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 mar...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.展开更多
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 ...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.展开更多
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 ...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.展开更多
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 constru...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.展开更多
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 studyi...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.展开更多
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 Autore...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.展开更多
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,...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.展开更多
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 pric...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.展开更多
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 n...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.展开更多
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...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.展开更多
文摘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.
基金supported by the National Natural Science Foundation of China(Grant Nos:71173185 and 71573225)
文摘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.
文摘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.
文摘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.
基金Supported by the National Social Science Foundation of China(16BJY136) in 2016the Consultant Project of Chinese Academy of Engineering(07-XY-003) in 2015
文摘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.
文摘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.
基金Supported by the National Social Science Fund of China(NO.01BJY089)
文摘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.
文摘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.
文摘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.
文摘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.
