The asymmetry in firms’ mechanisms of cash holdings adjustments: evidence from the G-5 economies

Review of Quantitative Finance and Accounting - Using a G-5 country sample (France, Germany, Japan, the UK, and the US) from 1980 to 2007, I find new evidence of the asymmetry in firms’...     

Does bank competition promote financial inclusion? A cross-country evidence

The idea of financial inclusion has recently been discussed as one of the key strategies to enhance economic development (World Bank 2014). We move this discussion forward by examining if bank competition is a crucial component enforcing financial inclusion, which is arguably a finance supply-side driven process. In this study, we compute the financial inclusion index built on Sarma (2008) approach to better reflect banks’ willingness and capability to provide financial services. Applying System Generalized Method of Moments to the panel of 93 countries, we find that bank competition promotes financial inclusion.     

Investment, uncertainty and irreversibility

This paper investigates the irreversibility of investments and the impact this has on the nature of the relationship between investment and uncertainty. The empirical analysis uses firm‐level data and is based on a survey of 210 rice‐milling firms in the Mekong River Delta in Vietnam, which was carried out during the year 2000. We show that uncertainty reduces investment of rice millers in the presence of irreversibility, as is predicted by the real options approach to investment. We do not find evidence that the negative association between uncertainty and investment is influenced by the degree of irreversibility.     

LIQUIDITY AND ASSET PRICING UNDER THE THREE‐MOMENT CAPM PARADIGM

We examine whether the use of the three‐moment capital asset pricing model can account for liquidity risk. We also make a comparative analysis of a four‐factor model based on Fama–French and Pástor–Stambaugh factors versus a model based solely on stock characteristics. Our findings suggest that neither of the models captures the liquidity premium nor do stock characteristics serve as proxies for liquidity. We also find that sensitivities of stock return to fluctuations in market liquidity do not subsume the effect of characteristic liquidity. Furthermore, our empirical findings are robust to differences in market microstructure or trading protocols between NYSE/AMEX and NASDAQ.     

?中青年以声带息肉、慢性喉炎为

8 casesTAO Yongming,SHI Zhuoya,FENG Lianming,et al.Xiaoshan Hospital of TCM,Hangzhou 311201,ChinaObjective To study the causes and clinical features of hoarseness.Methods The laryn     

如何在短期内迟滞“高价农业”的到来——对中国农产品供需变化的一种判断

本文在断定"高价农业"时代必将到来的同时,借鉴国外农业发展实践,提出了迟滞我国"高价农业"到来时间的政策选择建设.     

试论我国出口市场多元化战略实施

出口市场多元化应包括四个方面的内涵:首先,市场多元化是指区域多元化,即出口市场应全方位、多角度分布于世界各地,而不仅仅聚集于少数市场;其次是指商品多元化,因为商品是市场的核心内容,一国对外贸易,不单单是点多、面广,而且商品品种、规格、档次等都要多样化,才能符合不同消费层次的需求;第三,出口市场多元化应包括经营手段的多样化,即开拓海外市场要采取灵活多变的方式、方法。     

双旋Y切石英振子厚度模式的频温特性的研究

本文利用描述固体中弹性声波的克里斯托费尔方程,建立了双旋Y切石英振子厚度模式的频温特性分析方法,并编制了相应的计算机程序。该程序可给出双旋Y切石英振子在任意切角(ф_3ф_1)下的厚度模(a、b、c模)的频率温度特性曲线。文中给出了单旋AT切、BT切(b模)、双旋SC切(b、c模)、FC切、IT切、LC切、NL_1切、NL_2切、AK切等各已知切型的频温特性曲线。对石英谐振器的切角灵敏度和切角误差进行了分析。     

零阶环—注锁振荡器的功能等效

本文从注锁振荡器(IO)工作的物理过程入手,分析了其锁定过程中所完成的各种功能。并把这些功能模型化,建立等效模型框图。推导出闭环传递函数,揭示了其零阶环的实质,讨论了其独具的许多优异应用特性。