This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whethe...This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whether stock prices are significantly affected by COVID-19’s impact.In addition,using the Chinese stock market as an example,we are particularly interested in the psychological and industrial impacts of COVID-19 on the financial market.This study makes two contributions to the literature.First,from a theoretical perspective,it shows a novel quantitative relationship between the psychological response to the pandemic and stock prices.In addition,it depicts the mechanism of the shock to the stock market by pointing out the specific functional expression of the impulse reaction.To our knowledge,this is the first theoretical calculation of the impulse of a shock to the financial market.Second,this study empirically estimates the marginal effect of the COVID-19 pandemic on fluctuations in stock market returns.By controlling for stock fundamentals,this study also estimates diverse industrial responses to pandemic stock volatility.We confirm that the COVID-19 pandemic has caused panic in the stock market,which not only depresses stock prices but also inflates volatility in daily returns.Regarding the impulse of the shock,we identify the cumulative level of the pandemic variables as well as their incremental differences.As shown by our empirical results,the terms for these differences will eventually dominate the marginal effect,which confirms the fading impulse of the shock.Finally,this study highlights some important policy implications of stock market volatility and returns to work in the industry.展开更多
The world is marching into a new development period when the digital technology,physical technology,and biological technology have achieved an unprecedented development respectively in their own fields,and at the same...The world is marching into a new development period when the digital technology,physical technology,and biological technology have achieved an unprecedented development respectively in their own fields,and at the same time their applications are converging greatly.These are the three major technological drivers for the Fourth Industrial Revolution.This paper discusses the specific technology niches of each kind technological driver behind the Fourth Industrial Revolution,and then evaluates impacts of the Fourth Industrial Revolution on global industrial,economic,and social development.At last this paper proposes possible measures and policies for both firms and governments to cope with the changes brought by the Fourth Industrial Revolution.展开更多
With never-ending changes and improvements and an increasing industrial scale of the Internet, the emerging new application trends, such as social networking, network video, intelligent search and mobile Internet, and...With never-ending changes and improvements and an increasing industrial scale of the Internet, the emerging new application trends, such as social networking, network video, intelligent search and mobile Internet, and new Internet technologies, such as Mashup, artificial intelligence, grid computing and open platform, are significantly influencing the Internet industrial structure. Moreover, the rapid development of the Internet and the convergence of the Internet and telecom networks, especially the development of mobile Internet, are giving the telecom industry a shock. This shock will certainly change the structure of the telecom industry, gradually break the monopoly status of telecom operators, shift the telecom emphasis to services and contents, and enhance the importance of terminal vendors in the industrial chain.展开更多
The direct and indirect immensely contributions of free trade blocs/single market integration to the steadilygrowth of developed emergence and least developed economies are unmeasurable. The increasing insatiable dema...The direct and indirect immensely contributions of free trade blocs/single market integration to the steadilygrowth of developed emergence and least developed economies are unmeasurable. The increasing insatiable demand and approval of the free trade model by almost all of the six continents to enhance their economic development has proved that its benefits have indeed outweighed the challenges. Therefore, this research just like the other internationally recognised literatures on this market system, intends to analysis the impacts of the important/dos, don’ts, opportunities, prospects and other important factors of the recent AU member States unanimously endorsement of AfFCTA’s implementation, will have on Ghana’s maritime industry. The possible quantitative findings in this study do uphold its immensely potential benefits impact on the African and Ghana’s maritime industry development and at the same time, indicate an irresistible gap pertaining to the downward progress of its implementation within the sector. These findings have apparently revealed that loss of revenue from scrapping off customs tariffs carries the highest percentage of all the challenges facing AfCFTA’s implementation and recommend that there must be an effective investment-oriented measures-FDI in harnessing the opportunities and prospects embedded in AfCFTA so as to accelerate Ghana’s maritime industry development in its implementation process.展开更多
On Jun. 10-12, 2009, The 15th China’s International Chemical Fiber Conference, with the theme of "Financial Crisis and Chemical Fiber Industry", was held at Hangzhou, Zhejiang Province. During the conferenc...On Jun. 10-12, 2009, The 15th China’s International Chemical Fiber Conference, with the theme of "Financial Crisis and Chemical Fiber Industry", was held at Hangzhou, Zhejiang Province. During the conference, the China Chemical Fiber Association released a speech on "The Impact of Global Financial Crisis on China Chemical Fiber Industry and Response Strategies". Here in the following part, we will focus on the part of the impact of financial crisis on Chinese chemical fiber industry. In our next issue, we will go on with the part of Response Strategies.展开更多
Prospects of Global Financial Crisis and Economic Crisis The widely spreading global financial crisis has halted the fast growth of world economy in five consecutive years,and heavily stricken the financial and econom...Prospects of Global Financial Crisis and Economic Crisis The widely spreading global financial crisis has halted the fast growth of world economy in five consecutive years,and heavily stricken the financial and economic sectors worldwide.It’s second only to the "Great Depression" in the 1930’s.Governments展开更多
China’s industry currently accounts for 45 percent of the country’s GDP growth. With its fast growth rate, the industrial sector shores up the steady growth of the national economy and helps boost the development of...China’s industry currently accounts for 45 percent of the country’s GDP growth. With its fast growth rate, the industrial sector shores up the steady growth of the national economy and helps boost the development of other sectors. If China’s industry suffers from the country’s WTO entry, the development of the whole national economy will be greatly affected. The impacts will interact and lead to magnified effects in some areas. The purpose展开更多
Scientifically assessing the economic impact of major public health emergencies,containing their negative effects,and enhancing the resilience of an economy are important national strategic needs.The new coronavirus d...Scientifically assessing the economic impact of major public health emergencies,containing their negative effects,and enhancing the resilience of an economy are important national strategic needs.The new coronavirus disease(COVID-19)has,to date,been effectively contained in China,but the threat of imported cases and local risks still exist.The systematic identification of the virus’s path of influence and intensity is significant for economic recovery.This study is based on a refined multi-regional general equilibrium analysis model,which measures the economic and industrial impacts at different epidemic risk levels in China and simulates development trends and the degree of damage to industries and the economy under changes to supplies of production materials and product demand.The results show that,at the macroeconomic level,China’s GDP will decline about 0.4%to 0.8%compared to normal in 2020,with an average drop of about 2%in short-term consumption,an average drop in employment of about 0.7%,and an average increase in prices of about 0.9%.At the industry level,the epidemic will have the greatest short-term impact on consumer and laborintensive industries.For example,the output value of the service industry will fall 6.3%compared to normal.Looking at the impact of the epidemic on the industrial system,the province most affected by the epidemic is Hubei,which is the only province in China in the level-1 risk category.As the disease spread outward from Hubei,there were clear differences in the main industries that were impacted in different regions.In addition,simulation results of recovery intensity of regional economies under the two epidemic response scenarios of resumption of work and production and active fiscal stimulus policies show that an increase in fiscal stimulus policies produces a 0.3%higher rate of gross regional product growth but it causes commodity prices to rise by about 1.8%.Measures to resume work and production offer a wider scope for industrial recovery.展开更多
RMB was devalued by 50％. Tariffs on imports was lowered. Pricing on domestically made cars was adjusted. Purchase control was lifted. All these deemed as concrete measures of the state government to meet challenges a...RMB was devalued by 50％. Tariffs on imports was lowered. Pricing on domestically made cars was adjusted. Purchase control was lifted. All these deemed as concrete measures of the state government to meet challenges as China is going to resume GATT展开更多
3.5 Foreign investors madding about assembling cars while localization of cars neglected. What the most foreign partners are mad about in China is to assemble cars with CKD parts to seek money. Few of them care about ...3.5 Foreign investors madding about assembling cars while localization of cars neglected. What the most foreign partners are mad about in China is to assemble cars with CKD parts to seek money. Few of them care about the localization, especially when their Chinese partners are not strong enough. 3.6 Controlling on Development of Product Although the Chinese sides are holding the stock shares in most joint ventures, the foreign partners often hold back the development of new products by means of intellectual property rights. When developing new products, the foreign investors are likely to transfer the展开更多
文摘This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whether stock prices are significantly affected by COVID-19’s impact.In addition,using the Chinese stock market as an example,we are particularly interested in the psychological and industrial impacts of COVID-19 on the financial market.This study makes two contributions to the literature.First,from a theoretical perspective,it shows a novel quantitative relationship between the psychological response to the pandemic and stock prices.In addition,it depicts the mechanism of the shock to the stock market by pointing out the specific functional expression of the impulse reaction.To our knowledge,this is the first theoretical calculation of the impulse of a shock to the financial market.Second,this study empirically estimates the marginal effect of the COVID-19 pandemic on fluctuations in stock market returns.By controlling for stock fundamentals,this study also estimates diverse industrial responses to pandemic stock volatility.We confirm that the COVID-19 pandemic has caused panic in the stock market,which not only depresses stock prices but also inflates volatility in daily returns.Regarding the impulse of the shock,we identify the cumulative level of the pandemic variables as well as their incremental differences.As shown by our empirical results,the terms for these differences will eventually dominate the marginal effect,which confirms the fading impulse of the shock.Finally,this study highlights some important policy implications of stock market volatility and returns to work in the industry.
基金Under the auspices of National Natural Science Foundation of China(No.41671120,41401125)
文摘The world is marching into a new development period when the digital technology,physical technology,and biological technology have achieved an unprecedented development respectively in their own fields,and at the same time their applications are converging greatly.These are the three major technological drivers for the Fourth Industrial Revolution.This paper discusses the specific technology niches of each kind technological driver behind the Fourth Industrial Revolution,and then evaluates impacts of the Fourth Industrial Revolution on global industrial,economic,and social development.At last this paper proposes possible measures and policies for both firms and governments to cope with the changes brought by the Fourth Industrial Revolution.
文摘With never-ending changes and improvements and an increasing industrial scale of the Internet, the emerging new application trends, such as social networking, network video, intelligent search and mobile Internet, and new Internet technologies, such as Mashup, artificial intelligence, grid computing and open platform, are significantly influencing the Internet industrial structure. Moreover, the rapid development of the Internet and the convergence of the Internet and telecom networks, especially the development of mobile Internet, are giving the telecom industry a shock. This shock will certainly change the structure of the telecom industry, gradually break the monopoly status of telecom operators, shift the telecom emphasis to services and contents, and enhance the importance of terminal vendors in the industrial chain.
文摘The direct and indirect immensely contributions of free trade blocs/single market integration to the steadilygrowth of developed emergence and least developed economies are unmeasurable. The increasing insatiable demand and approval of the free trade model by almost all of the six continents to enhance their economic development has proved that its benefits have indeed outweighed the challenges. Therefore, this research just like the other internationally recognised literatures on this market system, intends to analysis the impacts of the important/dos, don’ts, opportunities, prospects and other important factors of the recent AU member States unanimously endorsement of AfFCTA’s implementation, will have on Ghana’s maritime industry. The possible quantitative findings in this study do uphold its immensely potential benefits impact on the African and Ghana’s maritime industry development and at the same time, indicate an irresistible gap pertaining to the downward progress of its implementation within the sector. These findings have apparently revealed that loss of revenue from scrapping off customs tariffs carries the highest percentage of all the challenges facing AfCFTA’s implementation and recommend that there must be an effective investment-oriented measures-FDI in harnessing the opportunities and prospects embedded in AfCFTA so as to accelerate Ghana’s maritime industry development in its implementation process.
文摘On Jun. 10-12, 2009, The 15th China’s International Chemical Fiber Conference, with the theme of "Financial Crisis and Chemical Fiber Industry", was held at Hangzhou, Zhejiang Province. During the conference, the China Chemical Fiber Association released a speech on "The Impact of Global Financial Crisis on China Chemical Fiber Industry and Response Strategies". Here in the following part, we will focus on the part of the impact of financial crisis on Chinese chemical fiber industry. In our next issue, we will go on with the part of Response Strategies.
文摘Prospects of Global Financial Crisis and Economic Crisis The widely spreading global financial crisis has halted the fast growth of world economy in five consecutive years,and heavily stricken the financial and economic sectors worldwide.It’s second only to the "Great Depression" in the 1930’s.Governments
文摘China’s industry currently accounts for 45 percent of the country’s GDP growth. With its fast growth rate, the industrial sector shores up the steady growth of the national economy and helps boost the development of other sectors. If China’s industry suffers from the country’s WTO entry, the development of the whole national economy will be greatly affected. The impacts will interact and lead to magnified effects in some areas. The purpose
基金National Natural Science Foundation of China,No.72042020。
文摘Scientifically assessing the economic impact of major public health emergencies,containing their negative effects,and enhancing the resilience of an economy are important national strategic needs.The new coronavirus disease(COVID-19)has,to date,been effectively contained in China,but the threat of imported cases and local risks still exist.The systematic identification of the virus’s path of influence and intensity is significant for economic recovery.This study is based on a refined multi-regional general equilibrium analysis model,which measures the economic and industrial impacts at different epidemic risk levels in China and simulates development trends and the degree of damage to industries and the economy under changes to supplies of production materials and product demand.The results show that,at the macroeconomic level,China’s GDP will decline about 0.4%to 0.8%compared to normal in 2020,with an average drop of about 2%in short-term consumption,an average drop in employment of about 0.7%,and an average increase in prices of about 0.9%.At the industry level,the epidemic will have the greatest short-term impact on consumer and laborintensive industries.For example,the output value of the service industry will fall 6.3%compared to normal.Looking at the impact of the epidemic on the industrial system,the province most affected by the epidemic is Hubei,which is the only province in China in the level-1 risk category.As the disease spread outward from Hubei,there were clear differences in the main industries that were impacted in different regions.In addition,simulation results of recovery intensity of regional economies under the two epidemic response scenarios of resumption of work and production and active fiscal stimulus policies show that an increase in fiscal stimulus policies produces a 0.3%higher rate of gross regional product growth but it causes commodity prices to rise by about 1.8%.Measures to resume work and production offer a wider scope for industrial recovery.
文摘RMB was devalued by 50％. Tariffs on imports was lowered. Pricing on domestically made cars was adjusted. Purchase control was lifted. All these deemed as concrete measures of the state government to meet challenges as China is going to resume GATT
文摘3.5 Foreign investors madding about assembling cars while localization of cars neglected. What the most foreign partners are mad about in China is to assemble cars with CKD parts to seek money. Few of them care about the localization, especially when their Chinese partners are not strong enough. 3.6 Controlling on Development of Product Although the Chinese sides are holding the stock shares in most joint ventures, the foreign partners often hold back the development of new products by means of intellectual property rights. When developing new products, the foreign investors are likely to transfer the
