The 2007-2009 Financial Crisis on Emerging Markets： Quantitative Identification of Crisis in Continent-based Regions

This paper focuses on a direct quantitative identification of crisis periods in selected emerging stock markets from four continent-based regions of Europe, Latin America, East Asia, and Middle East and North Africa （MENA）, in the context of an influence of the 2007 U.S. subprime financial crisis. The 17 emerging stock markets and, for comparison, the U.S. stock market are investigated. A statistical method of dividing market states into bullish and bearish markets, based on monthly logarithmic returns of major stock market indexes, is employed. The analyzed sample period begins in January 2003 and ends in December 2013. As there is no unanimity in the literature about the crisis periods in the continent-based regions, a formal statistical identification of crises is worthwhile to conduct. Furthermore, the effect of increasing cross-market correlations in the crisis compared to the pre-crisis period in the context of contagion is examining. To address this issue, both standard contemporaneous cross-correlations and volatility-adjusted cross-correlations are applied. The results are consistent with the literature and confn＇m that tests for contagion based on cross-market correlations are problematic due to the bias introduced by changing volatility in market returns. As contagion can be confused with globalization, the globalization tests in the group of international investigated markets are employed. The results generally do not confirm a global world market integration effect, i.e. there is no reason to reject the research hypothesis of no globalization during the 2007-2009 financial crisis.

Industry-and liquidity-based momentum in Australian equities

This study examined momentum profitability in Australia,providing further evidence for intermediate-term momentum profitability.Using data spanning different market states,we found that momentum was stronger after the global financial crisis.We also examined industry-level momentum strategies and found strong evidence for industry momentum.Specifically,industries that perform well relative to other industries continue to outperform others while those that underperform continue to perform poorly.This finding suggests the exploitability of return continuation and profit-making opportunities for traders at the industry level.Regarding liquidity,we found that it has no clear predictive power for momentum returns.Hence,our results do not appear to support the conjecture that liquidity can be a determining factor for momentum profitability in Australia.

Research on the Effects of the Most Used Market Power Mitigation Mechanisms Considering Different Market Environments

The market power mitigation method of the supply-side has become one of the key points affecting the stability of the electricity spot market.Different mitigation mechanisms are used in the current mature electricity markets of the world.However,the same market power mitigation mechanism shows different effects in different market environments.Every market operator in the world needs the most efficient way to mitigate market power.Considering that there is no relevant literature discussing the market power effects of different mitigation methods in detail,the mitigation effects need to be discussed and further researched.So,we analyze the effects of the most utilized market power mitigation mechanisms while considering different market environments.Firstly,we establish a Nash-Stackelberg interactive game model to simulate the competitive strategies of power suppliers.Secondly,the different market power mitigation approaches are modeled.Then,a multi-agent system(MAS)genetic interior-point algorithm is proposed to solve the problem of suppliers.Finally,through the simulation analysis,the market power mitigation effects of different mechanisms while considering three operation states of the system in two market structures are all analyzed.

The Dissemination and Contemporary Construction of Folklore in the Context of Multiple Interactions-Take the Liangshan Water Margin as an Example

Folklore is an important carrier to show local culture and express people’s emotions in the way of oral transmission.Tradition holds that folklore loses its vitality without oral narration.However,it is difficult to find the traditional context of telling and disseminating folklore only by word of mouth.More often,under the impetus of multiple contexts and different forces,folklore in multiple media is widely spread through mutual reference and integration.The current situation of the water Margin theory circulating in Liangshan area is enough to illustrate this point.Water Margin has a very long history of inheritance,from government officials to ordinary people,under the influence of different media,dissemination and inheritance,become a rich local cultural capital.In the current social development context,the spread of the outlaws of the Marsh is no longer a simple word of mouth.The emergence of high-tech means such as Television and the Internet,as well as the promotion of cultural tourism,has reconstructed the legend of the contemporary water Margin figures.In the process of the reconstruction of the local legend of the water margin in Liangshan,the joint efforts of national forces and market factors have promoted the blending and exchange of three different levels of literature,such as elite literature dominated by the legend of the water margin,popular literature represented by folk quyi and folk literature spread orally by the general public,forming a communication situation of mutual learning,mutual tolerance and interaction between elegance and customs.

State of the Market

Industry Growth In May, all state-owned enterprises as well as non-state enterprises with annual sales revenue of more than 5 million yuan completed added value of 706 billion yuan, up 17.9 percent year on year, said the National Bureau of Statistics (NBS) (see graphs 1 and 2). The

State of the Market

Foreign Trade In the first four months of 2006, the volume of China's foreign trade reached $514.72 billion, expanding 24 percent compared with the same period last year, according to statistics released by the General Administration of Customs (see graph 1). The trade surplus stood at $33.76 billion at the end of April.

State of the Market

PPI In August, the producer price index (PPI) for manufactured goods increased 3.4 percent over the year-earlier period, according to the National Bureau of Statistics (NBS). Of the total, purchasing prices of raw materials, fuels and power jumped 6.7 percent year on year. Producer prices of

State of the Market

CPI In February, the consumer price index (CPI) inched up 0.9 percent over the same period last year, according to the National Bureau of Statistics (NBS). Of the total, the index gained 0.9 percent in urban areas and 0.8 percent in rural areas, respectively, year on year. The CPI rose 0.5 percent

State of the Market

CPI In August, the consumer price index (CPI) was 1.3 percent higher than that in the same period last year, said the National Bureau of Statistics (NBS). The CPI rose 1.3 percent in urban areas and gained 1.4 percent in rural areas year on year. On a monthly basis, the CPI inched up 0.3 percent from July. From January to August, the CPI rose 1.2 percent compared with the same period last year.

State of the Market

Industrial Profits From January to June, the total volume of profits made by all state-owned enterprises as well as non-state enterprises with annual sales revenue of more than 5 million yuan (enterprises above designated size) stood at 810.7 billion yuan, expanding 28 percent compared with the same period last year, according to the National Bureau of Statistics (NBS) (see graph 1).

State of the Market

Retail Sales In November 2005, total retail sales of consumer goods reached 590.9 billion yuan, a year-on-year increase of 12.4 percent, according to the National Bureau of Statistics (NBS). By region, retail sales of consumer goods in urban areas stood at 388 billion yuan, growing 13.2 percent over a year ago, and those in rural areas stood at 202.9 billion yuan, increasing 10.9 percent year on year.

State of the Market

National Economy In 2005, the Chinese economy showed a strong momentum of growth, improved efficiency, a mild rise of prices and enhanced vitality, said the National Bureau of Statistics. GDP. According to preliminary estimation, the gross domestic product (GDP) for 2005 totaled 18.23 trillion yuan, up 9.9 percent in terms of comparable prices, a bit lower than the 10.1-percent growth in the previous year (see graph 1). Of

State of the Market

National Economy In the first half of 2006, the Chinese economy saw fast and stable growth, the National Bureau of Statistics (NBS) said on July 18. GDP. According to preliminary estimation, the gross domestic product in the first six months of this year totaled 9.14 trillion yuan, a year-on-year increase of 10.9 percent, which was 0.9 percentage point

State of the Market

Survey of Consumer Goods China's retail sales will increase about 12.5 percent in the first half of 2006, said the Ministry of Commerce (MOFCOM), according to a survey of 600 major consumer goods (see graph 1).

State of the Market

Finance Financial performance remained sound and stable in July, although loans increased at a quick pace, said the People's Bank of China (PBC), the country's central bank. In July, money supply increased more rapidly (see graph 1). A total of 28.4 billion yuan of cash was put into circulation in this month, 3.8 billion yuan less than in

State of the Market

CPI In April, the consumer price index was up 1.2 percent over the same period last year, according to the National Bureau of Statistics (NBS). Of the total, the index gained 1.2 percent in urban areas and 1.1 percent in rural areas, respectively, year on year. From January to April, it rose 1.2 percent over the year-earlier period. By category, prices of food increased 1.8 percent while those of non-food

State of the Market

Retail Sales In July, retail sales of consumer goods stood at 601.2 billion yuan, up 13.7 percent year on year, according to the National Bureau of Statistics (NBS). From January to July, the total sales volume amounted to 4.25 trillion yuan, a year-on-year increase of 13.4 percent.