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The Logic of China’s New School Reforms: Selected Essays on Education by Qiquan Zhong (review) 中国新学校改革的逻辑——钟其泉教育论文集(书评)
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-01-04 DOI: 10.1353/cri.2022.0040
Shuning Liu
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引用次数: 0
Chiang Kai-shek’s Politics of Shame: Leadership, Legacy, and National Identity in China by Grace Huang (review) 《蒋介石的耻辱政治:中国的领导、遗产与国家认同》作者:黄丽娟
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-01-04 DOI: 10.1353/cri.2022.0035
C. Musgrove
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引用次数: 0
His Stubbornship: Prime Minister Wang Anshi (1021–1086), Reformer and Poet by Jonathan Pease (review) 《他的固执:王安石总理(1021-1086)、改革家、诗人》乔纳森·皮斯著(书评)
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-01-04 DOI: 10.1353/cri.2022.0037
Xiaoshan Yang
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引用次数: 0
Zhuangzi: The Complete Writings by Brook Ziporyn (review) 《庄子:布鲁克子柏霖文集全集》(书评)
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-01-04 DOI: 10.1353/cri.2022.0041
David R. McCraw
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引用次数: 0
The Yellow Emperor’s Inner Transmission of Acupuncture by Zhenhai Yang (review) 杨振海《黄帝内传》(述评)
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-01-04 DOI: 10.1353/cri.2022.0039
David Luesink
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引用次数: 0
Do institutional investors' corporate visits mitigate investors' heterogeneous beliefs? Evidence from China 机构投资者的企业访问是否减轻了投资者的异质信念?来自中国的证据
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-12-26 DOI: 10.1108/cfri-08-2022-0141
Runmei Luo, Yong Ye
PurposeIn this study, the authors argue that the private information obtained and transmitted by institutions during the corporate visits can alleviate the degree of information asymmetry between firms and investors, so institutional visits may influence investors' heterogeneous beliefs. Therefore, the authors investigated whether and how institutional investors' corporate visits affect investors' heterogeneous beliefs.Design/methodology/approachThis study examines whether and how institutional investors' corporate visits affect investors' heterogeneous beliefs using the data of A-share companies from the Shenzhen Stock Exchange (SZSE) during 2013–2019. Using empirical research method, this study designs and conducts an empirical research according to empirical research's basic norms.FindingsThe authors find that institutional visits effectively decrease investors' heterogeneous beliefs, especially institutional investors. Meanwhile, institutional site visits and sell-side institutional visits have a more significant negative effect on investors' heterogeneous beliefs. The findings remain after robustness tests with the alternative variable, instrumental variable, propensity score matching and quantile regression methods.Originality/valueThe development of China's capital market is imperfect, resulting in a strong speculative atmosphere. So, investors' irrational investment behaviors occur from time to time, leading to sizeable heterogeneous beliefs in China's capital market, which increases the risk of investment and is not conducive to the discovery of corporate value and the efficient allocation of resources. Therefore, exploring the factors influencing heterogeneous beliefs and finding ways to alleviate heterogeneous beliefs can reduce the proportion of speculative investors and promote the healthy development of China's capital market.
目的本文认为,机构在企业访问中获取和传递的私人信息可以缓解企业与投资者之间的信息不对称程度,因此机构访问可能影响投资者的异质信念。因此,作者研究了机构投资者的企业访问是否以及如何影响投资者的异质信念。本研究采用2013-2019年深圳证券交易所a股公司的数据,考察机构投资者的企业拜访是否以及如何影响投资者的异质信念。本研究采用实证研究方法,按照实证研究的基本规范设计并进行实证研究。研究发现,机构拜访有效地降低了投资者的异质信念,尤其是机构投资者。同时,机构实地考察和卖方机构考察对投资者异质信念的负向影响更为显著。采用替代变量、工具变量、倾向得分匹配和分位数回归等方法进行稳健性检验后,结果仍然存在。中国资本市场发展不完善,投机氛围浓厚。因此,投资者的非理性投资行为时有发生,导致中国资本市场存在较大的异质信念,增加了投资风险,不利于企业价值的发现和资源的有效配置。因此,探索异质信念的影响因素,寻找缓解异质信念的途径,可以降低投机投资者的比例,促进中国资本市场的健康发展。
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引用次数: 1
The hedging role of US and Chinese stock markets against economic and trade policy uncertainty: lessons from recent turbulences 中美股市对经济和贸易政策不确定性的对冲作用:来自近期动荡的教训
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-12-07 DOI: 10.1108/cfri-08-2022-0154
S. Ghosh, Md. Naiem Hossain, Hosneara Khatun
PurposeThis study analyses the impact of economic and trade policy uncertainty on US and Chinese stock markets. Also, this study examines the hedge and safe-haven properties of US and China stocks against both US and Chinese economic and trade policy uncertainty.Design/methodology/approachTo achieve the desired goals, the authors employ Dynamic Conditional Correlation through Glosten et al. (1993) model based on the Generalized Autoregressive Conditional Heteroscedasticity (DCC-GJR-GARCH (1, 1)) and Quantile cross-spectral (QS) models. The study uses monthly observations spanning from March 2010 to June 2022.FindingsThis study evidence that the economic and trade policy uncertainty between USA and China is extremely sensitive and has high volatility clustering effects on DJChina88 and DJUS, respectively. Conversely, against the Chinese economic and trade policy uncertainty, the US stock market indexes show both hedging properties across the period and safe-haven during COVID-19 and Russia–Ukraine crises. In contrast, among the Chinese stock markets, only DJShenzhen and DJShanghai stock indices might provide strong hedging and safe-haven properties against the US economic and trade policy uncertainties; however, DJShenzhen (DJChina88) stock shows weak hedge and safe-haven properties (hedging benefits) against Chinese trade policy uncertainty (CTPU) (Chinese economic policy uncertainty [CEPU]).Practical implicationsThe findings have significant implications for investors, portfolio managers and regulators in hedging and making proper decisions under uncertain circumstances.Originality/valueThe study extends the literature on stock market performance to cover the economic and trade policy uncertainty by providing novel evidence during the recent COVID-19 and Russia–Ukraine invasion.
目的分析经贸政策的不确定性对中美股市的影响。此外,本研究还考察了美国和中国股市在应对美国和中国经济和贸易政策不确定性时的对冲和避险特性。设计/方法论/方法为了实现预期目标,作者通过Glosten等人采用了动态条件相关性。(1993)基于广义自回归条件异方差(DCC-GJR-GARCH(1,1))和分位数交叉谱(QS)模型的模型。该研究使用了2010年3月至2022年6月的月度观察结果。研究结果表明,美国和中国之间的经济和贸易政策不确定性极其敏感,分别对DJChina88和DJUS具有高波动性集群效应。相反,鉴于中国经济和贸易政策的不确定性,美国股市指数既显示了这一时期的对冲特性,也显示了新冠肺炎和俄罗斯-乌克兰危机期间的避险特性。相比之下,在中国股市中,只有深圳和上海股指可能对美国经济和贸易政策的不确定性提供强有力的对冲和避险资产;然而,DJShenzhen(DJChina88)股票在对抗中国贸易政策不确定性(CTPU)(中国经济政策不确定性[CEPU])时表现出较弱的对冲和避险资产(对冲收益)。原创/价值该研究通过在最近的新冠肺炎和俄罗斯入侵乌克兰期间提供新的证据,扩展了有关股市表现的文献,以涵盖经济和贸易政策的不确定性。
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引用次数: 4
Uncertainty governance in the stock market during the COVID-19: evidence of the strictest economies in the world 新冠肺炎期间股市的不确定性治理:世界上最严格经济体的证据
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-12-06 DOI: 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.
目的根据政府反应追踪(oxCGRT)指数,2020年1月至2022年5月,对冠状病毒大流行最严格的政策反应属于意大利、中国、香港、希腊、奥地利、秘鲁、新加坡和马来西亚。主要问题是:“这种严格程度是否能够降低股市的不确定性?”设计/方法论/方法为了实现这一目标,作者调查了oxCGRT指数的影响,并在GARCH、EGARCH和TGARCH模型中,新冠肺炎的增长率证实了2020年1月至2022年5月股市不确定性的病例。发现在这些国家中,oxCGRT指数只降低了马来西亚和新加坡股市的不确定性。这一结果表明,适当的政府政策应对模式比严格程度更重要。原创性/价值该研究将通过考察综合oxCGRT指数对股市不确定性的影响,为现有文献做出贡献。
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引用次数: 6
The changing investor demographics of an emerging IPO market during the COVID-19 pandemic 新冠肺炎大流行期间新兴IPO市场投资者人口结构的变化
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-11-01 DOI: 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
目的过去两年的特点是首次公开募股(ipo)的数量创纪录,外国投资者的节制和散户投资者对土耳其股票市场的兴趣不断上升。本研究旨在探讨散户主导与外国投资者厌恶是否对初始和短期收益有显著影响。该研究涵盖了从2010年到2021年底在Borsa Istanbul上市的188家公司的人口。提出了三个假设,并通过普通最小二乘和Tobit回归来检验投资者配置与回报之间的关系。一个新的衡量零售投资者的交易规模,平均零售投资人均(ARI)被用来解释零售投资者的胃口和短期回报之间的联系。采用两阶段最小二乘法和Heckman选择回归进行稳健性检验,以解决潜在的内质性问题。研究发现,疫情期间ipo的短期回报明显高于疫情前ipo的一个月回报率。由于每日10%的价格限制,大流行期间的定价低估并未明显加剧,这导致散户投资者的兴趣逐渐释放,短期内股价上涨。大流行期间,散户投资者控制了66%的市场份额,而此前为35%,而外国机构投资者的市场份额从53%下降到6%。在大流行期间,发行中的平均散户投资者人数增加了55.4倍,导致平均个人投资者的分配大大减少。在大流行期间,较高的回报与较小的人均零售投资相关,而国内机构投资与机构投资者通常预期的较低回报相关,尽管在控制了潜在的内生性之后,其重要性就消失了。研究的局限性/意义本研究调查的是一个月以内的退货。为了更好地理解散户投资者的短期主义和近期外国投资者的厌恶情绪是否对公司和整个市场产生不利影响,需要进行更长期的研究。这在现阶段是不可能的,因为时间还不够。由于外国投资者的持续厌恶和快速变化的市场条件,本研究与新兴市场投资者和公司相关。该研究提醒市场参与者警惕散户投资者的短视行为,并敦促政策制定者重新获得具有更长远投资眼光的投资者。社会影响许多新的散户投资者进入股市是因为在土耳其缺乏更有利可图的选择。虽然他们的参与暂时带来了更大的短期回报,但随着大流行结束,世界各地的利率开始上调,目前的势头不太可能持续很长时间。该研究敦促小投资者以更明智的方式进行投资,并以更长远的眼光为目标,因为在不久的将来,在股市上可能无法快速获利。原创性/价值本研究首次调查了疫情宣布后新兴市场投资者形象的变化及其对回报的影响。这个问题很重要,因为投资者的构成会影响市场的投资范围。
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引用次数: 2
Environmental, social and governance (ESG) - augmented investments in innovation and firms' value: a fixed-effects panel regression of Asian economies 环境、社会和治理(ESG)——对创新和企业价值的增加投资:亚洲经济体的固定效应面板回归
IF 8.2 1区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-10-04 DOI: 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
目的从历史上看,创新投资被视为企业选择繁荣发展的首要决策之一,此类投资对企业市场表现的影响在文献中有很好的记录。然而,这些公司尚未解决进行此类投资的环境问题,这反过来又对环境造成了相当大的损害。结合自然资源观(NRBV)和企业利益相关者理论,本研究建立在Khalil和Nimmaunta(2021)早期工作的基础上,试图检验创新与企业环境和财务价值之间的联系。作者扩展了他们的分析,并记录了一种更一致的方法来衡量环境创新,这使作者能够调查来自另外三个经济体的企业在传统创新和环境创新方面的投资。设计/方法论/方法利用日本、香港、台湾、泰国、土耳其、马来西亚、新加坡、印度、印度尼西亚和沙特阿拉伯等十个亚洲经济体上市公司的信息,使用时间固定效应面板回归对基本模型进行测试。报告的样本涵盖了2015-2019年期间从汤森路透数据流和路孚特Eikon获得的年度公司级ESG数据。这项研究支持了传统观点,即创新有利于企业的市场价值。作者将创新进一步分解为传统创新和环境创新。这项研究的结果表明,传统创新只对企业的市场估值有利,而传统创新对环境极为无效——传统创新通过大幅增加碳排放而造成相当大的环境问题。相比之下,环境创新投资的结果显然对企业的财务业绩和环境都有帮助。研究局限性/含义这项研究主要关注公司环境绩效的两个组成部分:减少碳排放(CO2)和企业社会责任(CSR)。鉴于企业环境战略的复杂性和变量的多维性,其中包括与社区、供应商、消费者关系方面的广泛企业行为,以及更广泛的环境责任,因此,通过包括环境可持续性的其他重要方面来扩大研究范围至关重要。实际意义这项研究的结果表明,环境创新是一种重要的投资方法,因为企业可以从企业的可持续实践中利用与市场相关的利益,通过引入稳定而系统的绿色产品和服务链来发展环保流程。这样的产品和服务可能具有增强的功能,在改善产品寿命、更好的回收选择以及更低的能源和自然资源消耗和开发方面具有更好的布局。这些可持续的做法将有利于企业通过建立绿色品牌将价格设定在标准水平之上,并获得对环境感到焦虑的消费者的市场份额。对于那些努力在绿色产业中发挥领导作用并渴望从公司的环境投资中寻求卓越回报的公司来说,这些利益尤其对他们至关重要。原创性/价值在同时包含绿色创新和传统创新的背景下,企业的财务和环境绩效之间的联系尚不清楚,研究人员尚待调查。因此,本研究揭示了环境创新和传统创新对企业环境绩效和财务绩效的影响。作者利用了一个新的数据集,该数据集清楚地表明了衡量创新的不同要素,这使我们能够开发一种更稳健的方法来衡量企业的环境、社会和治理(ESG)绩效指标,这些指标在透明度和企业规模方面存在最轻微的偏差。
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引用次数: 16
期刊
China Finance Review International
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