The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correl...The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correlation and cluster analyses in order to investigate the impact of stock exchange consolidation on volatility of market returns, in terms of a financial integration between involved stock exchanges before and after the merger. By using the Generalized Autoregressive Conditional Heteroskedasticity （GARCH） （1.1） model, the authors test the change in volatilities of national stock exchange markets involved in the following stock exchange integration case studies： Euronext, Bolsasy Mercados Espanoles （BME）, and Swedish-Finnish financial services company （OMX）. These three case studies are considered as completed cases of market consolidation, where the data are available enough to conduct the current research. By using daily data of national returns of engaged European stock markets from 1995 to 2007, the paper investigates the influence of stock exchange consolidation on volatility of national stock market returns. The obtained results confirm the gradual decrease of volatility in each of the integrated stock markets. However, the level of decrease in terms of volatility depends on economic characteristics of each engaged market and its degree of integration with other financial services. The results of correlation and cluster analyses confirm that stock operators have created significantly non-official integration links through cross-memberships and cross-listings even before the consolidations. Thus, the mergers among stock exchanges can be considered as the rational consequences of the high internal co-movements between involved markets. Furthermore, stock exchange markets with strong non-official integration links show an immediate decrease of volatility after the merger, meanwhile for others, it takes several years before the volatility can decrease as markets should reach the full integration.展开更多
Through case studies in Ningbo, Dalian and Beijing, this article discusses how to promote public services, social integration and expression of residents＇ views in the construction of harmonious communities. The Ning...Through case studies in Ningbo, Dalian and Beijing, this article discusses how to promote public services, social integration and expression of residents＇ views in the construction of harmonious communities. The Ningbo case shows the origin, scale and effect of a government-led community public service network; the Dalian case describes the emergence, development and functions of community-led autonomous organizations as a means of promoting socially disadvantaged groups＇ integration into society; and the Beijing case reveals the value orientation, methods and constructive experience of community development evaluation based on the expression of residents＇ views.展开更多
文摘The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correlation and cluster analyses in order to investigate the impact of stock exchange consolidation on volatility of market returns, in terms of a financial integration between involved stock exchanges before and after the merger. By using the Generalized Autoregressive Conditional Heteroskedasticity （GARCH） （1.1） model, the authors test the change in volatilities of national stock exchange markets involved in the following stock exchange integration case studies： Euronext, Bolsasy Mercados Espanoles （BME）, and Swedish-Finnish financial services company （OMX）. These three case studies are considered as completed cases of market consolidation, where the data are available enough to conduct the current research. By using daily data of national returns of engaged European stock markets from 1995 to 2007, the paper investigates the influence of stock exchange consolidation on volatility of national stock market returns. The obtained results confirm the gradual decrease of volatility in each of the integrated stock markets. However, the level of decrease in terms of volatility depends on economic characteristics of each engaged market and its degree of integration with other financial services. The results of correlation and cluster analyses confirm that stock operators have created significantly non-official integration links through cross-memberships and cross-listings even before the consolidations. Thus, the mergers among stock exchanges can be considered as the rational consequences of the high internal co-movements between involved markets. Furthermore, stock exchange markets with strong non-official integration links show an immediate decrease of volatility after the merger, meanwhile for others, it takes several years before the volatility can decrease as markets should reach the full integration.
基金This case study is an outcome of the cooperative research program"The Zhejiang Experience and the Development of China"carried out by CASS and Zhejiang Province.The research report was written by Ge Daoshun.
文摘Through case studies in Ningbo, Dalian and Beijing, this article discusses how to promote public services, social integration and expression of residents＇ views in the construction of harmonious communities. The Ningbo case shows the origin, scale and effect of a government-led community public service network; the Dalian case describes the emergence, development and functions of community-led autonomous organizations as a means of promoting socially disadvantaged groups＇ integration into society; and the Beijing case reveals the value orientation, methods and constructive experience of community development evaluation based on the expression of residents＇ views.
