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.     

宋庄：艺术并富裕着

宋庄，一个淳朴安宁的北京郊区村落潮白河运河温柔地环抱着她．周围风光旖旋，外表上她不过是个典型的北方农村宽阔的院落．高天平实的由黄砖砌成的瓦房。即使处在繁华都市的一隅．展现的依然是最质朴的景象．     

发言摘登

这次会议讨论的是一个很重要的题目──国企转型与企业文化构建。我们现在对企业文化的认识,如果同10年前相比,可以说是跨越了一个世纪。当时感觉企业文化是个新鲜东西,并不知道它有多大用途,好像很时髦,多数人对它的认识还是狭窄的、浮面的。10年后的今天,经过理论界的探索研究,特别是经过企业界的创新实践,使得我们对企业文化的认识有了很大的发展。中外企业文化杂志社利用庆祝创刊10周年的机会,组织大家共同研讨国企转型与企业文化构建,这个题目选得非常好。当前,企业文化在中国的需求,很重要的一点就是与国企转型联系在了一起。企业文化…     

六氟丙酮的合成及应用

简要介绍了六氟丙酮的性质及应用情况,并对其主要合成工艺进行了述评.     

Make More Efforts for ＂Peace Through Commerce＂

Q:Would you like to share your feelings about winning the "Peace Through Commerce Medal Award"granted by the US Department of Commerce? A:Today,the US Commerce Secretary Bryson presented the "Peace Through Commerce Medal Award" to the CCPIT and it is our honor to be the first winner of this prestigious award on the Chinese mainland,as it is an encouraging recognition of the CCPIT's efforts in strengthening the Sino-US economic and trade relations in the past years and it is also an encouragement for me.     

Is time-variant information stickiness state-dependent?

This paper estimates information stickiness with regard to inflation expectations in the United States and the Eurozone for the 1981/06–2015/12 and 1998/Q4–2015/Q2 periods, respectively, and further investigates whether such information stickiness is state-dependent. Based on a bootstrap sub-sample rolling-window estimation, we find that information stickiness varies over time, which contradicts the strict time dependency implied under sticky-information theory. We provide evidence that information stickiness depends on inflation volatility, which indicates that information stickiness is state-dependent and that it has a time trend. Using a threshold model, we estimate structural changes in the state-dependence and time-trend of information stickiness. The results show that information stickiness has been more dependent on inflation volatility and has had a higher time-trend in both regions following the 2008 financial crisis.     

Intertemporal current account balance and the East Asian currency crises

Under the assumption that the balance of the current account must satisfy the expected intertemporal balance, this paper seeks to establish a precondition for the recent currency crises in East Asian countries. Whenever current policy violates the expected intertemporal balance, it is argued that future policy changes (possibly including the exchange rate regime) are anticipated. Using Trehan and Walsh's [1991] result that nonstationarity of the change of assets is evidence of a violation of the expected intertemporal balance, this paper calculates the augmented Dickey-Fuller statistics of the current account prior to the East Asian currency crises. In each of these crises, there is evidence of a persistent violation of intertemporal balance prior to the crisis. There is also evidence of countries being affected by the plight of their neighbors. Their currencies depreciated even though it was not necessary. This is a revised version of a paper presented at the Forty-Fifth International Atlantic Economic Conference, Rome, Italy, March 14–21, 1998. The author would like to thank the participants of the conference for their comments. Suggestions from Tsangyao Chang, Wen-Shwo Fang, and Richard Lu at the Feng-Chia University seminar are appreciated. Financial support from the National Science Fund of Taiwan, Republic of China, NSC 88-2415-H-035-010, is greatly appreciated.