Copula-EVT Based Tail Dependence Structure of Financial Markets in China

Tail dependence structure model based on Copula theory and extreme value theory （EVT） is constructed to picture the tail correlation of financial time series more exact. The empirical research results show that the Gumbel Copula can fit the upper and lower tail dependence structures of Shanghai A share index and Shenzhen A share index, and correlation of upper tails of both indices is stronger than that of lower-tails.

The Financial Structure of Italian Companies

The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm＇s performance and meet shareholders＇ expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure.

The Moderating Role of Ownership Structure on the Relation between Board Independence and Voluntary Financial Disclosure: An Analysis of Italian Listed Company

Voluntary disclosure and corporate governance variables, such as board independence and ownership structure are considered mechanisms useful to reduce information asymmetries between competing parties of the firms. This paper aims at investigating both the relationship between board independence and the quality of voluntary financial disclosure and how previous relationship is moderated by the level of ownership concentration. The analysis has been conducted on a sample of Italian non-financial listed companies. The results show that there is a positive and significant relationship between board independence and the quality of voluntary financial disclosure provided by companies. In addition, the findings reveal that ownership concentration plays a relevant moderating role in previous relationship. The results highlight the necessity to consider the interaction effects of different governance mechanisms, when studying corporate governance effectiveness.

Research on Financial Contract Structure

Financial decision-making is the central link of enterprise financial management. The prevalent theory of financial decision-making is ＂capital structure＂. This paper makes a new explanation of ＂capital structure＂, which is ＂financial contract structure＂ based on interacts among stakeholders. It developed the intension and extension of＂capital structure＂.

Economic Growth and Interaction between Financial and Industrial Structure - Empirical Analysis on Provincial Panel Data

In recent years, China's economic growth speed has been slowing down, leading to the problems of overcapacity and unbalanced regional economic development, and the mismatch between industrial and financial structure is becoming intense. Therefore, this paper, starting with the relationship among economic growth, industrial structure and financial structure, summarizes the research by the former scholars. On this basis, by using data of 31 provincial panel data in China from 2007 to 2016, the article aims to find out the relationship between the industrial structure and economic growth, the relationship between the financial structure and economic growth and the relationship between the interaction of financial and industrial structure and economic growth. Finally, the corresponding policy recommendations are obtained following the systematical empirical conclusions. The conclusions of this paper are as follows:(1) developing indirect financing mode can effectively drive China's economic growth.(2) continuing to develop the second industry can play a catalytic role in the economic growth in most areas of China.(3) the interaction between the financial structure and the industrial structure can promote the economic growth significantly. However, the matching effect of the financial structure and industrial structure in China has not been completely formed, and the industrial upgrading should be guided to be structurally reformed through the policy.

The Impact of Financial Distress Status and Corporate Governance Structures on the Level of Voluntary Disclosure Within Annual Reports of Firms （Case Study of Non-financial Firms in Indonesia Over the Period of 2009-2011）

The purpose of this research is to examine the impact of financial distress status and corporate governance structures on the level of voluntary disclosure. We apply six independent variables, including the firm＇s financial distress status and five components of corporate governance structures, such as board independence, audit committee independence, institutional ownership, board meeting frequency, and audit committee meeting frequency. This research is carried out by examining the annual reports of 114 non-financial firms listed at the Indonesian Stock Exchange over the period of 2009-2011. To test hypotheses, we undergo two different analyses, including independent samples t-test and Multiple Linear Regression. We find that： （1） The audit committee independence and the audit committee meeting frequency have significant positive impacts on the level of voluntary disclosure; （2） The financial distress status is negatively related to the level of disclosure at various levels of significance; and （3） All the independent variables are simultaneously related to voluntary disclosure.

Characteristics of the Ownership Structure of Chinese Listed Companies and Its Effect on Financial Reports Quality

Ownership structure is brand-new to the reform of Chinese state-owned enterprises, and also a problem that urgently need to study. Because the reform wasn＇t entire, the ownership structure of Chinese listed companies looks freakish. That is to say, the ownership is highly concentrated in the state, who has just no tangible rights to control the business, which results in ＂insider control＂, ＂owner absence＂, ＂duality of manager and chairman＂, and so on. At the same time, such an ownership structure is unavoidable to supply inducement to the people who has relative benefits in it, and it eventually affects the quality of their financial reports. This paper empirically studies the ownership structure of Chinese listed companies and their characteristics in the actual situation, and finally puts forward some suggestions on how to improve the quality of the financial reports from the ownership structure approach.

Determinants of Financial Reporting Quality： An In-Depth Study o f Firm Structure

This paper examines the effects of firm structure on the financial reporting quality of Nigerian-quoted manufacturing firms by using assets, the leverage, the share dispersion, and the residuals of the modified Edward Bell Ohlson （EBO） model as proxies of firm structure and the financial reporting quality respectively. The data are extracted from 12 sample firms representing 50% （as the population of the study） of all the quoted manufacturing companies in Nigeria. A multiple regression is used as a tool of analysis for the study. The result reveals a strongly positive relationship between the firm structure and the financial reporting quality of the quoted manufacturing firms in Nigeria. Therefore, it is recommended among others that the regulators should enforce more on the financial statement disclosure and transparency among companies quoted on the Nigerian Stock Exchange （NSE）, in order to ensure a higher quality of the financial reporting

Credit Guarantee and the Impact in Financial Structure of the

The aim of this work is to show the relevance of guarantees provided by the Mutual Credit Guarantee System （GS—the Portuguese Society of Credit Guarantee （SPGM）） as an instrument used in the financing of Small and edium Enterprises （SMEs）, especially in restructuring Long-Term Debt （LTD） and bank loans. The studyprovides empirical evidence and puts forward an explanatory model of the influence of the mutual creditguarantees on the financing of SMEs. Using data obtained from the MCGS, for the CAE （economic activity） 412（construction of buildings, which is the sector with the greatest number of companies seeking this type of financing） and the SABI database （system for analysis of Iberian financial statements）, a multiple regressionmodel was made, studying the impact that mutual guarantees have in the financial structure of the SMEs. The results obtained show that LTD financing is positively influenced by the guarantees provided by the MCGS to SMEs as it allows greater debt capacity, especially in the medium and long term, for firms that usually cannotobtain this type of financing. The results also suggest that this type of guarantees creates an environment of confidence among all stakeholders involved, showing that both in terms of overall capital structure and in terms of erely financial credit, the response from the explanatory variables in the models was consistent with the beginning xpectations, that the financial gap has been reduced with the contribution of mutual guarantees in the fnancingprocess.

Financial Capital Deepening, Technological Progress and Industrial Structure Upgrading

A necessary condition for realizing macroeconomics is to rationally upgrade the industrial structure.In this process of upgrading,financial capital deepening and technological progress are important ways to promote the upgrading of industrial structure.From an endogenous perspective,this essay explores the internal links between financial capital deepening,technological progress,and industrial structure upgrading.The analysis shows that factors of technological progress have not make a tremendous impact on the upgrading of Chinese industrial structure,nor are they a positive reason for promoting the development of the industry to a higher level.The deepening of financial capital obviously promotes the optimization and upgrading of industrial institutions,which is its main factor.

Structural Deceleration,Financial Expansion and Policy Selection:China's Economic Prospects for 2014

China's economic performance in 2013 has verified that China's economic slowdown is structural rather than cyclical.Current economic growth has been driven primarily by investment in infrastructure and real estate sector.Consumption is sluggish and exports recovery is unsustainable.Financial expansion is a major instrument in offsetting the deceleration of China's economic growth in 2013.But structural root cause of slowdown remains.According to cash flow statement,balance sheet and cross-border capital flow,risks of China's financial system are accumulating under the backdrop of financial expansion.Financial system should play its role of resource allocation and refrain from stimulating demand.Future policy choice will shift from short-term macro policy to institutional reform,including political reform,reform of supply mechanism,balancing between macro-stability policy and structural transition,and reform of financial system.

Financial and Structural Stimuli for Regional Growth

The economies during the post-industrial era are returning to the classical meaning of manufacturing sector in the process of balanced regional growth and are searching for stimuli for diversifying economic structure and reindustrialization. Expansion of a new growth theory highlighted the necessity for the well-developed so-called innovative manufacturing sector; however, stimuli for realizing the potential of this sector are limited due to relative attractiveness of sectors with lower risks and faster returns especially in regions followers. Moreover, regional success as a result of the previous development can hinder changes and stimulate economic agents to avoid regions and sectors with high potential but weak performance. Generation of regional economic growth can be considered in a framework of two kinds of stimuli as financial and structural. Financial capital as an important factor for supporting structural change in economy helps to stay in harmony with the modern economy; however, existing sectoral composition can be persistent to changes. Latvia is considered as a case study about issues on fmancial and structural stimuli for regional growth because of the bright dominance of capital city region （high regional differentiation） and typical post-industrial economic structure in parallel with an intention to actively participate in reindustrialization and increase the innovativeness of economy. This article searches whether foreign investment stock in a company＇s equity capital provides a stimulus for an industrial change at a micro level （five regions and 12 manufacturing sectors in accordance with statistical classification of economic activities NACE 2 Rev. （Nomenclature generale des Activities economiques dans les Communuates Europeennes） two-digit level） and whether this change contributes to the regional growth. Unbalanced regional growth as a result of reallocation of financial resources among sectors of economic activity and differences in distribution of economic success at a sectoral level provide a useful foundation for testing the impact of foreign direct investments （FDI） on changes in economic structure.

Economic and Financial Structural Adjustment at Village Level: A Case Study of Rural Areas in Guizhou Province

Village-level economy is not only the important foundation for promoting grass-roots agricultural and rural modernization, but also an essential guarantee for sustainable development of small scale economy of rural farmer households. Research on this field will play a significant role in rural economic development of Guizhou Province. Taking the observation data from 1999 to 2009 in 10 fixed observation villages in Guizhou Province, we carried out empirical survey and analysis on land scale and use structure, scale and composition of fixed assets for production, level and composition of operational income, and level and composition of financial revenue and expenditure at village level. Finally, we put forward conclusions and recommendations.

Structural Stability of the Financial Market Model: Continuity of Superhedging Price and Model Approximation

The present paper continues the topic of our recent paper in the same journal,aiming to show the role of structural stability in financial modeling.In the context of financial market modeling,structural stability means that a specific“no-arbitrage”property is unaffected by small(with respect to the Pompeiu–Hausdorff metric)perturbations of the model’s dynamics.We formulate,based on our economic interpretation,a new requirement concerning“no arbitrage”properties,which we call the“uncertainty principle”.This principle in the case of no-trading constraints is equivalent to structural stability.We demonstrate that structural stability is essential for a correct model approximation(which is used in our numerical method for superhedging price computation).We also show that structural stability is important for the continuity of superhedging prices and discuss the sufficient conditions for this continuity.

Evolution of China's Financial Asset Mix from 1991 to 2007

In 1996,the first author of this essay manifested that financial assets structure of China,which was then dominated by indirect financing,had led to many problems in the economy.After more than ten years of financial reform,has the financial assets structure been improved?Can the existing financial assets structure accommodate the development of Chinese economy?This paper tries to answer the above questions by reanalyzing the current financial structure in China.It is found that the financial asset structure of China has experienced obvious improvement.Meanwhile the new structure has brought some new problems which ought to be resolved by further improvement of monetary market and capital market.In the coming ten years,the optimal path for the development of China’s financial market is through twoway opening.

Financial Structure,Technology,and Economic Growth:A Structural Matching Perspective

Different types of capital are better suited to financing technologies with different risk profiles,and structural matching between finance and technology may critically influence economic growth.Using cross-province panel data from China,we estimated the impact of the matching relationship between regions'financial structure and technology level on economic growth.We show that:(ⅰ)the matching relationship had a statistically significant positive impact on economic growth;(ⅱ)structural mismatching reduced economic growth in comparison with the optimal matching point;(ⅲ)structural matching better facilitated economic growth in more developed regions;and(ⅳ)capital accumulation and technological progress were two of the main channels through which matching influenced economic growth.We address potential endogeneity concerns and perform robustness checks,and our results remain valid.Our findings provide convincing evidence for the optimalfinancial structure theory and explain China's rapid growth despite its comparatively underdeveloped securities market.

Research on vertical deformation during construction of Shanghai World Financial Center

Shanghai World Financial Center is one of the highest buildings in the world, of which cumulation of vertical deformation during construction is significant and worth investigating. A refined finite element model was developed to conduct full-process analysis of construction of super-high rise buildings like Shanghai World Financial Center, in which the discrete analysis method of time-varying structures and age-adjusted effective modulus method were both used. In the finite element analysis, the whole construction process was divided into a series of stages, each with a structural system that is a part of the whole structure and with different material parameters, geometrical parameters, loading and boundary conditions. The whole construction process of Shanghai World Financial Center in consideration of creep of concrete was simulated successfully by using the finite element model and the analytical method developed. With respect to different construction stage, the total vertical deformation, inter-floor compression deformation and the relative deformation between the outer frame and the core-wall were obtained through the analysis. The comparison between the results from the stage-wise full-process analysis of construction with and without considering the creep and the results from the conventional analysis of the whole building under the total load from all self-weight and construction applied to the structure "in one go" shows that the cumulative effect on the deformation from the construction process and the creep effect need to be considered in analyzing the deformation of Shanghai World Financial Center, and the super-high rise buildings suchlike. Finally, the simulation results correlate well with the monitoring results-a proof of the feasibility and the validity of this paper.

Financial Performance of Public Hospitals Revolving Funds Between 2008-2017 in Turkey

In this study,financial position and financial performance of public hospitals(PH)in Turkey were analyzed.Financial statements of 948 public hospitals between 2008 and 2017 were used in analysis.Financial statements were analyzed by ratio analysis technique to analyze the financial status and financial performance of public hospitals.With the Z-score analysis technique,the risk of financial failure of public hospitals was measured.The credibility of public hospitals was measured by the rating analysis technique.It was determined that the accumulated losses in public hospitals lowered the equity below zero,the institutions has trouble with paying debt,and the credit risk of public hospitals is high.

Testing the relationship between financial sector output,employment and economic growth in North Cyprus

Sound and efficient functioning of financial systems is critical to the economic prosperity of any economy.This paper investigates the tripartite relationship between financial sector output,employment and economic growth in North Cyprus.Using relevant time series data analysis(within the framework of structural breaks and VECM),we found that financial sector output in North Cyprus is sensitive to both internal and external shocks in that its economy is well linked with the global economy,in spite of the political isolation sustained since the bifurcation of Cyprus into North and South.The study further documents evidence of the neutrality hypothesis in the finance-growth nexus.The underlying variables were weakly connected in the short-run.However,economic growth responded to the short-run shocks and handled the equilibrating process of reverting to the long-run trend and thus,the demand following hypothesis is confirmed in the long-run.

A Study on the Interaction among Financial Development,Industrial Adjustment and Urbanization

This paper attempts to study the interactive relationship among financial development,industrial structure adjustment and urbanization in China.Based on the data from 1978 to 2018,this paper establishes a VAR model for empirical analysis.The results show that after the impulse response analysis and variance decomposition of the model,industrial structure adjustment and urbanization have a positive impact on financial development in the long run.Financial development and industrial structure adjustment do not play a positive role in the process of urbanization,and there is still room for further development.It is suggested that the state should strengthen the financial support for urbanization so that the two can develop in coordination.At the same time,we should adhere to the simultaneous development of industrial structure adjustment and urbanization to ensure the simultaneous development of financial scale and efficiency.