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Will Analysts Learn From Other Analysts Who Possess Superior Private Information, Hangyuan Shi
Will Analysts Learn From Other Analysts Who Possess Superior Private Information, Hangyuan Shi
Theses & Dissertations
Based on a valuable testing venue in China where listed companies are required to disclose corporate site visit records of financial analyst to the public, this study examines whether analysts will learn from visiting analysts' forecasts that contain superior private information. I find that visiting forecasts tend to attract more analysts to issue forecasts in their aftermath than the prior forecasts issued by the same analysts but without conducting corporate site visit (non-visiting forecasts). The following effect is weaker when the visiting forecasts are more informative. In addition, other analysts’ forecasts following the visiting forecasts tend to move closer to …
Ipo Markets In Asia Financial Centers : How The Different Ipo Locations Affect Firms’ Stock Prices, Yuanzhen Jiang
Ipo Markets In Asia Financial Centers : How The Different Ipo Locations Affect Firms’ Stock Prices, Yuanzhen Jiang
Lingnan Journal of Banking, Finance and Economics
For most of non-listed corporations when they are confronting the issues of cutting capital cost, to increase the base of their investors, to develop the firm business quicker, or even to diversify the pool of investors, one of the most important alternatives that the executives and shareholders of these corporations may think is to do IPO (Initial Public Offering); which could be done in the domestic or in the foreign IPO markets. This paper firstly introduces the situation and differences among different IPO markets in Asia major financial centers that includes Mainland China, Hong Kong and Singapore. Then it will …
Should Hong Kong Maintain A Linked Exchange Rate System?, Hoi Yin Tsoi
Should Hong Kong Maintain A Linked Exchange Rate System?, Hoi Yin Tsoi
Lingnan Journal of Banking, Finance and Economics
The linked exchange rate was implemented in 1983. This paper finds that over these 32 years, this system did bring lots of benefits to Hong Kong. Nevertheless, as Hong Kong is a vastly different place now relative to what it was 32 years ago, the costs for the adoption of the link outweigh the benefits so this system is no longer suitable for Hong Kong. It is suggested that in order to serve the best interest of Hong Kong, it should not maintain the linked exchange rate system and should switch to the managed floating exchange rate system.
Empirical Study : Shanghai-Hong Kong Stock Connection Sign Of Efficiency Improvement?, Ming Cheung Fok
Empirical Study : Shanghai-Hong Kong Stock Connection Sign Of Efficiency Improvement?, Ming Cheung Fok
Lingnan Journal of Banking, Finance and Economics
Stock market connection encourages local corporations cross-listing in overseas stock markets which will, theoretically, enhance the information flow between countries and the stock market efficiency. In view of a closed economy like China and a free economy like Hong Kong, the announcement of Shanghai-Hong Kong stock connection program seems to be a great opportunity for testing the well-known Efficiency Market Hypothesis (EMH). Employing Capital Asset Pricing Model (CAPM) and the random walk model suggested by previous studies, this paper will present the comparison of market performance before and after the connection as evidences for the hypothesis testing.
An Empirical Analysis Of Factors Influencing China's Real Estate Prices-Based On The Var Model, Pan Xiao
An Empirical Analysis Of Factors Influencing China's Real Estate Prices-Based On The Var Model, Pan Xiao
Lingnan Journal of Banking, Finance and Economics
The real estate industry has an increasingly significant position in our national economy. It is important for real estate investment and national macro-control to analyze the main factors that affect its prices, in order to predict its future movements. In this paper, the dynamic econometric analysis method was used to analyze these macroeconomic factors that influence the real state prices on a empirical research. And the results show that the expected prices of real estate, money supply, real estate development investment and household income are the dominant factors influencing them.
Factors In The Returns On Stock : Inspiration From Fama And French Asset Pricing Model, Yuanzhen Jiang
Factors In The Returns On Stock : Inspiration From Fama And French Asset Pricing Model, Yuanzhen Jiang
Lingnan Journal of Banking, Finance and Economics
Under the inspiration of Fama and French asset pricing model, this paper mainly studies the relationship between the month return of A shares and the factors that may have an effect on the stocks’ month return. It also compares the differences in the reaction of all shares and GEM board shares to these factors. It is important to highlight that these factors include the market, firm size, earnings and book-to-market information. The data used in this project comes from the quarterly data of China stock market from March of 2000 to December of 2011 and was used in panel model …