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Effect of economic policies on the stock and bond market under the impact of COVID-19

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Journal of Safety Science and Resilience 2022年第1期3卷 24-38页

作者： Feng Liu Deli Kong Zilong Xiao Xiaohui Zhang Aimin Zhou Jiayin Qi School of Computer Science and Technology East China Normal UniversityShanghai 200062China Institute of Artificial Intelligence and Change management Shanghai University of International Business and EconomicsShanghai 203356China School of business and management Shanghai International Studies UniversityShanghai 201620China School of Data and Computer Science Sun Yat-Sen UniversityGuangzhou 528406China Qianhai Financial Holdings Guangzhou 510030China

The global epidemic of COVID-19 has made a huge impact on global health and financial *** the spread of the virus has stalled economic development in many parts of the *** stocks and bonds are two important financial assets,how to take appropriate economic policies to restore the stock and bond markets is the focus of governments as they are seeking for quick *** on the Event Study method and the GARCH model,data from 1 October 2019 to 1 April 2020 were collected from 26 countries or regions as analytic *** results show:1)COVID-19 has made greater impacts on the stock market than the bond market;2)the economic policy responses after the COVID-19 has brought impacts on both of the stock and the bond markets;3)the monetary policy responses has brought greater volatility to the stock market than the fiscal policy responses,while the fiscal policy responses has brought greater volatility to the bond market than the monetary policy;4)the fiscal policy has brought more positive effects on the stock market,and monetary policy has brought more positive effects on the bond *** research is helpful to understand the mechanism of COVID-19’s impacts on the stock and bond *** it is of great practical significance to the governments’decisions to make economic policy responses after an epidemic.

关键词： COVID-19 epidemic Event study method Global stock and bond market Return and volatility

DRUG PRICING PATTERN IN CHINA： DILEMMA AND COUNTERMEASURE

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Journal of Systems Science and Systems Engineering 2018年第3期27卷 340-366页

作者： Mingxi Wang Yi Hu Han Qiao Chuangyin Dang School of international Trade and Economics University of International Business and Economics Beijing 100029 China School of Economics and management University of Chinese Academy of Sciences Beijing 100190 China Department of Systems Engineering and Engineering management City University of Hong Kong Kowloon Hong Kong

Maybe it is the most important medical reform for current China to adopt the bid-and-procurement scheme to correct the distortion of pharmaceutical resources allocation. Nevertheless, overpriced drugs often happen. This article aims to identify potential factors leading to the overpriced. Based on the mechanism rules of the scheme, it is found that unethical doctors are crucial to high price markup in the pricing pattern of drugs. Under China＇s actual conditions, asymmetric ownership is identified to be another cause of the overpriced by developing an asymmetric bidding model. How are the impacts of these two factors to be alleviated？ Upon examination, several reform measures cannot effectively avoid the occurrence of the overpriced. Yet, the issue is very urgent for China because it is facing with the problem of population aging. Therefore, alternative options - a regulation-penalty tool and an investment subsidy policy - are proposed to improve China＇s health care.

关键词： The bid-and-procurement scheme overpriced drug asymmetry health-care reform

Intraday Volume Percentages Forecasting Using a Dynamic SVM-Based Approach

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Journal of Systems Science & Complexity 2017年第2期30卷 421-433页

作者： LIU Xiaotao LAI Kin Keung Department of Finance Central China Normal University international business School Shaanxi Normal University Department of management Sciences City University of Hong Kong

This paper proposes a dynamic model to forecast intraday volume percentages by decomposing the trade volume into two parts: The average part as the intraday volume pattern and the residual term as the abnormal changes. An empirical test on data spanning half-a-year gold futures and S&P 500 futures reveals that a rolling average of the previous days' volume percentages shows great predictive ability for the average part. An SVM approach with the input pattern consisting of two categories is employed to forecast the residual term. One is the previous days' volume percentages in the same time interval and the other is the most recent volume percentages. The study shows that this dynamic SVM-based forecasting approach outperforms the other commonly used statistical methods and enhances the tracking performance of a VWAP strategy greatly.

关键词： Intraday volume percentages principal component decomposition SVM VWAP.

Impact of Chinese Characteristics on the World Trade Organization： Challenges and Strategies

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China & World Economy 2018年第2期26卷 107-126页

作者： Siqi Li Xinquan Tu (corresponding author) Assistant Professor China Institute for WTO Studies University of International Business and Economics China Professor Dean of China Institute for WTO Studies University of International Business and Economics China

Following China＇s accession to the World Trade Organization （WTO）, it has been impossible to overlook the influence of its economy on the multilateral trading system. Many published studies have examined why China joined the WTO and the comprehensive impacts of WTO membership on China, but few studies have focused on China＇s impact on the WTO. This article attempts to fill this gap by examining China＇s changing role in the multilateral trading system from political and legal perspectives, seeking to shed light on how Chinese characteristics have reshaped the power structure and rule-based system of the WTO. While its accession has made the WTO more relevant in regards to global trade governance, China has been accused of upsetting the WTO＇s rules-based system because of its unique political and economic regime. The WTO and its members should take the Chinese characteristics into consideration and regulate China＇s practices through using the dispute settlement mechanism, promoting China＇s accession to plurilateral agreements and adopting a ＂＇soft law ＂＂ approach.

关键词： China global trade govemance World Trade Organization

Effect of Money Supply on Real Output and Price in China

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China & World Economy 2009年第2期17卷 35-44页

作者： Chih-Hsiang Chang Kam C.Chan Hung-Gay Fung College of management National University of Kaohsiung Gordon Ford College of business Western Kentucky University College of business Administration and Center for international studies University of Missouri-St.Louis

Over the past 30 years, China has achieved remarkable long-term economic growth. Using quarterly data, we study the effects of money supply on real output and inflation in China between 1993 and 2008. To this end, we use money supply shocks afler filtering out the expected component of the money supply. Our findings provide evidence supporting the asymmetric effect of positive and negative money supply shocks on real output and inflation in China. That is, real GDP growth in China responds to negative money supply shocks but not positive money supply shocks. In addition, inflation responds to positive money supply shocks but not negative money supply shocks. We conclude that the People＇s Bank of China＇ s policy of steady monetary growth appears to be appropriate. Our study offers important policy implications for China.

关键词： inflation money supply real output

Tracing back to the source: Understanding the corporate governance of boards of directors in Chinese SOEs

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China Journal of Accounting Research 2020年第2期13卷 129-145页

作者： Zhengfei Lu Jigao Zhu Guanghua School of management Peking UniversityChina business School University of International Business and EconomicsChina

Based on the relevant theories of corporate governance and the special institutional background of Chinese state-owned enterprises(SOEs),this paper systematically reviews the literature on the independence and governance effect of SOE *** find that the governance effect of SOE boards is driven by the dual characteristics of SOEs:state involvement in ownership and market *** the state involved in ownership,SOEs adhere to the leadership of the Communist Party of China(CPC),which results in an enhanced governance *** market incentives,SOEs tend to have an optimal board structure that helps mitigate both the shareholder–management agency problem(Type I agency problem)and the controlling shareholder–minority shareholder agency problem(Type II agency problem).In terms of the governance effect of boards,directors appointed by non-controlling shareholders are effective in alleviating Type I and Type II agency problems,and this highlights the importance of mixed-ownership reforms in *** directors,especially those with a professional background,also play a role in improving corporate ***,independent directors in SOEs have relatively weak incentives to monitor,which limits their governance *** paper shows positive implications for promoting mixed-ownership reforms and improving board governance in SOEs.

关键词： SOEs Board of directors Independence Governance effect

A Novel Customer-Oriented Recommendation System for Paid Knowledge Products

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Journal of Systems Science and Systems Engineering 2022年第5期31卷 515-533页

作者： Ting Yang Jilong Zhang Liye Wang Jin Zhang School of business Renmin University of ChinaBeijing 100872China international business School Bejing Foreign Studies UniversityBeijing 100089China State Key Laboratory of Media Convergence and Communication Communication University of ChinaBejing 100024China School of Economics and management Communication University of ChinaBeijing 100024China

With the rapid development of knowledge pal malto:wangliye@*** with a large number of knowledge products when purchasing,leading to the need for an effective recommendation ***,existing recommendation systems cannot accurately and adequately represent paid knowledge products with implicit but specialized features and sparse interactive histories,and thus are deemed not suitable for such *** this paper,we propose a novel recommendation system for knowledge products,the core of which is the designed customer oriented representation of knowledge ***,we utilize customer activity information on the free knowledge sharing platform as the knowl-edge document for each customer of paid knowledge products,to extract customer knowledge background and ***,a deep learning based model Doc2vec is adopted to transfer knowledge documents to customer knowledge background *** vectors of a particular paid knowledge product are further aggregated to a product-level vector for customer-oriented product representation,based on which two recommendation results are generated with product ratings and similarities of paid knowledge prod-ucts,*** comparative experiments are conducted to demonstrate the ffectiveness of the proposed system for the representation and recommendation of paid knowledge *** paper will contribute to the literature of knowledge payment and recommendation systems,as well as provide practical implications for the information service and the operation of knowledge products on knowledge payment platforms.

关键词： Recommendation system knowledge product knowledge payment Doc2vec product repre-sentation

Determinations of strategy responding to COVID-19

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Economic and Political studies 2021年第2期9卷 135-147页

作者： Wilson X.B.Li Tina T.He Division of business and management BNU-HKBU United International CollegeZhuhaiChina

This study explores what determines the selection of strategies by governments responding to *** answer the question,we propose concepts of individual utility and societal utility and build a simple *** applying the model,we predict that countries with an individualist culture would adopt more passive strategies while countries with a collectivist culture would adopt more active *** comparison between strategies adopted in China and in the United Kingdom supports the ***,as the spread of COVID-19 virus continues,governments’response may change and individualist countries may switch to more active *** we extend our model to incorporate the dynamics of strategy selection,and explain the switch between passive and active *** then predict in particular that facing the unexpected infections and deaths,the countries with an individualist culture would temporally adopt a relatively more active strategy responding to *** evidence from Spain shows the dynamic feature of strategy selection as predicted by our model.

关键词： Strategy COVID-19 pandemic economic model the United Kingdom China Spain

Empirical Research on Factors Influencing Level of Environmental Protection Information Disclosure in Annual Reportsby Listed Companies

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Chinese Journal of Population,Resources and Environment 2009年第1期7卷 15-22页

作者： Zhu Jinfeng Xue Huifeng School of management Xi＇an University of Technology Xi＇an Shaanxi 710048 China business School Xi＇an International Studies University Xi＇an Shaanxi 710128 China

Taking 248 A-share manufacturing listed companies in 2006 Shanghai Stock Exchange as example, using "index method" to measure level of environmental protection infor-mation disclosure, this paper examines the factors influencing level of environmental protection information disclosure. The findings show that the disclosure level has improved, but the overall level is still low and unable to satisfy information users; there is positive correlation between corporate size, industry type, accounting firm's type and corporate environmental dis-closure index. The companies of large scale and heavy pollu-tion and those audited by international "Big 4" and domestic "Big 10" accounting firms have a high level of environmental disclosure, while the profitability and financial leverage has no impact on the disclosure level. Finally some suggestions are put forward to establish environmental information disclosure sys-tem in China.

关键词： environmental protection information information disclosure index method signal theory