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The creation of the Shenzhen small and medium-size enterprise (SME) board makes small and medium-size firms raise funds in the stock market, to solve the problems of their own funding needs. High initial public offerings (IPO) underpricing appears on the listed companies' first listing day in SME board, and mean of IPO Underpricing remains more than 100% for years. China's capital market is gradually...
The paper investigates whether and how the power's balance can affect the performance of Japanese listed companies. With sample data of companies listed on Tokyo Stock Exchange, it was interpreted that Tobin's q (Q) and ROA (Return on Assets) could be regressed on Z (the radio of large shareholders) and L, I, F (the dummy variables of different large shareholders). By the empirical result, the dummy...
Price-to-Book Value (P/B) is an important financial indicator which measures the development potential of a listed company. Studying P/B's influencing factors in the listed real estate companies has both theoretical and practical significance to the sustainable development of national economy. This paper discussed the listed real estate companies in China's stock market from 2008 to 2012, and analyzed...
Company real estate (CRE) means the real estate such as land and buildings which owned by non-real estate companies in order to support the operation and development of the enterprise. In this paper, we will see the difference of CRE in different industries through comparative analysis of all the data. We take the empirical analysis methods and build the regression model based on the data from the...
Internal control level directly affects the quality of financial report of a firm and CPA's audit input and risk. Do CPAs take such a relation into account when they decide the level of audit fees charged to firms? In this paper, the author conducts an empirical study on the relationship between the internal control quality, audit risk and audit fees, using a sample of 1395 companies listed on Shanghai...
The split structure in the Chinese stock market causes a special case of separation of control rights from cash flow rights, thus controlling shareholders only undertake a minority proportion of negative corporate consequences. While controlling shareholders don't have trading rights before nontradable shares reform, they may engage in expropriating activities that would compensate for the lack of...
The stock discussion board is becoming an important public forum because of its fast speed, wide influence, large amount of information and high group pertinence. The bloom in the stock discussion board exerts a positive influence on the stock market. This paper sets the amount of posting on stock discussion board as a proxy of information flows. And after the empirical analysis of sample data, we...
Stock market has become one of the major components of economy not only in developed countries but also in third world developing countries. Making decision in stock market is not really easy because a lot of factors are involved with every choice we make. Therefore, a lot of analysis is required to make an optimal move on stock market which may involve price trend, market's nature, company's stability,...
Autonomous Systems (AS) exist and co-exist in two parallel dimensions. In one dimension they are physical networks, whose interconnections are necessary to ensure global Internet reachabilty. In the other dimension, ASes are large well-known companies competing in the same industry. In this paper we bridge together these dimensions by investigating synchronous cross correlations of stock market data...
Analyzing the changes in volatility is an important aspect in financial data analysis leading to effective estimation of risk and discovering underlying causes of such changes. While there is a rich literature in estimating implied and stochastic volatility in financial time series using traditional econometric methods, the application of machine learning methods such as sparse regression with temporal...
QFII system is a transitional arrangement to selectively introduce foreign capital in China where capital project has not been completely opened. It has been almost 10 years since the implementation of QFII system in China. This paper analyzes the current development of QFII system in China based on the review of its history, shows the differences and limitations based on the comparison with QFII...
The importance of considering the volumes to analyze stock prices movements can be considered as a well-accepted practice in the financial area. However, when we look at the scientific production in this field, we still cannot find a unified model that includes volume and price variations for stock assessment purposes. In this paper we present a computer model that could fulfill this gap, proposing...
A strong stock market must follow fair, public and equitable features, and the foundation of public is the information disclosure. Improving the quality of the information disclosure to some extent can help corporation financing, so as to impact the capital cost. This paper expounds the present situation of information disclosure and the specific situation of the capital cost; it draws the conclusions...
This article is argue the influence of financial structure to economic growth and try to find an appropriate kind of financial structure for the macroeconomic. US and China, which play important parts in world economic and respect two different kinds of financial structures as well as developed and developing country, are chosen to discuss. Empirical analysis method is used through making a model...
This study's mainly purpose is to investigate whether characteristics of audit firm can affect timeliness of audit report base on empirical evidence from stock market of China. The characteristics we think that may have significant effects on timeliness of audit report are audit firm size, industry specialization and audit opinion. In this paper we use audit report lag to measure timeliness of audit...
In this paper, based on data from non-financial A-share companies listed in Shenzhen and Shanghai Stock Exchange in the year 2007 to 2010, we conduct a research into whether the market can identify the impact of internal control on earnings persistence. We explore positive market reaction to that impact, which means it is """"good news"""" to investors and contains...
This paper aims at finding out the factors that influence IPO volume fluctuation", "based on the three hypothesis that are capital demand hypothesis, information asymmetry hypothesis and investor sentiment hypothesis. The empirical results show that capital demand hypothesis is verified, and the rationality of information asymmetry hypothesis and investor sentiment hypothesis are also proved...
This essay takes 199 listed companies between October 23, 2009 and December 31, 2011 as samples to study the relationship among intrinsic value of the company, investor sentiment and the IPO under-pricing in the growth enterprise market. Results show that the intrinsic value of the company, investor sentiment and corporate governance is the main factor to affect GEM IPO under-pricing, while industry...
With the rapid development of knowledge economy, how to operate and manage intangible assets effectively has become an important way and urgent task for company to increase its value. According to the new accounting principal, we try to analyze the value relevance of intangible assets based on information technology industry with theoretical significance of the value relevance of different kinds of...
This study investigate the association of different types of ownership structure and the performance of the firm in meeting the earnings forecasts in the context of mandatory earnings forecasts disclosure requirement. The analysis was tested on a sample of 94 IPO prospectuses published from January 2004 to 30th April 2008. With the mean forecast errors of −7.29%, the result indicates that on average,...
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