The side effects of quantitative easing: Evidence from the UK bond market

We examine the returns to UK government bonds before, during and between the phases of quantitative easing to identify the side effects for the market itself. We show that the onset of QE led to a sustained reduction in the costs of trading and removed some return regularities. However, controlling for a wide range of market activity, including issuance and QE announcements, we find evidence that investors could have earned excess returns after costs by trading in response to the purchase auction calendar. Drawing on economic theory, we explore the implications of these findings for both the efficiency of the market and the costs of government debt management in both the short and long run.     

Foreign versus domestic institutional investors in emerging markets: Who contributes more to firm-specific information flow?

Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institu...     

Career concerns,shareholder monitoring and investment efficiency: From the perspective of compensation contract rigidity in Chinese SOEs

This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer(CEO) agency costs. We investigate inve...     

What explains the value premium? The case of adjustment costs,operating leverage and financial leverage

This paper empirically examines and compares the different theoretical predictions on how adjustment costs, operating and financial leverage influence the value premium. Consistent with Ozdagli (2012), financial leverage plays a dominant role, supported by adjustment costs (which represent the degree of investment irreversibility). Specifically, the observed value premium is driven by the financial leverage differences between value and growth firms, partially neutralized by investment irreversibility. The relation between the value premium and investment irreversibility is contrary to the intuition in Zhang (2005) and Cooper (2006). Operating leverage does not significantly influence the value premium.     

On the efficiency of intra-industry information transfers: The dilution of the overreaction anomaly

We revisit the stock market anomaly documented by Thomas and Zhang (2008) and show that the apparent mispricing of information transfers has decayed over time, as the US markets experienced rapid improvements in the efficiency of the underlying price formation processes. Utilizing recent advancements in market microstructure research to estimate firm-specific proxies for market efficiency, we demonstrate that the existence of the overreaction anomaly (where stock prices of late announcers in response to the earnings reported by early announcers in the same industry are negatively related to subsequent price responses of late announcers to their own earnings reports) is specific to an earlier sample period and results from the inefficient incorporation of information into prices, largely attributable to an environment with high barriers to arbitrage. Our results indicate that the pricing efficiency of intra-industry information transfers has increased in the recent years of increased liquidity and markedly higher trading activity.     

Greening transportation fleets: Insights from a two-stage game theoretic model

The greening of organizational transportation fleets, especially trucks and automobiles, has gained increasing attention by companies in a variety of industrial sectors. The reasons for this concern and attention are due to regulatory and competitive pressures, but also increasing costs of fossil-fuels. Surprisingly the amount of research and modeling for fleet management overall has been rather limited, with the focus on managing green vehicle investments virtually non-existent. In this study we develop a two-stage game theoretic model that helps evaluate, from both policy and organizational perspectives, the implications of greening of transportation fleets. Various parameters are evaluated including factors such as innovations in green vehicle technology, levels of service differences, cost of fuel, adjusting tax policy, regulatory compliance requirements, and adaptation costs. This evaluation provides practical insights into actions that could be considered by regulators and organizations to encourage environmental investments.     

Supply-side investments: An international analysis of the return and risk relationship in the Travel & Leisure sector

This study investigates supply-side investments in the tourism sector, analysing the return and risk relationship of investments in tourism across several countries. The performance of tourism sector companies listed on the stock exchange, for the top one dozen countries according to the World Economic Forum (WEF) tourism rankings, is investigated by region, across these countries and within each country by comparison to other sectors. Several metrics are used to compare the risk-adjusted returns, over a 15-year period ending March 2007 and sub-periods to check the persistence of performance over time. The results present a strikingly different ranking than those of the WEF. The implications for the flow of investment funds are of importance in a global capital market. Money will flow to those investments with the highest expected returns for a given risk level and this has consequential impacts for economic growth and employment in the tourism sector.     

福建省高端装备制造业技术创新效率评价

将技术创新分为两个阶段——投入转化阶段和转化产出阶段,运用DEA两阶段法和DEAMalmquist指数法,对2008—2012年福建省高端装备制造业5个细分行业的两阶段技术创新效率进行了静态和动态评价。研究结果如下:在技术创新的第一阶段,福建省高端装备制造业的投入转化效率在很大程度上依赖于技术进步,但这种趋势在减弱;在技术创新的第二阶段,福建省高端装备制造业的转化产出效率呈下降趋势,且技术进步和技术效率对之共同发挥影响作用。     

Using a network data envelopment analysis model to assess the efficiency and effectiveness of cultural tourism promotion in Taiwan

The importance of tourism promotion has been discussed throughout past studies, and the consequences of ineffective promotion have also been investigated. While tourism promotion is a topic of interest to many researchers, performance measurement used to assess the effectiveness of tourism promotion is a topic seldom discussed. The purpose of this study is to develop an approach based on the data envelopment analysis (DEA) model to evaluate performance for tourism promotion. The main difference compared with previous DEA models is the evaluation of multiple efficiencies in a single DEA implementation, and the assessment of overall efficiency in a ratio index. In the assumption of variables, we use cultural tourism promotion as a foundation in formulating the empirical evaluation, and we test the proposed model by using data across 20 regions in Taiwan.     

What determines multinational hotel groups’ locational investment choice in China?

China's hotel industry has been developed quickly from a small number of 137 only in 1978 to 14,237 in 2009. One of the main drivers of the rapid development of the hotel industry has been the expansion of multinational hotel groups (MHGs) into China. The purposes of this study are to analyze the factors that determine the location strategies of MHGs and to assess what factors determine MHG's investment strategies in regard to choice of location. The study finds that the market demand and market size measured by number of inbound tourists, tourist spending, and actual foreign direct investment, the business environment measured by GDP per capital, and dummy variables measured by policy and mega events are all significant factors in affecting MHG's locational choices for investment. These findings may provide some insights for MHG's future investment strategies in regard to location choice.