Currency exposures of the oil and natural gas stock prices in the Hushen-300 stock market： A nonlinear model approach

The paper embarks to investigate the relationship between currency risk and stock prices of the oil and natural gas exploitation industry in the value-weighted Hushen-300 stock market, by applying the standard Capital Asset Pricing Model （CAPM） and nonlinear exchange rate exposure model to the Renminbi against US dollar. The results show that the currency exposure does vary in the oil-gas stock prices throughout the bull and bear market. The study suggests that the models of the equilibrium exchange rate exposure must be extended to considering the nonlinear exchange rate exposure, the regime periods of bull and bear market, and the industry types that is sensitive to the currency exposures. The nonlinear dynamic relationship between the exchange rate changes and the Chinese energy stock prices throughout the bull and bear market add to the recent empirical evidences that foreign exchange markets and stock markets are closely correlated.     

Financial Integration Among the ASEAN 5 ＋ 3 Stock Markets： A Preliminary Look at the First 10 Years of the New Millenium

The purpose of this study is to investigate the financial integration of the stock markets of the ASEAN 5 ＋ 3 countries. These countries include Indonesia, Malaysia, Philippines, Singapore, Thailand, China, Japan, and South Korea. The research determined the stock return volatility for each country＇s index during the first decade of the new millennium. The findings showed that there is the presence of integration and co-integration with Philippine index＇s return with the index＇s returns of the following countries： Indonesia, Singapore, and Thailand. Furthermore, there is evidence of volatility clustering in these stock markets. The study concluded with the policy implications of greater integration in light of the planned cross trading among four ASEAN bourses, namely, Philippines, Singapore, Thailand, and Malaysia by 2012.     

Return threshold model analysis of two stock markets： Evidence study of Italy and Germany＇s stock returns

This paper discusses the model construction and the association between the Italy and the Germany＇s stock markets. The period of study data is from January 3, 2000 to June 30, 2008. This paper also utilizes Student＇s t distribution to analyze the proposed model. The empirical results show that the two stock markets are mutually affected each other, and the dynamic conditional correlation （DCC） and the bivariate asymmetric-GARCH （1, 2） model is appropriate in evaluating the relation between them. The empirical result also indicates that Italy and Germany＇s stock markets show a positive relationship. The average value of correlation coefficient equals to 0.8424, which implies that the two stock markets return volatility have a synchronized influence on each other. In addition, the empirical result also shows that there is an asymmetrical effect between Italy and the Germany＇s stock markets, and demonstrates that the good news and bad news of the stock returns＇ volatility will produce the different variation risks for Italy and the Germany＇s stock price markets.     

The importance of product positioning and global branding for sustaining competitive advantage within the companies＇ global marketing strategy

In today＇s globally competitive world, because of the globalization, new business patterns and the changing nature of consumers, the companies feel the necessity to act strategic in the market and to reach up the target markets and sustain maximum customer satisfaction in order to compete and survive. In this context, within the study it is tried to define product positioning in international markets and global branding strategies conceptually and to focus on their contributions to the overall competitive advantage of the company. Initially, the study tries to present the association between product positioning and global branding approaches of the companies and sustaining competitive advantage. Justifications for the examination of the importance of companies＇ international product positioning and global branding orientations as a basis of creating competitive advantage were derived from the literature. It is suggested that the companies＇ product positioning and global branding orientations and sustaining competitive advantage are the important aspects in multinational management and international business areas. Therefore, the purpose of this study is to evaluate the impact of product positioning and global branding strategies of the companies with special references to various industries and global brands.     

Nonlinearities between oil spot and futures markets： Evidence from intraday data

This paper builds on the literature of the relationship between oil spot and futures prices from the NYNEX market, both in their means and in their conditional volatilities, to investigate whether the association is linear or not. The novelty of this work is based on intraday data from both markets. The empirical findings indicate the presence of nonlinearities both in means and conditional volatilities. Moreover, non-linear causality estimations both in means and in volatilities reveal the presence of bi-directional causality, a fact that provides additional support to the hypothesis that both markets are driven by the same information sets.     

Analysis on Formation Causes of Interest Rate Risks of Commercial Banks in China

Economy globalization inevitably requires financial globalization. The interest rate （IR） is decided by the market, which will bring about IR risks to commercial banks （CBs）. This paper discusses the inevitability of fulfilling market IR in China and what IR risks Chinese CBs have to burden. It also analyzes the formation causes of IR risks from the exterior and the interior aspects.     

The effect of financial ratios, firm size, and cash flow from operating activities in the interim report to the stock return

The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of accounting information. Cumulative abnormal return and market adjusted return are used as stock return variables. The samples of the study are listed companies in manufacturing industries that actively trading between 2003-2006 in Indonesia Stock Market. The study finds that profitability, turnover and market ratio has significant impact to the stock return. The result consistent with previous studies Hobart （2006）, Utama and Santoso （1998） and Restraningsih （2007）.     

Market Access for Developing Countries： Advantages and Constraints

This paper examines the issue of market access for development in the context of Africa during the age of globalization. The opportunity offered by China--the huge emerging market for Africa＇s exports goes in the way of openness source of economic success.     

A Global-Optimal Portfolio Theory beyond the R-σModel

Deviations from the efficient market hypothesis allow us to benefit from risk premium in financial markets.We propose a three-pronged(R,σ,H)theory to generalize the(R,σ)model and present the formulation of a three-pronged(R,σ,H)model and its Pareto-optimal solution.We define the local-optimal weights(wR,wσ,WH)that construct the triangle of the quasi-optimal investing subspace and further define the centroid or incenter of the triangle as the optimal investing weights that optimize the mean return,risk premium,and volatility risk.By numerically investigating the Chinese stock market,we demonstrate the validity of this formulation method.The proposed theory provides investors of different styles(conservative or aggressive)an efficient way to design portfolios in financial markets to maximize the mean return while minimizing the volatility risk.     

The possibilities of entering new markets for Romanian companies from wood manufacturing industries

Romania has the potential of resources, labor and real capacity to adapt to the gait of a global economic competition. But it required a long term policy and environment which could support this potential value. If not, we will risk turning into a consumer economy, consumption will not be funded on internal production and become supplier of labor services for peripheral. In the context of economic crisis, Romanian furniture retains its significant competitive advantages, including the price in export markets. The most important markets for exporters of furniture from Romania are Ukraine and Russia, markets with great potential, but affected by problems such as devaluing local currencies, and recently, imposing new duties.     

International Development Strategies of Luxury-goods Players in China

The aim of this paper is to study and analyse the intemationalisation strategies chosen by the main luxury-goods players in the Chinese market, demonstrating the business intemationalisation processes. The research questions are： ttow luxury companies have developed distribution strategies in the Chinese markets？ What are the main formats of distribution for the Chinese markets？ Are there any differences in the internationalization process between the main players of the luxury markets and the smaller ones？ The methodology is based on the analysis on multiple-case ~.nalysis on a sample of luxury-goods companies and identifies and compares the different strategies used by the players analysed. The research process starts from identifying and selecting the most well-known companies operating in the luxury branded sector, which have established a presence in the Chinese market with their own brand, collecting secondary data for the selected companies （website, corporate profile, articles on websites and in trade magazines and interviews with the management）, analysing the data collected and interpreting the main results to have emerged from the research. The main findings and conclusions are that the route to development in the Chinese market taken by the players in the luxury-goods sector, historically undertaken by delocalising production operations, has in recent years begun to accelerate with new forms in play, principally linked to distribution. The Chinese market tbr luxury brands is ever more an outlet market rather than a production hub. The ability to create brand awareness will become a key factor for successful consolidation of the competitive position in this market, an operation that can only be performed through distribution. Moreover, Chinese high-end consumers are becoming ever more demanding, seeking out an ever more sophisticated shopping experience. Just as happening in other markets, opening directly operated stores is a strategic choice for reaching and convincing end-consumers, sinc     

The weak form market efficiency investigation of American,European and Asian stock markets

This paper investigates the empirical validity of the Weak Form Efficient Market Hypothesis for American, European and Asian stock markets. Random Walk Hypothesis is used to prove weak form efficiency in American, European and Asian stock indices. ADF and PP Unit Root Tests have been used to test unit root in time series of daily data of American, European and Asian stock indices. Results show that sample of stock markets are weak-form efficient in terms of the Random Walk Hypothesis.     

A Literature Review of Household Finance： Based on the Perspective of Model,Empirical and Simulation

Household finance is an emerging field of financial research in recent years. With the change of income distribution structure and the development of financial markets in China, the structure and behavior of household assets have obvious changes, in which microscopic structural problems of household assets, such as uneven total assets distribution and unbalanced structure, become more serious. These issues not only involve the welfare of the residents, but also have great significances in enhancing consumer demand, developing financial markets and adjusting macroeconomic structural in China. Studies on household finance are committed to meeting the escalating family assets demand, guiding the family assets rational allocation, improving the structure of household assets, and proposing strategic recommendations on expanding consumer demand and adjusting the structure of macroeconomic.     

Financial crisis and sustainable development of Chinese manufacturing industry

Sub-prime lending crisis has become an international financial crisis, which is evolving into an economic recession sweeping across the West. Financial crisis leads to the demand reduction in western countries, and as the largest manufacturing country, China must face overproduction. The role of China as ＂world factory＂ determines that financial crisis will severely attack Chinese manufacturing industry. The unsustainable development of Chinese manufacturing industry is mainly reflected in the following aspects： heavy dependence on export, low-level manufacturing link, lack of modern service industry and high-tech industry, weak independent innovative ability, unsustainable exploration of heavy-pollution resources, and lack of international famous brands. How to transform crisis to opportunities is an urgent research topic. Under the circumstance of financial crisis. Chinese manufacturing industry has more external drives to change the current situation. Therefore, financial crisis becomes not only an opportunity for Chinese manufacturing industry to improve itself based on the existing accumulation but also a chance for China to transform from ＂world factory＂ into a powerful nation of manufacturing industry in the world.     

The Relationship between the Trade Life Circle and the Takeover Type ——The Inspection of the Efficiency of the Market for Corporate Control in China

According to the differences between operation and correlationship by both sides of the takeover in the market for corporate control, the takeover can be divided into three types--transverse takeover, longitudinal takeover and mixed takeover. Meanwhile, due to the activities of takeover taken by the companies in the different trade life circles adopting different takeover types, so their performances are different. Seeing about this relationship, you can effectively inspect the efficiency of the market for corporate control. Adopting298 stylebook data from the market for corporate control in China, and through empirical analyzing, it can see that because of the existing of the stock holding, the efficiency of the market for corporate control in China is not very high. The government tempts to adjust the industrial structure through merger and acquisition （M＆A）, but it urged the aim of state-owned economy forward strategic transfer difficult to come true. To solve the contradiction of ＂setting up of the stock holding＂ comes to no time to delay. ＇     

Analysis on the consumers＇ choices and the equilibrium in durable market which includes secondary markets

This paper presents a framework to study consumers＇ behaviors and the equilibrium in a durable market which includes secondary markets. The author puts forward a two-period model extending the Tirole＇s literature, and analyzes the equilibrium in the used durable market under perfect and imperfect information. Moreover, the conclusion shows the important role of information to consumers＇ behaviors and the equilibrium in the entire market.     

Testing for long memory in Chinese stock market

This paper proposes a long memory analysis based on wavelet transform of financial data. This method treats return series and volatility series in the stock market as a fractional differenced noise process, and analyzes it by MODWT（maximal overlap discrete wavelet transform）. The result shows there is a lineal relationship between wavelet variance logarithm and scale logarithm, so a long memory parameter can be obtained by using the relationship. This method is proved to be effective and feasible by analyzing the return series and volatility series of composite indexes of Shanghai and Shenzhen stock market.     

The Basic Ways of Solving the Problems of Underlying Liabilities of China＇s Endowment Insurance

The supply of basic pension is seriously lacking, the personal accounts is operated with no money. This is a problem belonging to conversion cost in essence. This paper points out that the government should undertake the responsibility to solve the problem by using the increment method and stock method to repay the latent liability; then the government can enrich the personal accounts in response to the aging population crisis and the concussion brought by the endowment insurance system＇s conversion.     

An Empirical Study on the Relationship between Diversification and Corporate Performance

Based on the earlier work, this paper re-examines the relationship between diversification and corporate performance and finds a statistically significant U-shape relationship in the Chinese market. The result is tested and confirmed for robustness by controlling for the firm size, age and indusu＇y effects. The findings do not support the notion that diversification is a return-reducing strategy and the understanding in the western economic and financial literature about diversification performance may not be automatically applicable to the case of China.     

A Research on the Domain of Sport Tourism

Sport-based travel has grown dramatically over the past two decades but it has only recently become the focus of concentrated academic inquiry. This paper contributes to the emerging body of literature by conceptualizing sport in the context of tourism＇s activity, spatial and temporal dimensions. The context of this paper includes current lines of inquiry, the domain of tourism and the domain of sport.