The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-inte...The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.展开更多
As the impact of the global energy crisis deepens,traditional oil resources are exhausted,and the harm caused by air pollution and rising global temperatures is increasingly severe;the government and automobile enterp...As the impact of the global energy crisis deepens,traditional oil resources are exhausted,and the harm caused by air pollution and rising global temperatures is increasingly severe;the government and automobile enterprises generally believe that energy saving and emission reduction is the future technology development direction of the automobile industry.The main direction of the attack is the general trend of new energy vehicles to replace traditional vehicles.As a leader in new energy pure electric vehicles,Tesla Motors has created a new concept of using the Internet for manufacturing cars and opened up a new brand segment of the automobile market.This paper mainly uses the PEST analysis model and Porter’s Five Forces analysis model to understand the essence of Tesla is not a pure electric vehicle manufacturer,but a high-tech innovation driver at the forefront of the world.Based on the PEST model analysis,Tesla’s development is still at the right time and place despite the impact of COVID-19.From Porter’s Five Forces model,Tesla has higher bargaining power and a strong dominant position with upstream suppliers and service providers.Tesla has a first-mover advantage due to its customers’weak bargaining power,which lets Tesla’s leading position in the industry cannot be surpassed in the short term.展开更多
This paper investigates company characteristics associated with the adoption and maintenance of executive stock option plan （ESOP） proxied with the proportion of stock options. In order to develop and inform public ...This paper investigates company characteristics associated with the adoption and maintenance of executive stock option plan （ESOP） proxied with the proportion of stock options. In order to develop and inform public policies of executive stock options, it is important to understand some of the factors that will drive a company＇s decision in order to adopt an ESOP. First, an analysis evaluates what kind of company＇s characteristics is associated with these plans. Second, an analysis examines the company characteristics that predict the adoption of such plans. This paper contributes to that stream of accounting research by identifying several factors to the adoption of ESOP. The study finds that intellectual capital （consisting of human capital efficiency （HCE）, structural capital efficiency （SCE）, and capital employed efficiency （CEE））, risk, and financial constraints （FC） affect the adoption and maintenance of stock option plans, these conditions will be increasingly supported in companies that experience relatively rapid growth. HCE, risk, and FC are significant predictors of the adoption and maintenance of ESOP. The companies who have some difficulties in observing human capital＇s behavior are more likely to adopt executive stock options, and based on our theoretical review, this is a rational course of action. Firms with higher levels of business risks are less likely to shift some of the risks to employees through stock-based compensation, whereas firms with higher variability in total shareholder returns are more likely to adopt executive stock options. Overall, our results suggest that higher monitoring costs prompt firms to adopt and maintain ESOP.展开更多
The Shanghai Lan Sheng Corp., which used to be called the Shanghai Stationery and Sporting Goods Import and Export Company, touched off great repercussions in the international mass media and among its counterparts af...The Shanghai Lan Sheng Corp., which used to be called the Shanghai Stationery and Sporting Goods Import and Export Company, touched off great repercussions in the international mass media and among its counterparts after it was renamed after its general manager Zhang Lansheng and its stocks were listed for transactions on展开更多
This research looks at any relevance between Altman’s Z-score and the stock market performance of airline companies in the United States(US).Nearly a thousand pieces of data on various aspects of operation and financ...This research looks at any relevance between Altman’s Z-score and the stock market performance of airline companies in the United States(US).Nearly a thousand pieces of data on various aspects of operation and financial status from 81 airline companies in the US are available.Additionally,stock return is used as an indicator of firm stock performance in this paper.In order to satisfy the purpose of determining the relationship between Z-score and stock performance as well as what may be inferred from high stock returns with regard to Z-score,two different regression processes are carried out.The first regression tests the relationship between Z-score and stock return,while the second regression examines whether there is a difference in Z-scores between well-performing airline companies and poorly performing ones using dummy variables.The results reveal that there is a significant positive correlation between the Z-scores of US airline companies and their stock performance;besides,high stock returns potentially imply relatively high Z-scores and vice versa.Therefore,one of the crucial steps that US airline companies must make is to strengthen their balance sheets in order to draw investors to make investments in their businesses.展开更多
Predicting the correct values of stock prices in fast fluctuating high-frequency financial data is always a challenging task.A deep learning-based model for live predictions of stock values is aimed to be developed he...Predicting the correct values of stock prices in fast fluctuating high-frequency financial data is always a challenging task.A deep learning-based model for live predictions of stock values is aimed to be developed here.The authors'have proposed two models for different applications.The first one is based on Fast Recurrent Neural Networks(Fast RNNs).This model is used for stock price predictions for the first time in this work.The second model is a hybrid deep learning model developed by utilising the best features of FastRNNs,Convolutional Neural Networks,and Bi-Directional Long Short Term Memory models to predict abrupt changes in the stock prices of a company.The 1-min time interval stock data of four companies for a period of one and three days is considered.Along with the lower Root Mean Squared Error(RMSE),the proposed models have low computational complexity as well,so that they can also be used for live predictions.The models'performance is measured by the RMSE along with computation time.The model outperforms Auto Regressive Integrated Moving Average,FBProphet,LSTM,and other proposed hybrid models on both RMSE and computation time for live predictions of stock values.展开更多
As Chinese practitioners and scholars ponder the scope of fiduciary obligations under the country’s company law,this paper offers a comparative perspective from German law.Although German corporate law has not reject...As Chinese practitioners and scholars ponder the scope of fiduciary obligations under the country’s company law,this paper offers a comparative perspective from German law.Although German corporate law has not rejected legal transplants,the common law trust has never been accepted as an organizational device for administering third-party funds or doing business.Nonetheless,the German judiciary has developed a sophisticated concept of fiduciary obligations where the statutes remain silent.This paper explores the application of fiduciary obligations to limited partnerships,limited liability companies,and stock corporations.It takes a membership perspective to ascertain the legal relationships between a corporation and its shareholder-members and among fellow-shareholders,as business entities evolve from personalistic to capitalistic settings.Fiduciary obligations also inform the relationship between the corporation and its directors and corporate officers.Although German law does not classify directors and corporate officers as the shareholders’direct trustees,shareholders stand nonetheless to benefit from the way directors and corporate offices discharge their duties towards the respective corporate entities.Moreover,criminal law rules on embezzlement operate to protect the corporation and the monies it administers from overly risky business projects.展开更多
The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China's listed companies special.This special stock right structure will inevitably exert direct and p...The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China's listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China's agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.展开更多
The downward global technology stock market seems unable to stop the wave of IPO of Chinese internet companies.The first half year of 2014 signals another start of Chinese companies’overseas IPO.On May 22,Jingdong wa...The downward global technology stock market seems unable to stop the wave of IPO of Chinese internet companies.The first half year of 2014 signals another start of Chinese companies’overseas IPO.On May 22,Jingdong was listed in NASDAQ making it the 118th Chinese companies listed展开更多
This paper aims to examine the market development evolution of Lao Securities Exchange （LSX） by observing the institutional structure, securities regulations, and government’s policy and utilizing the annual data o...This paper aims to examine the market development evolution of Lao Securities Exchange （LSX） by observing the institutional structure, securities regulations, and government’s policy and utilizing the annual data of market indicators from 2011 to 2017 through the regression model in order to determine the facing issues with proposing the resolution implication for securities exchange development. The finding of this paper also concludes that the liquidity issue, small number of listed firms, undiversified products, small investor base, insufficient legislation from regulatory body, and slow progress in transforming state-owned enterprises （SOEs） into public companies are the current pressure obstacles for securities market development in Laos. In this case, there is a need for stronger commitment from government in securities market development by closer collaboration among line ministries, enlarging the investor base to public and private sectors, acknowledging the significance of drafting the public company act, and persuading the SOEs to issue initial public offering （IPO） in LSX, as the result would drive positive impacts to stimulate the capital market development in Lao People’s Democratic Republic （Lao PDR）.展开更多
基金Supported by National Social Science Fund(06BTQ017)
文摘The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.
文摘As the impact of the global energy crisis deepens,traditional oil resources are exhausted,and the harm caused by air pollution and rising global temperatures is increasingly severe;the government and automobile enterprises generally believe that energy saving and emission reduction is the future technology development direction of the automobile industry.The main direction of the attack is the general trend of new energy vehicles to replace traditional vehicles.As a leader in new energy pure electric vehicles,Tesla Motors has created a new concept of using the Internet for manufacturing cars and opened up a new brand segment of the automobile market.This paper mainly uses the PEST analysis model and Porter’s Five Forces analysis model to understand the essence of Tesla is not a pure electric vehicle manufacturer,but a high-tech innovation driver at the forefront of the world.Based on the PEST model analysis,Tesla’s development is still at the right time and place despite the impact of COVID-19.From Porter’s Five Forces model,Tesla has higher bargaining power and a strong dominant position with upstream suppliers and service providers.Tesla has a first-mover advantage due to its customers’weak bargaining power,which lets Tesla’s leading position in the industry cannot be surpassed in the short term.
文摘This paper investigates company characteristics associated with the adoption and maintenance of executive stock option plan （ESOP） proxied with the proportion of stock options. In order to develop and inform public policies of executive stock options, it is important to understand some of the factors that will drive a company＇s decision in order to adopt an ESOP. First, an analysis evaluates what kind of company＇s characteristics is associated with these plans. Second, an analysis examines the company characteristics that predict the adoption of such plans. This paper contributes to that stream of accounting research by identifying several factors to the adoption of ESOP. The study finds that intellectual capital （consisting of human capital efficiency （HCE）, structural capital efficiency （SCE）, and capital employed efficiency （CEE））, risk, and financial constraints （FC） affect the adoption and maintenance of stock option plans, these conditions will be increasingly supported in companies that experience relatively rapid growth. HCE, risk, and FC are significant predictors of the adoption and maintenance of ESOP. The companies who have some difficulties in observing human capital＇s behavior are more likely to adopt executive stock options, and based on our theoretical review, this is a rational course of action. Firms with higher levels of business risks are less likely to shift some of the risks to employees through stock-based compensation, whereas firms with higher variability in total shareholder returns are more likely to adopt executive stock options. Overall, our results suggest that higher monitoring costs prompt firms to adopt and maintain ESOP.
文摘The Shanghai Lan Sheng Corp., which used to be called the Shanghai Stationery and Sporting Goods Import and Export Company, touched off great repercussions in the international mass media and among its counterparts after it was renamed after its general manager Zhang Lansheng and its stocks were listed for transactions on
文摘This research looks at any relevance between Altman’s Z-score and the stock market performance of airline companies in the United States(US).Nearly a thousand pieces of data on various aspects of operation and financial status from 81 airline companies in the US are available.Additionally,stock return is used as an indicator of firm stock performance in this paper.In order to satisfy the purpose of determining the relationship between Z-score and stock performance as well as what may be inferred from high stock returns with regard to Z-score,two different regression processes are carried out.The first regression tests the relationship between Z-score and stock return,while the second regression examines whether there is a difference in Z-scores between well-performing airline companies and poorly performing ones using dummy variables.The results reveal that there is a significant positive correlation between the Z-scores of US airline companies and their stock performance;besides,high stock returns potentially imply relatively high Z-scores and vice versa.Therefore,one of the crucial steps that US airline companies must make is to strengthen their balance sheets in order to draw investors to make investments in their businesses.
文摘Predicting the correct values of stock prices in fast fluctuating high-frequency financial data is always a challenging task.A deep learning-based model for live predictions of stock values is aimed to be developed here.The authors'have proposed two models for different applications.The first one is based on Fast Recurrent Neural Networks(Fast RNNs).This model is used for stock price predictions for the first time in this work.The second model is a hybrid deep learning model developed by utilising the best features of FastRNNs,Convolutional Neural Networks,and Bi-Directional Long Short Term Memory models to predict abrupt changes in the stock prices of a company.The 1-min time interval stock data of four companies for a period of one and three days is considered.Along with the lower Root Mean Squared Error(RMSE),the proposed models have low computational complexity as well,so that they can also be used for live predictions.The models'performance is measured by the RMSE along with computation time.The model outperforms Auto Regressive Integrated Moving Average,FBProphet,LSTM,and other proposed hybrid models on both RMSE and computation time for live predictions of stock values.
文摘As Chinese practitioners and scholars ponder the scope of fiduciary obligations under the country’s company law,this paper offers a comparative perspective from German law.Although German corporate law has not rejected legal transplants,the common law trust has never been accepted as an organizational device for administering third-party funds or doing business.Nonetheless,the German judiciary has developed a sophisticated concept of fiduciary obligations where the statutes remain silent.This paper explores the application of fiduciary obligations to limited partnerships,limited liability companies,and stock corporations.It takes a membership perspective to ascertain the legal relationships between a corporation and its shareholder-members and among fellow-shareholders,as business entities evolve from personalistic to capitalistic settings.Fiduciary obligations also inform the relationship between the corporation and its directors and corporate officers.Although German law does not classify directors and corporate officers as the shareholders’direct trustees,shareholders stand nonetheless to benefit from the way directors and corporate offices discharge their duties towards the respective corporate entities.Moreover,criminal law rules on embezzlement operate to protect the corporation and the monies it administers from overly risky business projects.
文摘The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China's listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China's agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.
文摘The downward global technology stock market seems unable to stop the wave of IPO of Chinese internet companies.The first half year of 2014 signals another start of Chinese companies’overseas IPO.On May 22,Jingdong was listed in NASDAQ making it the 118th Chinese companies listed
文摘This paper aims to examine the market development evolution of Lao Securities Exchange （LSX） by observing the institutional structure, securities regulations, and government’s policy and utilizing the annual data of market indicators from 2011 to 2017 through the regression model in order to determine the facing issues with proposing the resolution implication for securities exchange development. The finding of this paper also concludes that the liquidity issue, small number of listed firms, undiversified products, small investor base, insufficient legislation from regulatory body, and slow progress in transforming state-owned enterprises （SOEs） into public companies are the current pressure obstacles for securities market development in Laos. In this case, there is a need for stronger commitment from government in securities market development by closer collaboration among line ministries, enlarging the investor base to public and private sectors, acknowledging the significance of drafting the public company act, and persuading the SOEs to issue initial public offering （IPO） in LSX, as the result would drive positive impacts to stimulate the capital market development in Lao People’s Democratic Republic （Lao PDR）.
