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Development situations and performance evaluation of Chinese government guide funds 中国政府引导基金的发展现状与绩效评价
Journal of Economic and Financial Studies Pub Date : 2017-01-25 DOI: 10.18533/JEFS.V5I01.266
Zhao Liu, Cong Qiao
{"title":"Development situations and performance evaluation of Chinese government guide funds","authors":"Zhao Liu, Cong Qiao","doi":"10.18533/JEFS.V5I01.266","DOIUrl":"https://doi.org/10.18533/JEFS.V5I01.266","url":null,"abstract":"Now, structural contradictions in China’s industrial development are prominent. Government guide fund, as a new investment and financing tool, bears high expectations of the government on promoting industrial restructuring. In recent years, Chinese Government guide funds have entered the rapid development stage. However, the post-investment performance management and other assessment indicators still need to be improved. This paper firstly introduced Chinese Government guide funds from different perspectives; secondly built a performance assessment indicator system for Shaanxi Province based on the current situation of Shaanxi’s government guide fund. This paper suggested introducing government guide fund into the performance assessment system, which presents a new thought for standardization and normative administration of government guide fund. Classification JEL: 630.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"264 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132088218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Not ‘taken’ for granted: Can freedom curb human trafficking 不要把<s:2>想当然<e:1>视为理所当然:自由能遏制人口贩运吗
Journal of Economic and Financial Studies Pub Date : 2017-01-25 DOI: 10.18533/JEFS.V5I01.268
John A. Tures
{"title":"Not ‘taken’ for granted: Can freedom curb human trafficking","authors":"John A. Tures","doi":"10.18533/JEFS.V5I01.268","DOIUrl":"https://doi.org/10.18533/JEFS.V5I01.268","url":null,"abstract":"In this study, we examine the relationship between freedom and human trafficking in non-OECD countries. Countries with high levels of economic and political freedom both do a better job of prosecuting human traffickers, protecting of victims, and preventing of the problem from occurring in the first place. Other key political, economic and social factors are not associated with reducing the incidence of human trafficking in the developing world. Classification JEL: F22; J61; K42.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123802905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
On the timing of managed funds’ industry exposure 关于管理基金的时机选择:行业敞口
Journal of Economic and Financial Studies Pub Date : 2017-01-15 DOI: 10.18533/JEFS.V5I01.263
J. Sawicki
{"title":"On the timing of managed funds’ industry exposure","authors":"J. Sawicki","doi":"10.18533/JEFS.V5I01.263","DOIUrl":"https://doi.org/10.18533/JEFS.V5I01.263","url":null,"abstract":"An important source of performance for active managers is industry weighting, yet this is neglected by the performance evaluation literature. Most market timing studies are conducted at a broad level, assessing exposure to equities as an asset class. This paper investigates the ability of US equity fund managers to time industry performance. The results indicate that, as a group, the funds exhibit no timing skills, with positive timing as frequent as negative timing. There is a subset of funds however, that appear to have strong forecasting abilities, correctly timing industries that are otherwise poorly timed by most fund managers. General timing ability is weakest in the Finance, Cyclical Services and Information Technology industries, while Consumer Goods industries show the best timing results. Classification JEL: G23 ; L0.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127285444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Directors characteristics and stock market performance in Canada 加拿大董事特征与股票市场表现
Journal of Economic and Financial Studies Pub Date : 2017-01-10 DOI: 10.18533/JEFS.V5I01.176
Michel Sayumwe, Boudjemaa Amroune
{"title":"Directors characteristics and stock market performance in Canada","authors":"Michel Sayumwe, Boudjemaa Amroune","doi":"10.18533/JEFS.V5I01.176","DOIUrl":"https://doi.org/10.18533/JEFS.V5I01.176","url":null,"abstract":"We examine the effect of the characteristics of board of directors on the stock market performance in Canadian settings. Our sample includes fifty of the largest corporations listed on the Toronto Stock Exchange at the end of December 2013 for the period of 2009 to 2013 for the sub-groups of SP G22; G38","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129340829","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Entrepreneurial orientation in Mexican family businesses 墨西哥家族企业的创业取向
Journal of Economic and Financial Studies Pub Date : 2017-01-06 DOI: 10.18533/JEFS.V4I6.262
José Luis Esparza-Aguilar, Argentina Soto-Maciel, Ma. Isabel De la Garza-Ramos
{"title":"Entrepreneurial orientation in Mexican family businesses","authors":"José Luis Esparza-Aguilar, Argentina Soto-Maciel, Ma. Isabel De la Garza-Ramos","doi":"10.18533/JEFS.V4I6.262","DOIUrl":"https://doi.org/10.18533/JEFS.V4I6.262","url":null,"abstract":"We examine factors affecting entrepreneurial orientation in Mexican family businesses. We aim to shed light on the relevance and value of such factors by analyzing five widely recognized dimensions: proactivity, innovation, risk taking, aggressiveness and autonomy. Results from a sample of 542 family businesses extracted from the INEGI-ENAFIN 2010 database and the first entrepreneurial stage of the Global Entrepreneurship Monitor (GEM) show a marked conservative tendency in the family businesses’ entrepreneurial orientation.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131310199","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Rand volatility and inflation in South Africa 南非兰特波动和通货膨胀
Journal of Economic and Financial Studies Pub Date : 2017-01-04 DOI: 10.18533/JEFS.V4I6.113
Azwifaneli Innocentia Nemushu
{"title":"Rand volatility and inflation in South Africa","authors":"Azwifaneli Innocentia Nemushu","doi":"10.18533/JEFS.V4I6.113","DOIUrl":"https://doi.org/10.18533/JEFS.V4I6.113","url":null,"abstract":"The floating exchange rate regime, coupled with a more open trade policy and the growth in imports, leaves South Africa vulnerable to the effects of exchange rate behaviour on import, producer and consumer prices, which all contribute to inflation. Given the central role that inflation targeting occupies in South Africa’s monetary policy, this paper examines the effect of exchange rate shocks on consumer prices using monthly data covering the period January 1994 to December 2013. Consistent with developing countries story, results show a modest exchange rate pass-through to inflation, although inflation is mainly driven by own shocks. The variance decompositions also reveal that foreign exchange rate shocks (REER) contribute relatively more to inflation than money supply shocks (M3). This suggests that South African inflation process is not basically influenced by money supply changes. The practical implication is that that the volatility of the rand is not a serious threat to inflation. The SARB should therefore focus on price stability and not be unduly worried about the volatility of the rand.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"139 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116608512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Macroeconomic conditions and unemployment in Nigeria 尼日利亚的宏观经济状况和失业率
Journal of Economic and Financial Studies Pub Date : 2017-01-04 DOI: 10.18533/JEFS.V4I6.240
Augustine C. Osigwe, Kenneth Ahamba
{"title":"Macroeconomic conditions and unemployment in Nigeria","authors":"Augustine C. Osigwe, Kenneth Ahamba","doi":"10.18533/JEFS.V4I6.240","DOIUrl":"https://doi.org/10.18533/JEFS.V4I6.240","url":null,"abstract":"We examine the effect of selected macroeconomic variables on unemployment rate in Nigeria using a battery cointegration tests. Results reveals a long run relation between unemployment rate (UNER) and chosen macroeconomic variables. The results of the vector error correction model (VECM) show that real GDP at lag 2 and current exchange rate (EXR) positively affect UNER. Moreover, UNER at lag 1, money supply (M2) at lag 2, EXR at lag 2, current lending rate (LR) and its first lag negatively affects UNER. These results are robust to the satisfaction of various diagnostic tests including residual normality assumption, correction for autocorrelation and white heteroskedasticity.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128978591","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Balance sheet classification of compound financial instruments and the judgment of securities market analysts 复合金融工具的资产负债表分类与证券市场分析师的判断
Journal of Economic and Financial Studies Pub Date : 2016-12-16 DOI: 10.18533/JEFS.V4I05.264
Jorge Costa, Alfredo Sarlo Neto, André Luiz Carvalho da Silva
{"title":"Balance sheet classification of compound financial instruments and the judgment of securities market analysts","authors":"Jorge Costa, Alfredo Sarlo Neto, André Luiz Carvalho da Silva","doi":"10.18533/JEFS.V4I05.264","DOIUrl":"https://doi.org/10.18533/JEFS.V4I05.264","url":null,"abstract":"This paper investigates the effect of balance sheet classification of a compound financial instrument on the analyst’s judgment on estimates in target prices using an experimental setting. The experimental design involves both buy and sales-side analysts grouped into three subsamples with limited information set about the company used in the experiment and different information regarding the accounting for the compound financial instrument (IAS 32 model, SOA model and NEA model) after the following event: a private placement of a mandatorily convertible debenture to finance the acquisition of another company abroad. We apply nonparametric means and bootstrap test. Our result show that regardless of balance sheet classification of the compound financial instrument, analysts are likely to treat it conservatively as a liability. Moreover, if the compound financial instrument is wholly classified as a liability and the company is highly leveraged, they tend to discount firm’s share price.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115016594","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Real wages, inflation, and labor productivity: Evidences from Bulgaria and Romania 实际工资、通货膨胀和劳动生产率:来自保加利亚和罗马尼亚的证据
Journal of Economic and Financial Studies Pub Date : 2016-11-30 DOI: 10.18533/JEFS.V4I05.253
Chaido Dritsaki
{"title":"Real wages, inflation, and labor productivity: Evidences from Bulgaria and Romania","authors":"Chaido Dritsaki","doi":"10.18533/JEFS.V4I05.253","DOIUrl":"https://doi.org/10.18533/JEFS.V4I05.253","url":null,"abstract":"This study examines the effect of inflation and real wages on labor productivity for two European Union(EU) countries: Bulgaria and Romania using cointegration Autoregressive Distributed Lag (ARDL) test and causality test of Toda and Yamamoto (1995). Results suggest that inflation reduces labor productivity. Moreover, the impact of wages on labor productivity is far greater the impact of inflation. Additionally, there exists unidirectional relation between inflation and real wages for Bulgaria, and real wages and labor productivity for Romania.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"55 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129453897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Bilateral trade agreements and the rise of global supply chains 双边贸易协定和全球供应链的兴起
Journal of Economic and Financial Studies Pub Date : 2016-11-29 DOI: 10.18533/JEFS.V4I05.250
Zdzisław W. Puślecki
{"title":"Bilateral trade agreements and the rise of global supply chains","authors":"Zdzisław W. Puślecki","doi":"10.18533/JEFS.V4I05.250","DOIUrl":"https://doi.org/10.18533/JEFS.V4I05.250","url":null,"abstract":"This paper investigates the influence of the rise global supply chains on bilateral trade agreements. Given that a few multinational firms are responsible for a major share of world trade, our findings suggest that these firms may support regulatory harmonization across different Preferential Trade Agreements (PTAs) to lower trade costs or resist harmonization – and encourage certain non-tariff measures – to prevent new competitors from entering markets. The finding partly explains the persistence of regulatory divergence. Building on institutional and comparative trade hypothesis, the findings of the paper present new tendencies in the foreign trade policy: the impact of the rise global supply chains on the political economy of trade, motivations for countries in cooperating on trade policies, and the increasing importance of bilateral agreements in the foreign trade policy. Additionally, the findings suggest that the political economy of regulatory convergence may be more complex than is sometimes suggested in the prior literature.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123845455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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