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Full-Text Articles in Social and Behavioral Sciences
Market Efficiency And The Returns To Simple Technical Trading Rules: New Evidence From U.S. Equity Market And Chinese Equity Markets, Gary Gang Tian, Guang Hua Wan, Mingyuan Guo
Market Efficiency And The Returns To Simple Technical Trading Rules: New Evidence From U.S. Equity Market And Chinese Equity Markets, Gary Gang Tian, Guang Hua Wan, Mingyuan Guo
Gary Tian
Numerous studies in the finance literature have investigated technical analysis to determine its validity as an investment tool. This study is an attempt to explore whether some forms of technical analysis can predict stock price movement and make excess profits based on certain trading rules in markets with different efficiency level. To avoid using arbitrarily selected 26 trading rules as did by Brock, Lakonishok and LeBaron (1992) and later by Bessembinder and Chan (1998), this paper examines predictive power and profitability of simple trading rules by expanding their universe of 26 rules to 412 rules. In order to find out …
Macroeconomic Determinants Of Corporate Performance And Failure: Evidence From An Emerging Market The Case Of Jordan, Rami Zeitun, Gary Tian, Steve Keen
Macroeconomic Determinants Of Corporate Performance And Failure: Evidence From An Emerging Market The Case Of Jordan, Rami Zeitun, Gary Tian, Steve Keen
Gary Tian
This study investigates the impact of aggregate economic risk on a company’s performance and failure in a panel estimation using 167 Jordanian companies during 1989-2003. Our finding shows that unanticipated changes in interest rate negatively and significantly affect firms’ performance measured by ROA, which suggests that an interest rate rise increases the cost of borrowing and then further negatively affects a firm’s profit. We also found that both the production manufacturing index and Islamic credit facilities positively and significantly affect a firm’s performance. The positive and significant impact of Islamic credit facilities reflects the importance and the significance of the …
Do Migrants Rob Jobs?: New Evidence From Australia, Gary Gang Tian, Jordan Shan
Do Migrants Rob Jobs?: New Evidence From Australia, Gary Gang Tian, Jordan Shan
Gary Tian
This study contributes to the recent debate on immigration and unemployment in Australia by investigating the causal linkage between immigration and unemployment. The question of whether `immigrants rob jobs' is examined by identifying the sources of unemployment through causal linkages between unemployment and other key variables such as immigration. The research finds no Granger causality between immigration and unemployment, but does run from industrial structural change to the high unemployment rate in Australia. This research also finds that both GDP growth and immigration inflow reinforce each other in the course of economic development in Australia.
Interactions Among China-Related Stocks: Evidence From A Causality Test With A New Procedure, Gary Gang Tian, Guang Hua Wan
Interactions Among China-Related Stocks: Evidence From A Causality Test With A New Procedure, Gary Gang Tian, Guang Hua Wan
Gary Tian
The purpose of this study is to investigate a causal relationship among five different indices of shares issued by Chinese firms, A-, B- and H-shares listed in China and Hong Kong. This paper re-examines the interactions among these China-related stocks using daily time series data by constructing a vector autoregresion (VAR) model. A new Granger no-causality testing procedure developed by Toda and Yamamoto (1995) was applied to test the causality link among these five stock indices. The results emerging from our research indicate that there are "closed" relations within A-share (as well as within B-share) between Shanghai and Shenzhen markets …
Controlling Shareholders Expropriation And Firms Leverage Decision: Evidence From Chinese Non-Tradable Share Reform, Qigui Liu, Gary Tian
Controlling Shareholders Expropriation And Firms Leverage Decision: Evidence From Chinese Non-Tradable Share Reform, Qigui Liu, Gary Tian
Gary Tian
This paper examines the effect of excess control rights on the leverage decisions made by Chinese non-SOEs before and after the Non-tradable share reform (NTS reform). We find that firms with excess control rights have more excess leverage and their controlling shareholders use the resources for tunneling rather than investing in positive NPV projects. We also find that excess leverage in firms with excess control rights decreases and the market reaction to announcements of related party transactions are more positive after NTS reform. This confirms that tunneling by the controlling shareholders actually reduced. We argue that in emerging markets where …