An Empirical Assessment of the Impact of Nigerian all Share Index, Market Capitalization, and Number of Equities on Gross Domestic Product

A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa. Objectives: The paper assesses the impact of Nigerian Stock Market (all share index, market capitalization, and number of equities) on Gross domestic product (Economic Growth). Materials and Methods: Regression analysis and ordinary least square technique were employed. Result and Discussion: The series was stationary at 1%, 5%, and 10% α level;the residuals were normally distributed but not serially correlated at 5% α level. All Share Index, Market Capitalization and Total Number of listed Equities have a joint and individual significant effect on Economic Growth (Gross Domestic Product) with Total Number of listed Equities having a negative (opposite) linear relationship with the Gross Domestic Product. The Durbin-Watson statistics (R2 = 0.9910 = 1.3686) suggest that the model is not spurious and it is devoid of positive and negative autocorrelation (DW = 1.3686 > dl = 1.07 and DW = 1.5033 ?-?du = 2.17). Therefore, it can produce meaningful result when used for forecasting a positive relationship between gross domestic product, all share index and market capitalization with a 99.1% R-square value. Significant Positive connection between all share index, market capitalization, the number of equities and gross domestic product suggests that government policies and bills aimed towards rapid development of the capital market should be initiated.

Interest Rate, Unemployment Rate, and Housing Market in U.S.

The purpose of this paper is to investigate the relationships among the variables, and how interest rate, unemployment, stock market, and consumer confidence affect housing market index （HM1） in the U.S.. We construct vector autoregression （VAR） model with variables such as unemployment rate （UMR）, consumer confidence index （CCI）, the Dow Jones industrial index （DJI）, and interest rate, etc., to forecast the HMI. Our model and analysis show that U.S. HMI very sensitive to unemployment and interest rates. Every 1% moves in unemployment and interest rates will result in HMI to move in the opposite direction by 11.7% and 11.4% respectively. However, changes in CCI and stock mark index have only minor impacts on HMI--0.49% and 0.3%, changes for 1% fluctuation in CCI and DJI. Our research also shows that relationships among these variables associated with housing market are very stable in the long run.

人民币与“一带一路”国家货币汇率的波动溢出效应研究

“一带一路”倡议提出十年来,促进了区域经济合作和金融一体化,在此背景下衡量汇率市场的波动溢出效应变得至关重要。本文通过修正的ICSS算法对“一带一路”沿线国家货币汇率变动的方差结构断点进行识别,将其引入ARMA(1,0)-GARCH(1,1)模型中,计算出各个国家汇率的条件波动率,并在此基础上计算各国之间的波动溢出指数。研究发现,人民币波动更多地受到自身冲击的影响;“一带一路”沿线国家的溢出效应具有双向性和非对称性,人民币汇率的波动对邻国汇率的影响较为显著;汇率的波动溢出效应具有时变性,人民币在“一带一路”沿线国家中的溢出指数长期表现为净溢出,但短期内为净溢入,值得注意的是国内汇率制度改革和外部政治经济冲击都会放大人民币的净溢出效应。基于此,本文得出以下政策启示:持续发掘人民币的使用需求,并加强中国与“一带一路”沿线国家的货币合作,以及加强人民币离岸市场建设,仅供参考。

资本市场国际化与企业社会责任报告印象管理

以2010-2020年的A股上市公司为样本,基于PSM-DID模型考察了A股纳入MSCI指数的外生事件对企业社会责任报告印象管理的影响。结果发现,A股纳入MSCI能够有效抑制上市公司的社会责任报告印象管理行为,而儒家文化和高管海外背景则在上述关系中发挥了积极的调节功效。进一步研究表明,资本市场国际化的治理功效主要是通过改善信息质量和降低代理成本这两条途径得以发挥,且在内部控制质量较高、外部审计质量较低、自愿性信息披露更充分、未投保董责险、管理层权力大以及国有企业的样本中更为显著。检验发现,A股纳入MSCI后通过约束社会责任报告的印象管理行为提升了企业的财务绩效并降低了真实盈余管理水平。

Impact of Exchange Rate Threshold Level on Stock Market Performance- Evidence from Ghana

The exchange rate plays a significant role in an economy and also the purpose of this study is to examine the impact of exchange rate threshold level on the capital market performance.The study used a Threshold Autoregressive model introduced by[24]and[12].The study used quarter-time series data for thirty years from 1990 to 2019.The capital market performance was measured by the value of shares traded;market turnover;market capitalization and all-shares index.However,the results unconcealed the subsequently estimated threshold level of exchange rate for every performance indicator:7.94%;25.33%;25.33%,and 7.80%respectively.In all,the threshold level of the exchange rate estimated was 8 and 25 percent.The findings suggest that a low rate is performance-enhancing.Additionally,the exchange rate above the threshold level is harmful to the capital market performance.The findings of this investigation may be helpful to the government of Ghana and policymakers as they decide on an exchange rate target to implement to avoid the prejudicious effects of high exchange rates whereas getting the growth advantages of the low exchange rate.The finding of the study shows that the exchange rate impacts the economy more than inflation however,not many works in the subject area have been done in Sub-Saharan Africa.Therefore,I suggest that more threshold studies ought to be meted out on the exchange rate in the other sectors of the economy to determine its impact on the economy.

Measuring Public School Competition from Private Schools: A Gravity-Based Index

This research develops a gravity-based index of public school competition from private schools within local markets. Proponents of educational reform often call for policies to increase competition between schools. A major hurdle for researchers examining this issue is to determine a workable definition of “competition” by which they can measure the degree of competition within local markets. This study addresses this challenge by developing a school competition index for public schools in the Jackson metropolitan area of Mississippi, USA that considers the enrollments in public schools and the enrollments in their neighboring private schools, as well as the distances between them. The school competition index reveals the degree of competition for each public school based on its spatial location relative to peer private schools operating within its service area. This methodology can be useful for evaluating competition in other markets and redefining the traditional market structure.

资本市场系统性风险监测及风险跨市场溢出研究——基于金融压力指数视角

本文从股票、债券、衍生品、外汇四个市场选取指标构建资本市场压力指数,对中国资本市场系统性风险进行动态测度;在此基础上,从时域和频域视角考察风险在四个子市场间的溢出效应。研究结果表明:本文构建的资本市场压力指数能够准确识别样本区间内的重大风险事件;极端冲击将导致风险溢出水平上升,各子市场在风险传递中的作用具有差异性和时变性;根据风险溢出的大小、方向和长短期结构,能够对风险动态演化过程及驱动因素进行有效判别。本文的研究对完善资本市场风险动态监测体系具有重要价值。

Empirical Test of "Barometer Function" of China's Stock Market

Through the empirical test of the economic and stock market price index from 1994-2001.6, this article finds that the price tendency of the stock market in China could reflect the economic status and the future trend, thus has the function of barometer, additionally through the normal analysis of the continuing falling of the stock price since July 2001, so, the paper comes to the conclusion that the falling price is the reflection of the weak macro economy and the accelerating recession of the industries, and therefore is a warning of the possible worsened economic tendency. Suggestions are to adjust the macro fiscal and financial policy to prevent the economy from recessing. By the way the article conducts some of the primary analyses of punishments against market defiance and reducing state owned shares, thus to clarify some of the unclear concepts and prevent the misleading of economic adjust ment.

Gauging a Firm's Innovative Performance Using an Integrated Structural Index for Patents

Purpose： In this contribution we try to find new indicators to measure characteristics of a finn＇s patents and their influence on a company＇s profits. Design/methodology/approach： We realize that patentevaluation and influence on a company＇s profits is a complicated issue requiring different perspectives. For this reason we design two types of structural h-indices, derived from the International Patent Classification （IPC）. In a case study we apply not only basic statistics but also a nested case-control methodology. Findings： The resulting indicator values based on a large dataset （19,080 patents in total） from the pharmaceutical industry show that the new structural indices are significantly correlated with a firm＇s profits. Research limitations： The new structural index and the synthetic structural index have just been applied in one case study in the pharmaceutical industry. Practical implications： Our study suggests useful implications for patentometric studies and leads to suggestions for different sized firms to include a healthy research and development （R＆D） policy management. The structural h-index can be used to gauge the profits resulting from the innovative performance of a firm＇s patent portfolio. Originality/value： Traditionally, the breadth and depth of patents of a firm and their citations are considered separately. This approach, however, does not provide an integrated insight in the major characteristics of a firm＇s patents. The Sh（Y） index, proposed in our investigation, can reflect a firm＇s innovation activities, its technological breadth, and its influence in an integrated way.

数据要素市场化推进力评价指标体系构建研究

[目的/意义]构建数据要素市场化推进力评价指标,旨在发现数据要素市场发展的关键因素与策略,推动数据要素理论与实践的发展。[研究设计/方法]通过文本分析、专家咨询等方法,对数据要素市场化推进力评价指标体系予以构建。[结论/发现]形成了以基础环境、保障支撑和执行推进为三大维度的细化至33项四级指标的评估指标体系,并立足我国实际展开应用与验证,随后就指标体系的优化提出展望。[创新/价值]从政府主导的数据要素市场化推进的视角构建评价指标体系,并融入信息资源管理的学科基础理论与方法。

Feasibility Analysis of Agricultural Product Price Index Insurance Based on Pilot Cases

Agricultural product price index insurance is a kind of index insurance. It avoids defects of traditional agricultural insurance,such as moral hazards,adverse selection,and high management cost. On the basis of studying agricultural product price index insurance of all areas of China,this paper analyzed characteristics of agricultural product price index insurance from object selection,product object,premium design,and policy support,and discussed feasibility of extending agricultural product price index insurance in an all-round way.

数据要素市场化推进:进展、问题与对策

[目的/意义]系统地总结当前全国各地的数据要素市场化推进的实践进展及经验做法,为政策制定和实践工作提供参考,为相关领域的研究提供实证基础。[研究设计/方法]基于数据要素市场化推进力的评价指标体系,从基础环境、保障支撑、执行推进三个维度,对31个省(自治区、直辖市)的推进情况展开深入调查和综合分析。[结论/发现]我国数据要素市场化推进整体上呈三级梯队分布并呈现出显著的地域特征。各地在产业环境发展、制度保障、技术平台建设、公共数据开放与授权应用、数据流通交易方面取得了积极成效,但也存在着区域发展不平衡、公共数据制度体系不完善、场内数据交易规模不足等问题。基于此从区域间产业协调发展、制度保障体系建设和加强公共数据供给激活数据流通三个方面提出了政策建议。[创新/价值]对全国数据要素市场化推进进行了全景式的调查和研究,提炼共性问题,总结发展经验,为推动数据要素市场化向纵深发展提供借鉴。

A Statistical Measure of Global Equity Market Risk

We construct a new index of global equity market risk (EMR) using market interconnectedness and volatilities. We study the relationship between our EMR and the VIX over the last two decades. The EMR is shown to be a novel approach to measuring global market risk, and an alternative to the VIX. Using data of 20 major stock markets, including G10 economies, we find spikes in our EMR index during the dotcom bubble, the global financial crisis, the European sovereign debt crisis, and the novel coronavirus pandemic. The result shows that the global financial crisis and the COVID-19 induced crisis record the historic highest spikes in financial market risk, suggesting stronger evidence of contagion in both periods.

Mineral Title Market and its Efficiency Improvements

Before the system of mineral title possession paid established,local governments had spent considerably amount of labor,material,money supervising THREE RATES INDEX,but its effects were nearly indivisible and the price of mineral products was seriously distorted as well.Nevertheless,it is shown that the competitive system of mineral title market is an effective self-enforcing system which can urge mining companies to initiatively improve THREE RATES INDEX and make the price of mineral products more reasonable than before with the GAME THEORY.

基于相对价格法的网约车市场统一开放、竞争有序指数构建与应用

在加快建设全国统一大市场背景下,为有效监测网约车市场动态,提出网约车市场统一开放、竞争有序指数的构建方法。首先,从市场统一性、开放性和竞争有序性维度提出网约车市场评价指标,并采用相对价格法计算市场统一性指数。其次,运用熵权法对各评价指标进行客观赋权,进而合成指数。然后,以广东省8个城市为例分析发现,2021年下半年至2023年下半年期间,广州市网约车市场统一开放、竞争有序指数最高,从0.5增至约0.75;深圳市、佛山市和东莞市的指数值在0.3~0.5波动,总体呈上升态势,反映出这些城市网约车市场发展的积极趋势。无论是否对样本城市分组,上述结论均保持一致,反映了网约车市场发展水平存在的差异。最后,在强化运价治理、完善运力动态调整机制、促进有序规范发展、发挥领先城市的示范作用、建立健全常态化信息发布机制方面提出建议,以全面促进网约车市场健康发展。

全国统一大市场建设成效评价的指标编制与量化分析

全国统一大市场是构建高水平社会主义市场经济体制的重要内容。基于全国统一大市场的理论内涵构建了具有中国特色且能广泛比较的评价指标体系,利用2006—2021年省级面板数据对全国统一大市场建设成效、演进规律与空间格局进行量化分析。研究发现,从时间趋势看,全国统一大市场建设水平总体上呈持续增长态势,并呈现出明显的阶段性、渐进性特征。从测评维度看,市场统一程度稳步提升、市场规模优势充分发挥、市场运行效率持续优化、市场开放水平显著提高、政府与市场关系明显改善。从区域概况看,全国统一大市场指数呈现自东向西逐级递减的阶梯式特征,随着时间推移区域市场发展不平衡矛盾有所缓解。从空间效应看,空间集聚性分析表明,全国统一大市场建设存在明显的空间自相关性,呈现出高—高和低—低的空间聚集态势。空间收敛性检验显示,全国及区域层面均存在显著的空间绝对β收敛和空间条件β收敛过程,不同地区收敛位置的决定因素存在差异。

市场性因素介入之内幕交易罪违法所得的计算

内幕交易罪等证券类犯罪因涉及多方主体、复杂的违法链条、严重的危害后果以及隐蔽的犯罪手段,对市场交易秩序造成严重破坏,一直是监管部门严厉打击的重点。为实现刑法的有效规制并保障人权,科学准确地计算内幕交易罪的违法所得数额显得尤为重要。在实践中,市场性因素的介入会导致内幕交易罪中行为人所获得的收益或避免的损失数额增大。对于扩大的收益或者避免的损失数额,由于不符合没收违法所得制度的宗旨与内涵,因此不能计入行为人的违法所得数额。在具体计算方法上,法院可以综合选取相关市场指数或者个股组合作为参照,综合测算市场性因素所导致的股市波动权重,进而将其从违法所得的认定中排除。

The Research on and Application of the Multi-regression Technique in the Course of the Marketing Decision-making of Enterprises

The reformation of the economy system has led the f un ctional department and status of the enterprises into a variable state. Under th e condition of the market economy, the kernel of the enterprises’ functional dep artment has diverted to that of marketing decision-making, which face to market and meet with the need of consumption. Assuredly, the kernel of marketing decis ion-making is to prognosticate the future market demand of the production of en terprises accurately, so that it can ensure and realize the maximum of the enter prises’ profit increase. Using empirical research and the multi-regression technique, this paper ana lyzes the enterprises’ production demand forecast of the GMC (Global Management Challenge, held every year globally) and changes most of uncontrollable factors of demand forecast to the controllable ones of the enterprises. The method we us ed to forecast demand by using the multi-regression technique is as follows: 1. Look for the main factors which influence the demand of productions; 2. Establish the regression model; 3. Using the historical data, find the resolution of the correlative index an d do the prominent test; 4. Analyze and compare, regression, adjust parameter and optimize the regress ion model. Our method will make the forecast data closer to the actual prices of the future market requirement quantity in the production marketing decision-making of the enterprises and realize the optimizing combination and the working object w ith the minimum of the cost and the maximum of the profit. And it can ensure the realization of the equity maximum of the enterprises and increase the lifecycle of the production.

重大突发事件下中国金融风险跨市场多周期溢出效应研究

在重大突发事件频发的背景下,从多周期角度考察中国金融风险的跨市场溢出效应,对于防范化解重大金融风险具有重要意义。采用小波多分辨分析、DY溢出指数与风险溢出网络模型,从静态和动态角度测度了重大突发事件的短期、中期、长期内我国金融市场间风险溢出的强度和方向,识别不同事件不同周期下的风险中心及演变规律。研究发现:从静态角度来看,中国金融市场平均风险溢出水平呈现随周期增加而增加的趋势,“欧债危机”时期的风险总溢出最小,市场在各个时期不同周期下的风险净溢出情况不同,净风险溢出、溢入市场不断变化;从动态角度来看,重大突发事件冲击下金融市场总体风险传染水平呈现先上升后逐渐平稳并回落的趋势,短期总溢出指数最低,中期最高,但在某些时期,短期总溢出水平可能高于中长期;不同重大突发事件、不同周期下风险的承担中心、风险在各金融市场间的传染路径均会发生变化。因此,在强化金融市场风险监管时,需要建立全流程风险防控体系以实现风险的有效处置,针对不同事件、不同周期的反应差异,实现金融风险的精准识别与重点管理。