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| 1 |
ID:
145431
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| Summary/Abstract |
Surveying China in 2015, this article focuses on how the Xi leadership dealt with several of the most complex economic and security challenges it faced during the year, in particular: sustaining economic growth; responding to social unrest; confronting environmental problems; managing foreign relations in Southeast Asia and the South China Sea; reforming and modernizing the People’s Liberation Army; and managing cross-Strait relations.
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| 2 |
ID:
078279
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2007.
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| Summary/Abstract |
This paper empirically tests the existence of contagion using data on China's five parallel markets with different entry barriers for foreign capital. Taking the 1997 stock market crash as our experiment and using data on A, B and H shares, red chips and American depository receipts, the present paper tests whether these China-backed market returns respond differently to foreign shocks during the pre-1997 and post-1997 crash period. Evidence suggests that the contagion effects are stronger in markets with fewer entry barriers. An important implication of our findings is that countries vulnerable to contagion could be justified to impose some limits on capital flows.
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| 3 |
ID:
073503
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2006.
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| Summary/Abstract |
The paper uses rolling sample tests to investigate time-varying calendar effects in the Chinese stock market, based on the GARCH (1, 1)-GED model. The Friday effect existed with low volatility at the early stage, but it seems to have disappeared since 1997. The positive Tuesday effect began to appear then. There is a small-firm January effect with high volatility. The turn-of-the month effect has also disappeared in the Chinese stock market since 1997.
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| 4 |
ID:
130983
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2014.
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| Summary/Abstract |
Many studies have been performed to assess the impacts of corporate social responsibility (CSR) on the financial performance of companies. There are, however, very few studies that analyze how CSR policies and instruments affect the realization of social and environmental CSR goals, such as the reduction of workplace accidents or CO2 emissions. Therefore, it remains uncertain to what extent CSR really contributes to sustainable development and whether it can serve as an alternative to government regulation to internalize external effects from market operation. The present study provides an explorative empirical analysis that aims to fill this gap. We employ regression analysis on a sample of 109 Chinese companies. The estimation results show that having a code of conduct stimulates the implementation of other organizational CSR instruments, but CSR implementation only partly affects the realization of CSR goals. Having codes of conduct without implementing CSR does not have a significant impact on societal welfare.
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| 5 |
ID:
168862
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| Summary/Abstract |
In this research, we analyzed how Turkish financial markets and foreign investors in the stock market reacted to the terror attacks in Turkey. Our analysis, which was performed using the terror index for the stock market and the foreign exchange market, revealed that returns, abnormal returns, and cumulative abnormal returns were not affected by the terror attacks; however, foreign investors in the stock market were affected. When the geographic regions of the terror attacks were analyzed, the findings showed that foreign investors were negatively affected mainly by the terror attacks that occurred in southeast Anatolia. Attack type and target type were important only for foreign investors. An evaluation of the interaction between the terror attacks and the markets with the involvement of the terrorist organizations indicated that only the foreign investors in the stock market were affected by Al-Qaeda and PKK-linked terror attacks. An evaluation of the effect of terror attacks in foreign countries on Turkish financial markets revealed no effect on the domestic stock market and foreign exchange markets. We also examined the volatility spillovers from the terror index to the stock market and found that terrorist attacks increased the volatility of the stock market.
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| 6 |
ID:
092859
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2009.
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| Summary/Abstract |
This paper constitutes a first analysis on stock returns of energy corporations from the Eurozone. It focuses on the relationship between energy market developments and the pricing of European energy stocks. According to our results, oil price hikes negatively impact on stock returns of European utilities. However, they lead to an appreciation of oil and gas stocks. Interestingly, forecastable oil market volatility negatively affects European oil and gas stocks, implying profit opportunities for strategic investors. In contrast, the gas market does not play a role for the pricing of Eurozone energy stocks. Coal price developments affect the stock returns of European utilities. However, this effect is small compared to oil price impacts, although oil is barely used for electricity generation in Europe. This suggests that for the European stock market, the oil price is the main indicator for energy price developments as a whole.
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| 7 |
ID:
098746
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| 8 |
ID:
165382
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| Summary/Abstract |
This paper examines the effects of the Asian Financial Crisis (AFC) and Global Financial Crisis (GFC) on economic growth in the ASEAN-5 countries. Indonesia, Malaysia and Thailand were found to be most affected by the AFC but not the GFC. Additionally, for Malaysia and Thailand, real output responded positively and significantly to shocks in the stock market. These findings are consistent with the results that show that the shock in the Kuala Lumpur Stock Exchange has a larger effect on real output than other variables for twenty periods. However, a shock in the Bangkok stock exchange has a higher effect on real output and the effect remained strong until the tenth period. This suggests that the stock market is an important economic growth driver in Malaysia and Thailand.
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| 9 |
ID:
130982
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2014.
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| Summary/Abstract |
This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibility (CSR) by Southern Weekend (a Chinese newspaper) for Chinese firms from 2008 to 2012. Our results show significant and positive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.
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| 10 |
ID:
094352
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| 11 |
ID:
105670
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| 12 |
ID:
192751
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| Summary/Abstract |
The Renewable Energy Certificate (REC) has been considered as an innovative technology for a green society. Many firms look to reduce carbon emissions and improve their environmental, social, and governance (ESG) performance using RECs. However, the impact of REC purchases on the value of firms remains unclear. This study investigates the effect of REC purchases on the stock return and volume of all REC buyers in Taiwan between 2017 and 2021. The sample consists of 266 REC transactions in the trading market. We find a positive effect of firms’ REC purchases on its stock returns in manufacturing but not the service industry. Moreover, the frequency of REC purchases is an important factor in the relationship between REC purchase and firm value. This study also investigates the underlying mechanisms of these effects. We find that public attention paid to environmental pollution is the most crucial factor associated with positive stock return and volume of a firm, while ESG disclosure is negatively associated with returns and volume.
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| 13 |
ID:
092029
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2008.
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| Summary/Abstract |
In the last several years, Russia, China and India have been ranking as the most dynamically growing economic of the world.As assessed by the Ecomomist's Intelligence Unit (analytical service of the British periodical The Economist) in the period 2002-06, the actual average growth rates of gross domestic product (GDP) were 10 per cent in China, 7.8 per cent in India and 6.4 per cent in Russia.
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| 14 |
ID:
089558
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2009.
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This paper examines the importance of sentiment effects on asset allocation decisions in mainland China and beyond. Rising stock market sentiment appears to have negatively and significantly impacted Chinese savings account growth over the 2003-2007 period. Investor sentiment also exerted consistently significant effects on the discounts attached to Chinese B-shares, H-shares and ADRs by foreign investors. Although the sample period is limited by availability of the sentiment data, the indicated effects remain most robust when controlling for relative stock market performance, liquidity levels, expected exchange rate movements, and such 'indirect' sentiment measures as market and firm-specific price-earnings ratios.
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