Capital structure is regarded as the combination of debt and equity firms used to finance operations and investments.The choice of capital structure significantly impacts a company’s cost of capital,profitability,and...Capital structure is regarded as the combination of debt and equity firms used to finance operations and investments.The choice of capital structure significantly impacts a company’s cost of capital,profitability,and risk profile.Among a series of factors that affect capital structure,this paper focuses on stock returns and market timing.In this review,an array of papers is analyzed to summarize what current research claims regarding the influence of stock returns and market timing on capital structure.This paper centers on the stock return and market timing theories and also discusses other theories like the trade-off theory,the pecking order theory,and the signaling theory.展开更多
Background:Research in various academic disciplines has undergone tremendous changes in the era of big data.Everyone is talking about big data nowadays,but how exactly is it being applied in research on financial stud...Background:Research in various academic disciplines has undergone tremendous changes in the era of big data.Everyone is talking about big data nowadays,but how exactly is it being applied in research on financial studies?Results:This study summarizes the sources of Internet big data for research related to capital markets and the analytical methods that have been used in the literature.In addition,it presents a review of the research findings based on Internet big data in the field of capital markets and proposes suggestions for future studies in which big data can be applied to examine issues related to capital markets.Conclusion:(1)Internet big data sources related to present capital market research can be categorized into forum-type data,microblog-type data and search class data.(2)As for research about investors’sentiments on the basis of Internet big data,the main methods of sentiment analysis include building an inventory of lexical categories,using dictionaries for analysis of lexical categories,and machine learning.(3)Many studies address whether Internet big data can predict capital markets.However,they reach no consistent conclusions,which could be due to limitations of sample and analysis method used.(4)Data collection technique and analysis methods require further improvements.展开更多
A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of mar...A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa. Objectives: The paper assesses the impact of Nigerian Stock Market (all share index, market capitalization, and number of equities) on Gross domestic product (Economic Growth). Materials and Methods: Regression analysis and ordinary least square technique were employed. Result and Discussion: The series was stationary at 1%, 5%, and 10% α level;the residuals were normally distributed but not serially correlated at 5% α level. All Share Index, Market Capitalization and Total Number of listed Equities have a joint and individual significant effect on Economic Growth (Gross Domestic Product) with Total Number of listed Equities having a negative (opposite) linear relationship with the Gross Domestic Product. The Durbin-Watson statistics (R2 = 0.9910 = 1.3686) suggest that the model is not spurious and it is devoid of positive and negative autocorrelation (DW = 1.3686 > dl = 1.07 and DW = 1.5033 ?-?du = 2.17). Therefore, it can produce meaningful result when used for forecasting a positive relationship between gross domestic product, all share index and market capitalization with a 99.1% R-square value. Significant Positive connection between all share index, market capitalization, the number of equities and gross domestic product suggests that government policies and bills aimed towards rapid development of the capital market should be initiated.展开更多
This research paper investigates the role of Italian venture capital in supporting innovative start-ups in their early-stage process,which is usually focused on the creation of a new product or the development of a ne...This research paper investigates the role of Italian venture capital in supporting innovative start-ups in their early-stage process,which is usually focused on the creation of a new product or the development of a new service.The aim of the study is to observe and assess the key economic features of innovative start-ups funded at the beginning of the early-stage by venture capital funds and thereafter analyze the level of development of target companies at four years since the capital injection.The sample of deals created to describe this dynamic process is composed by investments realized between 1996 and 2012 and,in this way,according to the chosen methodology,it is representative of Italian venture capital role and contribution in the years from 1996 to 2016.The authors used for their empirical study a proprietary database,Venture Capital Monitor—VeMTM.Through the analysis of collected data,the paper describes the strategic importance of venture capital investments in early-stage opportunities both for target companies and the Italian socio-economic environment,and finds aggregate values of reference to quantitatively define the socio-economic outcome of this kind of operations.A final further contribution is provided by comparing the present results to the ones of two previous studies conducted by the authors.展开更多
Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China's manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, th...Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China's manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.展开更多
Through a measurement of corporate investment plan,i.e.expected investment cash flow growth(EICFG),which combines historical equity issuance and factors that influence firm’s future investment,this paper studies the ...Through a measurement of corporate investment plan,i.e.expected investment cash flow growth(EICFG),which combines historical equity issuance and factors that influence firm’s future investment,this paper studies the impact of investment expectation on firm’s cross-sectional return of stock in China capital market.I document the negative correlation between EICFG and future stock return in A-share market,and find out that stocks of firms with higher growth of investment cash flow performs significantly worse than those with lower growth of investment cash flow in one year.Our long-short EICFG portfolio generates a statistically and economically significant return which cannot be captured by leading factor models.I further disentangle the covariation between EICFG and expected stock return from rational and behavioral perspective.This paper also extends the research of investment premium to investment-based asset pricing model.展开更多
Under the market economy system,art is a new investment channel.With the improvement of people's living standards,it has a new understanding of art investment.Based on this,this paper takes the price of art as the...Under the market economy system,art is a new investment channel.With the improvement of people's living standards,it has a new understanding of art investment.Based on this,this paper takes the price of art as the research object,and elaborates the price formation and transaction of the art capital market from the aspects of the intrinsic elements of art,the investment of art,the supply and demand of art market,people's boastful consumption and social education.The constraints imposed by the mechanism.展开更多
The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share ma...The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.展开更多
It has been our consistent policy to expand the opening policy, while using foreign capital reasonably and effectively. Our experience of economic development since China’s economic reform and opening to the outside ...It has been our consistent policy to expand the opening policy, while using foreign capital reasonably and effectively. Our experience of economic development since China’s economic reform and opening to the outside world 20 years ago has shown that implementing the opening policy, participation in the international division of labour and exchange, the use of both domestic and international markets and resources, and the introduction of a foreign展开更多
Analyzes the shortcomings of the classic capital market theories based on EMH and discloses the complexity essence of the capital market. Considering the capital market a complicated, interactive and adaptable dynamic...Analyzes the shortcomings of the classic capital market theories based on EMH and discloses the complexity essence of the capital market. Considering the capital market a complicated, interactive and adaptable dynamic system, with complexity science as the method for researching the operation law of the capital market, this paper constructs a nonlinear logical model to analyze the applied realm, focal point and interrelationship of such theories as dissipative structure theory, chaos theory, fractal theory, synergetics theory, catastrophe theory and scale theory, and summarizes and discusses the achievements and problems of each theory. Based on the research, the paper foretells the developing direction of complexity science in a capital market.展开更多
On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model ...On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model with a short-selling mechanism.However,the current development of China's margin trading and securities lending businesses is seriously unbalanced,and the scale of financing far exceeds the scale of securities lending.The short selling effect of securities lending exchanges is extremely limited,which to some extent violates the original intention of introducing the system.In order to help margin trading and securities lending to correct a healthy and sustainable development path,this article uses stock price synchronicity as a proxy indicator to measure the information efficiency of the capital market,explores the impact of the margin trading system on the information efficiency of the capital market,and study the detailed characteristics and economic consequences of the margin trading system.Aiming at this topic,this article analyzes the relationship between margin financing and securities lending and stock price synchronicity.Finally,it analyzes the influence of margin financing and securities lending system on stock price synchronicity from three dimensions of corporate governance,external supervision,and institutional environment mechanism.In terms of empirical research,this article takes advantage of the“quasi-natural experiment”provided by the gradual opening of margin trading and securities lending in China’s securities market,and selects listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the research objects,starting from the perspective of stock price synchronicity,and passing The DID-FE model studies the impact of the margin trading and securities lending system on the information efficiency of the capital market.It uses three methods:parallel trend and dynamic testing,PSM-DID analysis,and placebo testing for robustness testing to solve the endogeneity problem of the experiment.This article also conducts deeper research on the subject based on the two dimensions of the impact mechanism of margin financing and securities lending and the size of the company,and finally discusses the economic impact of margin financing and securities lending on the level of company innovation.展开更多
文摘Capital structure is regarded as the combination of debt and equity firms used to finance operations and investments.The choice of capital structure significantly impacts a company’s cost of capital,profitability,and risk profile.Among a series of factors that affect capital structure,this paper focuses on stock returns and market timing.In this review,an array of papers is analyzed to summarize what current research claims regarding the influence of stock returns and market timing on capital structure.This paper centers on the stock return and market timing theories and also discusses other theories like the trade-off theory,the pecking order theory,and the signaling theory.
基金National Nature Sciences Foundation of China(No.71372148).
文摘Background:Research in various academic disciplines has undergone tremendous changes in the era of big data.Everyone is talking about big data nowadays,but how exactly is it being applied in research on financial studies?Results:This study summarizes the sources of Internet big data for research related to capital markets and the analytical methods that have been used in the literature.In addition,it presents a review of the research findings based on Internet big data in the field of capital markets and proposes suggestions for future studies in which big data can be applied to examine issues related to capital markets.Conclusion:(1)Internet big data sources related to present capital market research can be categorized into forum-type data,microblog-type data and search class data.(2)As for research about investors’sentiments on the basis of Internet big data,the main methods of sentiment analysis include building an inventory of lexical categories,using dictionaries for analysis of lexical categories,and machine learning.(3)Many studies address whether Internet big data can predict capital markets.However,they reach no consistent conclusions,which could be due to limitations of sample and analysis method used.(4)Data collection technique and analysis methods require further improvements.
文摘A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa. Objectives: The paper assesses the impact of Nigerian Stock Market (all share index, market capitalization, and number of equities) on Gross domestic product (Economic Growth). Materials and Methods: Regression analysis and ordinary least square technique were employed. Result and Discussion: The series was stationary at 1%, 5%, and 10% α level;the residuals were normally distributed but not serially correlated at 5% α level. All Share Index, Market Capitalization and Total Number of listed Equities have a joint and individual significant effect on Economic Growth (Gross Domestic Product) with Total Number of listed Equities having a negative (opposite) linear relationship with the Gross Domestic Product. The Durbin-Watson statistics (R2 = 0.9910 = 1.3686) suggest that the model is not spurious and it is devoid of positive and negative autocorrelation (DW = 1.3686 > dl = 1.07 and DW = 1.5033 ?-?du = 2.17). Therefore, it can produce meaningful result when used for forecasting a positive relationship between gross domestic product, all share index and market capitalization with a 99.1% R-square value. Significant Positive connection between all share index, market capitalization, the number of equities and gross domestic product suggests that government policies and bills aimed towards rapid development of the capital market should be initiated.
文摘This research paper investigates the role of Italian venture capital in supporting innovative start-ups in their early-stage process,which is usually focused on the creation of a new product or the development of a new service.The aim of the study is to observe and assess the key economic features of innovative start-ups funded at the beginning of the early-stage by venture capital funds and thereafter analyze the level of development of target companies at four years since the capital injection.The sample of deals created to describe this dynamic process is composed by investments realized between 1996 and 2012 and,in this way,according to the chosen methodology,it is representative of Italian venture capital role and contribution in the years from 1996 to 2016.The authors used for their empirical study a proprietary database,Venture Capital Monitor—VeMTM.Through the analysis of collected data,the paper describes the strategic importance of venture capital investments in early-stage opportunities both for target companies and the Italian socio-economic environment,and finds aggregate values of reference to quantitatively define the socio-economic outcome of this kind of operations.A final further contribution is provided by comparing the present results to the ones of two previous studies conducted by the authors.
文摘Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China's manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.
文摘Through a measurement of corporate investment plan,i.e.expected investment cash flow growth(EICFG),which combines historical equity issuance and factors that influence firm’s future investment,this paper studies the impact of investment expectation on firm’s cross-sectional return of stock in China capital market.I document the negative correlation between EICFG and future stock return in A-share market,and find out that stocks of firms with higher growth of investment cash flow performs significantly worse than those with lower growth of investment cash flow in one year.Our long-short EICFG portfolio generates a statistically and economically significant return which cannot be captured by leading factor models.I further disentangle the covariation between EICFG and expected stock return from rational and behavioral perspective.This paper also extends the research of investment premium to investment-based asset pricing model.
文摘Under the market economy system,art is a new investment channel.With the improvement of people's living standards,it has a new understanding of art investment.Based on this,this paper takes the price of art as the research object,and elaborates the price formation and transaction of the art capital market from the aspects of the intrinsic elements of art,the investment of art,the supply and demand of art market,people's boastful consumption and social education.The constraints imposed by the mechanism.
文摘The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.
文摘It has been our consistent policy to expand the opening policy, while using foreign capital reasonably and effectively. Our experience of economic development since China’s economic reform and opening to the outside world 20 years ago has shown that implementing the opening policy, participation in the international division of labour and exchange, the use of both domestic and international markets and resources, and the introduction of a foreign
文摘Analyzes the shortcomings of the classic capital market theories based on EMH and discloses the complexity essence of the capital market. Considering the capital market a complicated, interactive and adaptable dynamic system, with complexity science as the method for researching the operation law of the capital market, this paper constructs a nonlinear logical model to analyze the applied realm, focal point and interrelationship of such theories as dissipative structure theory, chaos theory, fractal theory, synergetics theory, catastrophe theory and scale theory, and summarizes and discusses the achievements and problems of each theory. Based on the research, the paper foretells the developing direction of complexity science in a capital market.
文摘On March 31,2010,China formally introduced a margin trading system,which announced that China's capital market has completed the transformation from a unilateral transaction model to a bilateral transaction model with a short-selling mechanism.However,the current development of China's margin trading and securities lending businesses is seriously unbalanced,and the scale of financing far exceeds the scale of securities lending.The short selling effect of securities lending exchanges is extremely limited,which to some extent violates the original intention of introducing the system.In order to help margin trading and securities lending to correct a healthy and sustainable development path,this article uses stock price synchronicity as a proxy indicator to measure the information efficiency of the capital market,explores the impact of the margin trading system on the information efficiency of the capital market,and study the detailed characteristics and economic consequences of the margin trading system.Aiming at this topic,this article analyzes the relationship between margin financing and securities lending and stock price synchronicity.Finally,it analyzes the influence of margin financing and securities lending system on stock price synchronicity from three dimensions of corporate governance,external supervision,and institutional environment mechanism.In terms of empirical research,this article takes advantage of the“quasi-natural experiment”provided by the gradual opening of margin trading and securities lending in China’s securities market,and selects listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the research objects,starting from the perspective of stock price synchronicity,and passing The DID-FE model studies the impact of the margin trading and securities lending system on the information efficiency of the capital market.It uses three methods:parallel trend and dynamic testing,PSM-DID analysis,and placebo testing for robustness testing to solve the endogeneity problem of the experiment.This article also conducts deeper research on the subject based on the two dimensions of the impact mechanism of margin financing and securities lending and the size of the company,and finally discusses the economic impact of margin financing and securities lending on the level of company innovation.
