Matching Items (30)

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The: behavior study on individual investors in China's bond market

Description

During the past decade, the Chinese bond market has been rapidly developing. The percentage of bond to total social funding is constantly increasing. The structure and behavior of investors are crucial to the construction of China’s bond market. Due to

During the past decade, the Chinese bond market has been rapidly developing. The percentage of bond to total social funding is constantly increasing. The structure and behavior of investors are crucial to the construction of China’s bond market. Due to specific credit risks, bond market regulation usually involves in rules to control investor adequancy. It is heatedly discussed among academia and regulators about whether individual investors are adequate to directly participate in bond trading. This paper focuses on the comparison between individual and institutional bond investors, especially their returns and risks. Based on the comparison, this paper provides constructive suggestions for China’s bond market development and the bond market investor structure.

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Agent

Created

Date Created
2016

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On Risk Prevention and Supervision of Local Trading Platforms for Financial Assets

Description

This dissertation focuses on risk prevention and regulatory issues of financial asset trading platforms, exploring the composition of a financial asset trading platform and its risks, formulating the general framework of platform risk prevention and regulation, and discussing the methodologies

This dissertation focuses on risk prevention and regulatory issues of financial asset trading platforms, exploring the composition of a financial asset trading platform and its risks, formulating the general framework of platform risk prevention and regulation, and discussing the methodologies for monitoring and managing the risk of financial assets trading platform. The dissertation is divided into eight chapters. The first chapter is the introduction, which discusses the current status in this research field, the motivation and significance of the research topic. The second chapter discusses the transaction cost theory, information asymmetry theory, financial risk management theory, financial supervision theory and other related basic theories related to financial asset trading platform risk prevention and supervision. The third chapter presents the definition, the main types, the generating mechanism and the transmission mechanism of the financial asset trading platform. The fourth chapter elaborates theoretically on the general framework of financial asset trading platform risk prevention and supervision based on the aspects of basic principles, key tasks, applicable methods and constituent elements. The fifth chapter discusses the performance of financial asset trading business, asset return trading business, financing business and information coupling business on financial asset trading platforms, and analyzes the risk prevention of financial asset trading platforms from a business perspective. The sixth chapter discusses the development of financial asset trading platforms in developed countries, and summarizes the experience and practice of their risk prevention and supervision based on four categories of business lines. On this basis, the dissertation draws the inspiration and implications for the future development of the trading platforms in our country. The seventh chapter puts forward policy recommendations regarding risk prevention and supervision of financial asset trading platforms in five aspects: legal positioning, credit information system, protection of consumer rights, self-discipline management and business supervision.

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Agent

Created

Date Created
2017

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An Empirical Study on the Short-run Performance before and after the Unlock of Private Placement Stocks in the A-share Market

Description

Private placement is an important financing tool for listed companies in China, and the lock-up arrangement is its supporting system. The Efficient Market Hypothesis suggests that, if investor expectations are unbiased, there will be no abnormal fluctuations in the stock

Private placement is an important financing tool for listed companies in China, and the lock-up arrangement is its supporting system. The Efficient Market Hypothesis suggests that, if investor expectations are unbiased, there will be no abnormal fluctuations in the stock prices of listed companies before and after the unlocking day. However, around the time of the unlocking of private placement shares, the stock prices generally show a V-shaped pattern.

Through the empirical analysis of the Chinese A-share stocks from May 8th,2006 to December 31st, 2016, I found that from the 40th day before the unlocking day to the 90th day after, the stock price showed an evident first-downward-then upward trend. The lowest price appeared near the unlocking day. Meanwhile, the greater stocks fall before the unlocking day, the greater prices rise after that. The characteristics of the distinctive difference between the stock prices before and after the unlocking day can provide investment opportunities.

By reviewing research on investor behavior, this paper suggests that the V-shaped pattern can be explained by the influence of investors’ psychological factors on their trading behavior. The general performance of the stocks before the unlocking day is negative due to the increasing uncertainty perceived by investors. After the unlocking day, the uncertainty gradually disappears and the stock rebounds. In addition, I found that stock returns during the lock-up period, shareholder background, and the length of lock-up period also had significant impacts on the V-shaped price trend.

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Agent

Created

Date Created
2018

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法律职业全球化:国际经验对中国政策的启示

Description

法律职业全球化作为经济全球化的必然产物,在近二十年来不断受到法律职业社会学者的广泛关注及探讨。中国改革开放四十年中国法律职业得以蓬勃发展,却很少学者研究探讨中国法律职业全球化。在中国企业“走出去”和“一带一路”倡议的背景下,新技术创新特别是人工智能、大数据等浪潮不断冲击着法律职业,给中国法律职业全球化发展带来机遇和挑战。本文拟阐述法律职业发展及其全球化理论,并以比较法视角探索研究不同司法管辖区如美国、英国以及印度等国法律职业全球化经验和启示,考察现有国际律师事务所以及“四大”法律服务全球化的发展历程,并且探新技术的创新是如何改变法律职业、重塑全球法律服务业的格局,通过分析和借鉴法律职业的国际经验、经济学原理和变革趋势探讨中国法律职业改革开放及全球化的模式和路径,并提出相关政策建议

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Agent

Created

Date Created
2019

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我国建筑行业高管激励与企业企业绩效的关系研究 ——基于中国上市建筑业企业数据

Description

在现代企业的运营过程中,构建高效的高管激励机制已经成为提高公司治理水平的关键。但对于我国建筑行业上市公司而言,由于受到宏观经济、政策环境特别是行业性质等内外部因素影响,建筑业企业高管激励与企业绩效传导机制有其特殊性,其有效性还有待检验。从现有研究文献分析看,总体上高管激励机制与公司业绩关系的研究结果并不一致,就建筑行业而言,还鲜有实证研究文献。本文以我国建筑业上市公司为研究对象,对建筑行行业高管激励机制与公司绩效的相关性展开实证研究,具有理论价值与实践意义。

本文依据“规范研究-实证检验-对策分析”的研究路径,主要可以分为三大部分:首先,通过规范性研究,文章梳理了相关理论基础与研究成果,揭示了当前我国建筑行业上市公司高管激励机制的建设水平,构建了高管激励与公司业绩关系研究的理论框架。其次,实证研究方面,文章运用我国110家A股建筑上市公司2013-2018年相关数据进行了描述性统计、相关性检验与多元回归分析。研究结果发现,我国高管短期薪酬激励与企业绩效正相关;建筑企业的高管长期持股激励机制不健全;短期薪酬激励对企业绩效的正影响在国有控股企业比在非国有控股企业更强;短期薪酬激励对企业绩效的正影响在大型企业比在中小型企业更强。实证检验结果与理论假设并不完全一致,可见我国建筑上市公司的高管激励机制尚不能够充分发挥作用;最后,综合考虑理论分析与实证检验的结果,为提高公司业绩,剔除实际控制人,本文认为我国建筑企业应该坚定高管激励可以提高企业绩效的认识,但针对不同业务类型、产权性质和生命周期中不能一概而论,应结合企业实际情况应该采取不同的激励方式。

关键词:高管激励;企业绩效;建筑行业;上市企业;含金量

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Agent

Created

Date Created
2020

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A Strategic Management Perspective of Fund Family Competition: Theories and Evidence from America and China

Description

Since the 2008 financial crisis, the total assets managed by U.S. mutual funds have frequently hit new highs and the industry has become increasingly concentrated. In the meantime, two strategies have emerged in the American mutual fund industry: active and

Since the 2008 financial crisis, the total assets managed by U.S. mutual funds have frequently hit new highs and the industry has become increasingly concentrated. In the meantime, two strategies have emerged in the American mutual fund industry: active and passive management. What factors affect the market shares of firms that adopted these two different strategies?

Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.

This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.

Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.

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Agent

Created

Date Created
2018

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The Impacts of Margin Trading on Rate of Return and Volatility in the Stock Market: A Study using the SVAR Model and Panel Regressions

Description

Although margin trading has significant impacts on the stock market, extant research has mainly focused on its effect on stock price volatility and has rarely examined its influence on the rate of returns. In addition, little systematic research has examined

Although margin trading has significant impacts on the stock market, extant research has mainly focused on its effect on stock price volatility and has rarely examined its influence on the rate of returns. In addition, little systematic research has examined the differential effects of margin trading under different circumstances. This thesis examines the effects of margin trading in bull market, bear market, balanced market and among stocks included in main board, SMEs(small and medium-sized enterprises) board, GEM(growth enterprises board), as well as large-cap and small-cap in China. I further studied the long-, medium-, and short-term influences of margin trading on the volatility of stock price, return rate, and liquidity of the market by both using the SVAR model and conducting panel data analyses.

The findings show that: a)Volatility. Margin trading can effectively curtail the medium- and short-term volatility of the share price under any market condition but has no prominent influence on long-term volatility. b)Profitability. Margin trading enhances profitability in the bull market with an apparent leverage effect while having no significant effects on short-term profitability in the balanced market and the bear market. c) Individual shares with different attributes. The influences of margin trading on the large-cap and small-cap shares, shares with high vs. low PE ratio, shares included in the main board and SMEs stocks vary in different types of market. d) Liquidity. The influences of margin trading on the fluidity of market are significantly different in the bull, bear, and balanced markets.

Finally, I set up a new trading strategy based on the above conclusions. The result from hypothetical trading demonstrates that the newly-created trading strategy works better than the long-term holding strategy, highlighting the practical implications of this thesis in addition to its implications for research

Contributors

Agent

Created

Date Created
2018

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公司投融资期限错配、公司债信用利差与公司债投资

Description

期限错配策略利用滚动短期融资支持长期投资,滚动短期融资本身极易导致资金链紧张,产生流动性风险。利用手工收集的2006-2018年A股上市公司独特数据,本文系统考察了企业投融资期限错配对发行信用债信用利差的影响。本文发现,期限错配越严重的企业,越有可能在发行信用债时被要求更高的信用利差,对于民营上市公司发行信用债尤其如此;利用再融资环境和“钱荒”事件进行的作用机制检验表明,企业投融资期限错配对发行信用债利差的影响主要是因为期限错配蕴含着较高的流动性风险; 利用工具变量、双重差分法和替代性度量等一系列稳健性检验仍能得出一致结论。再者,利用2006-2018 年我国开放式基金年度持股数据,从基金投资组合与持仓调整两个角度,实证检验了期限错配行为对于基金投资行为的影响。研究发现,期限错配产生的财务风险会降低基金对期限错配上市公司发行信用债的投资规模;且在实施期限错配当年,基金对持有的该上市公司的信用债更可能进行减持,由此表明期限错配会影响基金投资策略的形成。进一步的分析显示,基金所在基金管理公司为中外合资时,上述基金投资行为更加明显;同时,当基金持有民营上市公司以及处于紧缩性货币政策环境时,期限错配对于基金投资行为的影响更大。
最后,本文考察了期限错配下基金投资信用债的经济后果,分别从基金业绩、基金收益波动率和基金流量这三个维度进行了检验。实证结果显示,在控制其他可能影响基金收益及收益波动率的因素后,对期限错配上市公司信用债持有比重越小及减持比例越大的基金,当年业绩越好,且收益的波动率越低。再次,对于基金投资者,本文利用净申购率作为基金流量的代理变量,检验发现,基金投资者更热忠于追逐采取减少持有期限错配上市公司信用债这一投资策略的基金,表现为这类基金有更多的资金净流入,而且,相对于个人投资者,上述基金投资者的投资偏好在我国的机构投资者中表现得更加明显。

Contributors

Agent

Created

Date Created
2021

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Activist Investors and Firm Performance Empirical Evidence From Chinese A Share Market

Description

Shareholder Activism is a mechanism by which investors who hold a significant but

non-majority percentage of a company’s stock, exercise their voting rights, participate in

corporate governance and influence operational decisions of target companies. The

purpose is improve corporate governance, increase firm performance

Shareholder Activism is a mechanism by which investors who hold a significant but

non-majority percentage of a company’s stock, exercise their voting rights, participate in

corporate governance and influence operational decisions of target companies. The

purpose is improve corporate governance, increase firm performance and boost share

-holders’ returns. Existing studies of shareholder activism, based largely in mature

capital markets like the US, come to different conclusions regarding its impact on firm

performance.

In this paper, I collect data on shareholder activism events in the China A Share

market between 2006 and 2016. The sample includes 60 companies targeted by 42

activist investors over this period. I find that institutional investors, typically industrial

capital and private funds, playing an increasingly important role in corporate governance

of Chinese listed companies through activism. The disclosure of the holdings of activists

results in large gains in the target firm. I also find subsequent improvements in long

-term operational performance of target firms. Activist investors in China focus on

smaller targets and those characterized by higher agency costs and lower operating

performance. Activists appear to be largely concerned with improvements in business

strategy and M&A activity. Non-hostile behavior is more likely to be related to successful

activism in China. In addition to statistical evidence, I present case studies of the

“BaoWan dispute” and the activist investment of Butterfly Capital in two firms,

“Guonong” and “Xiuqiang”. The case studies highlight the mechanism employed by these

firms to influence performance.

I conclude with policy recommendations and direction for further research.

Contributors

Agent

Created

Date Created
2017

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Shared Economic Platform Portfolio Share of Research on The Effects of Investor Behavior

Description

After the 2008 financial crisis, along with information technology and its application

innovation into the burst period, Shared faster economic growth, and then entered into a

rapid expansion in 2014, quickly penetrate into many areas and market segments.

As the securities industry practitioners

After the 2008 financial crisis, along with information technology and its application

innovation into the burst period, Shared faster economic growth, and then entered into a

rapid expansion in 2014, quickly penetrate into many areas and market segments.

As the securities industry practitioners and Internet financial practitioners, I am

very concerned about sharing economic model in the development of securities

investment niche. As the Internet and mobile penetration rate rise in recent years, the

Internet financial in the rapid development of our country, investors get used for

investment decision-making information via the Internet. Internet social investment

sharing platform based on knowledge sharing and rapid development, has formed

"opinion leaders", "combined with", "automated financial innovation model". The

emergence of these new patterns, provide investors with investment of knowledge sharing,

the investors behavior changes, many small and medium-sized investors into social

sharing platform for the combination of investment talent information and follow orders,

and centered on investment talent view form fan interaction.

This article around the "Shared economic environment on the impact of portfolio

share on investor behavior research," the theme, the relevant literature and resources, and

to detect Shared economic environment provided by the social share portfolio, whether to

change the traditional information decision and disadvantages of small and medium-sized

investors, whether really improved the small and medium-sized investors return on

investment, its conclusion try to explain the traditional period research literature on active

investment and passive investment, the relevant conclusions of small and medium-sized

investors and institutional investors, sharing in the Internet the rapid development of

economic period is changed.

Contributors

Agent

Created

Date Created
2017