China and the United States concluded the 22nd session of the U.S.-China Joint Commission on Commerce and Trade (JCCT) on November 21 in Chengdu, China. Chinese Vice Premier Wang Qishan cochaired the two-day meeting w...China and the United States concluded the 22nd session of the U.S.-China Joint Commission on Commerce and Trade (JCCT) on November 21 in Chengdu, China. Chinese Vice Premier Wang Qishan cochaired the two-day meeting with U.S. Secretary of Commerce John Bryson and U.展开更多
Following Bessembinder and Seguins,trading volume is separated into expected and unexpected components.Meanwhile,realized volatility is divided into continuous and discontinuous jump components.We make the empirical r...Following Bessembinder and Seguins,trading volume is separated into expected and unexpected components.Meanwhile,realized volatility is divided into continuous and discontinuous jump components.We make the empirical research to investigate the relationship between trading volume components and various realized volatility using1min high frequency data of Shanghai copper and aluminum futures.Moreover,the asymmetry of volatility-volume relationship is investigated.The results show that there is strong positive correlation between volatility and trading volume when realized volatility and its continuous component are considered.The relationship between trading volume and discontinuous jump component is ambiguous.The expected and unexpected trading volumes have positive influence on volatility.Furthermore,the unexpected trading volume,which is caused by arrival of new information,has a larger influence on price volatility.The findings also show that an asymmetric volatility-volume relationship indeed exists,which can be interpreted by the fact that trading volume has more explanatory power in positive realized semi-variance than negative realized semi-variance.The influence of positive trading volume shock on volatility is larger than that of negative trading volume shock,which reflects strong arbitrage in Chinese copper and aluminum futures markets.展开更多
The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises (SMEs) and investigates, over the years of 2009-2011: the ...The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises (SMEs) and investigates, over the years of 2009-2011: the existence of functional relationships between the incidence of trade receivables and payables and corporate profitability; the existence of interdependencies between trade credit policy and trade debt policy; and the coexistence of interchangeable and complementary conditions between trade debts and bank loans and other sources of funding. To verify the research hypotheses, linear regression models on a yearly basis are used and these models are put under observation over the years of 2009-2011. We can conclude that there are interdependencies between trade credit policy and trade debt policy and that trade credit is a source of flexible way of financing, also available in periods of crisis, which has a positive effect on the profitability of SMEs and can be utilized as a complementary and substitute source of financing to bank loans.展开更多
文摘China and the United States concluded the 22nd session of the U.S.-China Joint Commission on Commerce and Trade (JCCT) on November 21 in Chengdu, China. Chinese Vice Premier Wang Qishan cochaired the two-day meeting with U.S. Secretary of Commerce John Bryson and U.
基金Projects (71874210,71633006,71573282,71403298) supported by the National Natural Science Foundation of ChinaProject (18ZWA07) supported by Think-Tank Major Project of Hunan Province,China
文摘Following Bessembinder and Seguins,trading volume is separated into expected and unexpected components.Meanwhile,realized volatility is divided into continuous and discontinuous jump components.We make the empirical research to investigate the relationship between trading volume components and various realized volatility using1min high frequency data of Shanghai copper and aluminum futures.Moreover,the asymmetry of volatility-volume relationship is investigated.The results show that there is strong positive correlation between volatility and trading volume when realized volatility and its continuous component are considered.The relationship between trading volume and discontinuous jump component is ambiguous.The expected and unexpected trading volumes have positive influence on volatility.Furthermore,the unexpected trading volume,which is caused by arrival of new information,has a larger influence on price volatility.The findings also show that an asymmetric volatility-volume relationship indeed exists,which can be interpreted by the fact that trading volume has more explanatory power in positive realized semi-variance than negative realized semi-variance.The influence of positive trading volume shock on volatility is larger than that of negative trading volume shock,which reflects strong arbitrage in Chinese copper and aluminum futures markets.
文摘The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises (SMEs) and investigates, over the years of 2009-2011: the existence of functional relationships between the incidence of trade receivables and payables and corporate profitability; the existence of interdependencies between trade credit policy and trade debt policy; and the coexistence of interchangeable and complementary conditions between trade debts and bank loans and other sources of funding. To verify the research hypotheses, linear regression models on a yearly basis are used and these models are put under observation over the years of 2009-2011. We can conclude that there are interdependencies between trade credit policy and trade debt policy and that trade credit is a source of flexible way of financing, also available in periods of crisis, which has a positive effect on the profitability of SMEs and can be utilized as a complementary and substitute source of financing to bank loans.