The shifting dependence dynamics between the G7 stock markets

The growing interdependence between financial markets has attracted special attention from academic researchers and finance practitioners for the purpose of optimal portfolio design and contagion analysis. This article develops a tractable regime-switching version of the copula functions to model the intermarkets linkages during turmoil and normal periods, while taking into account structural changes. More precisely, Markov regime-switching C-vine and D-vine decompositions of the Student’s t copula are proposed and applied to returns on diversified portfolios of stocks, represented by the G7 stock market indices. The empirical results show evidence of regime shifts in the dependence structure with high contagion risk during crisis periods. Moreover, both the C- and D-vines highly outperform the multivariate Student’s t copula, which suggests that the shock transmission path is as important as the dependence itself, and is better detected with a vine copula decomposition.     

程度副词的不对称性及其认知解释——以极、很、甚为例

"很"、"极"、"甚"三词在使用上存在着很大的不对称性,主要表现在如下几方面:对VP选择的不对称;充当程度补语的不对称性;有"不很/甚+形"、无"不极+形"、构成双音词的情况不对称等几个方面。"很"、"极"、"甚"三词作为程度副词呈现了明显的共性与个性。对不对称现象的研究,有助于语法差异的揭示和汉语类型学研究。     

The reaction of the Australian financial markets to the interest rate news from the Reserve Bank of Australia and the U.S. Fed

This paper provides comprehensive evidence on the impacts of the Reserve Bank of Australia's (RBA) and the U.S. Fed's target interest rate announcement news on the Australian financial markets over the period 1998–2006. The RBA's news had a significant impact on the first moments of market returns/changes in line with a priori expectations, and the conditional volatility in most of the markets was significantly higher following the news. Asymmetric news effect is also observed for the Australian interest rates where markets tended to respond more strongly to unexpected rate rises than rate falls. While the U.S. Fed's news influenced only the USD/AUD exchange rate, the Australian market volatility was significantly lower in all market segments following the Fed's news.     

2007年经济形势回顾与2008年宏观调控政策取向

本文认为,2007年我国经济运行情况总体良好,但仍存在一些突出矛盾和问题,并提出了2008年宏观调控的主要任务和四大预期目标,重点阐释了财政政策、货币政策、资本市场与房地产市场的调控措施。     

The ex-date impact of special dividend announcements: A note

This study examines the impact of special dividend announcements for a sample of Australian companies on the ex date of the special dividend. This study documents that the drop-off ratio is significantly greater for special dividends that participate in DRPs than non-DRPs. Further, it reveals that the drop-off ratio is greater for resources firms than for financial and industrial firms. Finally, a cross-sectional regression model reveals that the drop in price on the ex-date is significantly related to the announcement period price reaction, DRPs versus non-DRPs, size of the company, and special dividend per share.     

次贷危机对国内银行外币债券投资的影响分析

作为全球规模最大、流动性最好的市场,美国固定收益市场一直是国外投资者追求稳定收益回报的首选地。文章比较了我国相对于其他国家,在美国固定收益市场的投资规模、品种及投资特点,重点分析了随金融市场动荡的加剧,国内商业银行外币债券的持仓变动,以及次贷危机对其外币债券投资造成的潜在损失,建议商业银行应采取更为审慎的投资策略,降低风险资产的投资比例。     

Media Content,Accounting Quality,and Liquidity Volatility

We examine how the linguistic content of news items affects the volatility of a firm's liquidity, and we consider whether accounting quality moderates the media content-liquidity volatility relation. Regarding the unconditional relation between media content and liquidity volatility, one view is media content could reduce liquidity volatility by providing additional information about fundamental values; another view is it could increase liquidity volatility by increasing investor uncertainty, particularly for negative news. Using data from Thomson Reuters News Analytics, we find evidence supporting the view that media content, positive and negative, has incremental information. Regarding the moderating role of accounting quality, pre-existing accounting information of higher quality could enhance investors' reactions to media content by providing a more precise baseline, or it could reduce investors' reactions to the news if investors anchor on higher quality financial statements. Our findings are consistent with more credible accounting information serving an anchor role, and suggest that investors condition their reaction to media content based on the quality of a firm's pre-existing accounting information.     

Respect,bullying, and public sector work outcomes in Vietnam

ABSTRACT

This article examines empirical links between a subordinate’s felt recognition respect from his/her supervisor, the subordinate’s appraisal respect for that supervisor, and bullying, work engagement, and organizational citizenship behaviour in Vietnam’s public sector. Data from 274 employees in six branches of a public sector agency were used to test the hypothesized model. Within Vietnam’s public sector, the followers who receive recognition respect from the leaders have greater appraisal respect for their leaders, experience less bullying, and reveal higher work engagement and organizational citizenship behaviour. This article theoretically and empirically contributes to the respect literature developed in the Western context.     

中小企业融资分析

目前,中小企业对国民经济的增长起着至关重要的作用,而融资难这个世界性的难题,在中国表现的尤为突出,这也成为了中小企业的头等大事。中小企业都希望方便融资、畅通融资,但往往事与愿为,问题何在呢?一、原因分析一般而言,企业可以通过两条外部渠道进行融资:一是通过金融市场发     

Mergers and Acquisitions and Productivity in the U.S. Meat Products Industries: Evidence from the Micro Data

This article investigates the motives for mergers and acquisitions (M&As) in the U.S. meat products industry from 1977 to 1992. Results show that acquired meat and poultry plants were very productive before mergers, and that all but the very largest meat slaughter and processing plants and all but the bottom 20% of the poultry slaughter and processing plants significantly improved their productivity growth in their postmerger periods. These results lead to the conclusion that synergies and related efficiencies are important motives for M&As.