Pub Date : 2022-12-06DOI: 10.1108/cfri-07-2022-0109
Sakine Owjimehr, Hooman Hasanzadeh Dastfroosh
PurposeAccording to the Government Response tracker (oxCGRT) index, the strictest policy responses to the coronavirus pandemic from January 2020 to May 2022 belong to Italy, China, Hong Kong, Greece, Austria, Peru, Singapore and Malaysia. The main question is: “this level of strictness has been able to reduce the uncertainty of the stock market?”Design/methodology/approachTo achieve this goal, the authors investigated the effect of oxCGRT index, and the growth rate of COVID-19 confirms cases on stock market uncertainty from January 2020 to May 2022 in the GARCH, EGARCH and TGARCH models.FindingsAmong these countries, the oxCGRT index has reduced uncertainty in the stock market only in Malaysia and Singapore. This result says an appropriate pattern of applying government policy responses is more important than the degree of stringency.Originality/valueThe study will contribute to the existing literature by examining the impact of the comprehensive oxCGRT index on the uncertainty of the stock market.
{"title":"Uncertainty governance in the stock market during the COVID-19: evidence of the strictest economies in the world","authors":"Sakine Owjimehr, Hooman Hasanzadeh Dastfroosh","doi":"10.1108/cfri-07-2022-0109","DOIUrl":"https://doi.org/10.1108/cfri-07-2022-0109","url":null,"abstract":"PurposeAccording to the Government Response tracker (oxCGRT) index, the strictest policy responses to the coronavirus pandemic from January 2020 to May 2022 belong to Italy, China, Hong Kong, Greece, Austria, Peru, Singapore and Malaysia. The main question is: “this level of strictness has been able to reduce the uncertainty of the stock market?”Design/methodology/approachTo achieve this goal, the authors investigated the effect of oxCGRT index, and the growth rate of COVID-19 confirms cases on stock market uncertainty from January 2020 to May 2022 in the GARCH, EGARCH and TGARCH models.FindingsAmong these countries, the oxCGRT index has reduced uncertainty in the stock market only in Malaysia and Singapore. This result says an appropriate pattern of applying government policy responses is more important than the degree of stringency.Originality/valueThe study will contribute to the existing literature by examining the impact of the comprehensive oxCGRT index on the uncertainty of the stock market.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41954208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-01DOI: 10.1108/cfri-07-2022-0111
Lokman Tutuncu
PurposeThe last two years are characterized by record numbers of initial public offerings (IPOs), foreign investor abstinence and rising retail investor appetite in the Turkish stock market. This study aims to investigate whether retail investor dominance coupled with foreign investor aversion has significant impact on initial and short-term returns.Design/methodology/approachThe research covers the population of 188 companies going public at Borsa Istanbul from 2010 to the end of 2021. Three hypotheses are developed and tested by means of ordinary least squares and Tobit regressions to examine the association between investor allocations and returns. A new measure for retail investor trade size, average retail investment per capita (ARI) is utilized to explain the linkage between retail investor appetite and short-term returns. Two-stage least squares and Heckman selection regressions are employed for robustness tests to address potential endogeneity.FindingsPandemic IPOs provide significantly larger short-term returns than pre-pandemic IPOs measured up to one month. Underpricing during the pandemic is not significantly greater due to 10% daily price limit, which leads to a gradual release of retail investor appetite and increase in stock prices in the short term. Retail investors control 66% of the market during the pandemic compared to 35% before, while foreign institutional investor market share declines from 53% to 6%. Average retail investor number in an offering increases by 55.4-fold during the pandemic, resulting in substantially smaller allocations to the average individual investor. Greater returns during the pandemic are associated with smaller retail investment per capita, while domestic institutional investment is associated with lower returns as typically expected from institutional investors, although its significance disappears after controlling for potential endogeneity.Research limitations/implicationsThis study investigates returns up to one month. To better understand whether short-termism of retail investors and recent foreign investor aversion have detrimental effect on companies, and on the market as a whole, longer-term studies are needed. This is not possible at the current stage since not enough time has passed.Practical implicationsThis research is relevant to emerging market investors and companies due to the ongoing foreign investor aversion and fast-changing market conditions. The research cautions market participants against the short-termism of retail investors and urges policymakers to regain investors with longer investment horizons.Social implicationsMany newcomer retail investors are in the stock market due to lack of more profitable alternatives in Turkey. Although their participation is accompanied by larger short-term returns for the time being, the current momentum is unlikely to last long as the pandemic ends, and interest rates around the world begin to be raised. The study urges small investors to inves
{"title":"The changing investor demographics of an emerging IPO market during the COVID-19 pandemic","authors":"Lokman Tutuncu","doi":"10.1108/cfri-07-2022-0111","DOIUrl":"https://doi.org/10.1108/cfri-07-2022-0111","url":null,"abstract":"PurposeThe last two years are characterized by record numbers of initial public offerings (IPOs), foreign investor abstinence and rising retail investor appetite in the Turkish stock market. This study aims to investigate whether retail investor dominance coupled with foreign investor aversion has significant impact on initial and short-term returns.Design/methodology/approachThe research covers the population of 188 companies going public at Borsa Istanbul from 2010 to the end of 2021. Three hypotheses are developed and tested by means of ordinary least squares and Tobit regressions to examine the association between investor allocations and returns. A new measure for retail investor trade size, average retail investment per capita (ARI) is utilized to explain the linkage between retail investor appetite and short-term returns. Two-stage least squares and Heckman selection regressions are employed for robustness tests to address potential endogeneity.FindingsPandemic IPOs provide significantly larger short-term returns than pre-pandemic IPOs measured up to one month. Underpricing during the pandemic is not significantly greater due to 10% daily price limit, which leads to a gradual release of retail investor appetite and increase in stock prices in the short term. Retail investors control 66% of the market during the pandemic compared to 35% before, while foreign institutional investor market share declines from 53% to 6%. Average retail investor number in an offering increases by 55.4-fold during the pandemic, resulting in substantially smaller allocations to the average individual investor. Greater returns during the pandemic are associated with smaller retail investment per capita, while domestic institutional investment is associated with lower returns as typically expected from institutional investors, although its significance disappears after controlling for potential endogeneity.Research limitations/implicationsThis study investigates returns up to one month. To better understand whether short-termism of retail investors and recent foreign investor aversion have detrimental effect on companies, and on the market as a whole, longer-term studies are needed. This is not possible at the current stage since not enough time has passed.Practical implicationsThis research is relevant to emerging market investors and companies due to the ongoing foreign investor aversion and fast-changing market conditions. The research cautions market participants against the short-termism of retail investors and urges policymakers to regain investors with longer investment horizons.Social implicationsMany newcomer retail investors are in the stock market due to lack of more profitable alternatives in Turkey. Although their participation is accompanied by larger short-term returns for the time being, the current momentum is unlikely to last long as the pandemic ends, and interest rates around the world begin to be raised. The study urges small investors to inves","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47626058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-04DOI: 10.1108/cfri-05-2022-0067
Muhammad Azhar Khalil, Rashid Khalil, Muhammad Khuram Khalil
PurposeHistorically, investments in innovation are perceived as one of the paramount decisions businesses opt to thrive and the impact of such investments on businesses' market performance is well documented in the literature. However, the environmental aspects of making such investments are yet to be addressed by the firms, which in turn, present considerable damage to the environment. Coupling with the natural resource-based view (NRBV) and the stakeholder theory of the firm, this research builds on an earlier work of Khalil and Nimmanunta (2021) in an attempt to examine the link between innovation and firms' environmental and financial value. The authors extend their analysis and document a more consistent approach to measuring environmental innovation which allows the authors to investigate the firms from three additional economies with respect to firms' investments in both traditional and environmental innovations.Design/methodology/approachThe underlying models are tested using the time fixed-effects panel regression by utilizing information from publicly traded companies of ten Asian economies, including Japan, Hong Kong, Taiwan, Thailand, Turkey, Malaysia, Singapore, India, Indonesia, and Saudi Arabia. The reported sample covers annual firm-level ESG data obtained from Thomson Reuters' Datastream and Refinitiv Eikon during the 2015–2019 period.FindingsThis research offers support to the conventional wisdom that innovation is advantageous to the firms' market value. The authors further decompose innovation into traditional innovation and environmental innovation. The findings of this research suggest that traditional innovation is favorable only for the firms' market valuation and traditional innovation is strongly ineffectual for the environment – traditional innovation produces sizeable environmental distress by contributing substantially to carbon emissions. In contrast, the resultant effects of investments in environmental innovation are evident to be instrumental for both firms' financial performance and the environment.Research limitations/implicationsThis research has primarily focused on only two components of a company's environmental performance: reduction in carbon emissions (CO2) and corporate social responsibility (CSR). Given the complexity of firms' environmental strategies and the multidimensionality of the variable, which encompasses a wide range of corporate behavior in terms of relationships with communities, suppliers, consumers, and broader environmental responsibilities broadening the scope of the study by including other important aspects of environmental sustainability is, therefore, critical.Practical implicationsThe findings of this research signify environmental innovation as one of the vital investment approaches as firms can exploit benefits related to the market from firms' sustainable practices, developing eco-friendly processes by introducing steady yet systematic chains of green products and services. Such
{"title":"Environmental, social and governance (ESG) - augmented investments in innovation and firms' value: a fixed-effects panel regression of Asian economies","authors":"Muhammad Azhar Khalil, Rashid Khalil, Muhammad Khuram Khalil","doi":"10.1108/cfri-05-2022-0067","DOIUrl":"https://doi.org/10.1108/cfri-05-2022-0067","url":null,"abstract":"PurposeHistorically, investments in innovation are perceived as one of the paramount decisions businesses opt to thrive and the impact of such investments on businesses' market performance is well documented in the literature. However, the environmental aspects of making such investments are yet to be addressed by the firms, which in turn, present considerable damage to the environment. Coupling with the natural resource-based view (NRBV) and the stakeholder theory of the firm, this research builds on an earlier work of Khalil and Nimmanunta (2021) in an attempt to examine the link between innovation and firms' environmental and financial value. The authors extend their analysis and document a more consistent approach to measuring environmental innovation which allows the authors to investigate the firms from three additional economies with respect to firms' investments in both traditional and environmental innovations.Design/methodology/approachThe underlying models are tested using the time fixed-effects panel regression by utilizing information from publicly traded companies of ten Asian economies, including Japan, Hong Kong, Taiwan, Thailand, Turkey, Malaysia, Singapore, India, Indonesia, and Saudi Arabia. The reported sample covers annual firm-level ESG data obtained from Thomson Reuters' Datastream and Refinitiv Eikon during the 2015–2019 period.FindingsThis research offers support to the conventional wisdom that innovation is advantageous to the firms' market value. The authors further decompose innovation into traditional innovation and environmental innovation. The findings of this research suggest that traditional innovation is favorable only for the firms' market valuation and traditional innovation is strongly ineffectual for the environment – traditional innovation produces sizeable environmental distress by contributing substantially to carbon emissions. In contrast, the resultant effects of investments in environmental innovation are evident to be instrumental for both firms' financial performance and the environment.Research limitations/implicationsThis research has primarily focused on only two components of a company's environmental performance: reduction in carbon emissions (CO2) and corporate social responsibility (CSR). Given the complexity of firms' environmental strategies and the multidimensionality of the variable, which encompasses a wide range of corporate behavior in terms of relationships with communities, suppliers, consumers, and broader environmental responsibilities broadening the scope of the study by including other important aspects of environmental sustainability is, therefore, critical.Practical implicationsThe findings of this research signify environmental innovation as one of the vital investment approaches as firms can exploit benefits related to the market from firms' sustainable practices, developing eco-friendly processes by introducing steady yet systematic chains of green products and services. Such ","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2022-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43826483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
practice doctor. During this period, Hong Kong society had already recovered from World War II and had gradually been raised to an international city. Hong Kong had also been handed over to the PRC from British control. This book does not mention any important historical events that occurred in Hong Kong from the perspective of this doctor. In other words, van Langenberg does not place his life in Hong Kong historical or social contexts. This perhaps reflects the current trend of avoiding sensitive topics like social crisis and colonialism in social discussions of the region.
{"title":"Attack at Chosin: The Chinese Second Offensive in Korea by Xiaobing Li (review)","authors":"Robert York","doi":"10.1353/cri.2020.0029","DOIUrl":"https://doi.org/10.1353/cri.2020.0029","url":null,"abstract":"practice doctor. During this period, Hong Kong society had already recovered from World War II and had gradually been raised to an international city. Hong Kong had also been handed over to the PRC from British control. This book does not mention any important historical events that occurred in Hong Kong from the perspective of this doctor. In other words, van Langenberg does not place his life in Hong Kong historical or social contexts. This perhaps reflects the current trend of avoiding sensitive topics like social crisis and colonialism in social discussions of the region.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"30 1","pages":"121 - 123"},"PeriodicalIF":8.2,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73254048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Alexander Akin’s monograph, East Asian Cartographic Print Culture, examines cartography and its relationship to the publishing boom of the late sixteenth and early seventeenth centuries. Its main argument is that “what changed in late Ming cartography is context and quantity more than technology” (p. ). There were few significant technological innovations in the process of creating or printing maps during this period. But maps proliferated on the printed page to an unprecedented extent. Not only were more books being printed in general, but there were also more types of book that included maps, and the average number of maps in these books increased as well. The remarkable breadth of this map production “reflected the diversity of their users’ social interests, spreading far beyond the administration of the state or the training of future functionaries” (p. ). Akin, furthermore, traces exported Ming publications to Korea and Japan, their reception there, and the return flow of cartographic texts back to China. Akin’s approach is distinctive in its usage and breadth of maps. First, his sources are not magnificent court-sponsored wall maps of limited circulation, but the crudely produced woodblock prints that were used as illustrations in mass-produced books. This allows him to examine maps in their greatest breadth of genres and diversity of uses, from the highest to the humblest registers. Second, because he is examining maps published in books, he reads maps as “illustrations to the text rather than as independent documents” (p. ). This builds upon the argument of Cordell Yee that, in contrast to European maps, Chinese maps and text were intended to be read together. Akin reads the accompanying text as essential in understanding details not included on the map but intended to be understood through the map. This reveals how the same copied map could be used within different genres for a variety of purposes. From this argument and methodology, Akin makes three interventions into larger historiographic debates that would be of interest to scholars both inside and outside of East Asian studies. First, contrary to the idea that “Confucian Reviews
亚历山大·阿金(Alexander Akin)的专著《东亚地图印刷文化》(East Asian Cartographic Print Culture)考察了地图学及其与16世纪末和17世纪初出版热潮的关系。它的主要论点是“晚明地图学的变化更多的是上下文和数量而不是技术”(p.)。在这一时期，在制作或印刷地图的过程中，几乎没有重大的技术创新。但地图在印刷页面上的激增达到了前所未有的程度。总的来说，不仅有更多的书被印刷出来，而且有更多种类的书包含了地图，这些书中地图的平均数量也增加了。这种地图制作的显著广度“反映了用户社会兴趣的多样性，远远超出了国家管理或未来官员培训的范围”()。此外，阿金还追溯了明朝出口到韩国和日本的出版物，它们在那里的受欢迎程度，以及地图文本回流中国的情况。阿金的方法在地图的使用和广度上是与众不同的。首先，他的资料来源不是宫廷赞助的精美的有限流通的墙上地图，而是大量生产的书籍中用作插图的粗制滥造的木刻版画。这使他能够研究地图的最广泛的类型和多样性的用途，从最高的到最低的寄存器。第二，因为他研究的是书中出版的地图，他把地图看作是“文字的插图，而不是独立的文件”(p.)。这建立在Cordell Yee的论点之上，即与欧洲地图相比，中国地图和文本应该一起阅读。阿金认为，随附的文字对于理解地图上没有包括但意图通过地图理解的细节至关重要。这揭示了相同的复制地图如何在不同类型中用于各种目的。从这一论点和方法论出发，阿金对更大的史学辩论进行了三次干预，这将引起东亚研究内外学者的兴趣。第一，与“儒学评论”的观点相反
{"title":"East Asian Cartographic Print Culture: The Late Ming Publishing Boom and Its Trans-Regional Connections by Alexander Akin (review)","authors":"D. Felt","doi":"10.1353/cri.2020.0023","DOIUrl":"https://doi.org/10.1353/cri.2020.0023","url":null,"abstract":"Alexander Akin’s monograph, East Asian Cartographic Print Culture, examines cartography and its relationship to the publishing boom of the late sixteenth and early seventeenth centuries. Its main argument is that “what changed in late Ming cartography is context and quantity more than technology” (p. ). There were few significant technological innovations in the process of creating or printing maps during this period. But maps proliferated on the printed page to an unprecedented extent. Not only were more books being printed in general, but there were also more types of book that included maps, and the average number of maps in these books increased as well. The remarkable breadth of this map production “reflected the diversity of their users’ social interests, spreading far beyond the administration of the state or the training of future functionaries” (p. ). Akin, furthermore, traces exported Ming publications to Korea and Japan, their reception there, and the return flow of cartographic texts back to China. Akin’s approach is distinctive in its usage and breadth of maps. First, his sources are not magnificent court-sponsored wall maps of limited circulation, but the crudely produced woodblock prints that were used as illustrations in mass-produced books. This allows him to examine maps in their greatest breadth of genres and diversity of uses, from the highest to the humblest registers. Second, because he is examining maps published in books, he reads maps as “illustrations to the text rather than as independent documents” (p. ). This builds upon the argument of Cordell Yee that, in contrast to European maps, Chinese maps and text were intended to be read together. Akin reads the accompanying text as essential in understanding details not included on the map but intended to be understood through the map. This reveals how the same copied map could be used within different genres for a variety of purposes. From this argument and methodology, Akin makes three interventions into larger historiographic debates that would be of interest to scholars both inside and outside of East Asian studies. First, contrary to the idea that “Confucian Reviews","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"28 1","pages":"95 - 99"},"PeriodicalIF":8.2,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75759018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ying-shih Yü’s study of the impact of Chinese religions on the economic behavior of the merchant class during the Ming and Qing dynasties (–), Zhongguo jinshi zongjiao lunli yu shangren jingshen, translated here as The Religious Ethic and Mercantile Spirit in Early Modern China, is an indisputable classic in early modern Chinese history. Although it has exerted tremendous influence since its original release more than three decades ago, the book hitherto has been inaccessible to the English-language reader. This translation thus represents a welcome, albeit belated, effort to introduce this work to the Western scholarly community. The central agenda of Yü’s book is to investigate the relationship between the traditional religious ethic and the indigenously developed commercial activities prior to the importation of modern Western capitalism into China since the late nineteenth century. In the process of addressing the inquiry, Yü tackles head-on two then-dominant theories. The first is Marxist historiography, which insists that capitalism is an essential stage of Chinese historical development and that the underlying economic infrastructure determines political and cultural superstructures, not vice versa. This theory rules out a priori that any cultural factor such as religious teachings could exert any influence over economic development. In contrast to the rigid economic determinist theory of Marxism, Weberian-influenced historians do not assume that the development of Chinese history mirrored the West’s. In addition, they propose a more nuanced interpretation by arguing that the rise of modern capitalism in the West cannot be explained solely by a set of economic factors as Marxist scholars have insisted. Max Weber maintains that cultural factors played an intrinsic role in propelling (or thwarting) such transformation. Given that modern capitalism first developed in the West, Weber insists that indigenous cultural elements in non-Western societies such as early modern China were responsible for the failure to develop a capitalist economy in those societies. As a prominent intellectual historian, Yü unsurprisingly finds the Weberian approach more convincing than the Marxist one. Nevertheless, he disagrees with Weber’s conclusion that traditional Chinese culture was always antithetical to capitalism. Instead, Yü argues that early modern China witnessed the emergence of a new “inter-worldly” religious ethos, which facilitated, rather than undermined, commercial activities. In this regard, this line of intellectual development was akin Reviews
{"title":"The Religious Ethic and Mercantile Spirit in Early Modern China by Ying-shih Yü (review)","authors":"Gilbert Z. Chen","doi":"10.1353/cri.2020.0037","DOIUrl":"https://doi.org/10.1353/cri.2020.0037","url":null,"abstract":"Ying-shih Yü’s study of the impact of Chinese religions on the economic behavior of the merchant class during the Ming and Qing dynasties (–), Zhongguo jinshi zongjiao lunli yu shangren jingshen, translated here as The Religious Ethic and Mercantile Spirit in Early Modern China, is an indisputable classic in early modern Chinese history. Although it has exerted tremendous influence since its original release more than three decades ago, the book hitherto has been inaccessible to the English-language reader. This translation thus represents a welcome, albeit belated, effort to introduce this work to the Western scholarly community. The central agenda of Yü’s book is to investigate the relationship between the traditional religious ethic and the indigenously developed commercial activities prior to the importation of modern Western capitalism into China since the late nineteenth century. In the process of addressing the inquiry, Yü tackles head-on two then-dominant theories. The first is Marxist historiography, which insists that capitalism is an essential stage of Chinese historical development and that the underlying economic infrastructure determines political and cultural superstructures, not vice versa. This theory rules out a priori that any cultural factor such as religious teachings could exert any influence over economic development. In contrast to the rigid economic determinist theory of Marxism, Weberian-influenced historians do not assume that the development of Chinese history mirrored the West’s. In addition, they propose a more nuanced interpretation by arguing that the rise of modern capitalism in the West cannot be explained solely by a set of economic factors as Marxist scholars have insisted. Max Weber maintains that cultural factors played an intrinsic role in propelling (or thwarting) such transformation. Given that modern capitalism first developed in the West, Weber insists that indigenous cultural elements in non-Western societies such as early modern China were responsible for the failure to develop a capitalist economy in those societies. As a prominent intellectual historian, Yü unsurprisingly finds the Weberian approach more convincing than the Marxist one. Nevertheless, he disagrees with Weber’s conclusion that traditional Chinese culture was always antithetical to capitalism. Instead, Yü argues that early modern China witnessed the emergence of a new “inter-worldly” religious ethos, which facilitated, rather than undermined, commercial activities. In this regard, this line of intellectual development was akin Reviews ","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"61 1","pages":"153 - 157"},"PeriodicalIF":8.2,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91326213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Published in the series “Culture, Place and Nature” by the University of Washington Press, Meng Zhang’s book Timber and Forestry in Qing China is praised in the foreword by the series editor as offering “such a vivid account of regenerative and production forestry in the modern period” (p. xi). The author adopts a people-centered approach to timber trade in the Qing dynasty, highlighting the experiences of tree growers, loggers, transporters, and merchants through an enduring timber-trade network, with a commodity chain spanning eastern and southwestern China. Zhang offers the first detailed portrait of the shared ownership of trees, market networks of merchants and sellers, financial arrangements, and dispute resolution in timber production and trade in Qing China. The study contributes original insights relevant today in market conditions and institutional mechanisms required in order to sustain forestry, a resource that has a long economic cycle. At a time when the market has been seen as a main culprit for resource degeneration, Zhang’s study offers an important opportunity for us to reconsider the market–resource relationship. This book is a must-read for anyone interested in Chinese history, economic and environmental history, Chinese geography, resource management, sustainable forestry, market–environment relationships, and related topics. The book includes five main chapters, plus an introduction and an epilogue. The introduction chapter introduces major themes, major players, as well as the book’s main contributions to the literature. By offering analyses and evidence of sustainable timber management and trade in the Qing period, Zhang challenges some prevailing views of long-range unsustainability of resources in Chinese history. She terms her approach “people-centered,” in that she focuses on people and institutions in the timber resource and trade network, and details how they managed to sustain the regeneration of timber forestry for market needs. The trees of the book’s focus are the China fir (Cunninghamia lanceolata) and the mawei pine (Pinus massoniana), fast-growing trees planted and logged for use as timber. Chapter surveys the history of timber policy from the Tang period (–). It is important to note that by the start of the Song period (–), forests in the lowlands of the Yangzi delta (a.k.a. Jiangnan) had already been cleared for agriculture, and fir silviculture followed, where timber was seen as similar to a crop, taxed by the state and managed for the market. In the Ming period (–), the inland Southwest mountains were breached for their old-growth timber, first for the imperial court, then by merchants for the China Review International: Vol. , No. ,
{"title":"Timber and Forestry in Qing China: Sustaining the Market by Meng Zhang (review)","authors":"Hong Jiang","doi":"10.1353/cri.2020.0039","DOIUrl":"https://doi.org/10.1353/cri.2020.0039","url":null,"abstract":"Published in the series “Culture, Place and Nature” by the University of Washington Press, Meng Zhang’s book Timber and Forestry in Qing China is praised in the foreword by the series editor as offering “such a vivid account of regenerative and production forestry in the modern period” (p. xi). The author adopts a people-centered approach to timber trade in the Qing dynasty, highlighting the experiences of tree growers, loggers, transporters, and merchants through an enduring timber-trade network, with a commodity chain spanning eastern and southwestern China. Zhang offers the first detailed portrait of the shared ownership of trees, market networks of merchants and sellers, financial arrangements, and dispute resolution in timber production and trade in Qing China. The study contributes original insights relevant today in market conditions and institutional mechanisms required in order to sustain forestry, a resource that has a long economic cycle. At a time when the market has been seen as a main culprit for resource degeneration, Zhang’s study offers an important opportunity for us to reconsider the market–resource relationship. This book is a must-read for anyone interested in Chinese history, economic and environmental history, Chinese geography, resource management, sustainable forestry, market–environment relationships, and related topics. The book includes five main chapters, plus an introduction and an epilogue. The introduction chapter introduces major themes, major players, as well as the book’s main contributions to the literature. By offering analyses and evidence of sustainable timber management and trade in the Qing period, Zhang challenges some prevailing views of long-range unsustainability of resources in Chinese history. She terms her approach “people-centered,” in that she focuses on people and institutions in the timber resource and trade network, and details how they managed to sustain the regeneration of timber forestry for market needs. The trees of the book’s focus are the China fir (Cunninghamia lanceolata) and the mawei pine (Pinus massoniana), fast-growing trees planted and logged for use as timber. Chapter surveys the history of timber policy from the Tang period (–). It is important to note that by the start of the Song period (–), forests in the lowlands of the Yangzi delta (a.k.a. Jiangnan) had already been cleared for agriculture, and fir silviculture followed, where timber was seen as similar to a crop, taxed by the state and managed for the market. In the Ming period (–), the inland Southwest mountains were breached for their old-growth timber, first for the imperial court, then by merchants for the China Review International: Vol. , No. , ","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"14 1","pages":"162 - 166"},"PeriodicalIF":8.2,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82511370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This new publication by Stephen Bokenkamp renders accessible in plain English the first part of one of the Daoist Canon’s most cryptic sources, the Declarations of the Perfected (Zhēn’gào 真誥). Consisting of a huge succession of purported “revelations,” the modern edition of this text included in the Zhōnghuá Dàozàng 中華道藏 volume stretches over no less than twenty fascicles (pp. –). Compiled by Táo Hóngjı̌ng 陶弘景 (–), this collection presents utterances attributed to deities channeled by the medium Yáng Xī 楊羲 (–ca. ). It provides a rare insight into these early interactions with the deities, often explaining the context in which they were channeled, and the individuals involved. In short, these scriptures built the foundations of what became the Upper Clarity (Shàngqīng 上清) order of Daoism. In addition, editorial choices made by Tao Hongjing in selecting these sources are rigorously documented, showing how he attempted to verify the authenticity of the handwritten fragments he had access to and the historicity of their protagonists, thereby providing a wealth of historical information, which Bokenkamp carefully analyzes while abstaining from taking everything at face value. Before delving into this much anticipated translation and the trove of data it provides, a short disclaimer appears appropriate. Although my area of expertise does not formally extend to Daoism, I spent the last several years dealing with a Buddhist text compiled at the beginning of the fifth century that emerged in a context similar to that of the Declarations of the Perfected. Thus, China Review International: Vol. , No. ,
{"title":"A Fourth-Century Daoist Family: The Zhen'gao or Declarations of the Perfected, Volume 1 by Stephen R. Bokenkamp (review)","authors":"Michel Mohr","doi":"10.1353/cri.2020.0026","DOIUrl":"https://doi.org/10.1353/cri.2020.0026","url":null,"abstract":"This new publication by Stephen Bokenkamp renders accessible in plain English the first part of one of the Daoist Canon’s most cryptic sources, the Declarations of the Perfected (Zhēn’gào 真誥). Consisting of a huge succession of purported “revelations,” the modern edition of this text included in the Zhōnghuá Dàozàng 中華道藏 volume stretches over no less than twenty fascicles (pp. –). Compiled by Táo Hóngjı̌ng 陶弘景 (–), this collection presents utterances attributed to deities channeled by the medium Yáng Xī 楊羲 (–ca. ). It provides a rare insight into these early interactions with the deities, often explaining the context in which they were channeled, and the individuals involved. In short, these scriptures built the foundations of what became the Upper Clarity (Shàngqīng 上清) order of Daoism. In addition, editorial choices made by Tao Hongjing in selecting these sources are rigorously documented, showing how he attempted to verify the authenticity of the handwritten fragments he had access to and the historicity of their protagonists, thereby providing a wealth of historical information, which Bokenkamp carefully analyzes while abstaining from taking everything at face value. Before delving into this much anticipated translation and the trove of data it provides, a short disclaimer appears appropriate. Although my area of expertise does not formally extend to Daoism, I spent the last several years dealing with a Buddhist text compiled at the beginning of the fifth century that emerged in a context similar to that of the Declarations of the Perfected. Thus, China Review International: Vol. , No. , ","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"15 1","pages":"110 - 115"},"PeriodicalIF":8.2,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77349823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Based on his revised dissertation, Liu Yan’s new book Healing with Poisons: Potent Medicines in Medieval China is a welcoming addition to the Englishlanguage scholarship on the history of medicines in China, focusing on the medieval transformation of poisons as medicines. In the past two decades, the history of pharmacology, pharmacy, and medicines in China has experienced a booming development across the globe. Many books focus on early modern, modern, and contemporary periods. For example, just in the past couple of years, we have seen the publications of Know Your Remedies: Pharmacy and Culture in Early Modern China (Princeton, ) and Mao’s Bestiary: Medicinal Animals and Modern China (Duke, ). However, many books on premodern periods have been published in Chinese, Japanese, and French, as Liu Yan also noted in the introduction of his new book. On the one hand, these books resulted from the flourishing of cultural history that focused on the body, health, medicine, and life. On the other hand, there was also inspiration from newly available materials, such as manuscripts found in Dunhuang and other sites in Central Asia and entombed stone inscriptions. Indeed, Chinese and Japanese scholars have continued the tradition of studying materia medica (bencao) to compile, edit, and study these manuscripts. In recent years, some East Asian scholars also attempted to incorporate new concepts to interpret these new materials in light of the history of medicine and material culture. One of the strengths of Liu’s book is to digest numerous secondary sources in East Asian languages. Besides incorporating secondary sources, Healing with Poisons focused on two genres of texts as primary sources, meteria medica (bencao) and formula books (fangshu). I would further point out that from the perspective of material culture, since there were three major material sources for Chinese medicines in medieval China: animals, plants, and minerals, many texts on the roles of plants, animals, and minerals in Chinese medical history might not be categorized into the two genres noted in Healing with Poisons, so their values for this theme might have been underestimated. For example, the text on zoomancy or animal divination collected in Treatise on the Auspicious Signs of Heaven and Earth (Tiandi ruixiang zhi 天地瑞祥志) often mentioned the animals serving as medicine for healing illness. Healing with Poisons has three parts and seven chapters. The first two parts trace the origins and evolving transformation of the “du” as “potent” or “potency” from poison to medicine in the textual sources from the Han to the China Review International: Vol. , No. ,
{"title":"Healing with Poisons: Potent Medicines in Medieval China by Yan Liu (review)","authors":"Huaiyu Chen","doi":"10.1353/cri.2020.0030","DOIUrl":"https://doi.org/10.1353/cri.2020.0030","url":null,"abstract":"Based on his revised dissertation, Liu Yan’s new book Healing with Poisons: Potent Medicines in Medieval China is a welcoming addition to the Englishlanguage scholarship on the history of medicines in China, focusing on the medieval transformation of poisons as medicines. In the past two decades, the history of pharmacology, pharmacy, and medicines in China has experienced a booming development across the globe. Many books focus on early modern, modern, and contemporary periods. For example, just in the past couple of years, we have seen the publications of Know Your Remedies: Pharmacy and Culture in Early Modern China (Princeton, ) and Mao’s Bestiary: Medicinal Animals and Modern China (Duke, ). However, many books on premodern periods have been published in Chinese, Japanese, and French, as Liu Yan also noted in the introduction of his new book. On the one hand, these books resulted from the flourishing of cultural history that focused on the body, health, medicine, and life. On the other hand, there was also inspiration from newly available materials, such as manuscripts found in Dunhuang and other sites in Central Asia and entombed stone inscriptions. Indeed, Chinese and Japanese scholars have continued the tradition of studying materia medica (bencao) to compile, edit, and study these manuscripts. In recent years, some East Asian scholars also attempted to incorporate new concepts to interpret these new materials in light of the history of medicine and material culture. One of the strengths of Liu’s book is to digest numerous secondary sources in East Asian languages. Besides incorporating secondary sources, Healing with Poisons focused on two genres of texts as primary sources, meteria medica (bencao) and formula books (fangshu). I would further point out that from the perspective of material culture, since there were three major material sources for Chinese medicines in medieval China: animals, plants, and minerals, many texts on the roles of plants, animals, and minerals in Chinese medical history might not be categorized into the two genres noted in Healing with Poisons, so their values for this theme might have been underestimated. For example, the text on zoomancy or animal divination collected in Treatise on the Auspicious Signs of Heaven and Earth (Tiandi ruixiang zhi 天地瑞祥志) often mentioned the animals serving as medicine for healing illness. Healing with Poisons has three parts and seven chapters. The first two parts trace the origins and evolving transformation of the “du” as “potent” or “potency” from poison to medicine in the textual sources from the Han to the China Review International: Vol. , No. , ","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"14 1","pages":"124 - 127"},"PeriodicalIF":8.2,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88888844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
p. . . Here, we should mention Wing Tek Lum’s scintillating sequence of “Urban Love Songs,” (Expounding the Doubtful Points [Honolulu: Bamboo Ridge, ]), which affectionately recasts the “Midnight Songs” into modern life. Lum uses narration as his Ariadne’s thread. . Once we considered Qing critic Jia Kaizong’s version of this thesis inadequate to account for 秋興’s complexities. But Allen’s supercharged revision, in large part, comfortably meets this objection. . For explanation of how “Autumn Meditations” filiate to the Royal Odes, see david McCraw, Response to Yang Ye’s Review of “Du Fu’s Laments from the South,” China Review International , no. (): . Compare C. H. Wang, From Ritual to Allegory (Hong Kong: CUHK, ), esp. pp. , . . For a painstaking demonstration of Han’s and Meng’s sequential works, see david McCraw, “Yuanhe Poetry Sequences: A New Look,” Journal of the American Oriental Society , no. (): –. . Alice Cheang, “Poetry, Politics, Philosophy: Su Shih as the Man of the Eastern Slope,” Harvard Journal of Asiatic Studies , no. (), –. . William Bruce Cameron, . Readers with academic experience will suspect that only dire necessity could drive a seasoned prof to numerophilia as explanatory ace-in-the hole. For analysis on the wrangle and weaknesses that dictated the spread of numerophilia, see—among others—Theodore Porter, Trust in Numbers: The Pursuit of Objectivity in Science and Public Life (Princeton University Press, ), esp. p. .
{"title":"Fusion of East and West—Children, Education, and a New China, 1902-1915 by Limin Bai (review)","authors":"Li Li","doi":"10.1353/cri.2020.0025","DOIUrl":"https://doi.org/10.1353/cri.2020.0025","url":null,"abstract":"p. . . Here, we should mention Wing Tek Lum’s scintillating sequence of “Urban Love Songs,” (Expounding the Doubtful Points [Honolulu: Bamboo Ridge, ]), which affectionately recasts the “Midnight Songs” into modern life. Lum uses narration as his Ariadne’s thread. . Once we considered Qing critic Jia Kaizong’s version of this thesis inadequate to account for 秋興’s complexities. But Allen’s supercharged revision, in large part, comfortably meets this objection. . For explanation of how “Autumn Meditations” filiate to the Royal Odes, see david McCraw, Response to Yang Ye’s Review of “Du Fu’s Laments from the South,” China Review International , no. (): . Compare C. H. Wang, From Ritual to Allegory (Hong Kong: CUHK, ), esp. pp. , . . For a painstaking demonstration of Han’s and Meng’s sequential works, see david McCraw, “Yuanhe Poetry Sequences: A New Look,” Journal of the American Oriental Society , no. (): –. . Alice Cheang, “Poetry, Politics, Philosophy: Su Shih as the Man of the Eastern Slope,” Harvard Journal of Asiatic Studies , no. (), –. . William Bruce Cameron, . Readers with academic experience will suspect that only dire necessity could drive a seasoned prof to numerophilia as explanatory ace-in-the hole. For analysis on the wrangle and weaknesses that dictated the spread of numerophilia, see—among others—Theodore Porter, Trust in Numbers: The Pursuit of Objectivity in Science and Public Life (Princeton University Press, ), esp. p. .","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"73 1","pages":"107 - 110"},"PeriodicalIF":8.2,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83961760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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