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Social and Behavioral Sciences Commons™
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- Keyword
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- Hong Kong (3)
- Accrued earnings management (1)
- Asian Financial Crisis (1)
- Behavioral Finance Theory (1)
- Carry trade (1)
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- Chinese Stock Market (1)
- Earnings Management (1)
- First-day closing price (1)
- Floating exchange rate (1)
- HIBOR (1)
- Hang Seng Index (1)
- Hong Kong Inter-Bank Offered Rate (1)
- Household's saving (1)
- Housing Price Index (1)
- Housing Prices (1)
- IPO (1)
- Initial Public Offerings) (1)
- Interest rate parity failure (1)
- Interest-rate behavior (1)
- Jones Model (1)
- LTCM (1)
- Linked Exchange Rate System (1)
- Long-Term Capital Management (1)
- Margin ROE (1)
- Modified Jones Model (1)
- New accounting standard (1)
- OLS Analysis (1)
- Offshore financial center (1)
- Poland (1)
- Pricing (1)
Articles 1 - 18 of 18
Full-Text Articles in Social and Behavioral Sciences
The Relationship Among The Liquidity In Real Economy, Financial Economy And Inflation, Zhaoxuan Sun
The Relationship Among The Liquidity In Real Economy, Financial Economy And Inflation, Zhaoxuan Sun
Lingnan Journal of Banking, Finance and Economics
This paper introduces the principles supporting the fisher transaction equation. Then, it transforms the traditional quantity equation, and adds the financial economic department into the equation to estimate currency liquidity respectively. We show that when liquidity enters into the real economy and the financial economy, the capital price will change earlier than the product price does. We could also interpret that the excess liquidity in the financial economy firstly affects the capital price. Then, the capital price will take positive effects on the product price. This is opposed to the influence mechanism taken by liquidity on the real economy. We …
Stock Market Efficiency In The S&P 500 With Respect To Day Of The Week, Zachary James Rodenbarger
Stock Market Efficiency In The S&P 500 With Respect To Day Of The Week, Zachary James Rodenbarger
Lingnan Journal of Banking, Finance and Economics
Theoretically speaking, we assume that markets are efficient and that investors should not be able to earn abnormal returns without privately held information. The fact that fund managers beat the market can simply be explained as luck. However, realistically speaking, the markets involve humans that do not always make rational decisions, which can lead to market inefficiencies. This paper looks into one such inefficiency which regards trading day of the week in the S&P 500 through three different forecasting periods coming before, during, and after the financial crisis of 2008. Theoretically we would expect to find no pattern or correlation …
Link Between S&P 500 And Ftse 100 And The Comparison Of That Link Before And After The S&P 500 Peak In October 2007, Michael Joseph Silk
Link Between S&P 500 And Ftse 100 And The Comparison Of That Link Before And After The S&P 500 Peak In October 2007, Michael Joseph Silk
Lingnan Journal of Banking, Finance and Economics
The paper reviews the correlation between the S&P 500 and the FTSE 100 before and during the 2008 global financial crisis. It found that The S&P 500 has a strong causation effect on the FTSE 100, both before and since the financial crisis. This link seems to have increased after the October 2007 peak in the S&P 500. Since the crisis, the FTSE 100 appears to have a weak causation effect on the S&P 500. Before the crisis there was no apparent impact on the S&P 500’s movements from movements in the FTSE 100.
The Empirical Study Of Earnings Management Based On Chinese Listed Companies, Yang Zhang
The Empirical Study Of Earnings Management Based On Chinese Listed Companies, Yang Zhang
Lingnan Journal of Banking, Finance and Economics
Earnings management that is used to manipulate book earnings to an expected level has been one of the controversial topics in the accounting field. It occurs two ways: one is accrued earnings management and the other is real earnings management. Many studies show that these two methods have a reciprocal relationship based on the costs of using them. The accrued earnings management method is preferred when the accounting standards are flexible and the real earnings management is preferred when the legal systems are good. This paper verifies its findings by drawing a link to the new accounting standard announced by …
The Global Financial Tsunami : 2008, Juan Manuel Chaves Echeverri
The Global Financial Tsunami : 2008, Juan Manuel Chaves Echeverri
Lingnan Journal of Banking, Finance and Economics
In 2008 a series of bankruptcies of financial institutions led the United States and the principal economies of the world into a recession of great magnitude that required exceptional government intervention.
It started on September 14th when Lehman Brothers announced that it was entering into chapter 11 bankruptcy. After this, there was intervention in recognized multinational corporations like Fannie Mae, Freddie Mac, and American International Group. There were also the bank failures of Washington Mutual and Citigroup.
The main cause of this crisis was the excessive level of leverage of the financial industry, which had its roots in the real …
The Household's Savings And The Industrial Production : A Time Series Analysis For Poland, Michal Wojewodzki
The Household's Savings And The Industrial Production : A Time Series Analysis For Poland, Michal Wojewodzki
Lingnan Journal of Banking, Finance and Economics
In this paper the author will examine the short and long-run causality between the growth rate of households‟ savings in the consolidated banking system in Poland, and the Polish economic growth rate (using the industrial production index as its proxy). This research paper will cover Poland‟s economic development over the periods 1997 to 2010 (in a quarterly approach). The main purpose of this paper is to shed light on the direction of the causality between saving and growth, so that the Polish policymakers can either focus on policies promoting growth or focus on saving policies in order to effectively and …
Herding Evidence In Chinese Stock Market : A Study Of The Relationship Between Stock Price Index And Trading Volume Based On Behavioral Finance Theory, Xiaofeng Zhao
Lingnan Journal of Banking, Finance and Economics
Over the last couple decades, more evidence has been found supporting the notion that investors are not always rational. Herding behaviors have been observed in both the stock market crash1 and financial bubbles2, which were beyond the understanding of modern finance theory. In this paper, the herding phenomenon was explored in the Chinese stock market by the study of the relationship between stock prices and trading volume over the past 7 years. It was found that the change of price is statistically significant to have caused the change of trading volume, but the reverse is not true. Theoretically, this identifies …
A Quantitative Study Of Influential Factors On Hibor Under Hong Kong's Linked Exchange Rate System, Jianbin Situ
A Quantitative Study Of Influential Factors On Hibor Under Hong Kong's Linked Exchange Rate System, Jianbin Situ
Lingnan Journal of Banking, Finance and Economics
Hong Kong Inter-Bank Offered Rate (HIBOR) is one of the most important interest rates in the Hong Kong money market. This paper studied some of the significant factors in determining HIBOR under Hong Kong‟s Linked Exchange Rate System using a VAR model to describe how various factors affect the movement of HIBOR. The result indicates that HIBOR, foreign exchange rate and M1 are correlated.
The Uncovered Interest Rate Parity Failure From 2002 To 2005 : An Implicit Consensus Of Carry Trade, Yui Law
The Uncovered Interest Rate Parity Failure From 2002 To 2005 : An Implicit Consensus Of Carry Trade, Yui Law
Lingnan Journal of Banking, Finance and Economics
There are many literatures devoted to the study of the uncovered interest parity (UIP); however, majority of them focus on whether UIP exists and only a few concentrate on the pattern of the UIP failure. By using a panel VAR approach, this paper compares the intensive carry trade period, between 2002 and 2005, and the pre-intensive carry trade period, between 1998 and 2001. The results show that during the intensive carry trade period UIP failure was caused by the self-fulfilling behaviour of investors. High interest rate currencies made investors believed that the currencies would appreciate and bided their price even …
Analysis On Accrual-Based Models In Detecting Earnings Management, Tianran Chen
Analysis On Accrual-Based Models In Detecting Earnings Management, Tianran Chen
Lingnan Journal of Banking, Finance and Economics
This paper analyzes the problems with the alternative accrual-based models in detecting earnings management. The researcher will focus on comparing the Jones Model and the Modified Jones Model, which are the two most frequently used model in empirical analysis nowadays. Earnings management is a kind of management which uses accounting techniques to meet the executives‟ needs for earnings; it is a widely debated topic, hence it is worth looking at. Experts and professionals in this area found many approaches to detect the earnings management; within these approaches are the accrual-based models which include the modified Jones model, which currently is …
How Can Saving Deposit Rate And Hang Seng Index Affect Housing Prices : An Empirical Study In Hong Kong Market, Tao Tang
Lingnan Journal of Banking, Finance and Economics
The main objective of this paper is to examine the impact of savings deposit rate and Hang Seng index on real estate prices in Hong Kong Market. Two different periods are chosen to conduct this research: one period is the deflationary time, from 1998 to 2003, and the other is the reviving economical time from 2004 to 2007. The aim of this research is to examine the influences of these variables in different economic conditions, and find out whether there are any causal effects amongst them.
The Benefits Of Introducing A Housing Price Index Future In Hong Kong, Yingsi Feng
The Benefits Of Introducing A Housing Price Index Future In Hong Kong, Yingsi Feng
Lingnan Journal of Banking, Finance and Economics
It is widely recognized and accepted that, financial innovation such as options and futures can help to manage risk, speculate, arbitrage and discover price in financial markets. As such, the researcher believes that the introduction of a Housing Price Index Futures in Hong Kong can greatly improve the investment environment in Hong Kong‟s property market. Therefore, the purpose of this paper is to perform a feasibility study of the proposed Housing Price Index Futures in Hong Kong financial Market, to reveal the crucial need of this innovation for the betterment of the real estate market in Hong Kong, and the …
Evidences Of High Sensitivity Of Investors To Financial News After Crises : Cases Study Of Asian Financial Crisis And Sub-Prime, Yui Law
Lingnan Journal of Banking, Finance and Economics
In the academic field of international stock market, some critics argue that, after having a global financial crisis, stock markets around the world will become more integrated. In fact, many researchers have put forward empirical works showing that the co-relation, or Granger-Causality, among different stock markets, strengthens comparatively at the post crisis period. This finding is rational; however, the explanation given for the increased co-movement after the crisis is not sufficient. The critics suggest that this increase is caused by the increase in international arbitrage activities and the higher degree of integration among markets. The Purpose of this paper is …
Implications Of A Managed Floating Exchange Rate System On The Interest-Rate Behavior Of Singapore, Jingjing Wei
Implications Of A Managed Floating Exchange Rate System On The Interest-Rate Behavior Of Singapore, Jingjing Wei
Lingnan Journal of Banking, Finance and Economics
Singapore and Hong Kong are two similar economies, but they have rather different monetary systems and exchange-rate regimes. Singapore’s managed floating exchange rate regime contrasts with Hong Kong’s currency board system (CBS) featured by the Hong Kong–United States dollar peg. In this paper, we appraise the implications of the managed floating exchange rate regimes on the interest-rate behavior of Singapore. We examine the Singapore-US interest differential under the Singapore’s exchange-rate regimes during the Asian Financial Crisis (AFC), current Global Financial Crisis and none-crisis periods by using generalized autoregressive conditional heteroscedasticity (GARCH) model. We hope that the good performance of Singapore’s …
Citizens’ Satisfaction With The Sar Government's Overall Performance In Post-Colonial Hong Kong : Result Of Ols Analysis, Luo Yang
Lingnan Journal of Banking, Finance and Economics
Through studying of the impact of the Hong Kong Special Administration Region government’s performance in various policy areas upon the level of citizen’s satisfaction with the government’s overall performance, this paper confirms the general wisdom that economic development is an important source of citizens’ satisfaction with the government’s performance. It further proves that, government’s performance on democratic development and freedom of speech and assembly are also very powerful variables in the model and its partial coefficients are impressive.
Analysis Of Hong Kong To Be An Offshore Financial Center Of Rmb, Qichao Song
Analysis Of Hong Kong To Be An Offshore Financial Center Of Rmb, Qichao Song
Lingnan Journal of Banking, Finance and Economics
In this article we aim to discuss the possibility and feasibility as well as the disadvantages and barriers for Hong Kong to be an offshore financial center of RMB. As the most biggest financial center in China, Hong Kong need to develop the RMB business for strengthening its position in the international competition. And we think that to become an RMB offshore financial center is not only an opportunity but also a responsibility for Hong Kong. We also give some suggestions on this issue.
An Experimental Study About Effective Factors Of First-Day Offer Pricing : Taking Stock Markets As An Example, Yi Liu
Lingnan Journal of Banking, Finance and Economics
The author examines the literature with respect to the pricing of initial public offerings and focus upon the effective factors of pricing. Using a data base of all share offerings undertaken in Hong Kong over a one year period (in 2007), the author finds that there is considerable evidence for the proposition that large and well-capitalized companies tend to price their share offerings at a higher absolute level in order to get a higher level of first-day closing price. Using classical statistical methods, the author finds that the pricing strategy of offering companies is connected to shareholders’ desire of the …
The Fall Of Long-Term Capital Management, Xiaowei Guo
The Fall Of Long-Term Capital Management, Xiaowei Guo
Lingnan Journal of Banking, Finance and Economics
The author examines the literature with respect to the pricing of initial public offerings and focus upon the effective factors of pricing. Using a data base of all share offerings undertaken in Hong Kong over a one year period (in 2007), the author finds that there is considerable evidence for the proposition that large and well-capitalized companies tend to price their share offerings at a higher absolute level in order to get a higher level of first-day closing price. Using classical statistical methods, the author finds that the pricing strategy of offering companies is connected to shareholders’ desire of the …