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A new view of limited arbitrage is applied in the study of the reasons of stock price synchronicity in China based on the behavioral finance theory. This paper made an explorary study about the relation between limited arbitrage, stock price synchronicity and market efficiency. A conclusion different from the study about cash stock dividends in foreign countries is derived that cash dividends as a...
Since 2006, the Chinese government has implemented the significant historic policy of exempting agricultural taxes comprehensively. The ARMA(k,s)-GARCH(p,q)-GED model is established in this paper, for empirical study on comprehensively exempting agricultural taxes policy effects on the price volatility of wheat, soybean, corn spot and futures markets. The results show that under the action of comprehensively...
Oil is one of the most important primary energies in the development of world economy at present. As a big country of oil consumption, China is in the heavy industrialization development stage. In recent years, there is an obvious impact on the economic development of China because of international oil price frequent fluctuation at a high level. This paper studies the changeable external factors and...
The article does empirical research on the margin level setting of Shanghai and Shenzhen 300 index futures. First of all, through the trend comparison chart of index and simulation index futures in 100 trading days, we obtain the conclusion that index data can instead of index futures. Then, 482 full samples' daily returns is to descriptive statistical analysis and test of normality, we obtain that...
Is there any relationship between the historical volatility and the implied volatility in China's warrant market? Based the price data of 14 warrants in China's stock market, we found the answer is yes somewhat. It suggests that implied volatility can be taken as reference for the prediction of future fluctuation of stock prices. Despite the fact that implied volatility and historical volatility is...
The deregulation on the constraints on the introductory of third-party call warrants in China offers an opportunity to realize whether or not the time-varying price dynamics are altered by the deregulation. By employing the event-study method this paper investigates the impacts of call warrant listing on the underlying stock returns on China's market based on Baosteel and Baosteel JTB listed before...
In this paper, a brief summary of real estate credit policies in recent years is reviewed, and then an empirical analysis, which is based on the data of years from 1997 to 2007, on the relationship between the average house price and the national real estate credit scale is made. The results indicate that there is a relevancy between them, while the loans for real estate development make a different...
The Fluctuations of stock price leads to spontaneous regulation in the stock market, but a wide range of volatility will reduce the profits of investors. Therefore, starting from the research of the volatility of stock price, this paper discusses some problems about some aspects of the stock market regulation, and draws some important conclusions. These conclusions would be useful for policies of...
Most people consider speculation in futures and commodities to be a form of gambling. Many people view the purchase of common stocks in much the same way. However, the explicit goal of many trading and investment strategies is to minimize risk, which sounds like the antithesis of gambling! Understanding the relationships between gambling, trading, and investing can help traders and investors avoid...
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