South africa was africa’s economic giant,creating the miracle of accounting for one third of the continent’s GDP though its population was only 6 percent of the entire African population.However,subsequently,excepti...South africa was africa’s economic giant,creating the miracle of accounting for one third of the continent’s GDP though its population was only 6 percent of the entire African population.However,subsequently,exceptionally high unemployment,socio-economic inequalities,an ailing electricity generation capability,and the recent xenophobic attacks have challenged its position, in 2013, Nigeria became Africa＇s new biggest economy, with the ＂Rainbow Nation＂ on a downward spiraL.展开更多
Cross-border M＆As are important to the participating countries. I posit that mandatory International Financial Reporting Standards （IFRS） adoption lowers the systemic information noise embedded in countries＇ accou...Cross-border M＆As are important to the participating countries. I posit that mandatory International Financial Reporting Standards （IFRS） adoption lowers the systemic information noise embedded in countries＇ accounting standards. This reduces the associated information processing costs and enhances the economic role accounting standards play on cross-border M＆A flows. After mandatory IFRS adoption, a 1% increase in accounting standards disparity suppresses bilateral M＆A flows by around 2%; a decrease in accounting standards disparity helps promote bilateral M＆A flows when paired countries＇ governance infrastructure gaps are relatively wider. I do not find that these associations were significant prior to mandatory IFRS adoption. Overall, this paper documents an evolving economic role accounting standards play on bilateral cross-border M＆A flows and sheds light on the economic benefits of adopting IFRS for policy makers.展开更多
Using data of newly opened stock trading accounts in China as a proxy of investor sentiment index, the authors employ the time-varying copula-GARCH model with Hansen＇s skewed Student-t innovations to investigate the ...Using data of newly opened stock trading accounts in China as a proxy of investor sentiment index, the authors employ the time-varying copula-GARCH model with Hansen＇s skewed Student-t innovations to investigate the dynamic dependence between investor sentiment and stock returns. The empirical findings show that shifts in investor sentiment are asymptotically positively correlated to stock returns in extreme value situations in both A shares market and B shares market in China, that is to say, stock prices will increase （decrease） more when investors become more bullish （bearish）. Also, results show that the dependence between investor sentiment and stock returns is time-varying, which means that the traditional Pearson＇s correlation based on normal distribution is not enough to describe the relationship between stock market behavior and investor behavior.展开更多
Maritime Economy The China Ocean Economic Development Index,which gauges China’s maritime economic development,rose to 119.9 in 2015,the National Marine Data and Information Service announced.The index was 2.8 percen...Maritime Economy The China Ocean Economic Development Index,which gauges China’s maritime economic development,rose to 119.9 in 2015,the National Marine Data and Information Service announced.The index was 2.8 percent higher than in 2014.展开更多
文摘South africa was africa’s economic giant,creating the miracle of accounting for one third of the continent’s GDP though its population was only 6 percent of the entire African population.However,subsequently,exceptionally high unemployment,socio-economic inequalities,an ailing electricity generation capability,and the recent xenophobic attacks have challenged its position, in 2013, Nigeria became Africa＇s new biggest economy, with the ＂Rainbow Nation＂ on a downward spiraL.
文摘Cross-border M＆As are important to the participating countries. I posit that mandatory International Financial Reporting Standards （IFRS） adoption lowers the systemic information noise embedded in countries＇ accounting standards. This reduces the associated information processing costs and enhances the economic role accounting standards play on cross-border M＆A flows. After mandatory IFRS adoption, a 1% increase in accounting standards disparity suppresses bilateral M＆A flows by around 2%; a decrease in accounting standards disparity helps promote bilateral M＆A flows when paired countries＇ governance infrastructure gaps are relatively wider. I do not find that these associations were significant prior to mandatory IFRS adoption. Overall, this paper documents an evolving economic role accounting standards play on bilateral cross-border M＆A flows and sheds light on the economic benefits of adopting IFRS for policy makers.
基金supported by the National Natural Science Foundation of China under Grant No.70821001
文摘Using data of newly opened stock trading accounts in China as a proxy of investor sentiment index, the authors employ the time-varying copula-GARCH model with Hansen＇s skewed Student-t innovations to investigate the dynamic dependence between investor sentiment and stock returns. The empirical findings show that shifts in investor sentiment are asymptotically positively correlated to stock returns in extreme value situations in both A shares market and B shares market in China, that is to say, stock prices will increase （decrease） more when investors become more bullish （bearish）. Also, results show that the dependence between investor sentiment and stock returns is time-varying, which means that the traditional Pearson＇s correlation based on normal distribution is not enough to describe the relationship between stock market behavior and investor behavior.
文摘Maritime Economy The China Ocean Economic Development Index,which gauges China’s maritime economic development,rose to 119.9 in 2015,the National Marine Data and Information Service announced.The index was 2.8 percent higher than in 2014.
