Shanghai-Hong Kong Stock Connect Program,which is a new starting point for the opening up of the mainland capital market,still has many uncertainties.Research on the benefits and market volatility of such policies can...Shanghai-Hong Kong Stock Connect Program,which is a new starting point for the opening up of the mainland capital market,still has many uncertainties.Research on the benefits and market volatility of such policies can provide investors with time to invest in such policies,fluctuations in the underlying stocks of the Chinese stock market,and decision support for the formulation and revision of relevant policies.This paper studies whether there is significant abnormal rate of return in the selected stocks which are in the Shanghai Stock Connect Program within the specified period,the excess return gap between the stocks which are in the program and which are not in the program,and the impact of the Shanghai Stock Connect Program on the volatility of the relevant stocks.Based on the CAPM model and the Fama-French 3-factor model,this paper uses t test to study the significance of the abnormal rate of return.By establishing a difference-in-difference(DID)model,the regression of the abnormal rate of return is tested,and the sample volatility is analyzed according to the influence of the fund transaction.The study found that the stocks in the program have significant abnormal rate of returns during the window period.The Shanghai Stock Connect has brought about a huge change in transaction amount,and policy makers need to improve related and similar policies.展开更多
The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calc...The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.展开更多
As a result of advances in horizontal comple- tions and multi-stage hydraulic fracturing, the U.S. has been able to economically develop several decades of worth of natural gas. However, a considerable concern has ris...As a result of advances in horizontal comple- tions and multi-stage hydraulic fracturing, the U.S. has been able to economically develop several decades of worth of natural gas. However, a considerable concern has risen on the economic viability of shale gas development for reasons associated with the fast production declines as well as recent down-turns of natural gas prices besides rises in the costs of new technologies. Therefore, an economic analysis is required to investigate the profitability of the re- fracturing treatment of unconventional gas resources. Net present value of cash flows and internal rate of return are calculated for a range of gas prices considering 20 years of natural gas production from a typical unconventional shale gas reservoir. A systematic comparison is then accom- plished for three scenarios： （1） re-fracturing versus no re- fracturing, （2） combination of re-fracturing and drilling new wells, and （3） time-dependent re-fracturing treatment. Further, this paper incorporates the cost of re-fracturing treatment, the cost of drilling a new horizontal well, the water treatment cost, as well as the current and future price of natural gas in the model. The findings of this work would help the future re-stimulation development plans of the emerging unconventional shale gas plays.展开更多
The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression ana...The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.展开更多
This study examines the trends in the Mincerian rates of return(MRRs)to education in urban China between 1989 and 2009 using two sources of data:the China Urban Household Survey and the China Health and Nutrition Surv...This study examines the trends in the Mincerian rates of return(MRRs)to education in urban China between 1989 and 2009 using two sources of data:the China Urban Household Survey and the China Health and Nutrition Survey,and attempts to explain the underlying causes of the trends.The authors find that while the rates of return to education had been rising steadily since 1992 in urban China,a trend consistent with earlier studies,they have stagnated and even shown a statistically insignificant and very small decline between 2004 and 2009.Using the conceptual framework of supply,demand and institution in labor economics,the authors show evidence that the rapid rise in MRRs since 1992 has been driven by the strong relative demand for skills and productivity unleashed by the market-oriented economic reforms of the late 1980s and 1990s when relative supply of skilled labor was by and large stable.However,the“great leap forward”in senior secondary and tertiary education since the late 1990s produced huge numbers of graduates by the mid-2000s,outpacing the growth of relative demand for skilled labor due to the economy’s overdependence on low value-added industries such as manufacturing and construction.The apparent slowdown in the deepening of marketization since the mid-2000s may have also contributed to the stagnation or slight decline in the returns to education in urban China.展开更多
Based on Iran's sixth development plan,the country's oil and gas industry requires an investment of about$200 bn in the next five years to increase production.The Iranian government,to attract and motivate int...Based on Iran's sixth development plan,the country's oil and gas industry requires an investment of about$200 bn in the next five years to increase production.The Iranian government,to attract and motivate international oil company investment in their oil and gas fields,has presented a new type of risk service contract:the Iranian Petroleum Contract(IPC).This paper summarizes the features of the IPC and presents mathematical models of its fiscal regime for the benefit and guidance of both the National Iranian Oil Company(NIOC)and the contractors.Next,adopting bargaining game theory provides a mathematical model for reaching a win-win situation between the NIOC and the contractor.Finally,a numerical example is given and a sensitivity analysis performed to illustrate the implementation of the proposed models.The contractor and the NIOC may use these models when preparing their proposal and in the course of actual negotiations to calculate their internal rate of return,remuneration fee,and net present value for developing the fields at different conditions of their bargaining power,and derive a logical bargain to protect their best possible interests.展开更多
The present research work has been carried out on biomass based on 10 kW capacity gasifier power generation system installed at College of Agricultural Engineering and Technology,Dr.Panjabrao Deshmukh Agricultural Uni...The present research work has been carried out on biomass based on 10 kW capacity gasifier power generation system installed at College of Agricultural Engineering and Technology,Dr.Panjabrao Deshmukh Agricultural University(Dr.PDKV),Akola Maharashtra,India.The main objectives were to evaluate various costs and benefits involved in the power generation system.The costs of energy per unit were calculated for the first year of operation.The economics of gasifier based power generation system and thereby the feasibility of the system was examined by estimating per unit cost,Net Present Value(NPV),Benefit Cost Ratio(BCR),Internal Rate of Return(IRR)and payback period.The discount cash flow method was used to find out the IRR.In the present analysis,three costs viz.,installed capital cost,operation and maintenance cost,and levelised replacement cost were examined for the evaluation of the power generation per unit.Discount rate on investment in case of subsidy(Case I)and in case without subsidy(Case II)for installation cost of system was considered as 12.75%.The BCR comes in Case I for operating duration of 22 h,20 h,and 16 h are 1.24,1.18,and 1.13,respectively.Similarly for Case II BCR comes 1.44,1.38,and 2.39.The IRR comes in Case I for operating duration of 22 h,20 h,and 16 h are 26%,22%,and 19%,respectively.Similarly for Case II,IRR comes 52%,44%,and 39%for operating duration of 22 h,20 h,and 16 h,respectively.The payback period in the present analysis was worked out.The payback period for biomass based gasifier power generation system was observed to be for Case I from three to four years and for Case II it was one to two years.展开更多
文摘Shanghai-Hong Kong Stock Connect Program,which is a new starting point for the opening up of the mainland capital market,still has many uncertainties.Research on the benefits and market volatility of such policies can provide investors with time to invest in such policies,fluctuations in the underlying stocks of the Chinese stock market,and decision support for the formulation and revision of relevant policies.This paper studies whether there is significant abnormal rate of return in the selected stocks which are in the Shanghai Stock Connect Program within the specified period,the excess return gap between the stocks which are in the program and which are not in the program,and the impact of the Shanghai Stock Connect Program on the volatility of the relevant stocks.Based on the CAPM model and the Fama-French 3-factor model,this paper uses t test to study the significance of the abnormal rate of return.By establishing a difference-in-difference(DID)model,the regression of the abnormal rate of return is tested,and the sample volatility is analyzed according to the influence of the fund transaction.The study found that the stocks in the program have significant abnormal rate of returns during the window period.The Shanghai Stock Connect has brought about a huge change in transaction amount,and policy makers need to improve related and similar policies.
基金This work was supported in part by National Nature Science Foundation of China key project under Grant No. 70531010.
文摘The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.
文摘As a result of advances in horizontal comple- tions and multi-stage hydraulic fracturing, the U.S. has been able to economically develop several decades of worth of natural gas. However, a considerable concern has risen on the economic viability of shale gas development for reasons associated with the fast production declines as well as recent down-turns of natural gas prices besides rises in the costs of new technologies. Therefore, an economic analysis is required to investigate the profitability of the re- fracturing treatment of unconventional gas resources. Net present value of cash flows and internal rate of return are calculated for a range of gas prices considering 20 years of natural gas production from a typical unconventional shale gas reservoir. A systematic comparison is then accom- plished for three scenarios： （1） re-fracturing versus no re- fracturing, （2） combination of re-fracturing and drilling new wells, and （3） time-dependent re-fracturing treatment. Further, this paper incorporates the cost of re-fracturing treatment, the cost of drilling a new horizontal well, the water treatment cost, as well as the current and future price of natural gas in the model. The findings of this work would help the future re-stimulation development plans of the emerging unconventional shale gas plays.
文摘The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.
文摘This study examines the trends in the Mincerian rates of return(MRRs)to education in urban China between 1989 and 2009 using two sources of data:the China Urban Household Survey and the China Health and Nutrition Survey,and attempts to explain the underlying causes of the trends.The authors find that while the rates of return to education had been rising steadily since 1992 in urban China,a trend consistent with earlier studies,they have stagnated and even shown a statistically insignificant and very small decline between 2004 and 2009.Using the conceptual framework of supply,demand and institution in labor economics,the authors show evidence that the rapid rise in MRRs since 1992 has been driven by the strong relative demand for skills and productivity unleashed by the market-oriented economic reforms of the late 1980s and 1990s when relative supply of skilled labor was by and large stable.However,the“great leap forward”in senior secondary and tertiary education since the late 1990s produced huge numbers of graduates by the mid-2000s,outpacing the growth of relative demand for skilled labor due to the economy’s overdependence on low value-added industries such as manufacturing and construction.The apparent slowdown in the deepening of marketization since the mid-2000s may have also contributed to the stagnation or slight decline in the returns to education in urban China.
文摘Based on Iran's sixth development plan,the country's oil and gas industry requires an investment of about$200 bn in the next five years to increase production.The Iranian government,to attract and motivate international oil company investment in their oil and gas fields,has presented a new type of risk service contract:the Iranian Petroleum Contract(IPC).This paper summarizes the features of the IPC and presents mathematical models of its fiscal regime for the benefit and guidance of both the National Iranian Oil Company(NIOC)and the contractors.Next,adopting bargaining game theory provides a mathematical model for reaching a win-win situation between the NIOC and the contractor.Finally,a numerical example is given and a sensitivity analysis performed to illustrate the implementation of the proposed models.The contractor and the NIOC may use these models when preparing their proposal and in the course of actual negotiations to calculate their internal rate of return,remuneration fee,and net present value for developing the fields at different conditions of their bargaining power,and derive a logical bargain to protect their best possible interests.
文摘The present research work has been carried out on biomass based on 10 kW capacity gasifier power generation system installed at College of Agricultural Engineering and Technology,Dr.Panjabrao Deshmukh Agricultural University(Dr.PDKV),Akola Maharashtra,India.The main objectives were to evaluate various costs and benefits involved in the power generation system.The costs of energy per unit were calculated for the first year of operation.The economics of gasifier based power generation system and thereby the feasibility of the system was examined by estimating per unit cost,Net Present Value(NPV),Benefit Cost Ratio(BCR),Internal Rate of Return(IRR)and payback period.The discount cash flow method was used to find out the IRR.In the present analysis,three costs viz.,installed capital cost,operation and maintenance cost,and levelised replacement cost were examined for the evaluation of the power generation per unit.Discount rate on investment in case of subsidy(Case I)and in case without subsidy(Case II)for installation cost of system was considered as 12.75%.The BCR comes in Case I for operating duration of 22 h,20 h,and 16 h are 1.24,1.18,and 1.13,respectively.Similarly for Case II BCR comes 1.44,1.38,and 2.39.The IRR comes in Case I for operating duration of 22 h,20 h,and 16 h are 26%,22%,and 19%,respectively.Similarly for Case II,IRR comes 52%,44%,and 39%for operating duration of 22 h,20 h,and 16 h,respectively.The payback period in the present analysis was worked out.The payback period for biomass based gasifier power generation system was observed to be for Case I from three to four years and for Case II it was one to two years.
