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Using a sample of A-share firms during 2001 to 2004, we investigates whether leverage of family controlled firms differs from that of nonfamily controlled firms based on isolating the disturbance of institutional factors. The empirical test reveals that family controlled firms appear to have higher levels of leverage than non family counterparts. Under the weak investor protection and the absence...
This article first presents theoretical analysis on the channels through which the stock prices influence the money multiplier. Our study on the three influence channels, namely excess reserve ratio, the ratio of cash in circulation to checkable deposits and the ratio of the sum of savings and time deposits to checkable deposits is then verified by empirical analysis based on unit root tests and co-integration...
In this article, we analyze the characteristics of the implicit cycle of volatility in Chinese stock market by the theory of frequency spectrum. Through searching literature, we know the fact that the study of volatility in Chinese stock market always concentrate their attention on existence of volatility and there is lack of research on the implicit cycle characteristic in the market volatility....
The volatility of returns in financial market is complex, which is often considered as a sort of nonlinear stochastic process or even chaotic process, but little attention has been paid to survey the price behavior in future market. Trying to describe the nature of return behavior correctly is one of the most important tasks in financial engineering and application, which is the basis of financial...
This paper provides evidence on the illiquidity discount and flight to liquidity premium in China share prices through the data of illiquid stock private transfer. On the average, the illiquidity price discounts prior to June 12th 2001 is 85.68% and past June 12th 2001, the same figure is 77.07%. The illiquidity premium in China preponderates over two times of the most in international similar studies...
Based on an analysis of three traditional approaches to value appraisal and their limitations, the paper puts forward a theory that takes the enterprise stock equity as a combination of rights and obligations and which uses the option pricing model to price the enterprise's stock equity value based on the decomposition of each of the enterprise's financial basic element into any of the factors of...
The banking merger and acquisition (M&A) has become the focus of the fifth wave of global merger tide, followed by people's puzzle about whether there is a positive and sustainable performance of banking M&A. By sifting the current microscopic analytical method of banking M&A performance, we choose the adjusted case study law for an overall analysis of the case of Wing Hang Bank Ltd. purchasing...
The nature and behavior of stock market prices have been and continue to be of interest to academicians, market regulators and practitioners. In recent times, the characterization of equity market return series as random in nature has been questioned by the application of new statistical tools. This study uses recent advances in chaos theory to examine the behavior of the Chinese stock prices. The...
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