Information Flows across Markets: Evidence from China–Backed Stocks Dual–Listed in Hong Kong and New York

Using a bivariate generalized autoregressive conditional heteroskedasticity (GARCH) model, we examine patterns of information flows for China–backed stocks that are cross–listed on exchanges in Hong Kong and New York. Results analyzing the dual–listed stocks indicate significant mutual feedback of information between domestic (Hong Kong) and offshore (New York) markets in terms of pricing and volatility. Stocks listed on the domestic market appear to play a more significant role of information transmission in the pricing process, whereas stocks listed on the offshore market play a bigger role in volatility spillover.     

中国开放式基金 任重而道远

<正> 开放式基金在2001年以前,对大多数投资者而言都是一个十分陌生的名词。随着2001年9月华安基金管理公司发行了第一只华安创新证券投资基金以来,国内现已经陆续发行了十几只开放式基金,开放式基金成为了我国证券市场一道靓丽的风景。在证券市场低迷的时候,给广大的投资者带来了一种全新的投资理念,同时也大大丰富了我国投资者的资产选择品种。开放式基金作为一种新的投资品种,同时作为市场上新的机构投资主体,它的出现对中国证券市场必然会有积     

BOOK REVIEW

Emerging Financial Markets, by David O. Beim and Charles W. Calomiris. McGraw‐Hill/Irwin, 2001, 364 pages, price $75.00.     

An empirical analysis of the relationship between the hedge ratio and hedging horizon: A simultaneous estimation of the short‐ and long‐run hedge ratios

This article analyzes the effects of the length of hedging horizon on the optimal hedge ratio and hedging effectiveness using 9 different hedging horizons and 25 different commodities. We discuss the concept of short‐ and long‐run hedge ratios and propose a technique to simultaneously estimate them. The empirical results indicate that the short‐run hedge ratios are significantly less than 1 and increase with the length of hedging horizon. We also find that hedging effectiveness increases with the length of hedging horizon. However, the long‐run hedge ratio is found to be close to the naïve hedge ratio of unity. This implies that, if the hedging horizon is long, then the naïve hedge ratio is close to the optimum hedge ratio. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:359–386, 2004     

项目融资模块间关联研究及实证分析

本文从项目融资框架结构出发,对项目融资模块之间的相互联系及影响进行了系统分析。并以加拿大塞尔加纸浆项目为例,说明项目融资模块之间是如何相互影响和相互作用的。     

ALL THINGS CONSIDERED,TAXES DRIVE THE JANUARY EFFECT

The multitude of explanations for the January effect leaves the reader confused about its primary cause(s): is it tax‐loss selling, window dressing, information, bid‐ask bounce, or a combination of these causes? The confusion arises, in part, because evidence has generally been presented in support of a particular hypothesis though the same evidence may be consistent with another hypothesis. Furthermore, prior work does not adequately control for the bid‐ask bounce. In this article we try to disentangle different explanations of the January effect and identify its primary cause. We find that tax‐related selling is the most important cause, overshadowing other explanations.     

亚洲货币一体化的前景分析

从国际货币体系改革的大趋势——区域性货币一体化入手，分析亚洲货币一体化的现状，认为创造亚洲的共同货币——亚元是亚洲货币一体化的理想选择。并阐述亚洲货币一体化仍然要大致经历欧洲货币一体化所走过的几个阶段。分析中国在东亚货币一体化进程中的地位和作用。     

中间选民理论在农民工市民化政策制定中的运用——基武汉市436位农民工的实证研究

The Median Voter Theory is an important theory in the neo-political economics. It can be applied to solve the collective choice paradox and analyze the policy making for the citizenization of peasant workers. Adopting the method of factor analysis, this paper makes an empirical study on peasant workers’ preference for citizenization. We find that there is a paradox of future residence preference and self-identification in peasant workers. On this basis, peasant workers are divided into 5 subgroups, and it is found that the median undecided peasant workers are the median voters. Based on the analysis of the median undecided peasant worker’s complaints and appeals, it is proposed that the country should strengthen the vocational training system, establish a social security system, expand the agricultural reform and promote educational reform to facilitate the citizenization of peasant workers. __________ Translated from Guanli Shijie 맜理世界 (Management World), 2007, (4): 40–67     

China＇s Regional Disparity and Its Policy Responses

The fruits of China＇s rapid economic development over the 3 decades have not been distributed fairly across different regions. Using data from a sample of 815 Chinese listed firrns during 1998-2004, our error-correction investment model showes evidence of different financial constraints on firms＇ investment in different regions. We argue that China＇s regional development policies have contributed greatly to the regional inequalities. To control the rising inequality, China has shifted its focus from the coast to the interior regions. However, it is becoming increasingly difficult for the government to direct the economy, as market mechanisms now have afar greater influence on the economy than the government does. The people-centered approach of the current leadership has meant that substantial attention has been placed on regional development disparities in an attempt to build a ＂harmonious society. ＂ China needs further extensive reforms if all the measures for reducing regional disparity are to be effective.