Capital structure is regarded as the combination of debt and equity firms used to finance operations and investments.The choice of capital structure significantly impacts a company’s cost of capital,profitability,and...Capital structure is regarded as the combination of debt and equity firms used to finance operations and investments.The choice of capital structure significantly impacts a company’s cost of capital,profitability,and risk profile.Among a series of factors that affect capital structure,this paper focuses on stock returns and market timing.In this review,an array of papers is analyzed to summarize what current research claims regarding the influence of stock returns and market timing on capital structure.This paper centers on the stock return and market timing theories and also discusses other theories like the trade-off theory,the pecking order theory,and the signaling theory.展开更多
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, an...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.展开更多
This study investigates the volatility in daily stock returns for Total Nigeria Plc using nine variants of GARCH models:sGARCH,girGARCH,eGARCH,iGARCH,aGARCH,TGARCH,NGARCH,NAGARCH,and AVGARCH along with value at risk e...This study investigates the volatility in daily stock returns for Total Nigeria Plc using nine variants of GARCH models:sGARCH,girGARCH,eGARCH,iGARCH,aGARCH,TGARCH,NGARCH,NAGARCH,and AVGARCH along with value at risk estimation and backtesting.We use daily data for Total Nigeria Plc returns for the period January 2,2001 to May 8,2017,and conclude that eGARCH and sGARCH perform better for normal innovations while NGARCH performs better for student t innovations.This investigation of the volatility,VaR,and backtesting of the daily stock price of Total Nigeria Plc is important as most previous studies covering the Nigerian stock market have not paid much attention to the application of backtesting as a primary approach.We found from the results of the estimations that the persistence of the GARCH models are stable except for few cases for which iGARCH and eGARCH were unstable.Additionally,for student t innovation,the sGARCH and girGARCH models failed to converge;the mean reverting number of days for returns differed from model to model.From the analysis of VaR and its backtesting,this study recommends shareholders and investors continue their business with Total Nigeria Plc because possible losses may be overcome in the future by improvements in stock prices.Furthermore,risk was reflected by significant up and down movement in the stock price at a 99%confidence level,suggesting that high risk brings a high return.展开更多
To recycle the returned alloy effectively, effects of returns proportion on alloy composition, microstructure and compression properties of superalloy GH4169 were studied by means of scanning electron microscopy(SEM),...To recycle the returned alloy effectively, effects of returns proportion on alloy composition, microstructure and compression properties of superalloy GH4169 were studied by means of scanning electron microscopy(SEM), energy dispersive spectroscopy(EDS) and thermal-mechanical simulator. The results show that returns addition has no significant effect on the main alloy elements content and the principle precipitates, but increases the volume fraction of Al_2O_3 inclusions, resulting in the increase of oxygen level of GH4169 alloy. Returns addition does not change the elastic and plastic deformation process at room temperature or at 1,150 °C, but high returns proportion GH4169 alloy shows improved compression strength and yield strength. The alloy with 100% returns shows a maximum compression strength 1,153.45 MPa at room temperature, while the alloy with 80% returns has a maximum value 69.3 MPa at 1,150 °C. Returns addition increases fluctuation range and reduces the stability of yield strength and compression strength of GH4169 alloy at room temperature. It is noted that the volume fraction and the size of Al_2O_3, and the fraction of Laves phase reach their maximum values in the GH4169 alloy with 60% returns, which exhibits maximum yield strength of 516.65 MPa at room temperature and 62.17 MPa at 1,150 °C.展开更多
Using China Health and Nutrition Survey(CHNS) data between 1989 and 2011, this paper measures the returns to education in China based on the Mincer earnings function and reaches the following findings through an analy...Using China Health and Nutrition Survey(CHNS) data between 1989 and 2011, this paper measures the returns to education in China based on the Mincer earnings function and reaches the following findings through an analysis of the tendency of continuous variations over a long timeframe: returns to education are on the rise within the range of samples both under relative and absolute scenarios; returns to different levels of education are characterized by increasing marginal return; no significant difference exists between the returns to junior middle school and the returns to primary school education. Further discussions consider that the requirements of job positions for the overall competence of personnel, differentiated decline of corporate demand for recruitment, lack of an evaluation system in the labor market, information asymmetry in the job market, the development strategy adopted in a particular stage of history and the current slow progress of economic transition have jointly led to the underemployment of college graduates and the great enthusiasm of parents investing in higher education for their children. Conclusions of this paper not only have important practical relevance to the ongoing implementation of China's innovation-driven development strategy, but offer inspirations for the new round of educational reform as well.展开更多
Field trials were conducted to determine the economically optimum fertilizer rates for soybean production and for optimizing net profits in Dedza, Lilongwe and Salima Districts of Malawi. The effects of PK fertilizer ...Field trials were conducted to determine the economically optimum fertilizer rates for soybean production and for optimizing net profits in Dedza, Lilongwe and Salima Districts of Malawi. The effects of PK fertilizer rates on rain use efficiency (RUE), harvest index, agronomic use efficiency of phosphorous (AEP) and potassium (AEK), and value cost ratio (VCR) were evaluated. The applied diagnostic PK fertilizer rates significantly improved soybean grain yields, harvest index, rainwater use efficiency, AEP, AEK and returns to fertilizer use expressed as value cost ratio (VCR). However, the results differed significantly展开更多
This paper highlights some recent developments in testing predictability of asset returns with focuses on linear mean regressions, quantile regressions and nonlinear regression models. For these models, when predictor...This paper highlights some recent developments in testing predictability of asset returns with focuses on linear mean regressions, quantile regressions and nonlinear regression models. For these models, when predictors are highly persistent and their innovations are contemporarily correlated with dependent variable, the ordinary least squares estimator has a finite-sample bias, and its limiting distribution relies on some unknown nuisance parameter, which is not consistently estimable. Without correcting these issues, conventional test statistics are subject to a serious size distortion and generate a misleading conclusion in testing pre- dictability of asset returns in real applications. In the past two decades, sequential studies have contributed to this subject and proposed various kinds of solutions, including, but not limit to, the bias-correction procedures, the linear projection approach, the IVX filtering idea, the variable addition approaches, the weighted empirical likelihood method, and the double-weight robust approach. Particularly, to catch up with the fast-growing literature in the recent decade, we offer a selective overview of these methods. Finally, some future research topics, such as the econometric theory for predictive regressions with structural changes, and nonparametric predictive models, and predictive models under a more general data setting, are also discussed.展开更多
Environmental standards,as independent/explanatory variables of C21 capital costing functions,may refer to parts of space that we want to control in order to protect subsystems that are particularly sensitive and/or i...Environmental standards,as independent/explanatory variables of C21 capital costing functions,may refer to parts of space that we want to control in order to protect subsystems that are particularly sensitive and/or importance.In these cases,we need a quantitative relationship that links the environmental characteristics of the source of pollution to those of the reference/control points.In this article we will identify the capital cost functions C21=f(Sf),where Sf is a spatially distributed parameter(e.g.BOD),characteristic of an environmental model.展开更多
Forecasting stock market returns is one of the most effective tools for risk management and portfolio diversification.There are several forecasting techniques in the literature for obtaining accurate forecasts for inv...Forecasting stock market returns is one of the most effective tools for risk management and portfolio diversification.There are several forecasting techniques in the literature for obtaining accurate forecasts for investment decision making.Numerous empirical studies have employed such methods to investigate the returns of different individual stock indices.However,there have been very few studies of groups of stock markets or indices.The findings of previous studies indicate that there is no single method that can be applied uniformly to all markets.In this context,this study aimed to examine the predictive performance of linear,nonlinear,artificial intelligence,frequency domain,and hybrid models to find an appropriate model to forecast the stock returns of developed,emerging,and frontier markets.We considered the daily stock market returns of selected indices from developed,emerging,and frontier markets for the period 2000–2018 to evaluate the predictive performance of the above models.The results showed that no single model out of the five models could be applied uniformly to all markets.However,traditional linear and nonlinear models outperformed artificial intelligence and frequency domain models in providing accurate forecasts.展开更多
This study discusses the trading behavior of foreign investors with respect to economic uncertainty in the South Korean stock market from a time-varying perspective.We employ a news-based measure of economic uncertain...This study discusses the trading behavior of foreign investors with respect to economic uncertainty in the South Korean stock market from a time-varying perspective.We employ a news-based measure of economic uncertainty along with the model of time-varying parameter vector autoregression with stochastic volatility.The empirical analysis reveals several new findings about foreign investors’trading behaviors.First,we find evidence that positive feedback trading often appears during periods of high economic uncertainty,whereas negative feedback trading is exclusively observable during periods of low economic uncertainty.Second,the foreign investors’feedback trading appears mostly to be well-timed and often leads the time-varying economic uncertainty except in periods of global crises.Third,lagged negative(positive)response of net flows to economic uncertainty is found to be coupled with lagged positive(negative)feedback trading.Fourth,the study documents an asymmetric response of foreign investors with regard to negative and positive shocks of economic uncertainty.Specifically,we find that they instantly turn to positive feedback trading after a negative contemporaneous response of net flows to shocks of economic uncertainty.In contrast,they move slowly toward negative feedback trading after a positive response of net flows to uncertainty shocks.展开更多
Two field experiments were conducted from 2009 to 2011 on a Gray Luvisol (Typic Haplocryalf) loam at Star City, Saskatchewan, Canada, to determine the effectiveness of intercropping barley or canola with pea in improv...Two field experiments were conducted from 2009 to 2011 on a Gray Luvisol (Typic Haplocryalf) loam at Star City, Saskatchewan, Canada, to determine the effectiveness of intercropping barley or canola with pea in improving crop yield, total N uptake, seed quality, Land Equivalency Ratio (LER) and economic returns compared to barley, canola or pea grown as monocultures. Average seed yields of barley-pea or canola-pea intercrops were usually greater than those of barley, canola or pea as sole crops. In intercrops, application of N fertilizer increased seed yield of barley or canola but had only slight beneficial effect on the combined seed yield of both crops together. The LER values for intercrops were usually much greater than 1, suggesting less land requirements of intercropping systems than monoculture for the same seed yield. Net returns were lowest for barley as sole crop. Without applied N, net returns were slightly lower for barley-pea intercrop and slightly greater for canola-pea intercrop than pea as a sole crop. Generally, protein concentration in canola or barley seed was higher and oil concentration in canola seed was lower in intercrop combinations compared to sole crops. Response trends of total N uptake in seed or straw were usually similar to that of seed or straw yield. In conclusion, intercropping barley or canola with pea improved yield, N uptake and net returns, suggesting the potential of barley-pea or canola-pea intercrops and pea for organic farming systems.展开更多
Field trials were conducted at the University of Uyo Teaching and Research Farm in 2009/2010 and 2010/2011 to evaluate cassava yield, garrification traits, and economic returns as influenced by genotypes grown in an u...Field trials were conducted at the University of Uyo Teaching and Research Farm in 2009/2010 and 2010/2011 to evaluate cassava yield, garrification traits, and economic returns as influenced by genotypes grown in an ultisol. Uyo is located between latitudes 4°30' and 5°27'N and longitudes 7°50'E and 80°20'E. The area, which lies within the humid tropical rainforest zone of southeastern Nigeria, has an annual mean rainfall of 2500 mm with a bimodal rainfall pattern, monthly sunshine of 3.14 hours, and a mean annual temperature of 28°C. The experimental site was previously put into cultivation of some arable crops such as fluted pumpkin, okra, and waterleaf before it was fallowed for two years. A randomized complete block design, replicated three times was used. Treatments were 16 cassava genotypes (AR1-82, NR02/0028, NR03/0174, CR12-45, NR03/0211, TMS98/2132, TMS01/1206, TMS01/1368, TMS01/1371, CR36-5, NR02/0007, NR03/0155, AR37-108, TMS01/1412, TMS30572 and local best variety “Obubit okpo”). Results obtained via combined (pooled) analysis of the two seasons indicated that cassava yield differed significantly among the genotypes. NR02/0018 (42.50 t/ha) out-yielded others by 17% - 52% followed by NR 02/0007 (35.42 t/ha), and NR 03/0155 (32.08 t/ha). TMS 98/2132 had the most preferred garrification attributes followed by NR 02/0018, NR 02/0007, and NR03/01155. NR 02/0018 genotype gave the highest economic returns followed by NR 02/0007 and NR03/0155. NR02/0018 superseded others in yield, garrification traits, and economic returns, which is therefore recommended.展开更多
We utilize data on comedy moviegoers from 18 cities in China to investigate the impact of the positive mood triggered by these movies on the stock returns of locally headquartered listed companies.We find that althoug...We utilize data on comedy moviegoers from 18 cities in China to investigate the impact of the positive mood triggered by these movies on the stock returns of locally headquartered listed companies.We find that although these movies have no relation to investment itself,the sentiment triggered by these movies could affect the risk decision making of investors.Moreover,the stock returns of locally headquartered companies become significantly negative after comedy movies are screened in their respective cities.These results support the mood maintenance hypothesis.This research also provides new evidence for the presence of home bias in capital markets.展开更多
This paper expounds the nitty-gritty of stock returns transitory, periodical behavior </span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><...This paper expounds the nitty-gritty of stock returns transitory, periodical behavior </span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">of </span></span></span><span><span><span style="font-family:""><span style="font-family:Verdana;">its markets’ demands and cyclical-like tenure-changing of number of the stocks sold. Mingling of autoregressive random processes via Poisson and Extreme-Value-Distributions (Fréchet, Gumbel, and Weibull) error terms were designed, generalized and imitated to capture stylized traits of </span><span style="font-family:Verdana;">k-serial tenures (ability to handle cycles), Markov transitional mixing weights</span><span style="font-family:Verdana;">, switching of mingling autoregressive processes and full range shape changing </span><span style="font-family:Verdana;">predictive distributions (multimodalities) that are usually caused by large fluctuation</span><span style="font-family:Verdana;">s (outliers) and long-memory in stock returns. The Poisson and Extreme-Value-Distributions Mingled Autoregressive (PMA and EVDs) models were applied to a monthly number of stocks sold in Nigeria from 1960 to 2020. It was deduced that fitted Gumbel-MAR (2:1, 1) outstripped other linear models as well as best</span></span></span></span><span><span><span style="font-family:""> </span></span></span><span><span><span style="font-family:""><span style="font-family:Verdana;">fitted among the Poisson and Extreme-Value-</span><span style="font-family:Verdana;">Distributions Mingled autoregressive models subjected to the discrete monthly</span><span style="font-family:Verdana;"> stocks sold series.展开更多
AFTER ten years of silence since his Blue Kite of 1992, earlier this year Tian Zhuangzhuang, one of the most respected of China’s fifth-generation directors, made his version of Spring in a Small Town. A classic fil...AFTER ten years of silence since his Blue Kite of 1992, earlier this year Tian Zhuangzhuang, one of the most respected of China’s fifth-generation directors, made his version of Spring in a Small Town. A classic film originally directed by Fei Mu in 1948, it is Tian’s favorite. He has watched the film at least once a year for the past decade, each time with fresh anticipation.展开更多
At the Shanghai Huangpu Tourist Festival held last September, the Canadian acrobat, Mr. Cockren, wearing an attractive T-shirt featuring Shenfeng chocolates, walked steadily along a tightrope. The breathtaking scene m...At the Shanghai Huangpu Tourist Festival held last September, the Canadian acrobat, Mr. Cockren, wearing an attractive T-shirt featuring Shenfeng chocolates, walked steadily along a tightrope. The breathtaking scene may still remain fresh in the memories of many Shanghai citizens. With every bold step forward, the chocolate’s image also left a deep impression on thousands of people. And that advertising creation was worked out by the Shang-展开更多
At the press conference of the State Council Information Office held on July 23,the relevant person in charge of the Ministry of Industry and Information Technology pointed out that the industrial economy has steadily...At the press conference of the State Council Information Office held on July 23,the relevant person in charge of the Ministry of Industry and Information Technology pointed out that the industrial economy has steadily recovered since the second quarter,and the preliminary judgment of economic operation has returned to the normal track.展开更多
Hong Kong Designers showcase Spring/Summer 2018 Collections Organized by the Hong Kong Trade Development Council(HKTDC),four Hong Kong fashion brands hit the runway in Tokyo,with support from the Hong Kong Economic an...Hong Kong Designers showcase Spring/Summer 2018 Collections Organized by the Hong Kong Trade Development Council(HKTDC),four Hong Kong fashion brands hit the runway in Tokyo,with support from the Hong Kong Economic and Trade Office in Tokyo.As part of the 20th anniversary celebratory events for the Hong Kong Special Administrative Region(HKSAR)。展开更多
文摘Capital structure is regarded as the combination of debt and equity firms used to finance operations and investments.The choice of capital structure significantly impacts a company’s cost of capital,profitability,and risk profile.Among a series of factors that affect capital structure,this paper focuses on stock returns and market timing.In this review,an array of papers is analyzed to summarize what current research claims regarding the influence of stock returns and market timing on capital structure.This paper centers on the stock return and market timing theories and also discusses other theories like the trade-off theory,the pecking order theory,and the signaling theory.
文摘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.
文摘This study investigates the volatility in daily stock returns for Total Nigeria Plc using nine variants of GARCH models:sGARCH,girGARCH,eGARCH,iGARCH,aGARCH,TGARCH,NGARCH,NAGARCH,and AVGARCH along with value at risk estimation and backtesting.We use daily data for Total Nigeria Plc returns for the period January 2,2001 to May 8,2017,and conclude that eGARCH and sGARCH perform better for normal innovations while NGARCH performs better for student t innovations.This investigation of the volatility,VaR,and backtesting of the daily stock price of Total Nigeria Plc is important as most previous studies covering the Nigerian stock market have not paid much attention to the application of backtesting as a primary approach.We found from the results of the estimations that the persistence of the GARCH models are stable except for few cases for which iGARCH and eGARCH were unstable.Additionally,for student t innovation,the sGARCH and girGARCH models failed to converge;the mean reverting number of days for returns differed from model to model.From the analysis of VaR and its backtesting,this study recommends shareholders and investors continue their business with Total Nigeria Plc because possible losses may be overcome in the future by improvements in stock prices.Furthermore,risk was reflected by significant up and down movement in the stock price at a 99%confidence level,suggesting that high risk brings a high return.
基金financially supported by the National Key Basic Research Program of China under grant No.2012CB722806
文摘To recycle the returned alloy effectively, effects of returns proportion on alloy composition, microstructure and compression properties of superalloy GH4169 were studied by means of scanning electron microscopy(SEM), energy dispersive spectroscopy(EDS) and thermal-mechanical simulator. The results show that returns addition has no significant effect on the main alloy elements content and the principle precipitates, but increases the volume fraction of Al_2O_3 inclusions, resulting in the increase of oxygen level of GH4169 alloy. Returns addition does not change the elastic and plastic deformation process at room temperature or at 1,150 °C, but high returns proportion GH4169 alloy shows improved compression strength and yield strength. The alloy with 100% returns shows a maximum compression strength 1,153.45 MPa at room temperature, while the alloy with 80% returns has a maximum value 69.3 MPa at 1,150 °C. Returns addition increases fluctuation range and reduces the stability of yield strength and compression strength of GH4169 alloy at room temperature. It is noted that the volume fraction and the size of Al_2O_3, and the fraction of Laves phase reach their maximum values in the GH4169 alloy with 60% returns, which exhibits maximum yield strength of 516.65 MPa at room temperature and 62.17 MPa at 1,150 °C.
文摘Using China Health and Nutrition Survey(CHNS) data between 1989 and 2011, this paper measures the returns to education in China based on the Mincer earnings function and reaches the following findings through an analysis of the tendency of continuous variations over a long timeframe: returns to education are on the rise within the range of samples both under relative and absolute scenarios; returns to different levels of education are characterized by increasing marginal return; no significant difference exists between the returns to junior middle school and the returns to primary school education. Further discussions consider that the requirements of job positions for the overall competence of personnel, differentiated decline of corporate demand for recruitment, lack of an evaluation system in the labor market, information asymmetry in the job market, the development strategy adopted in a particular stage of history and the current slow progress of economic transition have jointly led to the underemployment of college graduates and the great enthusiasm of parents investing in higher education for their children. Conclusions of this paper not only have important practical relevance to the ongoing implementation of China's innovation-driven development strategy, but offer inspirations for the new round of educational reform as well.
文摘Field trials were conducted to determine the economically optimum fertilizer rates for soybean production and for optimizing net profits in Dedza, Lilongwe and Salima Districts of Malawi. The effects of PK fertilizer rates on rain use efficiency (RUE), harvest index, agronomic use efficiency of phosphorous (AEP) and potassium (AEK), and value cost ratio (VCR) were evaluated. The applied diagnostic PK fertilizer rates significantly improved soybean grain yields, harvest index, rainwater use efficiency, AEP, AEK and returns to fertilizer use expressed as value cost ratio (VCR). However, the results differed significantly
基金supported by the National Natural Science Foundation of China(71631004,71571152)the Fundamental Research Funds for the Central Universities(20720171002,20720170090)the Fok Ying-Tong Education Foundation(151084)
文摘This paper highlights some recent developments in testing predictability of asset returns with focuses on linear mean regressions, quantile regressions and nonlinear regression models. For these models, when predictors are highly persistent and their innovations are contemporarily correlated with dependent variable, the ordinary least squares estimator has a finite-sample bias, and its limiting distribution relies on some unknown nuisance parameter, which is not consistently estimable. Without correcting these issues, conventional test statistics are subject to a serious size distortion and generate a misleading conclusion in testing pre- dictability of asset returns in real applications. In the past two decades, sequential studies have contributed to this subject and proposed various kinds of solutions, including, but not limit to, the bias-correction procedures, the linear projection approach, the IVX filtering idea, the variable addition approaches, the weighted empirical likelihood method, and the double-weight robust approach. Particularly, to catch up with the fast-growing literature in the recent decade, we offer a selective overview of these methods. Finally, some future research topics, such as the econometric theory for predictive regressions with structural changes, and nonparametric predictive models, and predictive models under a more general data setting, are also discussed.
文摘Environmental standards,as independent/explanatory variables of C21 capital costing functions,may refer to parts of space that we want to control in order to protect subsystems that are particularly sensitive and/or importance.In these cases,we need a quantitative relationship that links the environmental characteristics of the source of pollution to those of the reference/control points.In this article we will identify the capital cost functions C21=f(Sf),where Sf is a spatially distributed parameter(e.g.BOD),characteristic of an environmental model.
文摘Forecasting stock market returns is one of the most effective tools for risk management and portfolio diversification.There are several forecasting techniques in the literature for obtaining accurate forecasts for investment decision making.Numerous empirical studies have employed such methods to investigate the returns of different individual stock indices.However,there have been very few studies of groups of stock markets or indices.The findings of previous studies indicate that there is no single method that can be applied uniformly to all markets.In this context,this study aimed to examine the predictive performance of linear,nonlinear,artificial intelligence,frequency domain,and hybrid models to find an appropriate model to forecast the stock returns of developed,emerging,and frontier markets.We considered the daily stock market returns of selected indices from developed,emerging,and frontier markets for the period 2000–2018 to evaluate the predictive performance of the above models.The results showed that no single model out of the five models could be applied uniformly to all markets.However,traditional linear and nonlinear models outperformed artificial intelligence and frequency domain models in providing accurate forecasts.
文摘This study discusses the trading behavior of foreign investors with respect to economic uncertainty in the South Korean stock market from a time-varying perspective.We employ a news-based measure of economic uncertainty along with the model of time-varying parameter vector autoregression with stochastic volatility.The empirical analysis reveals several new findings about foreign investors’trading behaviors.First,we find evidence that positive feedback trading often appears during periods of high economic uncertainty,whereas negative feedback trading is exclusively observable during periods of low economic uncertainty.Second,the foreign investors’feedback trading appears mostly to be well-timed and often leads the time-varying economic uncertainty except in periods of global crises.Third,lagged negative(positive)response of net flows to economic uncertainty is found to be coupled with lagged positive(negative)feedback trading.Fourth,the study documents an asymmetric response of foreign investors with regard to negative and positive shocks of economic uncertainty.Specifically,we find that they instantly turn to positive feedback trading after a negative contemporaneous response of net flows to shocks of economic uncertainty.In contrast,they move slowly toward negative feedback trading after a positive response of net flows to uncertainty shocks.
文摘Two field experiments were conducted from 2009 to 2011 on a Gray Luvisol (Typic Haplocryalf) loam at Star City, Saskatchewan, Canada, to determine the effectiveness of intercropping barley or canola with pea in improving crop yield, total N uptake, seed quality, Land Equivalency Ratio (LER) and economic returns compared to barley, canola or pea grown as monocultures. Average seed yields of barley-pea or canola-pea intercrops were usually greater than those of barley, canola or pea as sole crops. In intercrops, application of N fertilizer increased seed yield of barley or canola but had only slight beneficial effect on the combined seed yield of both crops together. The LER values for intercrops were usually much greater than 1, suggesting less land requirements of intercropping systems than monoculture for the same seed yield. Net returns were lowest for barley as sole crop. Without applied N, net returns were slightly lower for barley-pea intercrop and slightly greater for canola-pea intercrop than pea as a sole crop. Generally, protein concentration in canola or barley seed was higher and oil concentration in canola seed was lower in intercrop combinations compared to sole crops. Response trends of total N uptake in seed or straw were usually similar to that of seed or straw yield. In conclusion, intercropping barley or canola with pea improved yield, N uptake and net returns, suggesting the potential of barley-pea or canola-pea intercrops and pea for organic farming systems.
文摘Field trials were conducted at the University of Uyo Teaching and Research Farm in 2009/2010 and 2010/2011 to evaluate cassava yield, garrification traits, and economic returns as influenced by genotypes grown in an ultisol. Uyo is located between latitudes 4°30' and 5°27'N and longitudes 7°50'E and 80°20'E. The area, which lies within the humid tropical rainforest zone of southeastern Nigeria, has an annual mean rainfall of 2500 mm with a bimodal rainfall pattern, monthly sunshine of 3.14 hours, and a mean annual temperature of 28°C. The experimental site was previously put into cultivation of some arable crops such as fluted pumpkin, okra, and waterleaf before it was fallowed for two years. A randomized complete block design, replicated three times was used. Treatments were 16 cassava genotypes (AR1-82, NR02/0028, NR03/0174, CR12-45, NR03/0211, TMS98/2132, TMS01/1206, TMS01/1368, TMS01/1371, CR36-5, NR02/0007, NR03/0155, AR37-108, TMS01/1412, TMS30572 and local best variety “Obubit okpo”). Results obtained via combined (pooled) analysis of the two seasons indicated that cassava yield differed significantly among the genotypes. NR02/0018 (42.50 t/ha) out-yielded others by 17% - 52% followed by NR 02/0007 (35.42 t/ha), and NR 03/0155 (32.08 t/ha). TMS 98/2132 had the most preferred garrification attributes followed by NR 02/0018, NR 02/0007, and NR03/01155. NR 02/0018 genotype gave the highest economic returns followed by NR 02/0007 and NR03/0155. NR02/0018 superseded others in yield, garrification traits, and economic returns, which is therefore recommended.
文摘We utilize data on comedy moviegoers from 18 cities in China to investigate the impact of the positive mood triggered by these movies on the stock returns of locally headquartered listed companies.We find that although these movies have no relation to investment itself,the sentiment triggered by these movies could affect the risk decision making of investors.Moreover,the stock returns of locally headquartered companies become significantly negative after comedy movies are screened in their respective cities.These results support the mood maintenance hypothesis.This research also provides new evidence for the presence of home bias in capital markets.
文摘This paper expounds the nitty-gritty of stock returns transitory, periodical behavior </span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">of </span></span></span><span><span><span style="font-family:""><span style="font-family:Verdana;">its markets’ demands and cyclical-like tenure-changing of number of the stocks sold. Mingling of autoregressive random processes via Poisson and Extreme-Value-Distributions (Fréchet, Gumbel, and Weibull) error terms were designed, generalized and imitated to capture stylized traits of </span><span style="font-family:Verdana;">k-serial tenures (ability to handle cycles), Markov transitional mixing weights</span><span style="font-family:Verdana;">, switching of mingling autoregressive processes and full range shape changing </span><span style="font-family:Verdana;">predictive distributions (multimodalities) that are usually caused by large fluctuation</span><span style="font-family:Verdana;">s (outliers) and long-memory in stock returns. The Poisson and Extreme-Value-Distributions Mingled Autoregressive (PMA and EVDs) models were applied to a monthly number of stocks sold in Nigeria from 1960 to 2020. It was deduced that fitted Gumbel-MAR (2:1, 1) outstripped other linear models as well as best</span></span></span></span><span><span><span style="font-family:""> </span></span></span><span><span><span style="font-family:""><span style="font-family:Verdana;">fitted among the Poisson and Extreme-Value-</span><span style="font-family:Verdana;">Distributions Mingled autoregressive models subjected to the discrete monthly</span><span style="font-family:Verdana;"> stocks sold series.
文摘AFTER ten years of silence since his Blue Kite of 1992, earlier this year Tian Zhuangzhuang, one of the most respected of China’s fifth-generation directors, made his version of Spring in a Small Town. A classic film originally directed by Fei Mu in 1948, it is Tian’s favorite. He has watched the film at least once a year for the past decade, each time with fresh anticipation.
文摘At the Shanghai Huangpu Tourist Festival held last September, the Canadian acrobat, Mr. Cockren, wearing an attractive T-shirt featuring Shenfeng chocolates, walked steadily along a tightrope. The breathtaking scene may still remain fresh in the memories of many Shanghai citizens. With every bold step forward, the chocolate’s image also left a deep impression on thousands of people. And that advertising creation was worked out by the Shang-
文摘At the press conference of the State Council Information Office held on July 23,the relevant person in charge of the Ministry of Industry and Information Technology pointed out that the industrial economy has steadily recovered since the second quarter,and the preliminary judgment of economic operation has returned to the normal track.
文摘Hong Kong Designers showcase Spring/Summer 2018 Collections Organized by the Hong Kong Trade Development Council(HKTDC),four Hong Kong fashion brands hit the runway in Tokyo,with support from the Hong Kong Economic and Trade Office in Tokyo.As part of the 20th anniversary celebratory events for the Hong Kong Special Administrative Region(HKSAR)。