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ID:
077187
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| Publication |
2007.
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| Summary/Abstract |
The financial intermediation-growth nexus is a widely studied topic in the literature of development economics. Deepening financial intermediation may promote economic growth by mobilizing more investments, and lifting returns to financial resources, which raises productivity. Relying on provincial panel data from China, this paper attempts to examine if regional productivity growth is accounted for by the deepening process of financial development. Towards this end, an appropriate measurement of financial depth is constructed and then included as a determinant of productivity growth. It finds that a significant and positive nexus exists between financial deepening and productivity growth. Given the divergent pattern of financial deepening between coastal and inland provinces, this finding also helps explain the rising regional disparity in China
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| 2 |
ID:
077186
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| Publication |
2007.
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| Summary/Abstract |
Despite a series of revaluations, which started in July 2005, hot money has been sporadically sneaking into China in anticipation of further revaluations of the renminbi. In this paper we build a monetary model to show how anticipated revaluations lead to the instability of a pegged exchange rate regime. This model assumes current account convertibility and some degree of capital control, and fundamentally sound domestic policies and economy, as is the case in China. The model demonstrates that market-oriented interest rates can act as an automatic stabilizer to ease revaluation pressures, but cannot resolve them completely because the nominal interest rate has a zero nominal bound. Therefore, the official parity is difficult to defend and the revaluation expectations can be self-fulfilling, in the absence of external intervention. The empirical results of Granger causality tests are consistent with the main findings of our theoretical model. There are a number of policy intervention measures that can extend the life of a pegged exchange rate regime
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| 3 |
ID:
077189
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| Publication |
2007.
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| Summary/Abstract |
Employee stock bonuses (ESBs) and employee stock options (ESOs) are the means for high-technology companies in Taiwan to reward their employees. This research connects the Ohlson (1995) model and Linear Structural Relations (LISREL) model to investigate these effects of ESBs and ESOs, respectively, for a sample of high-technology companies in Taiwan. I generate two empirical generalizations. (1) The incentive effects of ESBs are significantly associated with performance, thus enhancing firm value; in addition, the incentive effects of ESBs are greater than the dilution effects. (2) The incentive effects of ESOs are also significantly associated with performance, whereas the dilution effects of ESOs are insignificant. Although evidence supports the incentive effects of providing ESOs and ESBs, it is debatable whether ESOs and ESBs dilute shareholders' equity
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| 4 |
ID:
077188
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| Publication |
2007.
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| Summary/Abstract |
Four new determinants of initial/long-run IPO (initial public offering) returns from the perspectives of market conditions are proposed in this paper. The associated effects are examined by using the samples of Taiwan's high-tech IPO companies. Our empirical findings are consistent with the following notions. First, the four new determinants proposed perform remarkable effects on the IPO returns. Second, the length for IPO and IPO clustering phenomena has notable impacts on the long-run returns of IPO. In contrast, the performances of public stock markets show significant effects on the initial returns of IPO
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| 5 |
ID:
077185
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| Publication |
2007.
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| Summary/Abstract |
Capital account convertibility in China is on the rise. In this paper we consider the impact that removing remaining capital controls might have on the volume of China's international capital flows. Better understanding of this capital flow response can shed light on China's current degree of international financial integration, which has important implications for policy decisions such as whether China should move toward a more flexible exchange rate regime. It is also relevant to discussing the financial stability consequences of removing remaining capital controls. The main finding is that China's capital account is already quite open, thus implying a tradeoff presently exists between exchange rate stability on the one hand and monetary independence on the other. In terms of financial stability, the results generally serve to allay fears that further opening the capital account would compromise China's international payments ability or disrupt global capital flows.
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| 6 |
ID:
077190
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| Publication |
2007.
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| Summary/Abstract |
Contractual Joint Ventures (CJVs) in China have been under-studied despite their importance as one of the three major forms of foreign direct investment (FDI) prescribed by the Chinese government. Based on first-hand survey data and within a transaction cost-comparative institution framework, the paper conceptualizes the nature of CJVs as a relational subcontracting arrangement rather than a form of FDI. Formed mainly between Hong Kong and Chinese manufacturing firms in the South China province of Guangdong, CJVs display quasi-market and quasi-hierarchy features, sitting between Processing and Assembling arrangements (P&As) on the one hand and Equity Joint Ventures (EIVs) and Wholly Foreign Owned Enterprises (WFOEs) on the other. The theoretical and practical implications are discussed.
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