Abnormal Stock Returns Following Large One-day Advances and Declines: Evidence from Asia-Pacific Markets

This paper documents significant 5-day, 10-day and 20-day cumulativeabnormal returns following large one-day advances/declines in some Asianemerging stock markets, such as Hong Kong, Taiwan, Singapore, Thailand,Australia and Philippines. Stock prices tend to rise after large one-dayadvances and fall after large one-day declines. These findings areinconsistent with DeBondt and Thaler's (1985 and 1987) overreactionhypothesis. However, they are consistent with Cox and Peterson's (194)find that prices of longer term (5 to 20 days) tend to decline followinglarge price declines.     

EFFICIENCY OF THE TAIWAN STOCK MARKET*

This study uses two popular technical trading rules to assess whether the gradual liberalization of Taiwan's securities markets has improved the efficiency of its stock market. The results show that the two rules have considerable predictive power for 1983–1990, they become less predictive for 1991–1997, and they cannot predict the market for 1998–2005. These results indicate that the efficiency of Taiwan stock market has been greatly enhanced by the liberalization measures implemented over the last 20 years.     

计算机辅助VNA(窄巷道)货架有限元分析

探讨了计算机辅助VNA货架有限元建模的过程、通过对货架的基本信息进行参数化,结合货架的结构特点、采用参数化、模块化技术解决加强区等不确定因素对建模的影响,采用了特定的约束方法避免分段干涉问题,使得货架有限元建模分析更可靠、更有效。     

江渭村生态家园富民工程的调查与思考

从海盐江渭村的"猪—沼—苗"生态示范点调查入手,分析了发展现代畜牧业的制约因素,探讨了建设牧业园区的重要性,认为建设生态家园富民工程应该以宣传为先导,认真规划,辅之以政策保障,机制创新。     

浅论行政干预市场的法制化——以房地产市场政策为例

为抑制房地产投资增长和房价上涨过快的势头,中央政府部门采取各种措施对房地产行业进行调控,在2006年颁布了《关于调整住房供应结构稳定住房价格的意见》等一系列宏观调控文件,试图以行政手段调控市场.然而,这些调控措施的运用却存在着诸多法律问题.面对我国的具体情况,政府对于房地产市场的行政之手理应纳入法治化的轨道,接受法律的规制和约束.     

PRIVATIZATION OF PUBLIC HOUSING: DID IT CAUSE THE 1998 RECESSION IN HONG KONG?

The authors find evidence that a public housing privatization program produced adverse effects on housing transactions and the economy in Hong Kong. A scheme announced in December 1997, offering tenants an opportunity to buy their units at deeply discounted prices, reduced public housing tenants' bids for private homes and adversely affected home transactions. This effect is more pronounced than the effects of the Asian Financial Crisis. An effect on housing prices is also indirectly shown though a demonstration that a structural break in the housing price relationship occurred at the time the privatization program was introduced. Declines in housing prices further eroded employment and set off a vicious circle. ( JEL E32, R21, R31)     

LIQUIDITY RISK AND CORPORATE HEDGING WITH FUTURES

This paper examines the hedging behaviour of a value‐maximizing firm that exists for two periods. The firm faces uncertain income and is subject to tax asymmetries with no loss‐offset provisions. The firm has access to unbiased futures contracts in each period for hedging purposes. We impose a liquidity constraint on the firm. Specifically, whenever the net interim loss due to its first‐period futures position exceeds a predetermined threshold level, the firm is forced to terminate its risk management program and, therefore, is prohibited from trading the futures contracts in the second period. We show that the liquidity‐constrained firm optimally adopts a full‐hedge via its second‐period futures position to minimize the extent of the income risk and an under‐hedge via its first‐period futures position to limit the degree of the liquidity risk.     

The Investment Opportunity Set and Acquired Goodwill*

This paper examines how managers in New Zealand allocate the cost of firms' investments in subsidiaries between net tangible assets and acquired goodwill. We find a negative relation between acquired goodwill and leverage. This could be interpreted as the result of managers of highly leveraged acquiring firms opportunistically allocating a lower portion of the acquisition price to acquired goodwill. However, this analysis, like much of the research on accounting choice, suffers from an omitted variables problem. We present evidence that the observed negative relation between acquired goodwill and leverage may stem from each variable's relation to the investment opportunity set. Further, we find no evidence that acquired goodwill is related to the existence of debt covenants. Together, these results suggest an endogenous relation between the firm's asset structure, its financing policy, and the allocation of acquisition price to acquired goodwill.     

Political Incentives to Suppress Negative Information: Evidence from Chinese Listed Firms

This paper tests the proposition that politicians and their affiliated firms (i.e., firms operating in their province) temporarily suppress negative information in response to political incentives. We examine the stock price behavior of Chinese listed firms around two visible political events—meetings of the National Congress of the Chinese Communist Party and promotions of high‐level provincial politicians—that are expected to asymmetrically increase the costs of releasing bad news. The costs create an incentive for local politicians and their affiliated firms to temporarily restrict the flow of negative information about the companies. The result will be fewer stock price crashes for the affiliated firms during these event windows, followed by an increase in crashes after the event. Consistent with these predictions, we find that the affiliated firms experience a reduction (an increase) in negative stock return skewness before (after) the event. These effects are strongest in the three‐month period directly preceding the event, among firms that are more politically connected, and when the province is dominated by faction politics and cronyism. Additional tests document a significant reduction in published newspaper articles about affected firms in advance of these political events, suggestive of a link between our observed stock price behavior and temporary shifts in the listed firms’ information environment.