The present study considers how education affects off-farm job participation and wages. We use a nationally representative dataset from a survey conducted in 5 provinces, 101 villages and 808 households by the authors...The present study considers how education affects off-farm job participation and wages. We use a nationally representative dataset from a survey conducted in 5 provinces, 101 villages and 808 households by the authors in early 2005. The empirical results show that educational attainment, skill training and years of experience of rural residents have positive, statistically significant effects on off-farm employment. The average return to a year of education is 7percent, which is higher than those observed in previous studies. We also find the return to an additional year of schooling to be higher for post-junior high schooling than for junior high and below schooling： 11.8 versus 3.2 percent. We conclude that not only does education still pays off in rural China, but also the rate of return to education is increasing over time.展开更多
Objective:To evaluate the effect and profitability of using the quantitative trait loci (QTL)-linked direct marker (DR marker) in gene-assisted selection (GAS). Methods: Three populations (100, 200, or 300 sows plus 1...Objective:To evaluate the effect and profitability of using the quantitative trait loci (QTL)-linked direct marker (DR marker) in gene-assisted selection (GAS). Methods: Three populations (100, 200, or 300 sows plus 10 boars within each group) with segregating QTL were simulated stochastically. Five economic traits were investigated, including number of born alive (NBA), average daily gain to 100 kg body weight (ADG), feed conversion ratio (FCR), back fat at 100 kg body weight (BF) and intramuscular fat (IMF). Selection was based on the estimated breeding value (EBV) of each trait. The starting frequencies of the QTL's favorable allele were 0.1, 0.3 and 0.5, respectively. The economic return was calculated by gene flow method. Results: The selection efficiency was higher than 100% when DR markers were used in GAS for 5 traits. The selection efficiency for NBA was the highest, and the lowest was for ADG whose QTL had the lowest variance. The mixed model applied DR markers and obtained higher extra genetic gain and extra economic returns. We also found that the lower the frequency of the favorable allele of the QTL, the higher the extra return obtained. Conclusion: GAS is an effective selection scheme to increase the genetic gain and the eco- nomic returns in pig breeding.展开更多
This paper separates the amount of IPO underpricing(primary market underpricing) and overvaluation(secondary market overvaluation) from the value of an IPO's initial return to evaluate the relative importance of t...This paper separates the amount of IPO underpricing(primary market underpricing) and overvaluation(secondary market overvaluation) from the value of an IPO's initial return to evaluate the relative importance of these two factors and their main determinants. Using data on the IPOs of 948 Chinese firms, we find that average initial returns are 66% and that underpricing and overvaluation are between 14–22% and 44–53%, respectively, depending on the method used to assess firms' intrinsic values. In addition, while both the value of the initial return and the extent of overvaluation are significantly negatively related to post-IPO long-run stock performance, overvaluation can predict post-IPO performance better than the value of the initial return. Value uncertainty in IPOs is positively related to both underpricing and overvaluation, and both the underwriter's reputation and the existence of pricing regulation are positively related to underpricing. Investor sentiment has a positive effect on overvaluation but has no effect or a negative effect on underpricing. Overall, our results suggest that in China overvaluation accounts for a larger proportion of the initial return than underpricing,and that underpricing and overvaluation have different determinants.展开更多
In this paper, we examine the price discovery process and volatility spillover effects in informationally linked futures markets. Using synchronous trading information from the Shanghai Futures Exchange （SHFE）, the ...In this paper, we examine the price discovery process and volatility spillover effects in informationally linked futures markets. Using synchronous trading information from the Shanghai Futures Exchange （SHFE）, the New York Mercantile Exchange （NYMEX）, and the London Metal Exchange （LME） for copper futures from 2000 to 2012, we show that the cointegration relationships of these futures markets changed during 2006-2008. The results indicate that there is a bidirectional relationship in terms of price and volatility spillovers between the LME and NYMEX and the SHFE, with a stronger effect from the LME and NYMEX to the SHFE （versus the effect from the SHFE to the LME and NYMEX） prior to 2006. Our results also highlight the increasingly prominent role of the SHFE in the price formation process and cross-volatility spillover effects since 2008. Finally, we show that volatility spillover has important implications for constructing optimized portfolios for copper investors.展开更多
The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of acc...The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of accounting information. Cumulative abnormal return and market adjusted return are used as stock return variables. The samples of the study are listed companies in manufacturing industries that actively trading between 2003-2006 in Indonesia Stock Market. The study finds that profitability, turnover and market ratio has significant impact to the stock return. The result consistent with previous studies Hobart （2006）, Utama and Santoso （1998） and Restraningsih （2007）.展开更多
Historically, Crescent City is one of the most vulnerable communities impacted by tsunamis along the west coast of the United States, largely attributed to its offshore geography. Trans-ocean tsunamis usually produce ...Historically, Crescent City is one of the most vulnerable communities impacted by tsunamis along the west coast of the United States, largely attributed to its offshore geography. Trans-ocean tsunamis usually produce large wave runup at Crescent Harbor resulting in catastrophic damages, property loss and human death. How to determine the return values of tsunami height using relatively short-term observation data is of great significance to assess the tsunami hazards and improve engineering design along the coast of Crescent City. In the present study, the extreme tsunami heights observed along the coast of Crescent City from 1938 to 2015 are fitted using six different probabilistic distributions, namely, the Gumbel distribution, the Weibull distribution, the maximum entropy distribution, the lognormal distribution, the generalized extreme value distribution and the generalized Pareto distribution. The maximum likelihood method is applied to estimate the parameters of all above distributions. Both Kolmogorov-Smirnov test and root mean square error method are utilized for goodness-of-fit test and the better fitting distribution is selected. Assuming that the occurrence frequency of tsunami in each year follows the Poisson distribution, the Poisson compound extreme value distribution can be used to fit the annual maximum tsunami amplitude, and then the point and interval estimations of return tsunami heights are calculated for structural design. The results show that the Poisson compound extreme value distribution fits tsunami heights very well and is suitable to determine the return tsunami heights for coastal disaster prevention.展开更多
Profitability ratios are a group of financial ratios that indicate how much profit a business is earning within a certain context, while asset utilization ratios indicate how efficient a business is in operating its a...Profitability ratios are a group of financial ratios that indicate how much profit a business is earning within a certain context, while asset utilization ratios indicate how efficient a business is in operating its assets to generate cash. The difference between profitability ratios and turnover ratios is the fact that turnovers are more specific. While profitability ratios measure overall performance in terms of profits, asset utilization ratios focus on specific measurements within the business） We conduct this study to verify the impact of turnover ratios on Jordanian services sectors＇ performance during the period from 2009 to 2012. The study showed that there is no significant impact of turnover ratios on Jordanian services sectors＇ profitability, and by testing the main and sub hypotheses, the study revealed that there is no significant impact of turnover ratios on Jordanian services sectors＇ return on assets （ROA）, there is no significant impact of working capital turnover on Jordanian services sectors＇ ROA, there is no significant impact of total asset turnover on Jordanian services sectors＇ ROA, and there is no significant impact of fixed asset turnover on Jordanian services sectors＇ ROA. Also, the study showed that there is no significant impact of turnover ratios on Jordanian services sectors＇ return on equity （ROE）, there is no significant impact of working capital turnover on Jordanian services sectors＇ ROE, there is no significant impact of total asset turnover on Jordanian services sectors＇ ROE, and there is no significant impact of fixed asset turnover on Jordanian services sectors＇ ROE. Moreover, the study concluded that the educational services sector has the lowest working capital turnover and healthcare services sector has the highest. In addition, we find that the hotels and tourism sector has the lowest total asset turnover ratio, while the utilities and energy sector has the highest and that the hotels and tourism sector has the lowest fixed asset turnover, wh展开更多
Although Brazil has a long history of having insider trading laws （IT laws） in place and became the first emerging country to enforce the IT laws （Bhattacharya ＆ Daouk, 2002）, criminal sanctions and hefty monetar...Although Brazil has a long history of having insider trading laws （IT laws） in place and became the first emerging country to enforce the IT laws （Bhattacharya ＆ Daouk, 2002）, criminal sanctions and hefty monetary penalties were only made possible by the amendment of its laws against IT on October 31, 2001. We study the stock price effects of merger announcements made by 151 firms over two periods, before and after the change of IT laws. Our empirical results suggest that target firms attained positive price run-ups in pre-announcement windows before, but not after, the legal regime change. While acquiring firms had strong positive pre-announcement reactions in both legal regimes, the abnormal returns （AR） decreased in the more stringent legal regime. These results indicate that more stringent IT laws may deter IT and improve market efficiency in an emerging country.展开更多
基金the National Natural Science Foundation of China (No.7 0225003)the World Bank+1 种基金the Ford Foundationthe Canadian International Development Agency
文摘The present study considers how education affects off-farm job participation and wages. We use a nationally representative dataset from a survey conducted in 5 provinces, 101 villages and 808 households by the authors in early 2005. The empirical results show that educational attainment, skill training and years of experience of rural residents have positive, statistically significant effects on off-farm employment. The average return to a year of education is 7percent, which is higher than those observed in previous studies. We also find the return to an additional year of schooling to be higher for post-junior high schooling than for junior high and below schooling： 11.8 versus 3.2 percent. We conclude that not only does education still pays off in rural China, but also the rate of return to education is increasing over time.
基金Project (No. 30300249) supported by the Natural Science Foundationof Guangdong Province, China
文摘Objective:To evaluate the effect and profitability of using the quantitative trait loci (QTL)-linked direct marker (DR marker) in gene-assisted selection (GAS). Methods: Three populations (100, 200, or 300 sows plus 10 boars within each group) with segregating QTL were simulated stochastically. Five economic traits were investigated, including number of born alive (NBA), average daily gain to 100 kg body weight (ADG), feed conversion ratio (FCR), back fat at 100 kg body weight (BF) and intramuscular fat (IMF). Selection was based on the estimated breeding value (EBV) of each trait. The starting frequencies of the QTL's favorable allele were 0.1, 0.3 and 0.5, respectively. The economic return was calculated by gene flow method. Results: The selection efficiency was higher than 100% when DR markers were used in GAS for 5 traits. The selection efficiency for NBA was the highest, and the lowest was for ADG whose QTL had the lowest variance. The mixed model applied DR markers and obtained higher extra genetic gain and extra economic returns. We also found that the lower the frequency of the favorable allele of the QTL, the higher the extra return obtained. Conclusion: GAS is an effective selection scheme to increase the genetic gain and the eco- nomic returns in pig breeding.
基金support received from the National Natural Science Foundation of China (Grant No. 71272196)the Humanities and Social Science Foundation of Guangdong Province (Grant No. 2012JDXM-0002)+3 种基金supported by grants from the "Project 211" Fund of the Central University of Finance and Economics (CUFE)the "2011 Synergetic Innovation" Key Project on "Development of Public Accounting Profession" of the CUFEthe Beijing Municipal Commission of Education "Joint Construction Project"the Beijing Municipal Commission of Education "Pilot Reform of Accounting Discipline Clustering"
文摘This paper separates the amount of IPO underpricing(primary market underpricing) and overvaluation(secondary market overvaluation) from the value of an IPO's initial return to evaluate the relative importance of these two factors and their main determinants. Using data on the IPOs of 948 Chinese firms, we find that average initial returns are 66% and that underpricing and overvaluation are between 14–22% and 44–53%, respectively, depending on the method used to assess firms' intrinsic values. In addition, while both the value of the initial return and the extent of overvaluation are significantly negatively related to post-IPO long-run stock performance, overvaluation can predict post-IPO performance better than the value of the initial return. Value uncertainty in IPOs is positively related to both underpricing and overvaluation, and both the underwriter's reputation and the existence of pricing regulation are positively related to underpricing. Investor sentiment has a positive effect on overvaluation but has no effect or a negative effect on underpricing. Overall, our results suggest that in China overvaluation accounts for a larger proportion of the initial return than underpricing,and that underpricing and overvaluation have different determinants.
文摘In this paper, we examine the price discovery process and volatility spillover effects in informationally linked futures markets. Using synchronous trading information from the Shanghai Futures Exchange （SHFE）, the New York Mercantile Exchange （NYMEX）, and the London Metal Exchange （LME） for copper futures from 2000 to 2012, we show that the cointegration relationships of these futures markets changed during 2006-2008. The results indicate that there is a bidirectional relationship in terms of price and volatility spillovers between the LME and NYMEX and the SHFE, with a stronger effect from the LME and NYMEX to the SHFE （versus the effect from the SHFE to the LME and NYMEX） prior to 2006. Our results also highlight the increasingly prominent role of the SHFE in the price formation process and cross-volatility spillover effects since 2008. Finally, we show that volatility spillover has important implications for constructing optimized portfolios for copper investors.
文摘The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of accounting information. Cumulative abnormal return and market adjusted return are used as stock return variables. The samples of the study are listed companies in manufacturing industries that actively trading between 2003-2006 in Indonesia Stock Market. The study finds that profitability, turnover and market ratio has significant impact to the stock return. The result consistent with previous studies Hobart （2006）, Utama and Santoso （1998） and Restraningsih （2007）.
基金supported by the National Natural Science Foundation of China (51279186, 51479183, 51509227)the National Key Research and Development Program (2016YFC0802301)+1 种基金the National Program on Key Basic Research Project (2011CB013704)the Shandong Province Natural Science Foundation, China (ZR2014EEQ030)
文摘Historically, Crescent City is one of the most vulnerable communities impacted by tsunamis along the west coast of the United States, largely attributed to its offshore geography. Trans-ocean tsunamis usually produce large wave runup at Crescent Harbor resulting in catastrophic damages, property loss and human death. How to determine the return values of tsunami height using relatively short-term observation data is of great significance to assess the tsunami hazards and improve engineering design along the coast of Crescent City. In the present study, the extreme tsunami heights observed along the coast of Crescent City from 1938 to 2015 are fitted using six different probabilistic distributions, namely, the Gumbel distribution, the Weibull distribution, the maximum entropy distribution, the lognormal distribution, the generalized extreme value distribution and the generalized Pareto distribution. The maximum likelihood method is applied to estimate the parameters of all above distributions. Both Kolmogorov-Smirnov test and root mean square error method are utilized for goodness-of-fit test and the better fitting distribution is selected. Assuming that the occurrence frequency of tsunami in each year follows the Poisson distribution, the Poisson compound extreme value distribution can be used to fit the annual maximum tsunami amplitude, and then the point and interval estimations of return tsunami heights are calculated for structural design. The results show that the Poisson compound extreme value distribution fits tsunami heights very well and is suitable to determine the return tsunami heights for coastal disaster prevention.
文摘Profitability ratios are a group of financial ratios that indicate how much profit a business is earning within a certain context, while asset utilization ratios indicate how efficient a business is in operating its assets to generate cash. The difference between profitability ratios and turnover ratios is the fact that turnovers are more specific. While profitability ratios measure overall performance in terms of profits, asset utilization ratios focus on specific measurements within the business） We conduct this study to verify the impact of turnover ratios on Jordanian services sectors＇ performance during the period from 2009 to 2012. The study showed that there is no significant impact of turnover ratios on Jordanian services sectors＇ profitability, and by testing the main and sub hypotheses, the study revealed that there is no significant impact of turnover ratios on Jordanian services sectors＇ return on assets （ROA）, there is no significant impact of working capital turnover on Jordanian services sectors＇ ROA, there is no significant impact of total asset turnover on Jordanian services sectors＇ ROA, and there is no significant impact of fixed asset turnover on Jordanian services sectors＇ ROA. Also, the study showed that there is no significant impact of turnover ratios on Jordanian services sectors＇ return on equity （ROE）, there is no significant impact of working capital turnover on Jordanian services sectors＇ ROE, there is no significant impact of total asset turnover on Jordanian services sectors＇ ROE, and there is no significant impact of fixed asset turnover on Jordanian services sectors＇ ROE. Moreover, the study concluded that the educational services sector has the lowest working capital turnover and healthcare services sector has the highest. In addition, we find that the hotels and tourism sector has the lowest total asset turnover ratio, while the utilities and energy sector has the highest and that the hotels and tourism sector has the lowest fixed asset turnover, wh
文摘Although Brazil has a long history of having insider trading laws （IT laws） in place and became the first emerging country to enforce the IT laws （Bhattacharya ＆ Daouk, 2002）, criminal sanctions and hefty monetary penalties were only made possible by the amendment of its laws against IT on October 31, 2001. We study the stock price effects of merger announcements made by 151 firms over two periods, before and after the change of IT laws. Our empirical results suggest that target firms attained positive price run-ups in pre-announcement windows before, but not after, the legal regime change. While acquiring firms had strong positive pre-announcement reactions in both legal regimes, the abnormal returns （AR） decreased in the more stringent legal regime. These results indicate that more stringent IT laws may deter IT and improve market efficiency in an emerging country.
