Seasonal Effect in Stock Market： Evidence from the Chinese Stock Exchange

In recent years, financial economists have provided much evidence of regularities in security market returns, and consequently the notion of market efficiency has been questioned. In this paper, seasonal effects are tested for the stock returns of Chinese A-share price index covering the period 1997-2005. The empirical research is conducted by using the conventional linear regression model. Finally the results obtained in this paper confirm the existence of the February effect and no evidence support for the day-of-the-week effects, and therefore these results provide some support of the informational efficiency aspect of the market efficiency.     

Crowd Psychology and the Complexity of the Security Market

The security market is a complex system. To explore the mechanism of complexity of the security market helps people understand the dynamics and the nature of its development, so as to better adapt to, regulate and control the security market. In terms of the science of complexity, investors＇ crowd psychology results in the complexity of the security market. This paper first confirms the existence of a crowd with empirical evidence gathered from the security market, then empirically demonstrates the existence of crowd psychology with a questionnaire, and finally analyses the influence of crowd psychology on the security market from the two angles of the correlation persistence and system evolution.     

Lending Through the Cycle: The Federal Housing Administration’s Evolving Risk in the Primary Market

Utilizing a sample of loan originations, the distribution of the market served by the Federal Housing Administration (FHA) and conventional lenders is modeled through this current cycle. Results indicate that FHA market shares in the early years of the observation period (2003 through 2006) are concentrated in zip codes with higher economic risk characteristics and obtained by high risk borrowers. FHA is forced to accept lower quality loans as competition from more nimble private lenders with lower access hurdles and more rapid processing expanded into markets traditionally served by FHA. Unexpectedly, the analysis also reveals that the distribution of FHA loans fails to exhibit a targeted racial bias toward neighborhoods with African American Concentration.     

Role of China in Global Carbon Market

I. Introduction The international response to climate change is governed by the United Nations Framework Convention on Climate Change, adopted in 1992, and its Kyoto Protocol, adopted in 1997, which entered into force in 2005. A basic principle has been to reduce greenhouse gas (GHG) emissions1 cost-effectively. Because GHGs mix uniformly in the atmosphere, a given emission reduction is equivalent from an environmental standpoint wherever the action is taken. This property of “substitut…     

Evolution of Financial Institutions in Post-1978 China： Interaction between the State and Market

I. IntroductionEconomy and finance have both seen rapid development in post-1978 China. After almost three decades of economic planning and isolation, political leaders decided then to let the economy move in a new direction by announcing a policy of “reform and opening-up”. Then and now, many people did and do believe that the new policy makes the economy increasingly and decisively based on the market. At the dawn of the 21st century, theChinese economy, by many indicators, stands out as…     

What Triggers Inflation in Emerging Market Economies?

This study aims at investigating the factors associated with the start of 24 inflation episodes in 15 emerging market economies (EMEs) between 1980 and 2001. The paper employs pooled probit analysis to estimate the contribution of the key factors to inflation starts. The empirical results suggest that increases in the output gap, agricultural shocks, and expansionary fiscal policy raise the probability of inflation starts in EMEs. The findings also indicate that a more democratic environment and an increase in capital flows relative to GDP reduce the probability of inflation starts. JEL no. E31, E58     

Game between Government and Developer in Land Market

Although China is transforming gradually, the land market isn＇t mature yet. Therefore, rent-seeking inevitably comes forth in the land market. Based on a game analysis of rent-seeking activities between government and developer, this paper explores the behavioral orientation of various interest groups and influential factors in the process of land requisition, examines the huge loss that rent-seeking activities bring to the society and puts forward the necessity of innovating system to regulate the behavior of the government and limit rent-seeking activities in the land market.     

Conception on Building up the Market Review Disciplinary with Chinese Characteristics ——And on the Surviving Space of Market Reviewers

Market review is a kind of mental activity for people to follow the development of market .The producers, operators, managers and consumers are usually the reviewers of the market. Market review penetrates into every aspect of market activities, and becomes an important field and skill for people to know the market, control the market and develop the market. In the time of well-developed market economy, market review has increasingly become professional, standard, for the market and directive. Reviewing the market gives birth to the market review disciplinary, and market review gives birth to market reviewers. The complete subject system of marketing should include scientific theories and methods of market review. The characteristic of Chinese market has determined the character of market review disciplinary and the destiny of market reviewers.     

Women's Economic Status in Rural China: Household Contributions to Male–Female Disparities in the Wage–Labor Market

Rapid industrial growth in China coupled with economic reforms in the rural areas has created a growing demand for rural women's labor, though often at substantially lower wages than those earned by men employed in the same sector. An analysis of data collected in rural Guangdong province suggests that households may contribute to the observed male–female market wage differential through their influence in the formation of individuals' reservation wages. Under these circumstances, external employment opportunities, while no doubt serving to increase the household's overall level of income, may, on their own, be a less effective mechanism for raising the economic status of women. On the contrary, market wage signals may serve to reinforce, rather than to ameliorate, sex-based differences that arise within the household.     

Research on institutional innovation of Capital Market in China

The capital market is regarded as one of the important components in the system of market economy. And its position in the development of national economy is increasingly important. In recent years, with the expansion of reform and opening-up of China, not merely has the scale of the capital market has been enlarged obviously, but also there are qualitative leaps on its inbeing. However, there are still some questions, for example, the market structure is still unreasonable, surveiUance and management of market is not perfected. It must carry on the institutional innovation of capital market to develop and perfect the capital market further.     

Open Market Operations in China： Practice and Experience

On the basis of reviewing the reform on open mar-ket operations, this paper analyzes the framework, op-erational target and basic experience of open marketoperations of the People's Bank of China. The authorpoints out that open market operations need to be coor-dinated with the use of other monetary policyinstruments; the infrastructure of open market opera-tions should be strengthened, and the development ofthe money market and the bond market should be fur-ther promoted. The author ends this article with theoutlook for open market operations in the future.     

Pricing to Market： Chinese Export Pricing to the USA after the Peg

In July 2005, the Chinese Government unpegged the RMB from the US dollar. As the RMB has followed a remarkably predictable appreciation over time, I examine the price of Chinese exports to the USA after unpegging the exchange rate. Results suggest that the Chinese industries with greater import market share were able to raise their prices after the removal of the pegged exchange rate regime; however, over time there is a significant deflationary trend. Chinese export prices tended to decrease under an unanticipated RMB appreciation; this effect was more pronounced for industries with more pricing flexibility. This suggests that Chinese exporters are consistently ＂pricing to market＂ and thus creating a significant foreign exchange policy implication. Specifically, a more flexible exchange rate regime will likely have little impact on the prices of Chinese exports to the USA but might increase the profit volatility of Chinese firms.     

Tattoos,Employment, and Labor Market Earnings: Is There a Link in the Ink?

The popularity of tattooing has increased substantially in recent years, particularly among adolescents and young adults. Moreover, tattooed images are permanent unless the individual opts for expensive, time consuming, and painful removal procedures. Given the increasing popularity of tattooing, and the permanent nature of this action, it is of interest to know whether tattooed workers are more or less likely to be employed and, conditional on employment, if they receive wages that are different from the wages of their non‐tattooed peers. To investigate these questions, we analyze two large data sets—from the United States and Australia—with measures of tattoo status, employment, earnings, and other pertinent variables. Regardless of country, gender, specific measures, or estimation technique, the results consistently show that having a tattoo is negatively and significantly related to employment and earnings in bivariate analyses, but the estimates become smaller and nonsignificant after controlling for human capital, occupation, behavioral choices, lifestyle factors, and other individual characteristics related to labor market outcomes. Various robustness checks confirm the stability of the core findings. These results suggest that, once differences in personal characteristics are taken into account, tattooed and non‐tattooed workers are treated similarly in the labor market. We offer suggestions for improving future surveys to enable a better understanding of the relationships between tattooed workers and their labor market outcomes.     

Market Efficiency and Profitable Wagering in the National Hockey League: Can Bettors Score on Longshots?

Sports betting and racetrack markets continue to provide researchers with opportunities to test the efficient market hypothesis. This paper investigates the efficiency of a relatively new sports betting market, the National Hockey League, for 1990-1996. The market is found to be somewhat inefficient and simple wagering strategies are identified that result in profitable returns. Consistent with previous research for football and baseball, bettors in hockey are inclined to overbet favorites relative to their observed chance of winning. Interestingly, the market does not appear to be converging to efficiency.     

Study on Application of Conflict Analysis in Chinese Stock Market

Joint-stock form will be the main direction of state owned enterprise reforming in China. The essence of joint stock form is to separate into three authorities, that is, power of decision, power of execution and power of supervision. Different department, so as to control and restrict each other, undertake these three powers. But during the procession, there exist contradictions inevitably. This paper focuses on using conflict analysis to solve this problem, offers modular, and gets the result.     

Information and Price Setting in a Rural Javanese Market∗

The paper examines the thesis established by Geertz and Dewey that Javanese rural trading practices, although well suited to the pasar marketing system, are maladaptive to larger scale trade. Focusing on a chilli marketing depot in Java the paper outlines the network of trading links which stretch from farmer to end-market, as well as the mechanisms of price setting and credit arrangements. The conclusions reached are that the volume and value of goods handled at this level are considerable and that both price setting and commercial relationships are largely stable. Constraints on entrepreneurial activity are attributed not to a Javanese peasant ethos of “shared poverty” but to lack of capital, dispersed markets, perishable goods and discontinuous information on supply of produce and current market prices.

     

Seeking for Balances between Deficits and Competitive Advantage： Looking into the American Financial Market and Policies in Advance after the Presidential Election

The American financial market plays a remarkable role as one of the global core markets, but many changes have taken place in recent years. The policy of White House becomes one of the variables deciding the direction of the market movement. After the Presidential Election, the financial market will move in the effect of anticipating the policies in next phase. For the uncertainty during the resuscitation, the financial policy is facing the problem that how to be an assistance in keeping the economic growth, and how to seek for balances in the contradiction between controlling deficit and maintaining competitive advantages. After the comprehensive analysis on American financial market, the possible result could be like this： interest rate will rise gradually again, exchange rate will fluctuate in perch, but the price of the assets in capital markets will show the difference according to the market framework. The analysis aiming at market and policy can impossibly be built on the base of the hypothetical close system. If no ideal adjustment emerges in American foreign policy in the future, the financial market will possibly turn into another disordered circle.