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There are many similarities on fluctuations between clothing styles and finance so that many theorists approach to analyze the relationship of them, the best known of which is the Hemline Index Theory. When the economy is flourishing, hemlines increase, and when the economic situation is deteriorating, the hemlines drop, perhaps even to the floor. In contrast with measuring the illustrations from...
This article is argue the influence of financial structure to economic growth and try to find an appropriate kind of financial structure for the macroeconomic. US and China, which play important parts in world economic and respect two different kinds of financial structures as well as developed and developing country, are chosen to discuss. Empirical analysis method is used through making a model...
With China taking its reform and opening policy, the private economy has been developed rapidly now, especially going public. It is discovered that there are two ways of entering China's stock market: one is direct listing, the other is in-direct listing. Private enterprise studies in this paper exclude state-owner economy. Since 1996 in China, the number of private listing corporations have been...
By using Event-Study Analysis, the paper studied empirically about the market reaction of the M&A of real estate listed companies from 2007 to 2008 in China. The results demonstrated that it has a positive income effect of M&A in the short term, nevertheless, such effect in non-related companies is overwhelming stronger than related ones. In study of the factors affected the M&A through...
In this paper, we study an order-driven stock market where agents have heterogeneous estimates of the fundamental value of the risky asset. The agents are budget-constrained. Their value-based trading strategy in which buys or sells depend on whether the price of the asset is below or above its risk-adjusted fundamental value. We assume that investors' optimal demand for the risky asset depends on...
This paper applies the extreme value theory on Value-at-Risk (VaR) calculation, which focuses on modeling the tails of the return distribution rather than the whole distribution. Extreme value theory has more meaning during the volatile market conditions, under which the distribution of returns almost has a fat tail. Because of its biggest advantage of comprehensive, VaR calculation has become the...
This paper analyzes the factors driving housing market cycle in China from 1986 to 2009 by extending the traditional stock-flow model. The conclusions are as follows. (1) Land supply, housing stock, population and income affect housing price significantly. (2) Housing price greatly affects housing construction with an elasticity of 1.28. (3) Expectation rather than user cost is the main determining...
As the further study of agency theory, managerial entrenchment provides a new perspective to explain corporate financial decisions. Capital structure of listed companies in China has deviated from the goal of shareholders' wealth maximum. Based on this objective phenomenon, this thesis makes the theory analysis of the impact of managerial entrenchment on capital structure. Then using the financial...
This paper examines whether the level of debt financing affects the equity agency costs between shareholders and management and the one between controlling shareholders and minority shareholders. We use empirical research method to analyze a panel data sample of A share listed companies in Shanghai and Shenzhen Stock Exchange from year 2007 to 2009 and finds that companies with proper financing structure...
Based on the behavioral theory of corporate finance perspective, this article takes the listed companies in 2008 as a sample, researched the equity financing preference on investment behavior. By regression analysis: the listed companies' equity financing preference and the financing size have significant influence on the investment behavior.
In China, private placement fund has a major impact on the operation of stock market. Due to the characteristics of private placement fund and the lack of legislation, there are a number of risk factors in the operating of private placement fund. This article introduces the operating state of private placement fund in China, and analyzes the characteristics of the risk. In the last part, on the basis...
The variations of Baltic Dry Index (BDI) and Shanghai Stock Exchange Composite Index (SSE Composite Index) over the last three years reflected the historical features of the world economy in financial crisis. In order to test the correlation of BDI and SSE Composite Index, the weekly average data of BDI and SSE Composite Index from 2007 to 2009 are taken as empirical sample data by statistical analyzing...
This paper documents a unique form of controlling shareholders' propping and tunneling through earnings management prior to China's equity transactions, and we find the significant evidence that the controlling shareholders of targets attempt to employ income-increasing accruals management prior to the mergers that acquirers are not the controlling shareholders of targets so as to increase their revenue...
Using the data of listed companies which got equity refinancing in China's A-share stock market during the period of 2002-2005, this paper undertakes an exploratory study on excessive equity financing behaviors of listed companies from the perspective of ultimate controller's benefit invasion towards minority shareholders. The results show that, firstly, the deviation of ultimate control rights and...
This paper explores the relationship between institutional ownership and corporate governance in China. In order to study the role of institutional investors in corporate governance, the author first studies the relation between institutional ownership and corporate performance. The empirical results show that institutional ownership is not only positively correlated with current corporate performance,...
According to the characteristics of Chinese securities market, this paper adjusted the standard Fama-French Three factors asset pricing model, by introduced price/earning rate of accounting index and trading volume rate of technology index. The empirical outcome indicates that the standard F-F model can be used to basically interpret the correspond portfolios' weekly return of Csindex100 sample shares...
The paper stands on companies' board of supervisors, by using listed companies' annual report data of 2006-2008 in the Shenzhen Stock Exchange and constructing panel data model to analyze the factors to supervisors' internal control disclosure, finds financial status is a significant impact on the behavior of supervisors' disclosure, while the role of corporate governance is smaller than we expected...
Foreign business management theory and experience shows that,in the modern property rights structure, equity ownership incentive is an effective tool to resolve differences in the behavioral objectives, and promote the growth of corporate value. Along with the deepening of the split share reform, equity ownership incentive is increasingly being concerned in the academic and business field in China...
This paper, with a firm-level dataset of private listed companies in Shanghai stock markets from 2004-2008 based on ultimate shareholder's views, examines the effects of ultimate shareholder's controlling rights, cash flow rights and the separation between controlling rights and cash flow rights on corporate performance and capital structure. The paper tries to give some suggestions on the improvement...
The investment value of the stock in small and medium enterprise(SME) board in China need to be analyzed based on the actual data. The 38 stocks has existed above 5 years when Chinese Small and medium-sized enterprise board was founded in 2004, and their the market data is proper to be analyzed. The long-term investment values of the 38 stocks which are bought at the initial public offering price...
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