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| Author | : Caren Yinxia Guo Nielsen |
| Publisher | : LAP Lambert Academic Publishing |
| Total Pages | : 60 |
| Release | : 2009-08 |
| Genre | : |
| ISBN | : 9783838310251 |
Download The Efficiency of China's Stock Market with Respect to Monetary Policy Book in PDF, ePub and Kindle
Due to the bull stock market from Jun 2005 to 2008 in China and the simultaneous high interest in stocks, resulting in a stream of new private investors into the market, issues about this market have been hot topics in people s daily life and academic circles. One of these is the efficiency of the market. Considering the importance of monetary policy in Chinese economy, I focus on the efficiency of the stock market with respect to monetary policy, which is concerned about by investors for their investment returns and by the government for its governing efficiency of polices. Furthermore, along with the development of the Chinese economy, there is an international focus on whether the market is healthy. I test the Efficient Market Hypothesis using the Vector Autoregressive models, including the monthly macroeconomic variables related to monetary policy. Impulse Responses Functions and Variance Decompositions are generated from the estimated VARs to further evaluate impacts of monetary policy on stock returns. This empirical assessment could be considered as a research on the market efficiency with a different angel, useful for any one doing researches on the Chinese stock market.
| Author | : Shiguang Ma |
| Publisher | : Routledge |
| Total Pages | : 302 |
| Release | : 2017-11-30 |
| Genre | : Business & Economics |
| ISBN | : 1351146912 |
Download The Efficiency of China's Stock Market Book in PDF, ePub and Kindle
By investigating the efficiency of China's stock market in accordance with the theoretical framework of the Efficient Market Hypothesis, this book focuses on weak form and semi-strong form market efficiency. Empirical tests have been intensively conducted on the random walk hypothesis, the presence of market seasonality and the price reaction to publicly released information. In addition The Efficiency of China's Stock Market provides a comparative analysis between China's stock market and other countries' stock markets.
| Author | : Nicolaas Groenewold |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 272 |
| Release | : 2004 |
| Genre | : Business & Economics |
| ISBN | : |
Download The Chinese Stock Market Book in PDF, ePub and Kindle
The emergence of a stock market in China only occurred a decade ago and it remains something of an unknown quantity to many observers and traders outside of the country. This book provides an extensive historical and empirical analysis of the Chinese stock-market, the development of which is an integral part of the process of economic modernization that began in China in the late 1970s. The authors address a variety of critical topics to assess the efficiency, predictability and profitability of the Chinese stock-market. They carefully examine the evolution and performance of the market over the past ten years and measure its level of efficiency using an array of empirical studies. The results reveal that not only is the stock market far from efficient but that it has also failed to properly integrate with other regional markets. Thus, the authors propose further reforms which they argue are necessary for the stock market to realize its full potential contribution to the operation of China's financial markets and to its continuing economic development. The stock market in China will undoubtedly grow in importance and international influence during the next ten years. As such, this valuable new book will be required reading for economic researchers, business economists and market analysts, as well as academics with an interest in Chinese business and Asian finance.
| Author | : Eric Girardin |
| Publisher | : Springer Nature |
| Total Pages | : 125 |
| Release | : 2019-09-13 |
| Genre | : Business & Economics |
| ISBN | : 303017123X |
Download Demystifying China’s Stock Market Book in PDF, ePub and Kindle
Mainstream research has rationalized China’s stock market on the basis of paradigms such as the institutional approach, the efficient market hypothesis, and corporate valuation principles. The deviations from such paradigms have been analyzed as puzzles of China’s stock market. Girardin and Liu explore to what extent, in the perspective of Chinese cultural and historical characteristics, far from being puzzles, these 'deviations’ are rather the symptoms of a consistent strategy for the design, development and regulation of a government-dominated financial system. This book will help investors, observers and researchers understand the hidden logic of the design and functioning of China’s modern stock market, taking a political economy view.
| Author | : Jianxun Chen |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 216 |
| Release | : 2002-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9781782542605 |
Download The Evolution of the Stock Market in China's Transitional Economy Book in PDF, ePub and Kindle
'The book The Evolution of the Stock Market in China's Transitional Economy by Chien-Hsun Chen and Hui-Tzu Shih offers valuable insights into the evolution and development of the Chinese stock market. The book was written with an important mission in mind - how to develop an efficient financial system that facilitates innovation and spontaneous evolution of the society.' - Guojun Wu, Journal of Asian Business 'Chien-Hsun Chen and Hui-Tzu Shih have produced an informative and insightful study of China's stock market development. In The Evolution of the Stock Market in China's Transitional Economy, the reader will find a straightforward account of the development of China's stock markets that further clarifies the role China's capital markets will play in the country's financial future.' - Mark T. Fung, The China Business Review The establishment of the Shanghai Stock Exchange in December 1990 was a landmark in China's institutional transformation. With this in mind, the authors consider the factors relating to institutional change - such as changes in the financial system, the scale and structure of stock market, operational efficiency and the regulatory system of the stock market. During the course of its development the Chinese stock market has experienced speculation, dramatic fluctuations and violations of market regulations of frequent and diverse natures. There is therefore, urgent need for the discussion contained within this volume of best procedure policies for the establishment of a properly ordered and regulated market. The authors assess the operational performance of listed companies, and changes in the external environment such as the impact of China's accession to the WTO on the stock market. The authors find that WTO accession will have a more serious impact on the more heavily protected agricultural sector and on capital-intensive industries such as automobile, instruments, cotton and wheat to name a few. They argue that the fundamental reason for the inefficiency of China's stock market is the weakness of the competitive mechanism leading to imperfect competition and rent-seeking activity. This book will be of great interest to academics and researchers of Asian studies and money and finance. Multinational enterprise managers, as well as brokers, dealers, business economists and others involved in the global financial markets will also find this book of value.
| Author | : James Laurenceson |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 188 |
| Release | : 2003-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9781843767190 |
Download Financial Reform and Economic Development in China Book in PDF, ePub and Kindle
China's prospects of successfully completing the transition to a market economy and becoming the world's largest economy during the 21st Century depend on the future sustainability of high rates of economic growth. This book is a comprehensive, balanced and realistic assessment of China's financial reform program and future direction. Covering not only the banking sector but also non-bank financial institutions, stock market development and external financial liberalization, the authors examine the impact of financial reform on economic development in China during the reform period. This volume will facilitate a more accurate assessment of the Chinese approach to financial reform, and will therefore allow more informed future policy choices for both China and other developing and transitional countries.
| Author | : Henk van Gemert |
| Publisher | : |
| Total Pages | : 272 |
| Release | : 2001 |
| Genre | : Business & Economics |
| ISBN | : |
Download Financial Reform in China Book in PDF, ePub and Kindle
| Author | : Juan Yang |
| Publisher | : |
| Total Pages | : |
| Release | : 2010 |
| Genre | : |
| ISBN | : |
Download Three Essays on Monetary Policy, the Financial Market, and Economic Growth in the U.S. and China Book in PDF, ePub and Kindle
Does monetary policy affect the real economy? If so, what is the transmission mechanism or channel through which these effects occur? These two questions are among the most important and controversial in macroeconomics. This dissertation presents some new empirical evidence that addresses each question for the U.S. and Chinese economies. Literature on monetary transmission suggests that the monetary policy can take effect on the real economy through several ways. The most noteworthy one is credit channels, including the bank lending channel and the interest channel. First, I use a new method to test for structural breaks in the U.S. monetary policy history and present some new empirical evidence to support an operative bank lending channel in the transmission mechanism of monetary policy. Results show that an operative bank lending channel existed in 1955 to 1968, and its impact on the economy has become much smaller since 1981, but it still has a significant buffering effect on output by attenuating the effect of the interest channel. Second, I adopt the recently developed time series technique to explore the puzzling negative correlation between output and stock returns in China currently, and posit that it is due to a negative link between monetary policy and stock returns when monetary policy increases output. The monetary policy has not been transmitted well in the public sector which is the principal part of Chinese stock market, and increased investment capital from monetary expansion goes to real estate sector instead of the stock market. Last, I demonstrate how monetary policy has been transmitted into the public and private sectors of China through the credit channel. The fundamental identification problem inherent in using aggregated data that leads to failure in isolating demand shock from supply shock is explicitly solved by introducing control factors. I find that the monetary policy has great impact on private sector rather than public sector through credit channel in China. These findings have important practical implications for U.S. and China's economic development by improving the efficiency of the monetary policy because a comprehensive understanding of monetary transmission will lead to better policy design.
| Author | : Han Zhou |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
Download Three Essays on Mainland China's Stock Market Performance Book in PDF, ePub and Kindle
The thesis consists of three essays that examine empirical factors important for explaining the performance of the mainland China stock market. The first chapter discusses whether other stock market performances could explain the mainland China stock market performance within the framework of greater China. This chapter provides empirical evidence of the non-existence of stable cointegrating relationships among the mainland China, Hong Kong and Taiwan stock markets. The empirical results of short-run spillover effects on both first and second moments indicate that mainland China stock markets serve as an information generator, the Taiwan stock market serves as an information receptor and the Hong Kong stock market functions as both an information generator and receptor. The second chapter empirically studies the linkages between mainland China monetary policies and stock market performance by employing event study and SVAR methods. The empirical results indicate that first, monetary policy announcements concerning benchmark interest rates and required reserve ratio adjustments have effects on stock market volatility; second, a positive monetary policy shock in mainland China could decrease stock prices in the short run, and the effect of the policy trends slightly towards 0; third, a positive stock price shock could have a positive effect on interbank rates; and fourth, this effect has an increasing trend followed by a decreasing trend. The third chapter provides empirical evidence that an increase in institutional ownership can increase stock return volatility. The chapter first confirms that an increase in institutional ownership of one listed firm increases that firm's stock return volatility. Second, the chapter provides evidence that the marginal effect of institutional ownership on the volatility of one firm-level stock return decreases with an increase in institutional ownership and that this effect becomes negative when institutional ownership exceeds a certain threshold of approximately 28%. Additionally, we observe that an increase in institutional ownership can decrease stock return synchronicity.
| Author | : Joseph P. H. Fan |
| Publisher | : University of Chicago Press |
| Total Pages | : 401 |
| Release | : 2013 |
| Genre | : Business & Economics |
| ISBN | : 0226237249 |
Download Capitalizing China Book in PDF, ePub and Kindle
La 4e de couverture indique : "Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. The chapters in this volume examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries."
