According to the GFCI ranking from 2018-2020, Hong Kong fell from third to sixth, surpassing cities in other Asian countries and some inland cities in China. Hong Kong’s marginalization has intensified because of the impact of the new crown epidemic and anti-repair incidents. However, Hong Kong’s marginalization is indeed somewhat inappropriate. As far as the situation is concerned, Hong Kong still has a strong competitiveness, although it is lagging behind, but Hong Kong should think deeply about the strategy and system of “one country, two systems”, believe in the country’s strategic intention and adjust its state in time to re-exclude the public’s understanding of its marginalization.
{"title":"An Analysis of the Impact of Dual Crises on Hong Kong’s Financial Development","authors":"Wang Keyi","doi":"10.26549/jfr.v5i2.7003","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.7003","url":null,"abstract":"According to the GFCI ranking from 2018-2020, Hong Kong fell from third to sixth, surpassing cities in other Asian countries and some inland cities in China. Hong Kong’s marginalization has intensified because of the impact of the new crown epidemic and anti-repair incidents. However, Hong Kong’s marginalization is indeed somewhat inappropriate. As far as the situation is concerned, Hong Kong still has a strong competitiveness, although it is lagging behind, but Hong Kong should think deeply about the strategy and system of “one country, two systems”, believe in the country’s strategic intention and adjust its state in time to re-exclude the public’s understanding of its marginalization.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"148 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124194935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Economics is a science that studies how the economy grows, so the theory of economic growth is the most important theory of economics. In the real market economy society, people achieve the goal of economic growth through two kinds of economic activities: production and transaction. Then a correct economic growth theory must be one that can explain both production and transaction economic activities. Just like Newton’s law of universal gravitation in physics, it can explain the motion law of all objects. For a long time, we have been dominated by the western economic growth theory of western mainstream economics. It is not difficult to find that it has a fatal defect, which can only explain production economic activities but not transaction economic activities. So it can’t explain the Chinese economy, and it can’t explain the western economy. The new economic growth theory proposed in this paper makes up for the defects of western economic growth theory, and it is the terminator of western economic growth theory. This is a revolution of new economics to traditional western economics.
{"title":"The End of Western Economic Growth Theory","authors":"Chen Peixiong","doi":"10.26549/jfr.v5i2.6877","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.6877","url":null,"abstract":"Economics is a science that studies how the economy grows, so the theory of economic growth is the most important theory of economics. In the real market economy society, people achieve the goal of economic growth through two kinds of economic activities: production and transaction. Then a correct economic growth theory must be one that can explain both production and transaction economic activities. Just like Newton’s law of universal gravitation in physics, it can explain the motion law of all objects. For a long time, we have been dominated by the western economic growth theory of western mainstream economics. It is not difficult to find that it has a fatal defect, which can only explain production economic activities but not transaction economic activities. So it can’t explain the Chinese economy, and it can’t explain the western economy. The new economic growth theory proposed in this paper makes up for the defects of western economic growth theory, and it is the terminator of western economic growth theory. This is a revolution of new economics to traditional western economics.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128448934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Microblog marketing is that the enterprise uses the platform of Sina microblog to carry out its own marketing activities. Every fan and even every netizen are potential business participants. With microblog marketing, the enterprise intends to create a good image for the company and products and achieve marketing goals by means of communicating with customers by updating daily content or publishing topics that may be of interest to customers.
{"title":"An Analysis of the Value and Strategies of Microblog Marketing","authors":"Junyan Du","doi":"10.26549/jfr.v4i1.3513","DOIUrl":"https://doi.org/10.26549/jfr.v4i1.3513","url":null,"abstract":"Microblog marketing is that the enterprise uses the platform of Sina microblog to carry out its own marketing activities. Every fan and even every netizen are potential business participants. With microblog marketing, the enterprise intends to create a good image for the company and products and achieve marketing goals by means of communicating with customers by updating daily content or publishing topics that may be of interest to customers. ","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122075273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
CAPM theory that solves relationship between asset return and asset risk for potential investment project by CML and SML, is illustrated in the first section as an introduction of further analysis of corporate valuation techniques. Fama and French three factor model is perceived as a revision of CAPM, although it stills has severe weaknesses. CAPM theory solves relationship between asset return and asset risk for potential investment project by CML and SML.
{"title":"Implications of Fama-French Models and Critical Evaluation of Cost of Equity Approach in Explanation of Variations in Expected Stock Returns","authors":"B. Gao","doi":"10.26549/jfr.v4i1.3775","DOIUrl":"https://doi.org/10.26549/jfr.v4i1.3775","url":null,"abstract":"CAPM theory that solves relationship between asset return and asset risk for potential investment project by CML and SML, is illustrated in the first section as an introduction of further analysis of corporate valuation techniques. Fama and French three factor model is perceived as a revision of CAPM, although it stills has severe weaknesses. CAPM theory solves relationship between asset return and asset risk for potential investment project by CML and SML.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121537270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Over the years, many scholars have conducted a wealth of empirical research on the effectiveness of technical indicator analysis in the financial market, and the conclusions are obviously different. Among them, two program trading models based on RSI and CCI indicators achieve an annual return rate of more than 180% in the empirical research of palm oil futures program trading, but the amount of data used in this study is too small, and the transaction cost is not considered. As the actual trading process has the characteristics that investors pay more attention to the sustainability of the model's profitability, and that investors’ trading varieties are diverse and with high transaction cost, this paper further verifies the sustainability and general applicability of these two models: using the closing price of 1-day and 30-minute K-line of 18 kinds of commodity futures in recent 10 years to investigate the changes of annual return rate, maximum withdrawal ratio etc. under different transaction costs and K-line cycles. The results show that the model’s profitability is time-varying, and the transaction cost has a greater influence on the rate of return of 30-minute K-lines than that of 1-day K-lines.
{"title":"An Empirical Research of Futures Program Trading Based on RSI And CCI Indicators","authors":"Li Aiquan, Pan Hui, Weishi Shu, Ke Qi","doi":"10.26549/jfr.v4i1.2993","DOIUrl":"https://doi.org/10.26549/jfr.v4i1.2993","url":null,"abstract":"Over the years, many scholars have conducted a wealth of empirical research on the effectiveness of technical indicator analysis in the financial market, and the conclusions are obviously different. Among them, two program trading models based on RSI and CCI indicators achieve an annual return rate of more than 180% in the empirical research of palm oil futures program trading, but the amount of data used in this study is too small, and the transaction cost is not considered. As the actual trading process has the characteristics that investors pay more attention to the sustainability of the model's profitability, and that investors’ trading varieties are diverse and with high transaction cost, this paper further verifies the sustainability and general applicability of these two models: using the closing price of 1-day and 30-minute K-line of 18 kinds of commodity futures in recent 10 years to investigate the changes of annual return rate, maximum withdrawal ratio etc. under different transaction costs and K-line cycles. The results show that the model’s profitability is time-varying, and the transaction cost has a greater influence on the rate of return of 30-minute K-lines than that of 1-day K-lines.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124414617","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Our research on private placement of equity on China capital market reveals that firms prefer to equity financing when their stock price is overvalued and investor sentiment is high, following the market timing hypothesis. However, after private issuance, we document a significant positive abnormal return within three years. We believe firms choose to polish their financial statement before the exit of institutional investors and controlling shareholders. Through manipulation of discretional accruals, firms improve the profitability and market valuation, and help institutional investors and controlling shareholders obtain the abnormal return after private placement of equity. Nevertheless, such manipulation cannot be sustained and will do harm to other investors in the long-term.
{"title":"Investor Sentiment and Cross-Sectional Return after Share Issuance: Evidence from Seasonal Equity Offering in China Market","authors":"Di Liu","doi":"10.26549/jfr.v4i1.3482","DOIUrl":"https://doi.org/10.26549/jfr.v4i1.3482","url":null,"abstract":"Our research on private placement of equity on China capital market reveals that firms prefer to equity financing when their stock price is overvalued and investor sentiment is high, following the market timing hypothesis. However, after private issuance, we document a significant positive abnormal return within three years. We believe firms choose to polish their financial statement before the exit of institutional investors and controlling shareholders. Through manipulation of discretional accruals, firms improve the profitability and market valuation, and help institutional investors and controlling shareholders obtain the abnormal return after private placement of equity. Nevertheless, such manipulation cannot be sustained and will do harm to other investors in the long-term.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133172899","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the presence of dynamic organizational environment and a growing supply of ‘knowledgeable employees’ which require more professional managers to address their fast changing and increasing needs, senior and middle level managers are now required to keep up with the dynamic and learning environment more than ever. In order to train senior and middle level managers, the article has recommended four perspectives to encourage the development of learning manager. The first aspect for senior and middle level mangers is to integrate learning talents into their practices. The second point is to encourage managers to provide strong support for individuals and teams to develop a learning organization. The third point encourages learning managers and organizations to be composed into the culture of the organization. The last point advocates for more open and free dissemination of information and knowledge to be allowed within an organization.
{"title":"Training and Development Strategies for Senior and Middle Level Managers with the Purpose of Learning Organizations","authors":"Da Rong","doi":"10.26549/jfr.v4i1.3271","DOIUrl":"https://doi.org/10.26549/jfr.v4i1.3271","url":null,"abstract":"In the presence of dynamic organizational environment and a growing supply of ‘knowledgeable employees’ which require more professional managers to address their fast changing and increasing needs, senior and middle level managers are now required to keep up with the dynamic and learning environment more than ever. In order to train senior and middle level managers, the article has recommended four perspectives to encourage the development of learning manager. The first aspect for senior and middle level mangers is to integrate learning talents into their practices. The second point is to encourage managers to provide strong support for individuals and teams to develop a learning organization. The third point encourages learning managers and organizations to be composed into the culture of the organization. The last point advocates for more open and free dissemination of information and knowledge to be allowed within an organization. ","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130788917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
With the development of e-commerce, the express delivery industry in China has developed rapidly. In the past, the express logistics service with postal service as the core has gradually developed into a competitive situation among many logistics companies, such as EMS, Shunfeng, and “Four Tong & One Da”(Shentong Express, Yuantong Express, Zhongtong Express, Best Express, Yunda Express). With the rapid development of China’s express industry, and the development of e-commerce, the number of online shopping has increased, express has become an important choice for small goods exchanges. As a new industry in China, express service industry greatly promotes the development of social economy. With the rapid development of express industry, China has surpassed the United States and become the largest express country in the world. The proportion of express industry in GDP has exceeded 1%, which is becoming one of the pillar industries in China. At the same time, the development of the industry is not standardized. Due to the difference of service standards and the lack of service quality, the number of consumer complaints is increasing.
{"title":"On Some Legal Problems in Postal Administration","authors":"Peng Liu","doi":"10.26549/jfr.v4i1.3244","DOIUrl":"https://doi.org/10.26549/jfr.v4i1.3244","url":null,"abstract":"With the development of e-commerce, the express delivery industry in China has developed rapidly. In the past, the express logistics service with postal service as the core has gradually developed into a competitive situation among many logistics companies, such as EMS, Shunfeng, and “Four Tong & One Da”(Shentong Express, Yuantong Express, Zhongtong Express, Best Express, Yunda Express). With the rapid development of China’s express industry, and the development of e-commerce, the number of online shopping has increased, express has become an important choice for small goods exchanges. As a new industry in China, express service industry greatly promotes the development of social economy. With the rapid development of express industry, China has surpassed the United States and become the largest express country in the world. The proportion of express industry in GDP has exceeded 1%, which is becoming one of the pillar industries in China. At the same time, the development of the industry is not standardized. Due to the difference of service standards and the lack of service quality, the number of consumer complaints is increasing.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130744579","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the past, meat is considered to be a luxury because of its high price that not everyone can afford, which only enjoyed on special days or festivals. However, it has become a daily necessity for life nowadays with the rapid economic development, an essential ingredient in every staple in the restaurant or home kitchen, and the main source supply for people to increase energy. Besides, as health education launched, "how to eat healthily" has become the most significant difficulty that needs to be solved for every family. There is no doubt that the market has been increasing and the demand for meat has been growing with the population growth all over the world. The market value of processed meat is expected to rise from 714 billion U.S. dollars in 2016 to over 1.5 trillion dollars by 2022. Poultry is the most popular kind of processed meat, with a 38 percent share of the global market and red meat, which includes pork and beef, takes up about a 33 percent share. From the official report of the worldwide meat market, the quality and the inflated price of meat have become the most concern of the majority people, who deem it as the primary source of protein and nutrition supply.
{"title":"Research and Overview of Beyond Meat's Disruptive Innovation","authors":"Deming Zhang","doi":"10.26549/jfr.v4i1.2504","DOIUrl":"https://doi.org/10.26549/jfr.v4i1.2504","url":null,"abstract":"In the past, meat is considered to be a luxury because of its high price that not everyone can afford, which only enjoyed on special days or festivals. However, it has become a daily necessity for life nowadays with the rapid economic development, an essential ingredient in every staple in the restaurant or home kitchen, and the main source supply for people to increase energy. Besides, as health education launched, \"how to eat healthily\" has become the most significant difficulty that needs to be solved for every family. There is no doubt that the market has been increasing and the demand for meat has been growing with the population growth all over the world. The market value of processed meat is expected to rise from 714 billion U.S. dollars in 2016 to over 1.5 trillion dollars by 2022. Poultry is the most popular kind of processed meat, with a 38 percent share of the global market and red meat, which includes pork and beef, takes up about a 33 percent share. From the official report of the worldwide meat market, the quality and the inflated price of meat have become the most concern of the majority people, who deem it as the primary source of protein and nutrition supply. ","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128794647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Basing on the Xiaomi case, this paper discusses the most appropriate accounting treatment of compound financial instruments under the framework of International Financial Reporting Standards (IFRS) and how other comprehensive income (OCI) plays important role in it. Overall, this paper provides some references for policymaker to standardize financial instruments standard.
{"title":"How to Recognize and Measure Compound Financial Instruments?","authors":"Yan Wang, Zhuqian He, Shijia Yan","doi":"10.26549/jfr.v4i1.3582","DOIUrl":"https://doi.org/10.26549/jfr.v4i1.3582","url":null,"abstract":"Basing on the Xiaomi case, this paper discusses the most appropriate accounting treatment of compound financial instruments under the framework of International Financial Reporting Standards (IFRS) and how other comprehensive income (OCI) plays important role in it. Overall, this paper provides some references for policymaker to standardize financial instruments standard.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130129721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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