In 2021,the abnormal short-term price fluctuations of GameStop,which were triggered by internet stock discussions,drew the attention of academics,financial analysts,and stock trading commissions alike,prompting calls ...In 2021,the abnormal short-term price fluctuations of GameStop,which were triggered by internet stock discussions,drew the attention of academics,financial analysts,and stock trading commissions alike,prompting calls to address such events and maintain market stability.However,the impact of stock discussions on volatile trading behavior has received comparatively less attention than traditional fundamentals.Furthermore,data mining methods are less often used to predict stock trading despite their higher accuracy.This study adopts an innovative approach using social media data to obtain stock rumors,and then trains three decision trees to demonstrate the impact of rumor propagation on stock trading behavior.Our findings show that rumor propagation outperforms traditional fundamentals in predicting abnormal trading behavior.The study serves as an impetus for further research using data mining as a method of inquiry.展开更多
This paper discusses the role of Hong Kong in China＇s grand scheme to build up the RMB as a global reserve currency. We highlight the economic importance of Hong Kong to China in terms of channeling foreign direct in...This paper discusses the role of Hong Kong in China＇s grand scheme to build up the RMB as a global reserve currency. We highlight the economic importance of Hong Kong to China in terms of channeling foreign direct investment into China, some of which, in the future, will be denominated in the RMB. We discuss the development of China＇s RMB currency swap and deposit markets in Hong Kong. These offshore markets enable the RMB to trade freely, setting the stage for the RMB to become fully convertible and allowing market forces to play a role in pricing the value of the RMB, and help in the development of the RMB-denominated bond （or dim sum bond） market in Hong Kong. Finally, we present evidence of the phenomenal growth of the dim sum bond market in Hong Kong, which can further enhance and strengthen the use of the RMB outside China.展开更多
Financing alternatives for small and medium enterprises in China are discussed in the present study. In particular, we analyze the significant changes and developments m China＇s ＂second board＂ stock market. China ...Financing alternatives for small and medium enterprises in China are discussed in the present study. In particular, we analyze the significant changes and developments m China＇s ＂second board＂ stock market. China ＇s extensive network of regional assets and equity exchanges, which were set up to facilitate private equity transfer, and non-performing loan transactions seem to partially fill the void for small and medium enterprises, which cannot easily obtain approval for listing on the stock exchanges. Foreign investors can identify investment opportunities in non-listed domestic state-owned and private businesses through these regional assets and equity exchanges. At the same time, foreign stock markets are now attracting the young Chinese enterprises to list their stocks on their exchanges.展开更多
One of the major difficulties blocking China＇s path to becoming a developed capital market is the “state share overhang” problem that hampers the development of the stock market. With almost two-thirds of the outst...One of the major difficulties blocking China＇s path to becoming a developed capital market is the “state share overhang” problem that hampers the development of the stock market. With almost two-thirds of the outstanding shares of the stock market owned by the central government, investors are wary of the potential sell-off by the government that would inevitably dilute the value of their stock holdings. In this paper, we review the state share reform that aims at solving the dilemma that the central government faces： releasing billions of dollars of government＇s capital locked up in the nontradable stocks of the state-owned enterprises （SOEs） without suppressing the stock prices. We also discuss the alternative of using exchange traded funds （ETFs） as a complementary means to expediting the state share conversion process.展开更多
基金supported by the National Science and Technology Council,Taiwan,under grants MOST 108-2410-H-027-020,MOST 109-2410-H-027-009-MY2 and MOST 111-2410-H-027-011-MY3.
文摘In 2021,the abnormal short-term price fluctuations of GameStop,which were triggered by internet stock discussions,drew the attention of academics,financial analysts,and stock trading commissions alike,prompting calls to address such events and maintain market stability.However,the impact of stock discussions on volatile trading behavior has received comparatively less attention than traditional fundamentals.Furthermore,data mining methods are less often used to predict stock trading despite their higher accuracy.This study adopts an innovative approach using social media data to obtain stock rumors,and then trains three decision trees to demonstrate the impact of rumor propagation on stock trading behavior.Our findings show that rumor propagation outperforms traditional fundamentals in predicting abnormal trading behavior.The study serves as an impetus for further research using data mining as a method of inquiry.
文摘This paper discusses the role of Hong Kong in China＇s grand scheme to build up the RMB as a global reserve currency. We highlight the economic importance of Hong Kong to China in terms of channeling foreign direct investment into China, some of which, in the future, will be denominated in the RMB. We discuss the development of China＇s RMB currency swap and deposit markets in Hong Kong. These offshore markets enable the RMB to trade freely, setting the stage for the RMB to become fully convertible and allowing market forces to play a role in pricing the value of the RMB, and help in the development of the RMB-denominated bond （or dim sum bond） market in Hong Kong. Finally, we present evidence of the phenomenal growth of the dim sum bond market in Hong Kong, which can further enhance and strengthen the use of the RMB outside China.
文摘Financing alternatives for small and medium enterprises in China are discussed in the present study. In particular, we analyze the significant changes and developments m China＇s ＂second board＂ stock market. China ＇s extensive network of regional assets and equity exchanges, which were set up to facilitate private equity transfer, and non-performing loan transactions seem to partially fill the void for small and medium enterprises, which cannot easily obtain approval for listing on the stock exchanges. Foreign investors can identify investment opportunities in non-listed domestic state-owned and private businesses through these regional assets and equity exchanges. At the same time, foreign stock markets are now attracting the young Chinese enterprises to list their stocks on their exchanges.
文摘One of the major difficulties blocking China＇s path to becoming a developed capital market is the “state share overhang” problem that hampers the development of the stock market. With almost two-thirds of the outstanding shares of the stock market owned by the central government, investors are wary of the potential sell-off by the government that would inevitably dilute the value of their stock holdings. In this paper, we review the state share reform that aims at solving the dilemma that the central government faces： releasing billions of dollars of government＇s capital locked up in the nontradable stocks of the state-owned enterprises （SOEs） without suppressing the stock prices. We also discuss the alternative of using exchange traded funds （ETFs） as a complementary means to expediting the state share conversion process.
