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  Subjects -> BUSINESS AND ECONOMICS (Total: 3075 journals)
    - ACCOUNTING (89 journals)
    - BANKING AND FINANCE (261 journals)
    - BUSINESS AND ECONOMICS (1154 journals)
    - CONSUMER EDUCATION AND PROTECTION (24 journals)
    - COOPERATIVES (4 journals)
    - ECONOMIC SCIENCES: GENERAL (158 journals)
    - ECONOMIC SYSTEMS, THEORIES AND HISTORY (167 journals)
    - FASHION AND CONSUMER TRENDS (13 journals)
    - HUMAN RESOURCES (94 journals)
    - INSURANCE (23 journals)
    - INTERNATIONAL COMMERCE (127 journals)
    - INTERNATIONAL DEVELOPMENT AND AID (81 journals)
    - INVESTMENTS (25 journals)
    - LABOR AND INDUSTRIAL RELATIONS (43 journals)
    - MACROECONOMICS (13 journals)
    - MANAGEMENT (517 journals)
    - MARKETING AND PURCHASING (86 journals)
    - MICROECONOMICS (24 journals)
    - PRODUCTION OF GOODS AND SERVICES (138 journals)
    - PUBLIC FINANCE, TAXATION (32 journals)
    - TRADE AND INDUSTRIAL DIRECTORIES (2 journals)

BUSINESS AND ECONOMICS (1154 journals)                  1 2 3 4 5 6 | Last

Showing 1 - 200 of 1566 Journals sorted alphabetically
4OR: A Quarterly Journal of Operations Research     Hybrid Journal   (Followers: 9)
Abacus     Hybrid Journal   (Followers: 11)
Accounting Forum     Hybrid Journal   (Followers: 22)
Acta Amazonica     Open Access   (Followers: 3)
Acta Commercii     Open Access   (Followers: 2)
Acta Oeconomica     Full-text available via subscription   (Followers: 2)
Acta Scientiarum. Human and Social Sciences     Open Access   (Followers: 4)
Acta Universitatis Danubius. Œconomica     Open Access  
Acta Universitatis Nicolai Copernici Zarządzanie     Open Access   (Followers: 3)
AD-minister     Open Access   (Followers: 2)
ADR Bulletin     Open Access   (Followers: 5)
Advances in Developing Human Resources     Hybrid Journal   (Followers: 21)
Advances in Economics and Business     Open Access   (Followers: 12)
AfricaGrowth Agenda     Full-text available via subscription   (Followers: 1)
African Affairs     Hybrid Journal   (Followers: 57)
African Development Review     Hybrid Journal   (Followers: 34)
African Journal of Business and Economic Research     Full-text available via subscription   (Followers: 1)
African Journal of Business Ethics     Open Access   (Followers: 7)
African Review of Economics and Finance     Open Access   (Followers: 3)
Afro-Asian Journal of Finance and Accounting     Hybrid Journal   (Followers: 6)
Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi     Open Access   (Followers: 3)
Agronomy     Open Access   (Followers: 11)
Akademika : Journal of Southeast Asia Social Sciences and Humanities     Open Access   (Followers: 4)
Alphanumeric Journal : The Journal of Operations Research, Statistics, Econometrics and Management Information Systems     Open Access   (Followers: 4)
American Economic Journal : Applied Economics     Full-text available via subscription   (Followers: 124)
American Economic Journal : Economic Policy     Full-text available via subscription   (Followers: 94)
American Journal of Business     Hybrid Journal   (Followers: 14)
American Journal of Business and Management     Open Access   (Followers: 50)
American Journal of Business Education     Open Access   (Followers: 10)
American Journal of Economics and Business Administration     Open Access   (Followers: 22)
American Journal of Economics and Sociology     Hybrid Journal   (Followers: 27)
American Journal of Evaluation     Hybrid Journal   (Followers: 12)
American Journal of Finance and Accounting     Hybrid Journal   (Followers: 16)
American Journal of Health Economics     Full-text available via subscription   (Followers: 12)
American Journal of Industrial and Business Management     Open Access   (Followers: 23)
American Journal of Medical Quality     Hybrid Journal   (Followers: 7)
American Law and Economics Review     Hybrid Journal   (Followers: 26)
ANALES de la Universidad Central del Ecuador     Open Access   (Followers: 1)
Annales de l'Institut Henri Poincare (C) Non Linear Analysis     Full-text available via subscription   (Followers: 1)
Annals in Social Responsibility     Full-text available via subscription  
Annals of Finance     Hybrid Journal   (Followers: 26)
Annals of Operations Research     Hybrid Journal   (Followers: 8)
Annual Review of Economics     Full-text available via subscription   (Followers: 29)
Applied Developmental Science     Hybrid Journal   (Followers: 4)
Applied Economics     Hybrid Journal   (Followers: 44)
Applied Economics Letters     Hybrid Journal   (Followers: 28)
Applied Economics Quarterly     Full-text available via subscription   (Followers: 10)
Applied Financial Economics     Hybrid Journal   (Followers: 21)
Applied Mathematical Finance     Hybrid Journal   (Followers: 6)
Applied Stochastic Models in Business and Industry     Hybrid Journal   (Followers: 5)
Apuntes Universitarios     Open Access   (Followers: 1)
Arab Economic and Business Journal     Open Access   (Followers: 3)
Archives of Business Research     Open Access   (Followers: 4)
Arena Journal     Full-text available via subscription   (Followers: 1)
Argomenti. Rivista di economia, cultura e ricerca sociale     Open Access   (Followers: 2)
ASEAN Economic Bulletin     Full-text available via subscription   (Followers: 5)
Asia Pacific Business Review     Hybrid Journal   (Followers: 5)
Asia Pacific Journal of Human Resources     Hybrid Journal   (Followers: 309)
Asia Pacific Viewpoint     Hybrid Journal  
Asia-Pacific Journal of Business Administration     Hybrid Journal   (Followers: 3)
Asia-Pacific Journal of Operational Research     Hybrid Journal   (Followers: 3)
Asian Business Review     Open Access   (Followers: 2)
Asian Case Research Journal     Hybrid Journal   (Followers: 1)
Asian Development Review     Open Access   (Followers: 14)
Asian Economic Journal     Hybrid Journal   (Followers: 6)
Asian Economic Papers     Hybrid Journal   (Followers: 7)
Asian Economic Policy Review     Hybrid Journal   (Followers: 3)
Asian Journal of Accounting and Governance     Open Access   (Followers: 3)
Asian Journal of Business Ethics     Hybrid Journal   (Followers: 7)
Asian Journal of Social Sciences and Management Studies     Open Access   (Followers: 6)
Asian Journal of Technology Innovation     Hybrid Journal   (Followers: 9)
Asian-pacific Economic Literature     Hybrid Journal   (Followers: 5)
AStA Wirtschafts- und Sozialstatistisches Archiv     Hybrid Journal   (Followers: 5)
Atlantic Economic Journal     Hybrid Journal   (Followers: 14)
Australasian Journal of Regional Studies, The     Full-text available via subscription   (Followers: 2)
Australian Cottongrower, The     Full-text available via subscription   (Followers: 1)
Australian Economic Papers     Hybrid Journal   (Followers: 16)
Australian Economic Review     Hybrid Journal   (Followers: 7)
Australian Journal of Maritime and Ocean Affairs     Hybrid Journal   (Followers: 11)
Balkan Region Conference on Engineering and Business Education     Open Access   (Followers: 1)
Baltic Journal of Real Estate Economics and Construction Management     Open Access   (Followers: 1)
Banks in Insurance Report     Hybrid Journal   (Followers: 1)
BBR - Brazilian Business Review     Open Access   (Followers: 5)
Benchmarking : An International Journal     Hybrid Journal   (Followers: 11)
BER : Consumer Confidence Survey     Full-text available via subscription   (Followers: 4)
BER : Economic Prospects : An Executive Summary     Full-text available via subscription  
BER : Economic Prospects : Full Survey     Full-text available via subscription   (Followers: 2)
BER : Intermediate Goods Industries Survey     Full-text available via subscription   (Followers: 1)
BER : Manufacturing Survey : Full Survey     Full-text available via subscription   (Followers: 2)
BER : Motor Trade Survey     Full-text available via subscription   (Followers: 1)
BER : Retail Sector Survey     Full-text available via subscription   (Followers: 2)
BER : Retail Survey : Full Survey     Full-text available via subscription   (Followers: 2)
BER : Survey of Business Conditions in Building and Construction : An Executive Summary     Full-text available via subscription   (Followers: 4)
BER : Survey of Business Conditions in Manufacturing : An Executive Summary     Full-text available via subscription   (Followers: 3)
BER : Survey of Business Conditions in Retail : An Executive Summary     Full-text available via subscription   (Followers: 3)
BER : Trends : Full Survey     Full-text available via subscription   (Followers: 2)
BER : Wholesale Sector Survey     Full-text available via subscription   (Followers: 1)
Berkeley Business Law Journal     Free   (Followers: 11)
Bio-based and Applied Economics     Open Access   (Followers: 1)
Biodegradation     Hybrid Journal   (Followers: 1)
Biology Direct     Open Access   (Followers: 7)
Black Enterprise     Full-text available via subscription  
Board & Administrator for Administrators only     Hybrid Journal  
Border Crossing : Transnational Working Papers     Open Access   (Followers: 2)
Briefings in Real Estate Finance     Hybrid Journal   (Followers: 5)
British Journal of Industrial Relations     Hybrid Journal   (Followers: 30)
Brookings Papers on Economic Activity     Open Access   (Followers: 46)
Brookings Trade Forum     Full-text available via subscription   (Followers: 3)
BRQ Business Research Quarterly     Open Access   (Followers: 2)
Building Sustainable Legacies : The New Frontier Of Societal Value Co-Creation     Full-text available via subscription   (Followers: 1)
Bulletin of Economic Research     Hybrid Journal   (Followers: 16)
Bulletin of Geography. Socio-economic Series     Open Access   (Followers: 6)
Bulletin of Indonesian Economic Studies     Hybrid Journal   (Followers: 3)
Bulletin of the Dnipropetrovsk University. Series : Management of Innovations     Open Access   (Followers: 1)
Business & Entrepreneurship Journal     Open Access   (Followers: 15)
Business & Information Systems Engineering     Hybrid Journal   (Followers: 5)
Business & Society     Hybrid Journal   (Followers: 9)
Business : Theory and Practice / Verslas : Teorija ir Praktika     Open Access   (Followers: 1)
Business and Economic Horizons     Open Access   (Followers: 2)
Business and Economic Research     Open Access   (Followers: 5)
Business and Management Horizons     Open Access   (Followers: 11)
Business and Management Research     Open Access   (Followers: 16)
Business and Management Studies     Open Access   (Followers: 7)
Business and Politics     Hybrid Journal   (Followers: 6)
Business and Professional Communication Quarterly     Hybrid Journal   (Followers: 7)
Business and Society Review     Hybrid Journal   (Followers: 5)
Business Economics     Hybrid Journal   (Followers: 6)
Business Ethics: A European Review     Hybrid Journal   (Followers: 16)
Business Horizons     Hybrid Journal   (Followers: 9)
Business Information Review     Hybrid Journal   (Followers: 13)
Business Management and Strategy     Open Access   (Followers: 39)
Business Research     Hybrid Journal   (Followers: 1)
Business Strategy and the Environment     Hybrid Journal   (Followers: 11)
Business Strategy Review     Hybrid Journal   (Followers: 6)
Business Strategy Series     Hybrid Journal   (Followers: 5)
Business Systems & Economics     Open Access   (Followers: 1)
Business Systems Research Journal     Open Access   (Followers: 4)
Business, Management and Education     Open Access   (Followers: 16)
Business, Peace and Sustainable Development     Full-text available via subscription   (Followers: 3)
Bustan     Hybrid Journal   (Followers: 1)
Cadernos EBAPE.BR     Open Access   (Followers: 1)
Cambridge Journal of Economics     Hybrid Journal   (Followers: 55)
Cambridge Journal of Regions, Economy and Society     Hybrid Journal   (Followers: 9)
Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration     Hybrid Journal   (Followers: 1)
Canadian Journal of Economics/Revue Canadienne d`Economique     Hybrid Journal   (Followers: 25)
Canadian journal of nonprofit and social economy research     Open Access   (Followers: 2)
Capitalism and Society     Hybrid Journal   (Followers: 2)
Capitalism Nature Socialism     Hybrid Journal   (Followers: 11)
Case Studies in Business and Management     Open Access   (Followers: 8)
CBU International Conference Proceedings     Open Access   (Followers: 1)
Central European Business Review     Open Access   (Followers: 1)
Central European Journal of Operations Research     Hybrid Journal   (Followers: 5)
Central European Journal of Public Policy     Open Access   (Followers: 1)
CESifo Economic Studies     Hybrid Journal   (Followers: 15)
Chain Reaction     Full-text available via subscription   (Followers: 1)
Challenge     Full-text available via subscription   (Followers: 4)
China & World Economy     Hybrid Journal   (Followers: 15)
China : An International Journal     Full-text available via subscription   (Followers: 17)
China Economic Journal: The Official Journal of the China Center for Economic Research (CCER) at Peking University     Hybrid Journal   (Followers: 10)
China Economic Review     Hybrid Journal   (Followers: 10)
China Finance Review International     Hybrid Journal   (Followers: 5)
China Nonprofit Review     Hybrid Journal   (Followers: 3)
China perspectives     Open Access   (Followers: 11)
Chinese Economy     Full-text available via subscription  
Ciência & Saúde Coletiva     Open Access   (Followers: 2)
CLIO América     Open Access   (Followers: 1)
Cliometrica     Hybrid Journal   (Followers: 1)
COEPTUM     Open Access  
Community Development Journal     Hybrid Journal   (Followers: 23)
Compensation & Benefits Review     Hybrid Journal   (Followers: 6)
Competition & Change     Hybrid Journal   (Followers: 10)
Competitive Intelligence Review     Hybrid Journal   (Followers: 2)
Competitiveness Review : An International Business Journal incorporating Journal of Global Competitiveness     Hybrid Journal   (Followers: 5)
Computational Economics     Hybrid Journal   (Followers: 9)
Computational Mathematics and Modeling     Hybrid Journal   (Followers: 8)
Computer Law & Security Report     Hybrid Journal   (Followers: 15)
Computers & Operations Research     Hybrid Journal   (Followers: 10)
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 14)
Contemporary Wales     Full-text available via subscription   (Followers: 3)
Contextus - Revista Contemporânea de Economia e Gestão     Open Access   (Followers: 1)
Contributions to Political Economy     Hybrid Journal   (Followers: 6)
Corporate Communications An International Journal     Hybrid Journal   (Followers: 4)
Corporate Philanthropy Report     Hybrid Journal   (Followers: 2)
Corporate Reputation Review     Hybrid Journal   (Followers: 5)
Creative and Knowledge Society     Open Access   (Followers: 10)
Creative Industries Journal     Hybrid Journal   (Followers: 8)
CRIS - Bulletin of the Centre for Research and Interdisciplinary Study     Open Access   (Followers: 1)
Crossing the Border : International Journal of Interdisciplinary Studies     Open Access   (Followers: 4)
Cuadernos de Administración (Universidad del Valle)     Open Access   (Followers: 1)
Cuadernos de Economía     Open Access   (Followers: 1)
Cuadernos de Economia - Latin American Journal of Economics     Open Access   (Followers: 1)
Cuadernos de Estudios Empresariales     Open Access   (Followers: 1)
Current Opinion in Creativity, Innovation and Entrepreneurship     Open Access   (Followers: 8)
De Economist     Hybrid Journal   (Followers: 12)
Decision Analysis     Full-text available via subscription   (Followers: 8)
Decision Sciences     Hybrid Journal   (Followers: 15)
Decision Support Systems     Hybrid Journal   (Followers: 15)
Defence and Peace Economics     Hybrid Journal   (Followers: 16)
der markt     Hybrid Journal   (Followers: 1)
Desenvolvimento em Questão     Open Access  

        1 2 3 4 5 6 | Last

Journal Cover China Finance Review International
  [5 followers]  Follow
    
   Hybrid Journal Hybrid journal (It can contain Open Access articles)
   ISSN (Print) 2044-1398
   Published by Emerald Homepage  [335 journals]
  • Modeling Non-normality Using Multivariate t:Implications for Asset Pricing
    • First page: 2
      Abstract: China Finance Review International, Volume 7, Issue 1, February 2017.
      Purpose The purpose of this paper is show that multivariate t-distribution assumption provides a better description of stock return data than multivariate normality assumption. Design/methodology/approach The EM algorithm is applied to solve the statistical estimation problem almost analytically, and the asymptotic theory is provided for inference. Findings We find that the multivariate normality assumption is almost always rejected by real stock return data, while the multivariate t-distribution assumption can often be adequate. Conclusions under normality vs. under t can be drastically different for estimating expected returns and Jensen's alphas, and for testing asset pricing models. Practical implications The results provide improved estimates of cost of capital and asset moment parameters that are useful for corporate project evaluation and portfolio management. Originality/value We proposed new procedures that makes it easy to use a multivariate t-distribution, which ts well the data, as a simple and viable alternative in practice to examine the robustness of many existing results.
      Citation: China Finance Review International
      PubDate: 2017-01-07T12:39:16Z
      DOI: 10.1108/CFRI-10-2016-0114
       
  • Volatility Risk and Stock Return Predictability on Global Financial Crises
    • First page: 33
      Abstract: China Finance Review International, Volume 7, Issue 1, February 2017.
      Purpose This paper investigates the role of volatility risk on stock return predictability specified on two global financial crises: the dot-com bubble and recent financial crisis. Design/methodology/approach Using a broad sample of stock options traded on the American Stock Exchange and the Chicago Board Options Exchange (CBOE) from January 2001 to December 2010, the effect of different idiosyncratic volatility forecasting measures are examined on future stock returns in four different periods (Bear and Bull markets). Findings First we find clear and robust empirical evidence that the implied idiosyncratic volatility is the best stock return predictor for every sub-period both in Bear and Bull markets. Second, the cross-section firm-specific characteristics are important when it comes to stock returns forecasts, as the latter have mixed positive and negative effects on Bear and Bull markets. Third, we provide evidence that short selling constraints impact negatively on stock returns for only a Bull market and that liquidity is meaningless for both Bear and Bull markets after the recent financial crisis. Practical implications These results would be helpful to disclose more information on the best idiosyncratic volatility measure to be implemented in Global Financial Crises. Originality/value This study empirically analyses the effect of different idiosyncratic volatility measures for a period that involves both the dotcom bubble and the recent financial crisis in four different periods (bear and bull markets) and contributes the existing literature on volatility measures, volatility risk and stock return predictability in Global Financial Crises.
      Citation: China Finance Review International
      PubDate: 2017-01-07T12:39:13Z
      DOI: 10.1108/CFRI-04-2016-0021
       
  • Analyst’s Ability, Media Selection and Investor Interests: Evidence
           from China
    • First page: 67
      Abstract: China Finance Review International, Volume 7, Issue 1, February 2017.
      Purpose The purpose of this paper is to find out whether the election of star analysts leads to the conflict of interests between analysts\institutional investors and individual investors. And then, further investigate how the election results to influence the individual investors’ decision-making. Design/methodology/approach Given the fact that earning forecasts and stock ratings are the most important foundations for the investor’s investment decision, the authors investigate the relationship among the earning forecasts, abnormal returns and the election of star analyst. This paper further analyzes the impact factors on investors’ decision. The data used in this paper for star analysts’ information, analysts’ forecast and recommendations, as well as stock performances related data are from 2005 to 2012. Findings This paper finds that mass media cannot select analysts with high forecast accuracy, and then misleads investors. It demonstrates that the analysts with poorer forecast ability and more optimistic stock recommendations are more prone to be entitled as star analysts by mass media,and these titled star analysts tend to show a poorer performance. Therefore, the star analyst are worsens investors’ cognition on analysts forecast ability and then misleads investors’ decision-making. Originality/value This paper supports a new perspective of the role of mass media in financial market, which is different from existed studies.
      Citation: China Finance Review International
      PubDate: 2017-01-07T12:39:15Z
      DOI: 10.1108/CFRI-06-2016-0049
       
  • The Performance of China’s Stock Market Price Limits: Noise
           Mitigator or Noise Maker?
    • First page: 85
      Abstract: China Finance Review International, Volume 7, Issue 1, February 2017.
      Purpose This paper aims to re-examine the effectiveness of price limits on stock volatilities in China over a more recent time period spanning from 2007 to 2012. The motivation stems from the fact that very high stock market volatilities are observed in China and we are sceptical of the volatility mitigating effect claimed by advocates of price limits Design/methodology/approach The effectiveness of price limits on volatilities is examined using an event study methodology and within an expanded framework of volatility-volume relationships. The sample stocks include the 300 component stocks of the CSI300 Index. Findings Both event study and regression analysis suggest that price limits exaggerate market volatilities by causing volatility spillovers. The destabilising effect is much more pronounced for small firm stocks and when the market falls. In addition to the informational source of volatilities (represented by volume), price limits create another non-trivial frictional source of volatilities in China’s stock market. Originality/value This research is the first to reexamine the price limit effect in China’s stock market in an expanded framework of volatility-volume relationships. It identifies price limits, in addition to information, as another non-trivial frictional source of volatilities. The findings derived from a recent sample period confirm the conventional view of inefficiency of price limits raised by Fama (1989) and provide evidence in support of the pervasive trend of stock market deregulations.
      Citation: China Finance Review International
      PubDate: 2017-01-07T12:39:10Z
      DOI: 10.1108/CFRI-07-2016-0096
       
  • The Competition Effect of New Entry on Mutual Fund Incumbents in China
    • First page: 98
      Abstract: China Finance Review International, Volume 7, Issue 1, February 2017.
      Purpose Using the sample between 2005 and 2011, we investigate the effect of new fund entry on incumbents using the overlap measure in portfolio holdings. Design/methodology/approach Empirical methodology is used in this study. Findings We find that incumbents that have a higher overlap with the entrants underperform subsequently. Based on the characteristic-based approach of Daniel et al (1997), we find that the characteristic selectivity component is negatively correlated with our overlap measure, and thereby the decline in performance is driven by stock-picking ability. We also discuss the unobserved actions of incumbents using the approach proposed by Kacperczyk et al(2008) and find that incumbent unobserved actions do not benefit mutual fund investors in China. Finally we find that investors respond to the supply-side competition between entrants and incumbents quickly. These findings help us understand the mutual fund completion in China. Originality/value The findings in this study can help scholars, industry experts and regulatory authorities to understand the effect of competition in Chinese mutual fund industry.
      Citation: China Finance Review International
      PubDate: 2017-01-07T12:39:13Z
      DOI: 10.1108/CFRI-04-2016-0020
       
  • Credit Enhancement and Bond Rating: An Empirical Study of the Bonds Issued
           by Local Government Financing Platforms
    • First page: 114
      Abstract: China Finance Review International, Volume 7, Issue 1, February 2017.
      Purpose This paper examines the difference of credit enhancement of variously secured bonds issued by local government financing platforms (LGFPB). Design/methodology/approach The approaches to secure the bonds usually include mortgage, collateral, guarantee, etc.. Findings Using a sample of LGFPBs issued during the 2007-2013 period, we find that all of the approaches to secure the bonds would increase the bond rating and that compounded approaches have a higher credit enhancement effect than single approaches. Among these approaches, the requirement of collateral has the strongest enhancement effect. Moreover, we find that the guarantee provided by a state-owned bank or enterprise increases the bond rating more than the guarantee provided by other local government financing platforms. Research limitations/implications The findings in this study suggest that the credit enhancement would be deeply affected by the approach used to secure the bond. Practical implications These results can help the local government make better decisions when issuing bond. Originality/value This study empirically analyzes the different credit enhancement approaches for securing LGPFBs for the first time and contributes to the literature regarding credit ratings of local government bonds.
      Citation: China Finance Review International
      PubDate: 2017-01-07T12:39:14Z
      DOI: 10.1108/CFRI-12-2015-0143
       
  • Securitization of longevity risk - survivor swap perspective
    • First page: 322
      Abstract: China Finance Review International, Volume 6, Issue 4, November 2016.
      Purpose This paper aims to present a clear path to securitize the longevity risk with two distinct swaps in order to inspire a new Chinese life market. Design/methodology/approach Studies on longevity risk securitization consist of three aspects, respectively instrument design, pricing methodology and mortality projection. The swaps designed are referenced respectively to vanilla and complex survivor swaps (Dowd et al., 2006; Lin and Cox, 2005). Methods applied are RHH model and Gompertz law for mortality projection, as well as two-factor Wang transformation for pricing. Findings This paper figures out the market price of risk in Chinese annuity market, checks for the sensitivity of the price to parameters, and tests the hedging effects by Monte Carlo Simulation. Originality/value Based on the theoretical and numerical results, this paper suggests an effective way to possibly witness the birth of New Life Market in China.
      Citation: China Finance Review International
      PubDate: 2016-10-07T11:13:22Z
      DOI: 10.1108/CFRI-06-2015-0092
       
  • The impact of the reputation of underwriter and sponsoring representative
           on IPO underwriting fees
    • First page: 342
      Abstract: China Finance Review International, Volume 6, Issue 4, November 2016.
      Purpose This paper analyzes the effect of the reputation of underwriters and sponsoring representatives on IPO underwriting fees, and further investigates the role of ownership and political connection. Design/methodology/approach Our methodology includes three models. Model 1 empirically investigates the effect of underwriter’s reputation on underwriting fee. Model 2 studies the effect of sponsoring representative’s reputation on underwriting fee. Model 3 further examines the effect of underwriter’s reputation and sponsoring representative reputation on the underwriting fee controlling for the impact of ultimate controlling ownership and political connection. Findings The study documents that underwriters’ and sponsoring representatives’ reputation can result in reputational premiums. In the IPO of state-owned enterprises (SOEs), the reputation of underwriters and sponsoring representatives does not significantly affect the underwriting fees. In the IPO of non-state-owned enterprises (NSOEs), there is a significantly positive correlation between underwriters’ and sponsoring representatives’ reputation and underwriting fees. Further research results show that, on the one hand, the effect of underwriters’ and sponsoring representatives’ reputation on underwriting fees is not significant in the IPO of NSOEs with political connection. On the other hand, underwriting fees are positively associated with underwriters’ and sponsoring representatives’ reputation in the IPO of NSOEs without political connection. Research limitations/implications The sponsoring representative’s fee is not disclosed separately, which makes it difficult to distinguish the incremental effect from underwriter’s services and reputation. Practical implications NSOEs relative to SOEs are more likely to pay higher underwriting fees for hiring underwriter and sponsoring representative with better reputation during the process of IPO. Originality/value This paper provides new evidence of sponsoring representatives’ reputation and political connection on the underwriting fees in the IPO in Chinese SOEs and NSOEs.
      Citation: China Finance Review International
      PubDate: 2016-10-07T11:13:23Z
      DOI: 10.1108/CFRI-07-2015-0109
       
  • Dynamical evolution of trading behavior on anti-coordination game in
           complex networks
    • First page: 367
      Abstract: China Finance Review International, Volume 6, Issue 4, November 2016.
      Purpose This study aims to address the dynamical evolvement of investors’ behavior in stock market networks on the principle of Non-cooperative strategy represented by anti-coordination game. Design/methodology/approach Using modelling and simulation research method, this study designs and conducts a mathematical modelling and its simulation experiment of financial market behavior according to research’s basic norms of complex system theory and methods. Thus we acquire needed and credible experimental data. Findings The conclusions drawn in this paper are as follows. The dynamical evolution of investors’ trading behavior is not only affected by the stock market network structure, but also by the risk dominance degree of certain behavior. The dynamics equilibrium of trading behavior’s evolvement is directly influenced by the risk dominance degree of certain behavior, connectivity degree and the heterogeneity of the stock market networks. Research limitations/implications This article focuses on the dynamical evolvement of investors’ behavior on the basis of the hypothesis that common investors prefer to mimic their network neighbors’ behavior through different analysis by the strategy of anti-coordination game in complex network. While, the investors’ preference and the beliefs among them are not easy to quantify, that is deterministic or stochastic as the environment changes, and is heterogeneous definitely. Thus, these limitations should be broken through in the future research. Originality/value This article aims to address the dynamical evolvement of investors’ behavior in stock market networks on the principle of Non-cooperative represented by anti-coordination game in networks for the first time, considering that investors prefer to mimic their network neighbors’ behavior through different analysis by the strategy of differential choosing in every time step. The methodology designed and used in this study is a pioneering and exploratory experiment.
      Citation: China Finance Review International
      PubDate: 2016-10-07T11:13:25Z
      DOI: 10.1108/CFRI-08-2015-0119
       
  • Determinants of different types of bank liquidity: evidence from BRICS
           countries
    • First page: 380
      Abstract: China Finance Review International, Volume 6, Issue 4, November 2016.
      Purpose This study explores the determinants of three different types of bank liquidity: funding liquidity, liquidity creation and stock liquidity in emerging markets. Design/methodology/approach It uses an extensive set of data from all the listed banks of Brazil, Russia, India, China and South Africa, collectively known as the BRICS countries, spanning the period 2002 to 2014. Multiple linear regression has been used to estimate the coefficients of the determinants. Findings In case of emerging markets, bank size is not a determinant of different types of liquidity, except funding liquidity. Besides, the recent financial crisis had an impact on funding liquidity as well as “cat nonfat” measure of liquidity creation but it did not affect “cat fat” measure and stock liquidity. The variation in funding liquidity is also explained by the profitability and the riskiness of the bank. Effective interest rate, national savings rate, and inflation rate are also the determinants of funding liquidity. Bank specific determinants of liquidity creation include bank leverage and profitability, and macroeconomic determinants include stock market index, effective interest rate, and unemployment rate. The variation in stock liquidity of the bank is explained by profitability and price of stocks, trading volume, volatility of stock returns, and percentage change in real gross domestic product. Neither market capitalization nor stock market index is the determinant of stock liquidity of the banks. Research limitations/implications This study uses the data from publically listed banks only. Practical implications The findings of this study may be used by the policy makers and bank managers in the emerging markets to design better policies and to strengthen the banking system to avoid financial turmoil in future. Originality/value Most of the existing studies focus on bank liquidity in developed countries and studies aiming on emerging countries are rare. The existing studies focus more on funding liquidity and liquidity creation but to the best of the authors’ knowledge, none of the studies analyze the determinants of banks’ stock liquidity. So, this study bridges the above mentioned gaps by focusing on bank liquidity in emerging markets, and exploring the determinants of the stock liquidity of the banks.
      Citation: China Finance Review International
      PubDate: 2016-10-07T11:13:25Z
      DOI: 10.1108/CFRI-07-2015-0113
       
  • Double-sided moral hazard, information screening and the optimal contract
    • First page: 404
      Abstract: China Finance Review International, Volume 6, Issue 4, November 2016.
      Purpose In the practice of venture capital investment, the venture capital will not only claim the share of the enterprise’s future output, but also a certain amount of fixed income. This paper tries to examine the optimal contract which blends the variable ownership income and the fixed income theoretically so as to provide a keen insight into the venture capital practice. Design/methodology/approach This paper establishes an extended principal-agent model and researches on the design of optimal contract dominated by venture capital with double-sided moral hazard and information screening. Findings By establishing theoretical models, the main findings are: first, high-quality enterprise tends to relinquish less ownership but give more fixed return to the venture capital as compensation in order to obtain the venture capital financing; second, low-quality enterprise is willing to relinquish more ownership but give less fixed return to the venture capital for financing; third ,due to the existence of double-sided moral hazard, neither of the venture capital and the enterprise will exert their best effort. Originality/value This paper furthers the application of principal-agent model in the field of venture capital investment and researches on the optimal contract, considering double-sided moral hazard and asymmetric information at the same time originally.
      Citation: China Finance Review International
      PubDate: 2016-10-07T11:13:24Z
      DOI: 10.1108/CFRI-04-2016-0015
       
 
 
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