This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that dome...This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.展开更多
Using a quasi-natural experiment, this study examines the effects of margin trading and short selling on bond yield spread in China. It finds that both margin trading and short selling can reduce bond yield spread. Ad...Using a quasi-natural experiment, this study examines the effects of margin trading and short selling on bond yield spread in China. It finds that both margin trading and short selling can reduce bond yield spread. Additionally, it finds that margin trading lowers firms' debt ratios and increases their credit ratings, which explains the reduced spread. In other words, margin trading can impact investors' decisions by revealing positive information about a firm.Another finding is that short selling lowers the bond yield spread by decreasing earnings management, suggesting that short selling has an impact on investors' decisions through its effect on corporate governance. Our results suggest that margin trading transmits positive information and short selling impacts firms' policies. These results provide support for future regulations of margin trading and short selling.展开更多
随着器件沟道尺寸的减小,为了获得更好的性能参数,器件工艺窗口变得越来越窄。与此同时,单MOSFET(metal oxide semiconductor field effect transistor)封装缺少静电保护电路。对于敏感器件的封装,异常的电气参数时有出现。通过使用FMEA...随着器件沟道尺寸的减小,为了获得更好的性能参数,器件工艺窗口变得越来越窄。与此同时,单MOSFET(metal oxide semiconductor field effect transistor)封装缺少静电保护电路。对于敏感器件的封装,异常的电气参数时有出现。通过使用FMEA(failure mode and effects analysts)和DOE(design of experiments)等质量工具,确认该问题与封装键合顺序和黏合剂有关。通过调整键合顺序和更换所使用的黏合剂,有效地解决了敏感器件封装低良的问题。该案例为同行业提供了借鉴。展开更多
文摘This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.
基金financial support from the National Science Foundation of China (Project No. 71602148)the MOE (Ministry of Education, China) Project of Humanities and Social Sciences (Project No. 16YJC630065)the Fundamental Research Funds for the Central Universities (Project No. 531107051035)
文摘Using a quasi-natural experiment, this study examines the effects of margin trading and short selling on bond yield spread in China. It finds that both margin trading and short selling can reduce bond yield spread. Additionally, it finds that margin trading lowers firms' debt ratios and increases their credit ratings, which explains the reduced spread. In other words, margin trading can impact investors' decisions by revealing positive information about a firm.Another finding is that short selling lowers the bond yield spread by decreasing earnings management, suggesting that short selling has an impact on investors' decisions through its effect on corporate governance. Our results suggest that margin trading transmits positive information and short selling impacts firms' policies. These results provide support for future regulations of margin trading and short selling.
文摘随着器件沟道尺寸的减小,为了获得更好的性能参数,器件工艺窗口变得越来越窄。与此同时,单MOSFET(metal oxide semiconductor field effect transistor)封装缺少静电保护电路。对于敏感器件的封装,异常的电气参数时有出现。通过使用FMEA(failure mode and effects analysts)和DOE(design of experiments)等质量工具,确认该问题与封装键合顺序和黏合剂有关。通过调整键合顺序和更换所使用的黏合剂,有效地解决了敏感器件封装低良的问题。该案例为同行业提供了借鉴。
