Internet big data and capital markets:a literature review

Background:Research in various academic disciplines has undergone tremendous changes in the era of big data.Everyone is talking about big data nowadays,but how exactly is it being applied in research on financial studies?Results:This study summarizes the sources of Internet big data for research related to capital markets and the analytical methods that have been used in the literature.In addition,it presents a review of the research findings based on Internet big data in the field of capital markets and proposes suggestions for future studies in which big data can be applied to examine issues related to capital markets.Conclusion:(1)Internet big data sources related to present capital market research can be categorized into forum-type data,microblog-type data and search class data.(2)As for research about investors’sentiments on the basis of Internet big data,the main methods of sentiment analysis include building an inventory of lexical categories,using dictionaries for analysis of lexical categories,and machine learning.(3)Many studies address whether Internet big data can predict capital markets.However,they reach no consistent conclusions,which could be due to limitations of sample and analysis method used.(4)Data collection technique and analysis methods require further improvements.

A study of the logical model of capital market complexity theories

Analyzes the shortcomings of the classic capital market theories based on EMH and discloses the complexity essence of the capital market. Considering the capital market a complicated, interactive and adaptable dynamic system, with complexity science as the method for researching the operation law of the capital market, this paper constructs a nonlinear logical model to analyze the applied realm, focal point and interrelationship of such theories as dissipative structure theory, chaos theory, fractal theory, synergetics theory, catastrophe theory and scale theory, and summarizes and discusses the achievements and problems of each theory. Based on the research, the paper foretells the developing direction of eomplexity science in a capital market.

The Capital Market in the Process of Taking a New Road of Industrialization

The page expounds the new situation in the process of taking a new road of industrialization, analyses the function of the capital market, discusses the measures of perfecting the capital market system, accelerating the capital formation and promoting the development of industrialization.

Brexit Implications on Capital Market and International Financial Governance

This paper assumes as a focal point the concept that the ＂post-Brexit＂ may represent a change of era for European and global financial service and particularly for capital market sector. The change of era produces new ＂global systemic interrelation＂ in which financial globalization, governance and regulation will give place to new, largely unknown complexities. In general, the different interests and immediate priorities of euro and non-euro countries, coupled with a need for prompt and, at times, politically sensitive action, have had the result of a greater fragmentation or a differentiated integration in EU governance in the financial sector. On this assumption, we may say that the post-Brexit scenario is in some way preceded by a series of ＂fractures＂ in European governance. The direct effect of the post-Brexit era is that UK regulated financial entities will still need ＂passporting＂ across the EU single market： UK is going to vest the role of third party country, which will require an ＂equivalence regime＂ similar to the ＂substituted compliance＂ used in the same direction by US regulators. At the same time, while an equivalence regime may work in principle to deal cross-border issues at the global level, in the long term, it may be an instrument for a ＂battle of ideas＂ in the new political arena of global financial governance.

Testing the Semi-strong Form Efficiency of Islamic Capital Market With Response to Information Content of Dividend Announcement： A Study in Jakarta Islamic Index

The specific concepts of Islamic capital market are based on transparency, accountability, and no asymmetric information. A capital market is said to be efficient with respect to an information item if the prices of securities fully impound the return implication of that item. This study has two main objectives. Firstly, for testing the efficiency of Islamic capital market which focuses on Jakarta Islamic Index （JII）. Secondly, by this research finding the regulator can make a good solution to create the real Islamic capital market. This study concludes that the Islamic capital market is not efficient in information. This is proved by test, where the result for both mean adjusted model and market adjusted model shows not significant, which means that the stock price that occurred has not been able to reflect a strong relationship with the real conditions that exist within the company. The second conclusion is the magnitude of abnormal return suggests that the market still has asymmetric information that will cause the occurrence of abnormal return. This is very unfortunate because Islamic capital market should be efficient in reflecting information transparency that could create a fair price in accordance with the real condition of the company＇s stock issuance.

Analysis on the Pathway of Implementation of QDII and Chinese Enterprises Overseas Investment Risk from the Perspective of Capital Market Internationalization

In this paper, we conduct analysis on the pathway of implementation of QDII and Chinese enterprises overseas investment riskfrom the perspective of capital market internationalization. From the perspective of enterprise development, the multi-level capital market is thesource of vitality. China’s economy went into a state of dual economy, on the one hand there are a number of large and medium-sized stateownedenterprises, on the other hand are the thriving entrepreneurial companies while individual demand for capital market is different, differententerprises listed on the threshold. In the world economy, international direct investment is the most can refl ect one of the economic operationsof the concept of economic globalization, and has inseparable relation with international trade. Along with the economic globalization process isaccelerated, overall, the international foreign direct investment and international trade interaction, promote each other, are dramatically increasingand expanding. This paper integrates the research on the related issues to propose the new suggestions that will be innovative and necessary.

The supervision of the pension funds entering the capital market in china

The pension funds entering the capital market is the trend of the times, how to ensure the security of pension funds after entering the market, it is not only related to the interest of the individual but also affect the society＇s harmonious development. This article begins with the concept of pension funds into the market, the urgency and necessity of the pension funds into the market in our country and the actual situation of the pension regulators at present. According to analysis the problems existing in the pension market regulation, then putting forward countermeasures and measures, paving the way for pension funds entering the market in our country.

The Analysis of Chinese Basic Pension Funds into Capital Markets

That is a global issue to preserve and increase the value of pension funds, also has caused widespread concern of the governments around the world. China＇s basic pension funds are also facing the severe problem. In this background, The State Council issued ＂the Measures for the Administration of Investment in Basic Pension Insurance Funds＂, Basic Pension Funds into Capital Markers finally＂ have laws to go by ＂. To explore the basic pension funds into the market has a realistic social significance. Based on the SWOT analysis method, make a detailed analysis of the pension market from four aspects, put forward some views and hope that these opinions can provide reference for the sustainable development of China＇s basic pension fund system.

Rationality and Risk Management of the Basic Old-age Insurance Fund Invested in the Capital Market

With the accelerated development of population aging, the pressure to pay for the future pension fund in our country is increasing. Affected by many factors, such as investment limits, inflation and interest rate cut, the rate of return on investment is very low. The introduction of the new policy allows the basic pension fund to enter the capital market, which is of great significance to improve the rate of return on investment, ease the pressure of capital gap, and promote the healthy development of the capital market. This paper makes a deep analysis of the rationality of the basic endowment insurance fund entering the market, and then puts forward some suggestions to avoid the risk of the pension market.

Study on Agency Models within Internal Capital Market of Enterprise Group

In order to overcome the shortcomings brought up by the single-layer agency relation analyses of agency problems within enterprise group, two-tiered agency models in the internal capital market are set up, and how rent-seeking behaviors of member firms＇ managers affect investment allocation decision made by headquarters manager is demonstrated. From equilibrium solutions of the model, it＇s inferred that the larger the divergence of member firm＇s productivity is, the higher probability of investment allocation distortion is.

Does Margin Trading Enhance Information Efficiency of the Capital Market?——Evidence from China

On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model with a short-selling mechanism.However,the current development of China's margin trading and securities lending businesses is seriously unbalanced,and the scale of financing far exceeds the scale of securities lending.The short selling effect of securities lending exchanges is extremely limited,which to some extent violates the original intention of introducing the system.In order to help margin trading and securities lending to correct a healthy and sustainable development path,this article uses stock price synchronicity as a proxy indicator to measure the information efficiency of the capital market,explores the impact of the margin trading system on the information efficiency of the capital market,and study the detailed characteristics and economic consequences of the margin trading system.Aiming at this topic,this article analyzes the relationship between margin financing and securities lending and stock price synchronicity.Finally,it analyzes the influence of margin financing and securities lending system on stock price synchronicity from three dimensions of corporate governance,external supervision,and institutional environment mechanism.In terms of empirical research,this article takes advantage of the“quasi-natural experiment”provided by the gradual opening of margin trading and securities lending in China’s securities market,and selects listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the research objects,starting from the perspective of stock price synchronicity,and passing The DID-FE model studies the impact of the margin trading and securities lending system on the information efficiency of the capital market.It uses three methods:parallel trend and dynamic testing,PSM-DID analysis,and placebo testing for robustness testing to solve the endogeneity problem of the experiment.This article also conducts deeper research on the subject based on the two dimensions of the impact mechanism of margin financing and securities lending and the size of the company,and finally discusses the economic impact of margin financing and securities lending on the level of company innovation.

The capital market spillover effect of product market advertising:Evidence from stock price synchronicity

We analyze whether product market advertising has a spillover effect on stock price synchronicity by transmitting firm-specific information to the capital market and attracting more investor attention.Using a sample of Chinese listed firms from 2009 to 2017,we find that firms with greater advertising expenditures have lower stock price synchronicity.The results are robust after we address endogeneity concerns.In accord with our hypothesis that product market advertising increases the amount of firm-level information capitalized into stock prices through the information channel,we find that the impact of advertising on synchronicity is more pronounced for firms with a higher degree of information asymmetry and firms in the consumer-product industry.Further tests show that product market advertising enhances the ability of current period returns to reflect future earnings,and thus rules out that the negative relationship between advertising and synchronicity is driven by noise trading.Our results imply that product market advertising plays an informative role and improves information efficiency in a capital market.

Does Market Timing Affect Capital Structure？： Evidence for Chinese Firms

This paper investigates the market timing hypothesis of capital structure using a sample of 1,077 Chinese firms for the period 1992 to 2007. We find that market timing plays a significant role in capital structure decisions. However, market timing effects are not persistent and disappear within three years. The results suggest the prominent role played by the government in timing of security issues.

China's Pension Reform and Capital Market Development

The paper analyzes the interaction between the pension system and capital marketdevelopment, especially the case of China. A funded pension system is most likely to boostthe capital market, but in the absence of a supportive financial infrastructure and effectivefinancial regulation, a funded system will not be successful. Chinas determination to establisha partially funded system is a first step in the right direction, but without the separation ofindividual accounts from the social pooling and their replenishment, the working out of theimplicit pension debt, and improvements in pension fund management and regulation, thepension system will not be sustainable. The key to capital market development in the processof the pension reform is to enact laws to protect the interests of pensioners, to contract outpension fund management to professional asset managers, and to accelerate the financialopening.

Discussion on the Formation and Trading Mechanism of Art Market Capital Price

Under the market economy system,art is a new investment channel.With the improvement of people's living standards,it has a new understanding of art investment.Based on this,this paper takes the price of art as the research object,and elaborates the price formation and transaction of the art capital market from the aspects of the intrinsic elements of art,the investment of art,the supply and demand of art market,people's boastful consumption and social education.The constraints imposed by the mechanism.

Manufacturing Capital Lingers in the Stock Market

Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China's manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.