The year 2017 marked not only the 45th anniversary of the establishment of China-Australia diplomatic relations,but also significant turbulence in the relationship.While bilateral economic and trade relations,as well ...The year 2017 marked not only the 45th anniversary of the establishment of China-Australia diplomatic relations,but also significant turbulence in the relationship.While bilateral economic and trade relations,as well as people-to-people communication and cooperation continue to grow,a series of dramatic and negative events unfolded in Australia,advocating the so-called"China threat",and instigated by anti-China sentiments.The recent anti-China backlash in Australia was caused by a combination of deep structural change in the current international system,and instability in Australia’s domestic politics.It is also the outcome of Australia’s dependence on the US-Australia alliance,while balancing between its own economic and security interests.It is worth noting that in comparison to the past,the current anti-China movement in Australia has been more profound and more focused,demonstrating new characteristics.This includes Australia collaborating with certain Western nations against China’s influence,as well as strategic warnings with more political and policy implications.Although Australia’s anti-China backlash will not have a fundamental impact on China-Australia relations,Australia’s anti-China stance and behavior is characteristic of an increasingly prevalent trend among the Western nations of concern about China’s rising influence,and new defense strategies against this.China must proceed with caution when dealing with the negative repercussions of this.展开更多
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...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展开更多
The purpose of this study is to investigate the constraints that the workers in silver sport industry experience and the solutions. In this study, six workers in silver sport industry participating in the elderly job ...The purpose of this study is to investigate the constraints that the workers in silver sport industry experience and the solutions. In this study, six workers in silver sport industry participating in the elderly job fair held in Ilsan in 2016 were selected as subjects and interviewed in depth. The sports equipment that the six subjects exhibited and their sales and PR （Public Relations） behaviors during the fair were observed, and they were interviewed about the current status of the sports goods industry, constraints as workers, and solutions to resolve the constraints. A senior sports goods developer analyzed sports goods development and PR process through a case study. The result of this study is as follows. The constraints of silver sport industry environment are constraints on investment and lack of research and development, legal and institutional constraints, and economic constraints. The constraints of the silver sport goods industrial field are anxiety for the production of unproven high-cost goods, constraints on unstable institutions, and constraints from the difficulties in collaboration. The solutions of such problems are as follows. First, it is needed to resolve the high production cost. Second, it is need to resolve the difficulties in delivery. Third, it is needed to resolve the difficulties in communication in the development stage展开更多
This study examines the relationship among independent boards of directors, board size, managerial share ownership （MSO）, and earnings quality. The study of these relationships is controlled by firm size based on a ...This study examines the relationship among independent boards of directors, board size, managerial share ownership （MSO）, and earnings quality. The study of these relationships is controlled by firm size based on a sample of 114 companies listed on the Tehran Stock Exchange （TSE） for the period from 2008 to 2010. The results demonstrate that there was an insignificant positive relationship among independent boards of directors, managerial ownership, and earnings quality. Subsequent analysis shows an insignificant negative relationship between board size and earnings quality. It also provides evidence of the negative relationship between firm size as a control variable and earnings quality. This can be attributed to the fact that large firms are claimed to be politically sensitive and thus have the incentive to lessen variances in changes in their reported earnings.展开更多
Data from the World Federation of Exchanges show that Brazil＇s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariat...Data from the World Federation of Exchanges show that Brazil＇s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariate forecasting models based on intraday data from the futures and spot markets of the BOVESPA index. The interest is to verify if there exist arbitrage opportunities in Brazilian financial market. To this end, three econometric forecasting models were built： ARFIMA, vector autoregressive （VAR）, and vector error correction （VEC）. Furthermore, it presents the results of a Granger causality test for the aforementioned series. This type of study shows that it is important to identify arbitrage opportunities in financial markets and, in particular, in the application of these models on data of this nature. In terms of the forecasts made with these models, VEC showed better results. The causality test shows that futures BOVESPA index Granger causes spot BOVESPA index. This result may indicate arbitrage opportunities in Brazil.展开更多
This study investigates the relationship between trading volume and returns in SET50 index Futures market in the period from April 2006 to December 2008 using 653 observations. From previous studies, we include three ...This study investigates the relationship between trading volume and returns in SET50 index Futures market in the period from April 2006 to December 2008 using 653 observations. From previous studies, we include three methodologies namely the GARCH model, the Generalized Method of Moments （GMM） to estimate systems of equations and the Granger causality test to investigate the relationship more thoroughly. In addition, we introduce the lagged volume as a new explanatory variable in the GARCH model. Overall, the results show the significant contemporaneous and dynamic relationships between trading volume and returns volatility which support the sequential information arrival hypothesis and imply some degree of market inefficiency. The results from this study also show that past information of trading volume can be used to improve the prediction of price volatility. Therefore, regulators and traders could include past information of trading volume of SET50 index futures in tracking and monitoring the market volatility level and the investment risk in order to make a timely decision.展开更多
This paper uses minute by minute data series from Chinese commodity futures markets to study patterns of intraday effect and discovers the L pattern of absolute return and volume.It is different from stock market,whic...This paper uses minute by minute data series from Chinese commodity futures markets to study patterns of intraday effect and discovers the L pattern of absolute return and volume.It is different from stock market,which has a distinctive pattern of U-shaped.The financial market microstructure theory,traders' psychology and trading mechanism are applied to explain it.Then this paper studies the factors that influence volatility of return and the lagged orders.The results show that there is a bilateral Granger causality among any two of the absolute return,volume and open interest,and it is different from the empirical results of the stock market,in the sense that there is only a unilateral Granger causal relationship from volume to absolute return.The authors also analyze the dynamic relationship among these three factors.The empirical results tell that the influence of open interest on volatility of absolute return and volume is weak,and there is a strong correlation between absolute return and volume.Some investment suggestions are offered from the analysis mentioned above.展开更多
Based on the theory of sub-national governments＇ foreign affairs, this paper analyzes the role played by China＇s local governments at the time when China＇s central government was formulating polices to establish di...Based on the theory of sub-national governments＇ foreign affairs, this paper analyzes the role played by China＇s local governments at the time when China＇s central government was formulating polices to establish diplomatic relations with South Korea. China＇s local governments, with Shandong Province in particular, made strong attempts to lobby the central government on the economic need for enlarging bilateral trade and drawing investment from South Korea. These efforts played an active role on Sino-South Korean diplomatic normalization and further advanced the realization of diplomatic contacts already underway. Shandong Province＇s case shows that sub-national governments have been playing ever more important roles in China＇s overall diplomacy since the Reform and Opening Up of the economy, which began in 1978. In the multi-fold policy-making process by the central and local governments, it appears that the central government needs to respond to the reasonable interest case for engagement made by sub-national governments. How to accommodate the policy interests of the central and sub- national government entities is an important problem facing China＇s future diplomacy.展开更多
基金financial support from the Young Faculty Research Fund of Beijing Foreign Studies University(2015JT003)
文摘The year 2017 marked not only the 45th anniversary of the establishment of China-Australia diplomatic relations,but also significant turbulence in the relationship.While bilateral economic and trade relations,as well as people-to-people communication and cooperation continue to grow,a series of dramatic and negative events unfolded in Australia,advocating the so-called"China threat",and instigated by anti-China sentiments.The recent anti-China backlash in Australia was caused by a combination of deep structural change in the current international system,and instability in Australia’s domestic politics.It is also the outcome of Australia’s dependence on the US-Australia alliance,while balancing between its own economic and security interests.It is worth noting that in comparison to the past,the current anti-China movement in Australia has been more profound and more focused,demonstrating new characteristics.This includes Australia collaborating with certain Western nations against China’s influence,as well as strategic warnings with more political and policy implications.Although Australia’s anti-China backlash will not have a fundamental impact on China-Australia relations,Australia’s anti-China stance and behavior is characteristic of an increasingly prevalent trend among the Western nations of concern about China’s rising influence,and new defense strategies against this.China must proceed with caution when dealing with the negative repercussions of this.
文摘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
文摘The purpose of this study is to investigate the constraints that the workers in silver sport industry experience and the solutions. In this study, six workers in silver sport industry participating in the elderly job fair held in Ilsan in 2016 were selected as subjects and interviewed in depth. The sports equipment that the six subjects exhibited and their sales and PR （Public Relations） behaviors during the fair were observed, and they were interviewed about the current status of the sports goods industry, constraints as workers, and solutions to resolve the constraints. A senior sports goods developer analyzed sports goods development and PR process through a case study. The result of this study is as follows. The constraints of silver sport industry environment are constraints on investment and lack of research and development, legal and institutional constraints, and economic constraints. The constraints of the silver sport goods industrial field are anxiety for the production of unproven high-cost goods, constraints on unstable institutions, and constraints from the difficulties in collaboration. The solutions of such problems are as follows. First, it is needed to resolve the high production cost. Second, it is need to resolve the difficulties in delivery. Third, it is needed to resolve the difficulties in communication in the development stage
文摘This study examines the relationship among independent boards of directors, board size, managerial share ownership （MSO）, and earnings quality. The study of these relationships is controlled by firm size based on a sample of 114 companies listed on the Tehran Stock Exchange （TSE） for the period from 2008 to 2010. The results demonstrate that there was an insignificant positive relationship among independent boards of directors, managerial ownership, and earnings quality. Subsequent analysis shows an insignificant negative relationship between board size and earnings quality. It also provides evidence of the negative relationship between firm size as a control variable and earnings quality. This can be attributed to the fact that large firms are claimed to be politically sensitive and thus have the incentive to lessen variances in changes in their reported earnings.
文摘Data from the World Federation of Exchanges show that Brazil＇s Sao Paulo stock exchange is one of the largest worldwide in terms of market value. Thus, the objective of this study is to obtain univariate and bivariate forecasting models based on intraday data from the futures and spot markets of the BOVESPA index. The interest is to verify if there exist arbitrage opportunities in Brazilian financial market. To this end, three econometric forecasting models were built： ARFIMA, vector autoregressive （VAR）, and vector error correction （VEC）. Furthermore, it presents the results of a Granger causality test for the aforementioned series. This type of study shows that it is important to identify arbitrage opportunities in financial markets and, in particular, in the application of these models on data of this nature. In terms of the forecasts made with these models, VEC showed better results. The causality test shows that futures BOVESPA index Granger causes spot BOVESPA index. This result may indicate arbitrage opportunities in Brazil.
文摘This study investigates the relationship between trading volume and returns in SET50 index Futures market in the period from April 2006 to December 2008 using 653 observations. From previous studies, we include three methodologies namely the GARCH model, the Generalized Method of Moments （GMM） to estimate systems of equations and the Granger causality test to investigate the relationship more thoroughly. In addition, we introduce the lagged volume as a new explanatory variable in the GARCH model. Overall, the results show the significant contemporaneous and dynamic relationships between trading volume and returns volatility which support the sequential information arrival hypothesis and imply some degree of market inefficiency. The results from this study also show that past information of trading volume can be used to improve the prediction of price volatility. Therefore, regulators and traders could include past information of trading volume of SET50 index futures in tracking and monitoring the market volatility level and the investment risk in order to make a timely decision.
基金supported by the National Science Fund of China under Grant Nos.71471182 and 71071170Program for New Century Excellent Talents in University under Grant No.NCET-11-0750Program for Innovation Research in Central University of Finance and Economics
文摘This paper uses minute by minute data series from Chinese commodity futures markets to study patterns of intraday effect and discovers the L pattern of absolute return and volume.It is different from stock market,which has a distinctive pattern of U-shaped.The financial market microstructure theory,traders' psychology and trading mechanism are applied to explain it.Then this paper studies the factors that influence volatility of return and the lagged orders.The results show that there is a bilateral Granger causality among any two of the absolute return,volume and open interest,and it is different from the empirical results of the stock market,in the sense that there is only a unilateral Granger causal relationship from volume to absolute return.The authors also analyze the dynamic relationship among these three factors.The empirical results tell that the influence of open interest on volatility of absolute return and volume is weak,and there is a strong correlation between absolute return and volume.Some investment suggestions are offered from the analysis mentioned above.
基金This paper was originally presented at ＂The Tenth China＇s Korean Studies Symposium＂ held at Fudan University in Shanghai on October 24-25, 2009. The author thanks the financial support from China Postdoctoral Science Foundation and Asia Research Center of Fudan University and the author would like to thank Mr. Liu Ji-de, Professor Chen Zhi-min at Ftldan University, Professor Zhang Dong-ming at Liaoning University, Professor Yu Nai-Min at National Chengchi University, Professor Jae Ho Chung at Seoul National University, and Dr. Indira Ravindran for their helpful comments.
文摘Based on the theory of sub-national governments＇ foreign affairs, this paper analyzes the role played by China＇s local governments at the time when China＇s central government was formulating polices to establish diplomatic relations with South Korea. China＇s local governments, with Shandong Province in particular, made strong attempts to lobby the central government on the economic need for enlarging bilateral trade and drawing investment from South Korea. These efforts played an active role on Sino-South Korean diplomatic normalization and further advanced the realization of diplomatic contacts already underway. Shandong Province＇s case shows that sub-national governments have been playing ever more important roles in China＇s overall diplomacy since the Reform and Opening Up of the economy, which began in 1978. In the multi-fold policy-making process by the central and local governments, it appears that the central government needs to respond to the reasonable interest case for engagement made by sub-national governments. How to accommodate the policy interests of the central and sub- national government entities is an important problem facing China＇s future diplomacy.
