The Analysis on a Phenomenon in Chinese IT Listed Company

1.Introduction Stock prices of IT listed companies in Chinese stock A market have slumped by a big margin since their sudden rise in early 2000.Since then,the performance of almost all these companies isn t very good,and the stock prices of the majority have greatly dropped down.In the meantime,when these companies are observed,we often find that the incomes of the staff in these companies are still very high even if the corporate performance may be just ordinary. As far as this phenomenon…     

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.     

Study of the relationship between average prices of residential properties and selected economic factors in the years 2000-2002 in Szczecin

The article presents the development unemployment and interest rates against the average of important economic variables such as GDP dynamics, transaction prices in one of the local property markets in Poland in the years 2000-2002. The strength, direction and time delay of the relationships between these variables and transaction prices have been considered during the only period of decline in property prices in the years 2000-2002. The specified relationships have been described using linear regression equations.     

Stock Market： Comparisons of the Achievements of China＇s State-owned Enterprises and Private-owned Enterprises

With China taking its reform and opening policy, the private economy has been developed rapidly now, especially going public. It is discovered that there are two ways of entering China＇s stock market： one is direct listing; the other is indirect listing. Private enterprise studied in this paper excludes state-owned economy. Since 1996 in China, a number of private listing corporations have been going increased year by year, and indirect listing has become the main form of private enterprises＇ access to stock market. In the paper, the author made a substantial evidence analysis on the 53 private corporations, which have entered China＇s stock market by the end of 1998. By means of the SHAZAM regression test analysis, the author draws a surprising conclusion： as far as private listing companies are concerned, state-ownership enterprise＇s efficiency is more satisfied than private ones. This indicates that improving the management of private enterprise has already been on the agenda.     

Accounting standards, disclosure requirements and foreign company listings on stock exchanges

Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards （IFRS） instead of American generally accepted accounting principles （GAAP） and could be exempted from some of the disclosure requirements of the Securities and Exchange Commission and of the Sarbanes-Oxley Act. In spite of these requirements, as of December 31, 2007, there are approximately 421 non-U.S, companies valued at $11.4 trillion listed on the New York Stock Exchange （NYSE）. Of these 421 companies, 41 companies are from China. This study examines the reasons for Chinese companies choosing to list on the New York Stock Exchange and their experiences with incremental disclosure and listing requirements on the Shanghai, Hong Kong, London, and New York stock exchanges. The lesson for foreign companies everywhere should be that foreign companies should search for those cross listings adding value and not be searching for countries and stock exchanges with weak disclosure and listing requirements.     

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.     

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）.     

QFII in China Security Market： Status Quo and Investment Strategy

This paper firstly introduces the definition and features of QFII, and then mainly analyzes the QFII＇s portfolio performance and investment yield, as welt as stock market. And at last, it refers to the impacts of QFII＇s companies and supervision systems in China security market. the investment ideas and strategies of QFII in China investment styles and strategies on investors, listed     

英文摘要

A Study on the Relation between Governance and Performance of China＇s Largest Listed Companies
Abstract： In this paper we designed a corporate governance evaluation system and evaluated the 100 largest China＇s listed companies of 2008, in order to provide a new proof of the relationship between governance and performance. The results showed that polarization of corporate governance is significant. Financial listed companies have higher governance level than non-financial companies, and state-owned companies have lower governance level than other types of companies. Empirical analysis showed that corporate governance has a positive impact on corporate performance. The indices of shareholder rights, information disclosure and transparency, and equal treatment of shareholders have significant impact on corporate performance. The results of two stage least squares showed that the endogenous of corporate governance is small;The impact of corporate performance on corporate governance is not significant.     

Executive remuneration and financial performance in Brazilian companies

The objective of this study is to investigate the existence of a relationship between executive remuneration and financial performance in 28 Brazilian companies from the industrial sector. These companies have been selected among those companies elected as ＂The Best Companies to Work for in Brazil＂. In order to operationalize the remuneration variable, the authors use the monthly salary, the variable salary and three indexes--of benefits, career and professional development--which have been created especially for this survey. To measure financial performance, the authors use three accounting measures： sales growth, return on equity （ROE） and return on sales （ROS）. The results point the existence of a relationship between executive remuneration and financial performance.