International Evidence on the Link between Quality of Governance and Stock Market Performance

Abstract

This paper examines the link between country-level governance and global stock market returns. We find a negative relation between governance quality and equity return. Countries with low governance scores, on average, have higher equity returns than those with high governance scores after controlling for global risk factors known to influence international equity returns. This implies that investors associate low governance quality with increased risk and thus demand higher risk premium. We find that the quality of governance as measured by Political Stability and Absence of Violence is key governance dimension affecting international equity returns, suggesting that heightened investor concerns over political risks have profound impact on equity markets. Interestingly, we find no evidence that variation in equity returns is affected by the governance indicator representing Voice and Accountability. The findings of this study provide important policy implications.     

产权市场发展与上海国际金融中心建设

资本市场是国际金融中心的核心与枢纽,产权市场是多层次资本市场的基础板块,具有带动资本链的“龙头”功能。由于我国资本市场的结构缺陷,产权市场对上海国际金融中心的建设具有重要的意义。     

Migration,Education and Rural Development: Evidence from China 2000 Population Census Data

There has been a concern that the growth of towns has been stalled recently and with it, the creation of non-farm jobs in rural industries. This study uses 2000 census tabulations to look at this issue by examining in-migration in towns in three provinces in China, Zhejiang, Henan, and Sichuan. In addition to the diversified patterns of town in-migrants revealed in these provinces, this paper finds that town in-migrants generally possess higher levels of educational attainment than those of the local population in towns, especially in the less-developed western and central provinces of Sichuan and Henan. There is also evidence that as towns themselves grow wealthier, such as in Zhejiang, better educated people in rural areas were likely to shift their jobs from the farm to non-farm sector in towns nearby, instead of leaving the countryside to migrate to other provinces. Labor markets in towns in less-developed western and central provinces were more flexible in accommodating in-migrants, whereas in the coastal province of Zhejiang, labor markets tend to become segregated between migrants and the local population.     

The Efficiency of the Chinese Commodity Futures Markets： Development and Empirical Evidence

I. Introduction In the early 1980s China set about transforming its moribund economy by adopting, in stages, various elements of the market-based systems. Among the reforms were thederegulation of prices and the introduction of financial markets for assets. The first stock market was set up in Shanghai in 1991 and in the same year the first commodities market opened in Zhengzhou, Henan Province. Since then, both the stock market and the commodities futures markets have expanded substantiall…     

场外股权交易市场的困境摆脱:国际借鉴及启示

场外市场是多层次资本市场不可或缺的组成部分。我国现有的两类场外股权市场,在经营模式和交易制度等方面存在显著不同。现阶段规范和发展我国场外股权交易市场的政策条件已经成熟,应从完善相关法律体系、明确监管归属和构建有层次的场外市场等角度入手进行健全和规范。     

关于图书馆员在市场经济条件下继续教育的思考

社会主义市场经济加大了社会对教育的需求．公共图书馆的社会教育职能必须在市场经济条件下得到充分发挥。为此，加强对馆员的继续教育迫在眉睫。势在必行。要从继续教育的目标、体系、保障措施等各方面制订有效的对策。     

International linkages of the Japanese stock market

Using daily open-to-close and close-to-open stock prices, this paper examines whether there are any lead–lag relationships between the Tokyo Stock Exchange and the other G7 stock markets. In particular, this paper analyzes whether the movements of other markets in the preceding trading session can be used to formulate profitable strategies to trade in Nikkei.     

中国企业与国际企业发展的差距分析

二战后,国际企业在全世界迅速发展。国际企业到中国来的目的有二个:一是开拓中国市场,推销其产品和服务;二是将我国作为其整个生产分工链条上的一个环节,利用我国有比较优势的生产要素,降低其生产经营成本。中国企业面对国际企业的挑战必须找到自身与国际企业的差距,其主要表现在:1.缺乏企业持续发展的核心竞争力;2.领导与员工之间缺乏制度化的管理系统;3.过分追求短期的市场利润。     

婚姻市场的教育分层与女性人力资本投资

在经济转轨时期,中国女性的劳动力供给表现出"非理性"现象:在劳动力市场的性别歧视越来越严重的情况下,女性人力资本投资却不降反升.婚姻市场的教育匹配和分层趋势,说明女性人力资本投资不但在劳动力市场上有收益,在婚姻市场上也有收益.劳动力市场上的性别歧视导致女性人力资本投资在劳动力市场的收益率下降,但只要这一投资行为在婚姻市场的收益率上升足以弥补这种损失,女性增加其人力资本投资就是一种理性的选择.     

美国次级债风波与世界金融市场的机遇

2007年7月以来,美国的次级债风波愈演愈烈。这场风波首先发端于美国次级住房抵押贷款出现犬规模违约,进而引发以其为基础的证券化产品收益大幅下降,价格急剧下滑,投资者遭受了巨大损失。次级债风波的影响之大,持续时间之长超出了市场预期,恐慌的情绪逐渐在资本市场蔓延,投资者信心受到严重打击,投资意愿下降,市场抛压沉重,流动性迅速紧缩。整个资本市场呈现动荡不安的格局,美国经济衰退的风险增加。文章对这场风波产生的根源和传导机制进行了分析,阐述了流动性紧缩对金融市场的影响及国际金融界的应对措施,在此基础上探讨了国际金融市场出现的新机遇,提出我国金融机构应以开放的姿态积极把握市场机遇,提高自身的竞争力。     

国际贸易与劳动力市场:研究述评

近三十年来,国际贸易迅速发展,同时各国劳动力市场保持着一种动态变化,国际贸易对劳动力市场的影响不断加深.在这一背景下,国际经济学和劳动经济学领域的学者对国际贸易与劳动力市场的关系进行了大量的理论与经验研究,相关研究主要集中在三个方面:国际贸易对各国工资的影响、国际贸易对各国就业的效应以及国际贸易对劳动力需求弹性的影响.本文将从上述三个方面对相关研究进行回顾.     

我国A股市场中的波动性之谜与市场情绪

本文使用Campbell和Shiller(1988)基于对数线性RVF的VAR非线性Wald检验方法对我国A股1994-2009期间的数据进行实证研究,结果表明样本期间我国A股股价相对其基础价值表现出"过度波动"的迹象,无论是常数超额收益率模型还是V-CAPM模型都无法对此进行解释。通过进一步定义市场情绪指数来分析这种"波动性之谜"现象的原因,结果发现市场情绪和股市"过度波动"之间存在相互作用机制,市场情绪能够对股价波动提供额外的解释。     

Welfare State, Market Imperfections, and International Trade

Within a two-sector-two-country model of trade with aggregate scale economies and unionisation, a more generous welfare state in one country increases welfare in that country and can have positive spillover effects on the other. Furthermore, synchronised expansions of social security are more welfare enhancing than unilateral ones. Our results counter the fears that a race to the bottom in social standards may result from the ‘shrinking-tax-base’ entailed by international capital mobility. While affecting trade patterns and income distribution, capital mobility interacts with welfare state policies in increasing welfare, even when capital flows out of the country that initiates the shock.

业绩期望落差、市场竞争与企业开放式创新

基于业绩反馈理论和企业行为理论,以2015—2022年中国沪深A股上市公司为样本,运用OLS基准回归模型探讨市场竞争调节下,业绩期望落差持续性与范围性对企业开放式创新的影响。结果表明,业绩期望落差持续时间与涉及范围逐增致使企业创新开放动机与能力失衡,一致降低开放式创新绩效,强烈的外部市场竞争能够有效抑制其负向作用。机制分析发现,研发投入在业绩期望落差持续性和范围性对企业开放式创新的作用关系中发挥显著遮掩效应,主效应的部分影响被抵消。以上结论为推动业绩困境企业进行科学创新开放决策,打破“无知开放、盲目开放”陷阱提供经验借鉴。     

发展我国西部地区资本市场的对策建议

西部资本市场在我国资本市场中具有重要的地位,是我国资本市场的重要组成部分;西部地区资本市场的发展程度直接影响着我国资本市场的整体发展水平。本文分析了我国西部资本市场在西部大开发战略实施中的发展现状,并提出了促进其发展的具体建议。     

诊所式法律教育与高校法学教育改革模式选择

诊所式法律教育在培养学生实践性法律技能、塑造法律职业道德和职业责任心等方面实现了对传统法学教育模式的突破。高校法学教育改革借鉴国外成果,选择适合我国法学教育需要的诊所式法律教育模式,既顺应国际法学教育改革的发展趋势,又符合我国素质教育的既定目标。     

Market structure and the link between migration and trade

Many recent studies have looked at the impact of international migration on trade and found a significant effect. They posit that migration fosters trade by lowering costs or by means of a preference bias. However, to my knowledge, market structure has not as yet been considered. Using data from Switzerland, this paper empirically assesses the extent to which migration affects trade, taking goods differentiation into account. A monopolistic model with a multisector economy (Chaney in Am Econ Rev 98(41):1707–1721, 2008) is then empirically estimated. The findings show that market structure explains the different channels through which migration affects trade.

基于市场细分的中国旅游企业自助游市场开发

自助游是因旅游者旅游需求而产生和倡导的一种全新的旅游形式。目前自助游已成为我国旅游业中增长最快的一部分,对自助游市场进行细分,有助于旅游企业进一步开发中国旅游市场,带动我国旅游业的发展。