This paper explores determinants of price premiums between A-share and American depositary receipts(ADR)or H-share and sheds light on policies using daily data from cross-listed companies from 2002-2020.Market sentime...This paper explores determinants of price premiums between A-share and American depositary receipts(ADR)or H-share and sheds light on policies using daily data from cross-listed companies from 2002-2020.Market sentiment and financial openness are critical in explaining both types of price premiums.Expected exchange rate changes significantly impact the A-share versus ADR premium but liquidity is essential for the A-share versus H-share premium.The introduction of Shanghai-Hong Kong Stock Connect in November 2014 has effectively increased the price discovery capacity of the A-share market,and investors were more adaptive to the RMB foreign exchange rate volatility after Chinese exchange rate system reform in 2015.The paper provides insights into future capital market reform in China.展开更多
This paper presents a single-electromagnet levitation device to measure the densities and detect the internal defects of antimagnetic materials.The experimental device has an electromagnet in its lower part and a pure...This paper presents a single-electromagnet levitation device to measure the densities and detect the internal defects of antimagnetic materials.The experimental device has an electromagnet in its lower part and a pure iron core in the upper part.When the electromagnet is activated,samples can be levitated stably in a paramagnetic solution.Compared with traditional magnetic levitation devices,the single-electromagnet levitation device is adjustable.Different currents,electromagnet shapes,and distances between the electromagnet and iron core are used in the experiment depending on the type of samples.The magnetic field formed by the electromagnet is strong.When the concentration of the MnCl aqueous solution is 3 mol/L,the measuring range of the single-electromagnet levitation device ranges from 1.301 to 2.308 g/cm.However,with the same concentration of MnCl aqueous solution(3 mol/L),the measuring range of a magnetic levitation device built with permanent magnets is only from 1.15 to 1.50 g/cm.The single-electromagnet levitation device has a large measuring range and can realize accurate density measurement and defect detection of high-density materials,such as glass and aluminum alloy.展开更多
基金the National Natural Science Fund for Emergence Management Program(No.71850001)the National Natural Science Fund(No.71733004).
文摘This paper explores determinants of price premiums between A-share and American depositary receipts(ADR)or H-share and sheds light on policies using daily data from cross-listed companies from 2002-2020.Market sentiment and financial openness are critical in explaining both types of price premiums.Expected exchange rate changes significantly impact the A-share versus ADR premium but liquidity is essential for the A-share versus H-share premium.The introduction of Shanghai-Hong Kong Stock Connect in November 2014 has effectively increased the price discovery capacity of the A-share market,and investors were more adaptive to the RMB foreign exchange rate volatility after Chinese exchange rate system reform in 2015.The paper provides insights into future capital market reform in China.
基金support provided by the Key Research and Development Plan of Zhejiang Province(Grant No.2020C01113)the National Natural Science Foundation of China(Grant Nos.51821093 and 51875519)Zhejiang Provincial Natural Science Foundation of China(Grant No.LZ18E050002).
文摘This paper presents a single-electromagnet levitation device to measure the densities and detect the internal defects of antimagnetic materials.The experimental device has an electromagnet in its lower part and a pure iron core in the upper part.When the electromagnet is activated,samples can be levitated stably in a paramagnetic solution.Compared with traditional magnetic levitation devices,the single-electromagnet levitation device is adjustable.Different currents,electromagnet shapes,and distances between the electromagnet and iron core are used in the experiment depending on the type of samples.The magnetic field formed by the electromagnet is strong.When the concentration of the MnCl aqueous solution is 3 mol/L,the measuring range of the single-electromagnet levitation device ranges from 1.301 to 2.308 g/cm.However,with the same concentration of MnCl aqueous solution(3 mol/L),the measuring range of a magnetic levitation device built with permanent magnets is only from 1.15 to 1.50 g/cm.The single-electromagnet levitation device has a large measuring range and can realize accurate density measurement and defect detection of high-density materials,such as glass and aluminum alloy.
