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Petroleum Science 2019年第1期16卷 217-228页

作者： Melike Bildirici Faculty of Economics and Administrative Sciences Y?ld?z Technical University Davutpasa Campus

This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, and the second one is to analyze the dependence behavior of oil prices, expectations of investors and stock returns from January 02, 1990, to June06, 2017. Lyapunov exponents and Kolmogorov entropy determined that the oil price and the stock return series exhibited chaotic behavior. TAR-TR-GARCH and TAR-TR-TGARCH copula methods were applied to study the co-movement among the selected variables. The results showed significant evidence of nonlinear tail dependence between the volatility of the oil prices, the expectations of investors and the stock returns. Further, upper and lower tail dependence and comovement between the analyzed series could not be rejected. Moreover, the TAR-TR-GARCH and TAR-TR-TGARCH copula methods revealed that the volatility of oil price had crucial effects on the stock returns and on the expectations of investors in the long run.

关键词： Oil price Expectations of investors - Stock returns Chaos Lyapunov exponent Kolmogorov entropy TAR-TR-GARCH and TAR-TR-TGARCH copula methods

Foreign versus domestic institutional investors in emerging markets: Who contributes more to firm-specific information flow?

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China Journal of Accounting Research 2015年第1期8卷 1-23页

作者： Jeong-Bon Kim Cheong H.Yi Department of Accountancy City University of Hong Kong

Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price synchronicity. We find,first, that stock price synchronicity decreases significantly with the intensity of trading by foreign investors and domestic institutional investors. Second,trading by foreign investors facilitates the incorporation of firm-specific information into stock prices to a greater extent than trading by aggregate domestic institutions. Third, among domestic institutions with differing investment horizons, short-term investing institutions, such as securities and investment trust companies, play a more important role in incorporating firm-specific information into stock prices via their trading activities, compared with long-term investing institutions, such as banks and insurance ***, we provide evidence suggesting that trading by foreign and domestic short-term institutions reduces the extent of accrual mispricing. Our results are robust to a variety of sensitivity checks.

关键词： Foreign investors Institutional trading Investment

Realizing profits immediately:disposition effect of open-end fund investors in China

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Journal of Southeast University(English Edition) 2008年第S1期24卷 180-186页

作者： Li Yajing1 Zhu Hongquan2 Luan Mingjing2(1 School of Economics and Management, University of Electronic Science and Technology of China,Chengdu 610054, China)(2 School of Economics and Management, Southwest Jiaotong University, Chengdu 610031, China)

This paper explores the disposition effect, the tendency of investors to hold losing investments too long and sell winning investments too soon, by analyzing a unique data set that consists of the buying and selling positions of open-end fund investors in China. Results show that investors' buying and selling behaviors are significantly affected by fund performance. The reasons that lie behind such results are mainly related to the non-persistence of fund performance. When fund performance is non-persistent, investors are not clear about the future returns on funds. So, investors, especially individual investors, would have to realize the profits on hand immediately. Meanwhile, fund investors are highly sensitive to fund age and loading fees, but not sensitive to management fees charged by funds when they buy or sell fund shares.

关键词： investors open-end fund disposition effect fund shares

Foreign investors Undeterred by Trade Frictions

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China Today 2019年第10期68卷 40-43页

作者： SU QINGYI WANG RUIYA the department of international trade with the Institute of World Economics and Politics of the Chinese Academy of Social Sciences applied economics at the Shanghai University

THE ongoing China-U.S. trade frictions have raised foreign investors’ concerns over China’s macroeconomic prospects, possible restrictions on U.S. companies, and a damper on its business climate. However, numbers speak louder than words. In 2018, foreign direct investment (FDI) in China went up against the global investment outlook, refuting the rhetoric that foreign companies are pulling out of the Chinese market as the U.S. slaps tariffs on Chinese goods.

关键词： Foreign investors Trade Frictions foreign direct investment (FDI)

Patterns of and Driving Factors in Value Growth of Industrial Real Estate in the Context of Diversified investors

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Journal of Landscape Research 2018年第3期10卷 81-84页

作者： MA Ran LIU Qunhong College of City Construction Jiangxi Normal University

Industrial real estate plays an increasingly important role in urban economic development and industrial *** the process of the development of industrial real estate,both the major investors of industrial real estate and the value growth patterns of industrial real estate have *** increase in the value of industrial real estate has contributed to the promotion of urban economic upgrading,social development,and industrial *** this paper,the investment model of industrial real estate from a single government investment to a diversified model was analyzed,and the value growth patterns of industrial real estate under these two models were *** is concluded that value growth patterns under the diversification model are more *** paper divided the driving factors of diversified industrial real estate value growth into two types:source factors and secondary factors,used the analytic hierarchy process(AHP) to quantify the driving factors,reached the conclusion that four factors including the industrial real estate market size and the level of independent technology of the enterprise had a major impact on the value growth of industrial real estate,and put forward suggestions for the rapid development of industrial real estate.

关键词： Major investors Industrial real estate Value growth Driving factors

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公司重整中出资人权益的保护

Foreign Strategic Investment and China’s Financial Security

民商法学 2019年第2期 88-101页

作者：张钦昱

公司重整中，出资人在与债权人、重整投资人博弈时，存在出资人权益被不公平调整的情形，出资人彼此间或有罅隙，难以调和。公司、债权人、管理层、管理人在维护出资人权益时难有作为，公益组织、政府力有未逮，出资人欠缺天然的权益代... 详细信息

公司重整中，出资人在与债权人、重整投资人博弈时，存在出资人权益被不公平调整的情形，出资人彼此间或有罅隙，难以调和。公司、债权人、管理层、管理人在维护出资人权益时难有作为，公益组织、政府力有未逮，出资人欠缺天然的权益代理人。不同于股东会或出资人组，出资人委员会职权由法律赋予，其运行贯穿重整全程，稳定获得运作资金，对所有出资人承担信义义务，是出资人有效实现自身权益的坦途。为维护破产财团价值，平衡各方利益，自治的出资人委员会在“有确保出资人获得充分代表有确实的必要时”始得设立，当不再符合破产财团最佳利益时即应被法院或管理人遣散。出资人委员会享有沟通协调权、参与谈判权、调查监督权、任免工作人员权，其成员应满足一定资质，对全体出资人承担信义义务。

关键词：破产法公司重整出资人出资人委员会强裁 Bankruptcy Law Company Reorganization investors investors' Committee Shareholders Mandatory Approval of Reorganization Plan

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China Economist 2008年第5期3卷 46-60页

作者：朱盈盈曾勇李平何佳 School of Management and Economics University of Electronic Science and Technology of China Department of Finance the University of Hong Kong

We analyze the background, status quo and characteristics of introducing foreign strategic investors into Chinese banks, and summarize various arguments on this issue. Our conclusions are as follows: introducing foreign strategic investors into Chinese banks is a necessary step in the reform and opening of China’s banking sector, and is encouraged by the regulatory authorities; introducing foreign strategic investors into Chinese banks has presented some unique features; from the perspective of control of financial resources, under the current institutional and legal regimes, introducing foreign strategic investors will not threaten China’s financial security; there is no convincing evidence that Chinese banks have been sold short with the introduction of foreign strategic investors; the results of strategic investment remain to be seen.

关键词： Chinese banks Overseas strategic investors Strategic investment Status quo and disputes

The Impact of Shareholder Activism on Corporate Performance——Evidence from China

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经济管理学刊（中英文版） 2018年第1期7卷 1-14页

作者： Qitong Chen Shanghai University SHU-UTS SILC Business School201899China

The separation of ownership and management of companies results in agency problems between shareholders and management to some *** Western countries,shareholders usually actively participate in the company’s management and monitor management issues in order to enhance the company’s *** present,China’s securities market,as well as institutional investors are undergoing a rapid development,while problems of governance among listed companies in China have been negatively affecting the development of capital *** investors have developed to form a certain ***,national policies,as well as the split-share structure reform,further encourage the growth of institutional investors,and their active participation in corporate governance in order to better promote the development of capital markets.A great deal of research pertains to the effects of shareholder activism on corporate performance in Western ***,research on shareholder activism in China is ***,chances are that in some specific Chinese regions and industries circumstances are unique,in which the well-established theories cannot be effectively ***,this paper empirically analyzes the correlation between shareholder activism and corporate performance so as to examine how effective China’s institutional investors participate in the governance of listed *** paper empirically tests the impact of shareholder activism on corporate *** this paper,an unbalanced panel data set consisting of observation is ***,in order to insure validity of results,a series of preliminary tests are ***,Panel data method and robustness check are performed for empirical ***,the result of the empirical tests shows that there is a positive correlation between Chinese institutional shareholding ratio and corporate performance of listed *** indicates that shareholder activism can definite

关键词： Shareholder Activism Institutional investors Panel Data Corporate Governance Corporate Performance

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中国“粉丝经济”的资本逻辑及其良性循环