this empirical study are important...
This paper adopts VAR model to analyze the different shocks of this financial crisis on the mainland and Hongkong market, and the reason of these differences, by observing the responses of A-H cross-listed companies. Besides, we use event analysis to study the volatility effect of two markets by different events during different periods of this crisis. Through the empirical research, we reveal how...
This paper uses the Thailand and the Singapore's stock prices of material from January, 2001 to December, 2009, discussing the model construction and their associations of between Thailand and Singapore's stock markets. The empirical results show that the mutual affects of the Thailand and the Singapore's stock markets may construct in bivariate IGARCH (1, 1) model with a DCC. The empirical result...
Some scholars in China believe that the active fiscal policy should be stopped gradually in these years. However, because of the happening of the international financial crises, the central government will continue to implement the active fiscal policy. In this paper, we choose the period from the time when China began its reform and opening up to nowadays as the studying time section, take the national...
Under Chinese institutional background, block holders have the incentive to make non-efficiency decision and to manipulate earnings information, which would affect the company's the capital market response and future profitability. After reliability testing of the main variables, this paper examined whether the implementation of investor relations could constraint the earnings management behavior...
In order to examine whether there is profit characteristic in Chinese low-profits companies. This paper conducted a survey on the related listed companies in Chinese A-share market. We extract a number of profit targets based on the financial statement, and analyses the financial data of listed companies in 2007–2009. The results show some characteristics of these companies. Finally, the paper makes...
Using a cross-sectional logistic regression model and economic value added index, this paper explores the motive and value creation of mergers and acquisitions. The results indicate that an increase in market value and economic value added will increase a firm's likelihood to engage in takeover transactions because of high level of managerial ability and low agency cost, while increasing in asset-liability...
This paper examines the predictive power of momentum indicators, a kind of technical trading rules measuring short-term momentum, on three popular US stock market indices, the Dow Jones Industrial Average, Standard & Poor's 500 Composite Index, and NASDAQ Composite Index. Generally, the main findings indicate that returns conditional these trading rules are significantly different from unconditional...
Financial crisis is the most significant and comprehensive performance of enterprise crisis. From the empirical point of view, this paper sets up a financial evaluation index set for enterprise financial crisis. First, in-depth analysis of various financial indicators of listed companies is made to choose related index. Then taking all the listed companies as samples, fuzzy clustering is used to clustering...
This paper investigates the performance of smallcap IPOs in New Zealand from 2000–2009, and find it is underpricing in short term, but overperform in long term. Moreover, the industry effect is significantly in initial returns for the smallcap firms, and aftermarket performance is not strongly impacted by industry. Further, Tobin's Q and Average adjusted returns (AAR) are employed as firm performance...
Technological small and medium enterprise (henceforth technological SMEs) is a strong driving force for economy growth in China, financial problem has hindered its growth and development. This paper chooses 20 indices which are most correlative to the financing ability and constructs evaluation system of technological SMEs' financing capability based on the knowledge of analytic hierarchy process...
Based on the observations of IPO Panel Data of listed firms in Hong Kong Main Board Stock Market during the year of 1992 to 2009, the paper tests the influence of IPO market timing of real estate companies to the capital structure. In this paper, the market timing index is measured by market-to-book ratio and we choose the non-debt tax shields, company growth, company size and the liquidity of assets...
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