This paper studies the evolutionary process of cooperative behavior in a public goods game model with heterogeneous investment strategies in square lattices.In the proposed model,players are divided into defectors,coo...This paper studies the evolutionary process of cooperative behavior in a public goods game model with heterogeneous investment strategies in square lattices.In the proposed model,players are divided into defectors,cooperators and discreet investors.Among these,defectors do not participate in investing,discreet investors make heterogeneous investments based on the investment behavior and cooperation value of their neighbors,and cooperators invest equally in each neighbor.In real life,heterogeneous investment is often accompanied by time or economic costs.The discreet investors in this paper pay a certain price to obtain their neighbors'investment behavior and cooperation value,which quantifies the time and economic costs of the heterogeneous investment process.The results of Monte Carlo simulation experiments in this study show that discreet investors can effectively resist the invasion of the defectors,form a stable cooperative group and expand the cooperative advantage in evolution.However,when discreet investors pay too high a price,they lose their strategic advantage.The results in this paper help us understand the role of heterogeneous investment in promoting and maintaining human social cooperation.展开更多
Attracting foreign capital is a key pillar of China’s reform and opening up policy,and foreign-funded enterprises are an important component of China’s economy.Currently,China is taking steps to further boost its at...Attracting foreign capital is a key pillar of China’s reform and opening up policy,and foreign-funded enterprises are an important component of China’s economy.Currently,China is taking steps to further boost its attractiveness as a foreign direct investment(FDI)destination in order to seek more foreign capital.展开更多
China’s focus on nurturing new quality productive forces while promoting high-quality development provides foreign investors with enormous market opportunities and vast development prospects,amid rising uncertainties...China’s focus on nurturing new quality productive forces while promoting high-quality development provides foreign investors with enormous market opportunities and vast development prospects,amid rising uncertainties in the global economic landscape.In a series of recent engagements with China,foreign investors,including British businesses,have expressed confidence in the future prospects of the market.展开更多
Using a recent stock market liberalization reform policy in China—the Stock Connect—as a quasi-natural experiment,this study examines the effect of stock market liberalization on market efficiency.Employing a datase...Using a recent stock market liberalization reform policy in China—the Stock Connect—as a quasi-natural experiment,this study examines the effect of stock market liberalization on market efficiency.Employing a dataset of 17,086 Chinese listed firms covering 2009 to 2018,we find that stock market liberalization improves the market efficiency of the Chinese mainland stock market.We further explore the potential channels through which the Stock Connect can enhance the efficiency of the A-share(A-shares refer to shares issued by Chinese companies incorporated in China's Mainland,traded in the Shanghai Stock Exchange and the Shenzhen Stock Exchange.They are denominated in Chinese RMB(the local currency).A-shares were restricted to local Chinese investors before 2003,are open to foreign investors via the Qualified Foreign Institutional Investor,RMB Qualified Foreign Institutional Investor,or the Stock Connect programs.)market.The findings show that liberalizing capital markets could benefit local market efficiency by increasing stock price informational efficiency and improving corporate governance quality.The additional analysis shows that stock market liberalization has a significant and positive impact on local market efficiency,enhancing firm value and reducing stock crash risk.We conduct various robustness checks to corroborate our findings.This study provides important policy implications for emerging countries liberalizing capital markets for foreign investors.展开更多
This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, an...This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, and the second one is to analyze the dependence behavior of oil prices, expectations of investors and stock returns from January 02, 1990, to June06, 2017. Lyapunov exponents and Kolmogorov entropy determined that the oil price and the stock return series exhibited chaotic behavior. TAR-TR-GARCH and TAR-TR-TGARCH copula methods were applied to study the co-movement among the selected variables. The results showed significant evidence of nonlinear tail dependence between the volatility of the oil prices, the expectations of investors and the stock returns. Further, upper and lower tail dependence and comovement between the analyzed series could not be rejected. Moreover, the TAR-TR-GARCH and TAR-TR-TGARCH copula methods revealed that the volatility of oil price had crucial effects on the stock returns and on the expectations of investors in the long run.展开更多
This paper explores the disposition effect, the tendency of investors to hold losing investments too long and sell winning investments too soon, by analyzing a unique data set that consists of the buying and selling p...This paper explores the disposition effect, the tendency of investors to hold losing investments too long and sell winning investments too soon, by analyzing a unique data set that consists of the buying and selling positions of open-end fund investors in China. Results show that investors' buying and selling behaviors are significantly affected by fund performance. The reasons that lie behind such results are mainly related to the non-persistence of fund performance. When fund performance is non-persistent, investors are not clear about the future returns on funds. So, investors, especially individual investors, would have to realize the profits on hand immediately. Meanwhile, fund investors are highly sensitive to fund age and loading fees, but not sensitive to management fees charged by funds when they buy or sell fund shares.展开更多
"I came to China for the first time in 2012 when I was doing my master’s degree in Nanjing.The real China is full of all kinds of different things and is a good place for every kind of person."When talking ..."I came to China for the first time in 2012 when I was doing my master’s degree in Nanjing.The real China is full of all kinds of different things and is a good place for every kind of person."When talking about his impression of China,Hrant Abajyan,the Trade Representative of the Armenian Embassy in China,told China’s Foreign Trade:"Our doors are always open to all interested parties and people who want to be a part of Sino-Armenian relations,regardless of their sphere or sector of interest."展开更多
The 8th Chinese Enterprises Outbound Investment Con-ference was held in Beijing by China Council of the Promo-tion of International Trade(CCPIT)from April 16th to 17th.The CCPIT has been organising the conference for ...The 8th Chinese Enterprises Outbound Investment Con-ference was held in Beijing by China Council of the Promo-tion of International Trade(CCPIT)from April 16th to 17th.The CCPIT has been organising the conference for eight years,to encourage more展开更多
The stock market is full of events that affect the sensitivity reaction of investors at a large scale. Individual investor sentiment is just like his/her personal feeling depending upon their nature, risk appetite, an...The stock market is full of events that affect the sensitivity reaction of investors at a large scale. Individual investor sentiment is just like his/her personal feeling depending upon their nature, risk appetite, and market scenario. This research study investigates the investors’ reaction in the stock market for the real estate segment during the massive market crisis in developing countries. Demonetisation of 2016 in India has been taken with the purpose of implementing a pilot study to analyse the overreaction and availability bias. The primary focus was on analysing how the investors react on the information of demonetisation and their pattern of investment in the stock market with a special emphasis on real estate sector where the effect of the event had dramatically changed the stock prices. Therefore, a pre- and post- analysis had been conducted to gauge the prices, sensitivity, and reaction of investors in the stock market. The reaction of the citizens after these events was found to be drastically affected. Five real estate companies had been focused upon in this study to examine the impact of investors’ overreaction owing to the demonetisation and their investment pattern for stocks during pre- and post- demonetisation period at that timeframe. The analysis was done on a shorter period of time so that the impact of overreaction and availability bias can be critically analysed. The paper thus exhibits how investor sentiments and reaction for stock preference had changed over time through statistical study.展开更多
THE ongoing China-U.S. trade frictions have raised foreign investors’ concerns over China’s macroeconomic prospects, possible restrictions on U.S. companies, and a damper on its business climate. However, numbers sp...THE ongoing China-U.S. trade frictions have raised foreign investors’ concerns over China’s macroeconomic prospects, possible restrictions on U.S. companies, and a damper on its business climate. However, numbers speak louder than words. In 2018, foreign direct investment (FDI) in China went up against the global investment outlook, refuting the rhetoric that foreign companies are pulling out of the Chinese market as the U.S. slaps tariffs on Chinese goods.展开更多
Fuyang is located in the northwesternpart of Anhui Province,bordering theHuai River to the south and adjoiningCentral China to the north.With a populationof 13.33 million,the city covers and area of18,169 square km an...Fuyang is located in the northwesternpart of Anhui Province,bordering theHuai River to the south and adjoiningCentral China to the north.With a populationof 13.33 million,the city covers and area of18,169 square km and has jurisdiction overseven counties and three districts.It is one ofthe largest cities in the country,with itspopulation,area of farmland and output ofgrains all accounting for one percent of thenation’s total respectively. The Beijing-Kowloon railway runsfor 192 km long through the city’s area.Oneof the country’s six largest hubs of rail traffic,the Fuyang railway hub boasts an array of244 parallel tracks laid in its marshallingyard with a daily handling capacity of morethan 10,000 trains and cars.Its展开更多
Industrial real estate plays an increasingly important role in urban economic development and industrial restructuring.In the process of the development of industrial real estate,both the major investors of industrial...Industrial real estate plays an increasingly important role in urban economic development and industrial restructuring.In the process of the development of industrial real estate,both the major investors of industrial real estate and the value growth patterns of industrial real estate have changed.The increase in the value of industrial real estate has contributed to the promotion of urban economic upgrading,social development,and industrial restructuring.In this paper,the investment model of industrial real estate from a single government investment to a diversified model was analyzed,and the value growth patterns of industrial real estate under these two models were elaborated.It is concluded that value growth patterns under the diversification model are more diverse.This paper divided the driving factors of diversified industrial real estate value growth into two types:source factors and secondary factors,used the analytic hierarchy process(AHP) to quantify the driving factors,reached the conclusion that four factors including the industrial real estate market size and the level of independent technology of the enterprise had a major impact on the value growth of industrial real estate,and put forward suggestions for the rapid development of industrial real estate.展开更多
Bonus announcement is often seen as a profitable strategy for intra-day trading;to know how useful it can be for position(long-term)investors this study is conducted.30 companies were chosen randomly and a two-tail t-...Bonus announcement is often seen as a profitable strategy for intra-day trading;to know how useful it can be for position(long-term)investors this study is conducted.30 companies were chosen randomly and a two-tail t-test is conducted.Considering the p-value of each company at 5%level of significance we found out the number of companies which have given positive numbers for position investors.A generalization method has also been used to see the overall applicability of the study.Reflecting individual companies fewer number showed positive results after a period of 30 days but using the generalization technique the study proved to be significant.There are certain limitations to the study as well including non-consideration of any other event which might have taken place,bearing in mind only NSE and BSE and also it includes companies which have made an announcement in the past three years.展开更多
——A foreign investment production enterprise scheduled to operate for a period of 10 years or more may, upon approval by the tax authorities, be exempt from enterprise income tax in the first and second profit-makin...——A foreign investment production enterprise scheduled to operate for a period of 10 years or more may, upon approval by the tax authorities, be exempt from enterprise income tax in the first and second profit-making years and may be allowed a 50% reduction in the third to fifth years. ——As to the additional registered capital scheduled to operate for a period of 10 years or more from a foreign investment enterprise, it may, upon approval by the tax authorities, be展开更多
To meet the requirements of a socialist market economy and overcome the inherent sharp contradictions of the former taxation system, China began reforming the structure of its tax system this year. The structural refo...To meet the requirements of a socialist market economy and overcome the inherent sharp contradictions of the former taxation system, China began reforming the structure of its tax system this year. The structural reform has been carried out under theguidelines of unifying the tax law, creating equal treatment, simplifying the tax system, building up a rational tax revenue sharing system, redressing distribution relationships, standardizing the mode展开更多
In the context of vigorously developing China＇s securities market institutional investors in the period of economic transition, this paper does the empirical research on the herd behavior from the view of the interac...In the context of vigorously developing China＇s securities market institutional investors in the period of economic transition, this paper does the empirical research on the herd behavior from the view of the interaction between individual and institutional investors. This paper adopts the standard deviation of trading volume the cross-section to measure herd behavior. The results show that no matter what the market is in bull status and bear status, institutional investors perform herd behavior and with the expansion of the shareholding scale in a bull market, the herd behavior is higher, which suggests that the vigorous development of institutional investors has not eliminated herd behavior. This paper further confirms that there is the endogenous volatility in the market based on an artificial stock market. Finally it is demonstrated the herd behavior of institutional investors cause abnormal fluctuations in the market.展开更多
基金Project supported by the Open Foundation of Key Laboratory of Software Engineering of Yunnan Province(Grant Nos.2020SE308 and 2020SE309).
文摘This paper studies the evolutionary process of cooperative behavior in a public goods game model with heterogeneous investment strategies in square lattices.In the proposed model,players are divided into defectors,cooperators and discreet investors.Among these,defectors do not participate in investing,discreet investors make heterogeneous investments based on the investment behavior and cooperation value of their neighbors,and cooperators invest equally in each neighbor.In real life,heterogeneous investment is often accompanied by time or economic costs.The discreet investors in this paper pay a certain price to obtain their neighbors'investment behavior and cooperation value,which quantifies the time and economic costs of the heterogeneous investment process.The results of Monte Carlo simulation experiments in this study show that discreet investors can effectively resist the invasion of the defectors,form a stable cooperative group and expand the cooperative advantage in evolution.However,when discreet investors pay too high a price,they lose their strategic advantage.The results in this paper help us understand the role of heterogeneous investment in promoting and maintaining human social cooperation.
文摘Attracting foreign capital is a key pillar of China’s reform and opening up policy,and foreign-funded enterprises are an important component of China’s economy.Currently,China is taking steps to further boost its attractiveness as a foreign direct investment(FDI)destination in order to seek more foreign capital.
文摘China’s focus on nurturing new quality productive forces while promoting high-quality development provides foreign investors with enormous market opportunities and vast development prospects,amid rising uncertainties in the global economic landscape.In a series of recent engagements with China,foreign investors,including British businesses,have expressed confidence in the future prospects of the market.
基金funded by the China Scholarship Council(CSC Grant No.202108360133)the Social Science Foundation of Jiangxi Province(No.22GL13&22GL43)the Science and Technology Research Project of Jiangxi Province Education Department(No.GJJ210537).
文摘Using a recent stock market liberalization reform policy in China—the Stock Connect—as a quasi-natural experiment,this study examines the effect of stock market liberalization on market efficiency.Employing a dataset of 17,086 Chinese listed firms covering 2009 to 2018,we find that stock market liberalization improves the market efficiency of the Chinese mainland stock market.We further explore the potential channels through which the Stock Connect can enhance the efficiency of the A-share(A-shares refer to shares issued by Chinese companies incorporated in China's Mainland,traded in the Shanghai Stock Exchange and the Shenzhen Stock Exchange.They are denominated in Chinese RMB(the local currency).A-shares were restricted to local Chinese investors before 2003,are open to foreign investors via the Qualified Foreign Institutional Investor,RMB Qualified Foreign Institutional Investor,or the Stock Connect programs.)market.The findings show that liberalizing capital markets could benefit local market efficiency by increasing stock price informational efficiency and improving corporate governance quality.The additional analysis shows that stock market liberalization has a significant and positive impact on local market efficiency,enhancing firm value and reducing stock crash risk.We conduct various robustness checks to corroborate our findings.This study provides important policy implications for emerging countries liberalizing capital markets for foreign investors.
文摘This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, and the second one is to analyze the dependence behavior of oil prices, expectations of investors and stock returns from January 02, 1990, to June06, 2017. Lyapunov exponents and Kolmogorov entropy determined that the oil price and the stock return series exhibited chaotic behavior. TAR-TR-GARCH and TAR-TR-TGARCH copula methods were applied to study the co-movement among the selected variables. The results showed significant evidence of nonlinear tail dependence between the volatility of the oil prices, the expectations of investors and the stock returns. Further, upper and lower tail dependence and comovement between the analyzed series could not be rejected. Moreover, the TAR-TR-GARCH and TAR-TR-TGARCH copula methods revealed that the volatility of oil price had crucial effects on the stock returns and on the expectations of investors in the long run.
文摘This paper explores the disposition effect, the tendency of investors to hold losing investments too long and sell winning investments too soon, by analyzing a unique data set that consists of the buying and selling positions of open-end fund investors in China. Results show that investors' buying and selling behaviors are significantly affected by fund performance. The reasons that lie behind such results are mainly related to the non-persistence of fund performance. When fund performance is non-persistent, investors are not clear about the future returns on funds. So, investors, especially individual investors, would have to realize the profits on hand immediately. Meanwhile, fund investors are highly sensitive to fund age and loading fees, but not sensitive to management fees charged by funds when they buy or sell fund shares.
文摘"I came to China for the first time in 2012 when I was doing my master’s degree in Nanjing.The real China is full of all kinds of different things and is a good place for every kind of person."When talking about his impression of China,Hrant Abajyan,the Trade Representative of the Armenian Embassy in China,told China’s Foreign Trade:"Our doors are always open to all interested parties and people who want to be a part of Sino-Armenian relations,regardless of their sphere or sector of interest."
文摘The 8th Chinese Enterprises Outbound Investment Con-ference was held in Beijing by China Council of the Promo-tion of International Trade(CCPIT)from April 16th to 17th.The CCPIT has been organising the conference for eight years,to encourage more
文摘The stock market is full of events that affect the sensitivity reaction of investors at a large scale. Individual investor sentiment is just like his/her personal feeling depending upon their nature, risk appetite, and market scenario. This research study investigates the investors’ reaction in the stock market for the real estate segment during the massive market crisis in developing countries. Demonetisation of 2016 in India has been taken with the purpose of implementing a pilot study to analyse the overreaction and availability bias. The primary focus was on analysing how the investors react on the information of demonetisation and their pattern of investment in the stock market with a special emphasis on real estate sector where the effect of the event had dramatically changed the stock prices. Therefore, a pre- and post- analysis had been conducted to gauge the prices, sensitivity, and reaction of investors in the stock market. The reaction of the citizens after these events was found to be drastically affected. Five real estate companies had been focused upon in this study to examine the impact of investors’ overreaction owing to the demonetisation and their investment pattern for stocks during pre- and post- demonetisation period at that timeframe. The analysis was done on a shorter period of time so that the impact of overreaction and availability bias can be critically analysed. The paper thus exhibits how investor sentiments and reaction for stock preference had changed over time through statistical study.
文摘THE ongoing China-U.S. trade frictions have raised foreign investors’ concerns over China’s macroeconomic prospects, possible restrictions on U.S. companies, and a damper on its business climate. However, numbers speak louder than words. In 2018, foreign direct investment (FDI) in China went up against the global investment outlook, refuting the rhetoric that foreign companies are pulling out of the Chinese market as the U.S. slaps tariffs on Chinese goods.
文摘Fuyang is located in the northwesternpart of Anhui Province,bordering theHuai River to the south and adjoiningCentral China to the north.With a populationof 13.33 million,the city covers and area of18,169 square km and has jurisdiction overseven counties and three districts.It is one ofthe largest cities in the country,with itspopulation,area of farmland and output ofgrains all accounting for one percent of thenation’s total respectively. The Beijing-Kowloon railway runsfor 192 km long through the city’s area.Oneof the country’s six largest hubs of rail traffic,the Fuyang railway hub boasts an array of244 parallel tracks laid in its marshallingyard with a daily handling capacity of morethan 10,000 trains and cars.Its
基金Sponsored by General Project of Humanities and Social Science in Colleges and Universities in Jiangxi Province(GL1458)National Natural Science Fund of China(51568025)
文摘Industrial real estate plays an increasingly important role in urban economic development and industrial restructuring.In the process of the development of industrial real estate,both the major investors of industrial real estate and the value growth patterns of industrial real estate have changed.The increase in the value of industrial real estate has contributed to the promotion of urban economic upgrading,social development,and industrial restructuring.In this paper,the investment model of industrial real estate from a single government investment to a diversified model was analyzed,and the value growth patterns of industrial real estate under these two models were elaborated.It is concluded that value growth patterns under the diversification model are more diverse.This paper divided the driving factors of diversified industrial real estate value growth into two types:source factors and secondary factors,used the analytic hierarchy process(AHP) to quantify the driving factors,reached the conclusion that four factors including the industrial real estate market size and the level of independent technology of the enterprise had a major impact on the value growth of industrial real estate,and put forward suggestions for the rapid development of industrial real estate.
文摘Bonus announcement is often seen as a profitable strategy for intra-day trading;to know how useful it can be for position(long-term)investors this study is conducted.30 companies were chosen randomly and a two-tail t-test is conducted.Considering the p-value of each company at 5%level of significance we found out the number of companies which have given positive numbers for position investors.A generalization method has also been used to see the overall applicability of the study.Reflecting individual companies fewer number showed positive results after a period of 30 days but using the generalization technique the study proved to be significant.There are certain limitations to the study as well including non-consideration of any other event which might have taken place,bearing in mind only NSE and BSE and also it includes companies which have made an announcement in the past three years.
文摘——A foreign investment production enterprise scheduled to operate for a period of 10 years or more may, upon approval by the tax authorities, be exempt from enterprise income tax in the first and second profit-making years and may be allowed a 50% reduction in the third to fifth years. ——As to the additional registered capital scheduled to operate for a period of 10 years or more from a foreign investment enterprise, it may, upon approval by the tax authorities, be
文摘To meet the requirements of a socialist market economy and overcome the inherent sharp contradictions of the former taxation system, China began reforming the structure of its tax system this year. The structural reform has been carried out under theguidelines of unifying the tax law, creating equal treatment, simplifying the tax system, building up a rational tax revenue sharing system, redressing distribution relationships, standardizing the mode
基金supported by the National Nature Science Foundation under Grant No.71201124
文摘In the context of vigorously developing China＇s securities market institutional investors in the period of economic transition, this paper does the empirical research on the herd behavior from the view of the interaction between individual and institutional investors. This paper adopts the standard deviation of trading volume the cross-section to measure herd behavior. The results show that no matter what the market is in bull status and bear status, institutional investors perform herd behavior and with the expansion of the shareholding scale in a bull market, the herd behavior is higher, which suggests that the vigorous development of institutional investors has not eliminated herd behavior. This paper further confirms that there is the endogenous volatility in the market based on an artificial stock market. Finally it is demonstrated the herd behavior of institutional investors cause abnormal fluctuations in the market.
