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 ...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.展开更多
The current world trend of electric power industry reform is to establish electric power market and introduce competition mechanism. China is no exception. This paper reviewed the recent industry reform of China’s el...The current world trend of electric power industry reform is to establish electric power market and introduce competition mechanism. China is no exception. This paper reviewed the recent industry reform of China’s electric power sector and elaborated the necessity of establishing electric power markets first. Then it discussed the electric power market models in China. Certain important problems and observations relevant to the electric power market design were further pointed out, based on the practice experiences in Sichuan Province.展开更多
Based on a brief review of policy environment changes, and achievements of China＇s production sectors, this paper examines major challenges for three production sectors： agriculture, industry and services, and finds...Based on a brief review of policy environment changes, and achievements of China＇s production sectors, this paper examines major challenges for three production sectors： agriculture, industry and services, and finds significant progress has been made in agriculture, manufacturing and part of the service sector. These are attributed to market-oriented reforms and opening-up policies. At the same time, energy production and the majority of service sectors, which are owned and managed by the state, exhibit less progress. This is a major challenge for China ~s production sectors. In order to achieve sustainable growth of China＇s production sectors, further marketization reforms in the state-owned sectors, increasing fiscal expenditure on public goods, adjustment of the RMB exchange rate regime, and adjustment of FDI and export policies are required These will help the Chinese economy to stand more self-dependent, and will bring about positive impacts on the world economy.展开更多
China is mulling policies to restructure most of its defense industry into shareholding companies, a move that would invite private investment and introduce good corporate governance practices
文摘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.
文摘The current world trend of electric power industry reform is to establish electric power market and introduce competition mechanism. China is no exception. This paper reviewed the recent industry reform of China’s electric power sector and elaborated the necessity of establishing electric power markets first. Then it discussed the electric power market models in China. Certain important problems and observations relevant to the electric power market design were further pointed out, based on the practice experiences in Sichuan Province.
文摘Based on a brief review of policy environment changes, and achievements of China＇s production sectors, this paper examines major challenges for three production sectors： agriculture, industry and services, and finds significant progress has been made in agriculture, manufacturing and part of the service sector. These are attributed to market-oriented reforms and opening-up policies. At the same time, energy production and the majority of service sectors, which are owned and managed by the state, exhibit less progress. This is a major challenge for China ~s production sectors. In order to achieve sustainable growth of China＇s production sectors, further marketization reforms in the state-owned sectors, increasing fiscal expenditure on public goods, adjustment of the RMB exchange rate regime, and adjustment of FDI and export policies are required These will help the Chinese economy to stand more self-dependent, and will bring about positive impacts on the world economy.
文摘China is mulling policies to restructure most of its defense industry into shareholding companies, a move that would invite private investment and introduce good corporate governance practices
