Discreet investors exert greater influence on cooperation in the public goods game

This paper studies the evolutionary process of cooperative behavior in a public goods game model with heterogeneous investment strategies in square lattices.In the proposed model,players are divided into defectors,cooperators and discreet investors.Among these,defectors do not participate in investing,discreet investors make heterogeneous investments based on the investment behavior and cooperation value of their neighbors,and cooperators invest equally in each neighbor.In real life,heterogeneous investment is often accompanied by time or economic costs.The discreet investors in this paper pay a certain price to obtain their neighbors'investment behavior and cooperation value,which quantifies the time and economic costs of the heterogeneous investment process.The results of Monte Carlo simulation experiments in this study show that discreet investors can effectively resist the invasion of the defectors,form a stable cooperative group and expand the cooperative advantage in evolution.However,when discreet investors pay too high a price,they lose their strategic advantage.The results in this paper help us understand the role of heterogeneous investment in promoting and maintaining human social cooperation.

Augmented Appeal China is doubling down on attracting foreign investors through broader market access and improved business environment

Attracting foreign capital is a key pillar of China’s reform and opening up policy,and foreign-funded enterprises are an important component of China’s economy.Currently,China is taking steps to further boost its attractiveness as a foreign direct investment(FDI)destination in order to seek more foreign capital.

Inspired by Innovation China’s hi-tech achievements add to its appeal for foreign investors

China’s focus on nurturing new quality productive forces while promoting high-quality development provides foreign investors with enormous market opportunities and vast development prospects,amid rising uncertainties in the global economic landscape.In a series of recent engagements with China,foreign investors,including British businesses,have expressed confidence in the future prospects of the market.

The chaotic behavior among the oil prices, expectation of investors and stock returns: TAR-TR-GARCH copula and TAR-TR-TGARCH copula

This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, and the second one is to analyze the dependence behavior of oil prices, expectations of investors and stock returns from January 02, 1990, to June06, 2017. Lyapunov exponents and Kolmogorov entropy determined that the oil price and the stock return series exhibited chaotic behavior. TAR-TR-GARCH and TAR-TR-TGARCH copula methods were applied to study the co-movement among the selected variables. The results showed significant evidence of nonlinear tail dependence between the volatility of the oil prices, the expectations of investors and the stock returns. Further, upper and lower tail dependence and comovement between the analyzed series could not be rejected. Moreover, the TAR-TR-GARCH and TAR-TR-TGARCH copula methods revealed that the volatility of oil price had crucial effects on the stock returns and on the expectations of investors in the long run.

Realizing profits immediately:disposition effect of open-end fund investors in China

This paper explores the disposition effect, the tendency of investors to hold losing investments too long and sell winning investments too soon, by analyzing a unique data set that consists of the buying and selling positions of open-end fund investors in China. Results show that investors' buying and selling behaviors are significantly affected by fund performance. The reasons that lie behind such results are mainly related to the non-persistence of fund performance. When fund performance is non-persistent, investors are not clear about the future returns on funds. So, investors, especially individual investors, would have to realize the profits on hand immediately. Meanwhile, fund investors are highly sensitive to fund age and loading fees, but not sensitive to management fees charged by funds when they buy or sell fund shares.

The effect of overseas investors on local market efficiency:evidence from the Shanghai/Shenzhen–Hong Kong Stock Connect

Using a recent stock market liberalization reform policy in China—the Stock Connect—as a quasi-natural experiment,this study examines the effect of stock market liberalization on market efficiency.Employing a dataset of 17,086 Chinese listed firms covering 2009 to 2018,we find that stock market liberalization improves the market efficiency of the Chinese mainland stock market.We further explore the potential channels through which the Stock Connect can enhance the efficiency of the A-share(A-shares refer to shares issued by Chinese companies incorporated in China's Mainland,traded in the Shanghai Stock Exchange and the Shenzhen Stock Exchange.They are denominated in Chinese RMB(the local currency).A-shares were restricted to local Chinese investors before 2003,are open to foreign investors via the Qualified Foreign Institutional Investor,RMB Qualified Foreign Institutional Investor,or the Stock Connect programs.)market.The findings show that liberalizing capital markets could benefit local market efficiency by increasing stock price informational efficiency and improving corporate governance quality.The additional analysis shows that stock market liberalization has a significant and positive impact on local market efficiency,enhancing firm value and reducing stock crash risk.We conduct various robustness checks to corroborate our findings.This study provides important policy implications for emerging countries liberalizing capital markets for foreign investors.

Foreign Investors Undeterred by Trade Frictions

THE ongoing China-U.S. trade frictions have raised foreign investors’ concerns over China’s macroeconomic prospects, possible restrictions on U.S. companies, and a damper on its business climate. However, numbers speak louder than words. In 2018, foreign direct investment (FDI) in China went up against the global investment outlook, refuting the rhetoric that foreign companies are pulling out of the Chinese market as the U.S. slaps tariffs on Chinese goods.

Factors Influencing Retail Investors＇ Attitude Towards Investing in Equity Stocks： A Study in Tamil Nadu

Research in behavioral finance is comparatively less in India, when compared to other foreign countries. Globalization of financial markets has been increasing the retail investors＇ community over the past two decades by providing a wide variety of market and investment options. However, it makes much more complex in their investment decisions process. This paper aims at identifying the factors influencing the retail investor＇s attitude. This paper develops a modified questionnaire. The average value of the five top highly influential factors according to the sample retail investors＇ were Investors＇ tolerance for risk, strength of the Indian economy, media focus on the stock market, political stability and finally government policy towards business. Four factors were given lowest priority or which had low influence on the attitude of the retail investors investing in equity stocks. Stories of successful investors was considered to be the lowest influencing factors among the four, get rich quick philosophy, information available on internet, cost cutting by companies.

Architectures in the Shadow of ＂Investors＇ Urban Planning＂--Case Study of Avala Hotel in Budva, Montenegro

Avala Hotel in Budva, Montenegro, has undergone three reconstructions. Each of them led to significant spatial changes. The first hotel established the foundation of urbanization process in Budva, the building was too high compared to the old town walls in the surrounding and thus not well integrated. The second reconstruction was the only successful achievement. At this time, in the first detailed urban plan including hotel and its surrounding area, the conclusion was that it represents ＂high-quality, seaside-favorable ambience＂ that should not be harmed by further building expansion. The last, illegal reconstruction in 2006 resulted in over enlarged new building disrespectful of the surrounding and the previous design. Similarly, the 2008 new detailed urban plan was the creation of ＂investors＇ urban planning＂. Entirely driven by profit, it arranges building reconstructions with multiple enlargements. This study tends to point out contextual impacts of the three hotels on the surrounding area, with special focus on the last reconstruction and ＂investors＇ urban planning＂ phenomena. The applied research method is comparative, chronological analysis of the three hotels. The aim of this research paper is to inspire initiatives that will help overcoming declining and harmful synergy of architecture and new socio-economic phenomena. It is the only way leading to the significant architectural goal： creating refined, harmonized and high quality ambience.

＂Chinese Investors and Businesses Are Always Welcome in Armenia＂-- Exclusive Interview with Hrant Abajyan, the Trade Representative of the Armenian Embassy in China

＂I came to China for the first time in 2012 when I was doing my master＇s degree in Nanjing. The real China is full of all kinds of different things and is a good place for every kind of person.＂ When talking about his impression of China,

Fuyang Welcomes Investors From Abroad

Fuyang is located in the northwesternpart of Anhui Province,bordering theHuai River to the south and adjoiningCentral China to the north.With a populationof 13.33 million,the city covers and area of18,169 square km and has jurisdiction overseven counties and three districts.It is one ofthe largest cities in the country,with itspopulation,area of farmland and output ofgrains all accounting for one percent of thenation’s total respectively. The Beijing-Kowloon railway runsfor 192 km long through the city’s area.Oneof the country’s six largest hubs of rail traffic,the Fuyang railway hub boasts an array of244 parallel tracks laid in its marshallingyard with a daily handling capacity of morethan 10,000 trains and cars.Its

China's New Tax System Benefits Foreign Investors

To meet the requirements of a socialist market economy and overcome the inherent sharp contradictions of the former taxation system, China began reforming the structure of its tax system this year. The structural reform has been carried out under theguidelines of unifying the tax law, creating equal treatment, simplifying the tax system, building up a rational tax revenue sharing system, redressing distribution relationships, standardizing the mode

Preferential Policies in Langfang City for Foreign Investors

——A foreign investment production enterprise scheduled to operate for a period of 10 years or more may, upon approval by the tax authorities, be exempt from enterprise income tax in the first and second profit-making years and may be allowed a 50% reduction in the third to fifth years. ——As to the additional registered capital scheduled to operate for a period of 10 years or more from a foreign investment enterprise, it may, upon approval by the tax authorities, be

An Event Study of Pre and Post Bonus Announcement for Position Investors

Bonus announcement is often seen as a profitable strategy for intra-day trading;to know how useful it can be for position(long-term)investors this study is conducted.30 companies were chosen randomly and a two-tail t-test is conducted.Considering the p-value of each company at 5%level of significance we found out the number of companies which have given positive numbers for position investors.A generalization method has also been used to see the overall applicability of the study.Reflecting individual companies fewer number showed positive results after a period of 30 days but using the generalization technique the study proved to be significant.There are certain limitations to the study as well including non-consideration of any other event which might have taken place,bearing in mind only NSE and BSE and also it includes companies which have made an announcement in the past three years.

Regulations on the Management of the Qualification to Engage in the Business Operations concerning Shares Owned by Foreign Investors

With a view to standardizing the business operationsrelating to foreign investment of domestic and overseas secu-rities organizations and protecting the legitimate rights andinterests of investors,the China Security Regulatory Commis-sion has promulgated the Provisional Regulations on theManagement of the Qualification of Domestic and OverseasSecurities Organizations to Engage in the Business Opera-tions concerning Shares Owned by Foreign Investors.TheseRegulations enter into force on December 1.1996.The wholetext is as follows:Chapter 1 General PrinciplesArticle 1 With a view to standardizing the businessoperations of domestic and overseas securities organizationswhich relate to shares owned by foreign investors and pro-