Four new record species of the cohort Uropodina from China are described and figured,they are Dinychus undulatus Sellnick,Dinychus septentrionalis(Trgrdh),Discourella baloghi Hirschmann et Nicol Z.and Discourella mode...Four new record species of the cohort Uropodina from China are described and figured,they are Dinychus undulatus Sellnick,Dinychus septentrionalis(Trgrdh),Discourella baloghi Hirschmann et Nicol Z.and Discourella modesta(Leonardi).All the specimens were collected from the Changbai Mountain,Jilin Province.All measurements are given in microns(μm).展开更多
In this paper, a new species of the genus Oplitis Berlese, 1884, namely Oplitis tielingensis sp. nov. from Longshou Mountain, Tieling City, Liaoning Province, China is described and figured. The new species is similar...In this paper, a new species of the genus Oplitis Berlese, 1884, namely Oplitis tielingensis sp. nov. from Longshou Mountain, Tieling City, Liaoning Province, China is described and figured. The new species is similar to Oplitis yuxini Ma, 2001. The type specimens are deposited in the College of Protection, Shenyang Agricultural University.展开更多
In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in term...In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.展开更多
In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data ...In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis （DEA） and the stochastic frontier analysis （SFA） models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises （SBF250） index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms＇ efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature （e.g., Botosan, 1997）. However, there are some differences between the findings of SFA and DEA models.展开更多
We tested the use of otolith shape analysis to discriminate between species and stocks of five goby species( Ctenotrypauchen chinensis, Odontamblyopus lacepedii, Amblychaeturichthys hexanema, Chaeturichthys stigmatias...We tested the use of otolith shape analysis to discriminate between species and stocks of five goby species( Ctenotrypauchen chinensis, Odontamblyopus lacepedii, Amblychaeturichthys hexanema, Chaeturichthys stigmatias, and Acanthogobius hasta) found in northern Chinese coastal waters. The five species were well differentiated with high overall classification success using shape indices(83.7%), elliptic Fourier coefficients(98.6%), or the combination of both methods(94.9%). However, shape analysis alone was only moderately successful at discriminating among the four stocks(Liaodong Bay, LD; Bohai Bay, BH; Huanghe(Yellow) River estuary HRE, and Jiaozhou Bay, JZ stocks) of A. hasta(50%–54%) and C. stigmatias(65.7%–75.8%). For these two species, shape analysis was moderately successful at discriminating the HRE or JZ stocks from other stocks, but failed to effectively identify the LD and BH stocks. A large number of otoliths were misclassified between the HRE and JZ stocks, which are geographically well separated. The classification success for stock discrimination was higher using elliptic Fourier coefficients alone(70.2%) or in combination with shape indices(75.8%) than using only shape indices(65.7%) in C. stigmatias whereas there was little difference among the three methods for A. hasta. Our results supported the common belief that otolith shape analysis is generally more effective for interspecific identification than intraspecific discrimination. Moreover, compared with shape indices analysis, Fourier analysis improves classification success during inter- and intra-species discrimination by otolith shape analysis, although this did not necessarily always occur in all fish species.展开更多
This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countr...This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countries. Most U.S. stocks are repurchased through open market and the signals sent to the market through open market repurchase are getting weaker. Even though stock repurchases are at their early stage in the Chinese stock market and the dominated way to buyback is through a negotiated repurchase agreement for non-floating shares, the power of signaling seems much stronger. Examining stock prices pre- and post-repurchase, we find that stock repurchase records an average abnormal return of 3.42% on the announcement date and 3.24% on the date of actual renurchase.展开更多
The distortion of corporate financing in China stock markets is not only reflected as the significant increase of leverage after rights offering, but also the large amount of post-issuance related party transactions b...The distortion of corporate financing in China stock markets is not only reflected as the significant increase of leverage after rights offering, but also the large amount of post-issuance related party transactions between the parent SOEs and their subsidiaries. This paper examines the three channels, including accounts receivables, direct loan and loan guarantee. Empirical findings suggest that high frequency of these transactions after rights offering, and the amount of transactions increase as ownership concentration increases, which support the argument of tunneling.展开更多
In recent 50 years, with the rapid development of international food trade, the geoeconomic pattern of cereal crops has changed tremendously which produced a significant impact on global food security. This paper atte...In recent 50 years, with the rapid development of international food trade, the geoeconomic pattern of cereal crops has changed tremendously which produced a significant impact on global food security. This paper attempted to analysis the production pattern and trade pattern of global cereals, especially three main crops of wheat, maize and rice by using the method of share-shift. Given the fact of almost every economic phenomenon is driven by their economic return behind them, this paper attempted to a further step into their economic pattern by examining their net trade flow. The results showed that from the view of production and trade, the geographic pattern of global cereals has changed greatly which can be described as developing countries has replaced developed countries and become the world's biggest cereals production and trading area. But when moving to the net trade flow, it turns out to be another story that can depicted as the regional fixation features of economic returns which can be convinced from the labor division of global cereals trade, among which developed countries acts as net trade profit area while developing countries as net trade output area, and their gap between net export and net import has been widening from the view of evolution trend. So what we learn from the evolution of geoeconomic pattern on this topic is that our place in global cereals trade system, and therefore alert us to concern not only on the pattern transition but also the economic meaning behind it, only by doing so can we learn to plan our food future more wisely and effectively.展开更多
This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corp...This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder＇s rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.展开更多
This paper proposes a long memory analysis based on wavelet transform of financial data. This method treats return series and volatility series in the stock market as a fractional differenced noise process, and analyz...This paper proposes a long memory analysis based on wavelet transform of financial data. This method treats return series and volatility series in the stock market as a fractional differenced noise process, and analyzes it by MODWT（maximal overlap discrete wavelet transform）. The result shows there is a lineal relationship between wavelet variance logarithm and scale logarithm, so a long memory parameter can be obtained by using the relationship. This method is proved to be effective and feasible by analyzing the return series and volatility series of composite indexes of Shanghai and Shenzhen stock market.展开更多
A new species, Clathrocorys gracilis nov. spec., of Tripocyrtidae (Radiolarians: Nassellaria) from surface water in northern South China Sea, is described in this paper. The new species has four radial beams arising f...A new species, Clathrocorys gracilis nov. spec., of Tripocyrtidae (Radiolarians: Nassellaria) from surface water in northern South China Sea, is described in this paper. The new species has four radial beams arising from the cephalic base centre, each foot with cup-shaped structure and ramified bar in the proximal section (near cephalic base), and each wing with a large mesh in the middle, a medium mesh and a small mesh on each side respectively.展开更多
文摘Four new record species of the cohort Uropodina from China are described and figured,they are Dinychus undulatus Sellnick,Dinychus septentrionalis(Trgrdh),Discourella baloghi Hirschmann et Nicol Z.and Discourella modesta(Leonardi).All the specimens were collected from the Changbai Mountain,Jilin Province.All measurements are given in microns(μm).
文摘In this paper, a new species of the genus Oplitis Berlese, 1884, namely Oplitis tielingensis sp. nov. from Longshou Mountain, Tieling City, Liaoning Province, China is described and figured. The new species is similar to Oplitis yuxini Ma, 2001. The type specimens are deposited in the College of Protection, Shenyang Agricultural University.
基金Supported by National Natural Science Foundation of China(No.79770 0 63)
文摘In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.
文摘In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis （DEA） and the stochastic frontier analysis （SFA） models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises （SBF250） index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms＇ efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature （e.g., Botosan, 1997）. However, there are some differences between the findings of SFA and DEA models.
基金Supported by the National Natural Science Foundation of China(NSFC)(Nos.40976084,U1406403,41121064)
文摘We tested the use of otolith shape analysis to discriminate between species and stocks of five goby species( Ctenotrypauchen chinensis, Odontamblyopus lacepedii, Amblychaeturichthys hexanema, Chaeturichthys stigmatias, and Acanthogobius hasta) found in northern Chinese coastal waters. The five species were well differentiated with high overall classification success using shape indices(83.7%), elliptic Fourier coefficients(98.6%), or the combination of both methods(94.9%). However, shape analysis alone was only moderately successful at discriminating among the four stocks(Liaodong Bay, LD; Bohai Bay, BH; Huanghe(Yellow) River estuary HRE, and Jiaozhou Bay, JZ stocks) of A. hasta(50%–54%) and C. stigmatias(65.7%–75.8%). For these two species, shape analysis was moderately successful at discriminating the HRE or JZ stocks from other stocks, but failed to effectively identify the LD and BH stocks. A large number of otoliths were misclassified between the HRE and JZ stocks, which are geographically well separated. The classification success for stock discrimination was higher using elliptic Fourier coefficients alone(70.2%) or in combination with shape indices(75.8%) than using only shape indices(65.7%) in C. stigmatias whereas there was little difference among the three methods for A. hasta. Our results supported the common belief that otolith shape analysis is generally more effective for interspecific identification than intraspecific discrimination. Moreover, compared with shape indices analysis, Fourier analysis improves classification success during inter- and intra-species discrimination by otolith shape analysis, although this did not necessarily always occur in all fish species.
文摘This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countries. Most U.S. stocks are repurchased through open market and the signals sent to the market through open market repurchase are getting weaker. Even though stock repurchases are at their early stage in the Chinese stock market and the dominated way to buyback is through a negotiated repurchase agreement for non-floating shares, the power of signaling seems much stronger. Examining stock prices pre- and post-repurchase, we find that stock repurchase records an average abnormal return of 3.42% on the announcement date and 3.24% on the date of actual renurchase.
文摘The distortion of corporate financing in China stock markets is not only reflected as the significant increase of leverage after rights offering, but also the large amount of post-issuance related party transactions between the parent SOEs and their subsidiaries. This paper examines the three channels, including accounts receivables, direct loan and loan guarantee. Empirical findings suggest that high frequency of these transactions after rights offering, and the amount of transactions increase as ownership concentration increases, which support the argument of tunneling.
文摘In recent 50 years, with the rapid development of international food trade, the geoeconomic pattern of cereal crops has changed tremendously which produced a significant impact on global food security. This paper attempted to analysis the production pattern and trade pattern of global cereals, especially three main crops of wheat, maize and rice by using the method of share-shift. Given the fact of almost every economic phenomenon is driven by their economic return behind them, this paper attempted to a further step into their economic pattern by examining their net trade flow. The results showed that from the view of production and trade, the geographic pattern of global cereals has changed greatly which can be described as developing countries has replaced developed countries and become the world's biggest cereals production and trading area. But when moving to the net trade flow, it turns out to be another story that can depicted as the regional fixation features of economic returns which can be convinced from the labor division of global cereals trade, among which developed countries acts as net trade profit area while developing countries as net trade output area, and their gap between net export and net import has been widening from the view of evolution trend. So what we learn from the evolution of geoeconomic pattern on this topic is that our place in global cereals trade system, and therefore alert us to concern not only on the pattern transition but also the economic meaning behind it, only by doing so can we learn to plan our food future more wisely and effectively.
文摘This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder＇s rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.
文摘This paper proposes a long memory analysis based on wavelet transform of financial data. This method treats return series and volatility series in the stock market as a fractional differenced noise process, and analyzes it by MODWT（maximal overlap discrete wavelet transform）. The result shows there is a lineal relationship between wavelet variance logarithm and scale logarithm, so a long memory parameter can be obtained by using the relationship. This method is proved to be effective and feasible by analyzing the return series and volatility series of composite indexes of Shanghai and Shenzhen stock market.
基金Project supported by the NSFC (No. 40276044) and the Chinese Academy of Sciences (No. KSCX2-SW-101B).
文摘A new species, Clathrocorys gracilis nov. spec., of Tripocyrtidae (Radiolarians: Nassellaria) from surface water in northern South China Sea, is described in this paper. The new species has four radial beams arising from the cephalic base centre, each foot with cup-shaped structure and ramified bar in the proximal section (near cephalic base), and each wing with a large mesh in the middle, a medium mesh and a small mesh on each side respectively.
