明清时期张家口“市圈保正行”考论

张家口的“市圈”设于隆庆五年,明代逢市而开、易罢即闭,清代则成为票商聚集、铺开其里、日日交易的买卖之城。明代对入市商民“先以名藉告关吏”,清代则在市圈实施了商民自治的保甲制。前往北疆地区贸易领部票的商号统谓票商,票商的同业行会是为票行。票商字号独占了保正职位,票行垄断了市圈的行政自治,由此形成了“市圈保正行”。市圈保正行的形成和运作,对维护市圈乃至整个张家口的营商环境和商业秩序发挥过重要作用,对张家口的繁荣和发展亦功不可没。

长春本票再考证

两张同是"中央银行长春分行"1948年签发的本票,签发人的职位头衔却发生了变化,其中一张本票上两位签发人的职位头衔分别为副理和会计课副主任,另外一张本票上两位签发人的职位头衔分别为襄理和出纳系系长。本票上签发人的职位不同尽显了特殊历史时期的风云变化,本票中蕴含的不仅仅是金融文化本身的价值,还是相应历史阶段社会政治经济状况的刻录与客观佐证。

Currency exposures of the oil and natural gas stock prices in the Hushen-300 stock market： A nonlinear model approach

The paper embarks to investigate the relationship between currency risk and stock prices of the oil and natural gas exploitation industry in the value-weighted Hushen-300 stock market, by applying the standard Capital Asset Pricing Model （CAPM） and nonlinear exchange rate exposure model to the Renminbi against US dollar. The results show that the currency exposure does vary in the oil-gas stock prices throughout the bull and bear market. The study suggests that the models of the equilibrium exchange rate exposure must be extended to considering the nonlinear exchange rate exposure, the regime periods of bull and bear market, and the industry types that is sensitive to the currency exposures. The nonlinear dynamic relationship between the exchange rate changes and the Chinese energy stock prices throughout the bull and bear market add to the recent empirical evidences that foreign exchange markets and stock markets are closely correlated.

The Development of a Seed Stock Industry Using Indigenous Livestock from Rural Keepers for Sustainable Production

The majority of livestock in the rural areas of Africa are indigenous types that are not well defined as breeds as perceived by the developed world. The animals in this important sector have remained largely uncharacterised and face the risk of genetic dilution due to indiscriminate crossbreeding, breed replacement and neglect. This article uses two examples to describe a system that has been implemented in South Africa that allows indigenous livestock from rural keepers to enter the seed stock industry as recognized breeds. The first example is the indigenous Nguni breed of cattle that has been successfully developed into a seed stock breed, with a society celebrating its 25th anniversary in November 2011. The second example involves the challenges of developing a seed stock industry for some of the unimproved indigenous goat breeds of South Africa. Climate change is expected to have a more extreme effect on southern hemisphere continents than on other continents. Such negative effects will include high ambient temperatures, nutritional stress and altered patterns of animal diseases. With the likelihood of global warming, these adapted genotypes can play a very important role in sustainable livestock production.

Call Warrants Impact on Underlying Stocks： The Taiwan Experience

On the basis of the price, volume and volatility of underlying stocks, this article empirically investigates the impact of 273 Taiwan call warrants on underlying stocks. Discussions by the market risk, depth, tightness and liquidity, changes on underlying stocks due to warrants issuance, are investigated. In this study, the CAPM is applied for evaluating the market risk, the Kyle model for the market depth, the averaged best five bid-ask spread for the market tightness and the averaged turnover rate for the market liquidity. The empirical results indicate that the most significant influence is the market liquidity, the market tightness next; the market risk and market depth are non-significant.

A Study on the Behavior of Large Stock Dividends and Stock Splits Among Chinese Listed Companies： A Case Study on Zoomlion＇s 2010 Middle-Term Stock Dividend Plan

This paper takes Zoomlion （Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd） as an example and illustrates the reasons why traditional theories of stock dividends and stock splits cannot rationally explain the large stock dividend and stock split behavior among Chinese listed companies. The paper offers the following points after analyzing the current situation of China＇s capital market： As many investors seek after the stocks with large stock dividends and stock splits and form a ＂herd effect＂, it greatly pushes up the price of these stocks. Thus, companies＇ managers can cater these investors＇ irrational behavior, and help their companies get more funds from secondary equity offerings, or help their large shareholders and institutional investors to obtain more returns after lifting the sell restriction on their shares.

Robotics from the Investor＇s Point of View： How to Profit from the Rise of Robots

This research paper evaluates whether Robotics equities traded on Stock Markets worldwide are a good investment opportunity or not. Robotics seems to become more and more attractive for both institutional investors （who act rationally and prefer medium to long term investments） and individual investors （who are driven by irrational behaviour and prefer short term investments）. In order to forecast if robotics is an investment opportunity that could inflate a new financial bubble in the oncoming years, this research paper compares robotics equities with Internet equities and analyses what happened during the Dot-com Mania in the 1990s. A number of similarities come out as well as several key enabling factors that confirm robotics is a major investment opportunity for the next decade.

The degree of IPO underpricing in China

This paper studies the IPO underpricing in the emerging stock market of China. The empirical results reveal that in China, the degree of IPO underpricing measured by first-day return is more than 100%, which is a prevailing phenomenon for almost all IPO firms, regardless of the IPO time and the industry of the firm The degree of IPO underpricing in China is larger than the IPO initial returns documented in almost all the other countries. This considerable underpricing in China can hardly be explained by the information asymmetry theory and agency theory.

The Ecological Economic Model Based on Bounded Rational Agents

From the view of hominine bounded rationalities, this paper analyzes the important relationships between ecology and economics with behavioral finance. With a different focus, this paper adopts a new conceptualization of stock to show how this conceptualization leads to a new measure of the interaction between ecology and economics, based on bounded rational agents. The hierarchical structure of ecological economic system is described with a multi-agent sinmlation program. This paper also develops an ecological economic model, in which behavioral finance theories are applied to simulating the dynamics system. With the model this paper confirms, that macro-level indicalors of sustainability are predictably influenced by behaviors of bounded rational agents at the micro-level, We discuss the significance of these findings in order to better understand the ecological-economic system based on behavioral finance.

Performance and Stock Return in Australian Banking

This paper examines the relationship between the total shareholder return （TSR） and performance of Australian banks over the period 2001-2010. In particular, it investigates whether returns of banks in the stock market can be explained by changes in their performance. First, we use a weighted financial ratio-based Data Envelopment Analysis （DEA） model to estimate the performance of banks. We then regress changes in performance against the total shareholder returns to investigate their relationship. The results indicate that changes in performance are reflected in TSR. That is, well-performed banks tend to generate more return for their stockholders.

Business valuation methods selection that based on the life cycle

Based on modem financial markets becoming more and more perfect, in company stock, bonds, represented by the investment banking has permeated all aspects of life. Business valuation is the core of value management.However, companies in different stages of development have a certain stage characteristics, and therefore from the features and characteristics of the different stages of business valuation methods and the factors that affect the value of different businesses created to start, can provide investors assess the business value of new ideas.

Information content of index inclusions： Evidence from China

This paper examines whether index inclusion has information content and the downward-sloping demand curve hypothesis in China. We investigate the stock price and volume effects when stocks are included in two major stock indexes, the Shanghai Stock Exchange 30 Index （SH30） and the Shenzhen Component 40 Index （SZ40）. Furthermore, we also study the performance changes after index inclusion. We find significant price and volume increases for the stocks selected by the SH30 when the index was created and announced. Thus, the original inclusion may not be an information-free event. For subsequent index inclusions, we observe significant abnormal returns but not abnormal trade volume around the announcement date. However, the stock returns quickly reversed at the post-announcement period. Moreover, the financial performance of index included firms does not improve. The evidence does not support the price pressure hypothesis in China.

The Impact of Water Pollution Announcement on Stock Returns in Taiwan Textile Industry

The soccer teams of the World Cup wear the jerseys manufactured by Taiwan Residents textile companies which are the contractors of such brand corporations as Nike and Adidas. Because Taiwan Residents textile companies suffer water pollution events, this study verifies the market reactions to the two announcements of water pollution events from 2014 to 2015. The two events are as follows： first, Greenpeace International enabled 38 scientists to announce the ban on fluoride in Madrid; second, Greenpeace International has detected fluoride residues from the water in remote mountainous areas of Europe and concluded that Taiwan Residents jerseys composed of fluoride pollute the rivers or snows. The findings of the research indicate that the announcement of the ban on fluoride induces negative abnormal returns because fluoride is the main materials for Taiwan Residents jerseys. Most importantly, the announcement of the water pollution in Europe from Taiwan Residents manufactured jerseys induces negative abnormal returns. Both of the two events enable the stock investors scared about the decrease of future profit and market share for Taiwan Residents textile corporations. Consequently, investors sell the stocks of these corporations, inducing the negative abnormal returns during the announcement of water pollution of Taiwan Residents jerseys. Water polluted issues are critical of firm values.

Stock Performance of the Property Sector in Malaysia

Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ownerships, have attracted investments in the Malaysian property market. This research studies the factors affecting the performance of 36 property firms listed on the Main Board of Bursa Malaysia from 2003 to 2007. This research employed ordinary least squares （OLS） method to represent all the variables comprising stock performance, return on assets （ROA）, return on equity （ROE）, debt ratio （DR）, net profit margin （NPM）, effective tax rate （ETR）, earnings per share （EPS）, and price earning （PE） ratio. Results show that ROA, ROE, and EPS have strong significant relationships with the property stock performance. Although it is a small sample size, some relevant changes and modifications can be included in future studies to obtain better results.

Impact of Oil Price Fluctuations on Returns of Different Sectors of Malaysian Stock Market

Oil price fluctuations affect equity values in North American, European, and Gulf Cooperation Council （GCC） stock markets, as evidenced by prior studies. However, they only focus on market-wide level analysis. This study, through both market level and sector level analyses, examines the sensitivity of Malaysian stock returns to oil price fluctuations over the period from January 2000 to March 2014. A multifactor market model has been employed to capture this sensitivity. The regression results show a positive impact of oil price changes on the Financial Times Stock Exchange Kuala Lumpur Composite Index （FTSE KLCI） market return. Consumer staples and energy sector index returns were also positively affected by oil price changes. On the other hand, utilities and telecom services were negatively affected over the study period. Moreover, Granger causality analysis was performed to see if oil price fluctuations Granger cause the stock indices to change. With one month lag period, oil price fluctuations Granger cause consumer staple, energy, industrials, and telecommunication services return. Relevant policymakers and market caretakers （Ministry of Finance, Central Bank, and Security Commission） may use the fmdings of this study to develop and incorporate a preventive mechanism to minimize the unfavorable impacts of oil price fluctuations on different sectors of stock market, and Malaysian economy in general.

How Does Debt Structure Influence Stock Price Crash Risk?

This paper uses the financial data of Chinese listed firms to explore the relationship between the debt structure, which is measured as the ratio of trade credit to bank loan, and future stock price crash risk. The empirical results show that the ratio of trade credit to bank loan is positively associated with the firm-specific crash risk while a good institutional environment reduces this positive relationship. In addition, considering the firm＇s ownership type, the authors find that the positive relationship between the debt structure and crash risk is more significant in the SOEs.