{"title":"Information-Based Trading in China's Option Markets","authors":"Yan Wang, Xin Zhou","doi":"10.2139/ssrn.3888540","DOIUrl":"https://doi.org/10.2139/ssrn.3888540","url":null,"abstract":"We study China's flagship option market, Shanghai Stock Exchange (SSE) 50 ETF option market, and the information content of trading volume using a proprietary dataset. We find that open buy put-call ratio, defined as put volume over the sum of put and call volumes, of financial institutional investors negatively forecasts future SSE 50 ETF returns. We also estimate an upper bound on the trading volume of volatility strategy straddles. The open buy straddle ratio, defined as the estimated straddle volume over the sum of put and call volumes, of financial institutional investors positively forecasts one-day ahead SSE 50 ETF realised volatility.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114794570","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}
{"title":"Inequalities in India after COVID Pandemic","authors":"A. Reddy","doi":"10.20935/al1138","DOIUrl":"https://doi.org/10.20935/al1138","url":null,"abstract":"The paper examined the rising inequalities during COVID pandemic.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124211380","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}
{"title":"Momentum Survival and Its Economic Significance: Evidence From an Emerging Market","authors":"G. Sarwar, Kanis Fatama Ferdushi","doi":"10.2139/ssrn.3321395","DOIUrl":"https://doi.org/10.2139/ssrn.3321395","url":null,"abstract":"In this study, we examine the survival time of positive and negative momentum of the sector indices of an emerging market: Bangladesh. We exploit the economic significance of survival time by deriving trading strategies with mean survival time of the sector indices. Over the sample period we find that empirical positive (negative) survival time is overestimated (underestimated) compare to their corresponding simulated theoretical curve, indicating arbitrage opportunity. We derived momentum-based naïve sector rotation strategies to explore this arbitrage opportunity. All of our trading strategies provide substantially higher annualised return and higher Sharpe ratio compare to the DSE broad index as well as buy-and-hold strategies of sector indices. We further investigate whether the length of survival is increased or decreased by credit market variables. We found that interest rates, TERM spread, and DEFAULT spread influence the length of survival.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115298632","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}
{"title":"Sustainability Practices As Determinants of Financial Performance: A Case of Malaysian Corporations","authors":"Ezeoha Bright Amacha, Omkar Dastane","doi":"10.13106/JAFEB.2017.VOL4.NO2.55","DOIUrl":"https://doi.org/10.13106/JAFEB.2017.VOL4.NO2.55","url":null,"abstract":"This research is carried out to investigate the relationship between sustainability practices and performance in a financial sense for Malaysian Oil and Gas sector. Objectives include to study the state of sustainability disclosure among Malaysian oil and gas companies, to understand if companies that practiced sustainability had better performances to their financial bottom-line and to conduct a data analysis to understand the relationship between Environmental, social and governance performance [represented by the acronym ACSI] and financial performance. Sustainability performance is measured using ACSI checklist, which is an adaptation of the GRI 3.0 by Global reporting initiative while financial performance was measured on financial and profitability parameters namely EBITDA, EPS and PE ratio. Secondary data sources are used which were then converted into a rating scale to develop quantitative data. SPSS 21 is used for the analysis. The result shows that the majority of oil and gas companies in Malaysia had poor performance in terms of sustainability disclosure. On all three chosen profitability parameters, the companies that practiced sustainability were found to perform better than their counterparts that did not. Strong and significant relationship exists between sustainability practices and better financial performance.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133127447","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}
{"title":"The Progress of Harmonization Accounting Standards in ASEAN Countries (Malaysia, Singapore, and Thailand): A Review of the Research Literature","authors":"Fiza Urif","doi":"10.2139/ssrn.2777997","DOIUrl":"https://doi.org/10.2139/ssrn.2777997","url":null,"abstract":"Harmonization is the process of increasing the level of agreement in accounting standards and practices between countries. The purpose of this study is to boost and enhance the researchers’ understanding on the International harmonization of financial reporting. This study aims to define the International harmonization of financial reporting, identify the advantages, disadvantages and barriers for the International harmonization, and explore the progress of the harmonization of accounting standards in ASEAN countries. A literature review is done after reading articles, journals and books to gain better clarity about the subject and form a bigger picture about the study in its entirety.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117084275","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}
{"title":"Impacts of the ASEAN Economic Community on BBA International Programs","authors":"Rachaniphorn Ngotngamwong","doi":"10.2139/ssrn.2550073","DOIUrl":"https://doi.org/10.2139/ssrn.2550073","url":null,"abstract":"The purpose of this study was to examine the impacts, opportunities, threats, and challenges of the upcoming 2015 ASEAN Economic Community (AEC) on the Bachelor of Business Administration (BBA) International Programs (IPs) in Thailand. The in-depth interviews with the directors of 14 BBA IP institutions indicated that the majority experienced minimal impacts as their programs were relatively established and were already internationally in alignment with the necessary preparations for the AEC. Opportunities were vast, particularly with the hopes of increased student enrolment, student and faculty exchanges, and joint research collaboration, while the biggest threats were competition, loss of faculty, and Thailand’s poor educational system. Challenges included maintaining and increasing student enrolment, curriculum revisions, increasing English proficiency, coping with the imminent AEC, and bringing about changes.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126841786","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}
{"title":"Do Social Ties Matter in Corporate Governance? The Missing Factor in Chinese Corporate Governance Reform","authors":"Lauren Yu-Hsin Lin","doi":"10.2139/SSRN.2198701","DOIUrl":"https://doi.org/10.2139/SSRN.2198701","url":null,"abstract":"In the past decade, Asian countries have adopted various corporate governance measures with the hope that good law will facilitate capital market development. One of the measures adopted by Asian countries to revamp corporate boards is to enhance board independence by introducing the institution of independent director. Empirical studies have shown that social ties could compromise independent directors’ monitoring capacity and, thus, do matter in corporate governance. Using theoretical and empirical studies, this article analyzes the effects that independent directors' social ties to corporate insiders can have on director efficacy and discusses how U.S., where the institution of independent director originated, addresses the bias of independent directors arising from such social ties.Although U.S. courts exercise ex post judicial review over the true independence of independent directors in shareholder-derivative suits, most Asian countries simply did not have such ex post judicial review in place when they transplanted the new institutional form because shareholder suits are almost unheard of in these countries. Social ties among board members are common in Taiwan and China, whose shared traditional and contemporary culture prizes harmony and interpersonal relations (guanxi). In the business world, social ties among board members further enhance collegial board culture, facilitating boards’ advisory function but weakening their monitoring function. This article argues that the current Taiwanese and Chinese regulatory regimes’ failure to satisfactorily address the issue of social ties, whether through ex ante regulation or ex post judicial review, strongly suggests that the legislative objective of the institution of independent directors will remain unachieved and unachievable.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116819500","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}
{"title":"Special Study on Sustainable Fisheries Management and International Trade in the Southeast Asia and Pacific Region","authors":"M. Komatsu","doi":"10.2139/SSRN.2340967","DOIUrl":"https://doi.org/10.2139/SSRN.2340967","url":null,"abstract":"This paper analyzes the current status of fisheries and aquaculture in Southeast Asia and international trade. Analysis concludes that a policy of sustainable management for both capture fisheries and aquaculture is of greatest importance, but such a policy has been neither planned nor implemented with a holistic and long-term perspective. Current policy reflects a short-term view and the immediate needs of each nation. Therefore, capacity building of human resources and organizations, including governments, is needed for the formulation of holistic national policies to seek long-term and fundamental remedies for the sustainable management of fisheries resources and intensified and extensive aquaculture.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115210367","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}
{"title":"Examining the Determinants of Food Prices in Developing Asia","authors":"Hyeon‐seung Huh, Cyn‐Young Park","doi":"10.2139/ssrn.2323202","DOIUrl":"https://doi.org/10.2139/ssrn.2323202","url":null,"abstract":"How the price of food is determined has become a critical issue, given the drastic surges in prices in recent years and the prevailing expectation of further increases. Along this line, this paper examines the sources of food price fluctuations in 11 developing Asian countries. The working model is a block Vector AutoRegression (VAR), and 10 variables for each country are classified into three blocks?world, region, and country?depending on their origin and nature. Empirical evidence shows that the regional shock plays a pivotal role in explaining the variations of domestic food prices, particularly at medium- to long-term horizons. Contrary to conventional belief, the world food price shock contributes little to the dynamics of domestic food prices in developing Asia. The findings suggest Asian food markets are more integrated regionally than with the world market. The short-run movements of domestic food prices are accounted for largely by the countryi¯s own shock. Taken together, our findings suggest that promoting food price stability would require efforts at the regional level as well as at the domestic level, reflecting the influence of region-specific factors. Extensions to the developing countries in other regions produce similar findings on the determination of food prices.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121427459","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}
{"title":"Effect of Dividend Policy on Market Return: Empirical Evidence from South Asia","authors":"M. Hussain","doi":"10.2139/ssrn.2206821","DOIUrl":"https://doi.org/10.2139/ssrn.2206821","url":null,"abstract":"This research is conducted with the objective to find out the affect of dividend policy on market return in South Asia Countries including India, Pakistan and Sri-lanka. This study support the fact that dividend policy is relevant in determining market return for a sample of firms listed in South Asia Countries. This research is to show that corporate dividend policy is a key driver of market return changes in South Asia Countries. A sample of 40 companies from India, Pakistan, Sri-Lank on the basis of highest market capitalization. Because in this all those companies include which declared dividend regularly and specially in this period in which market is classed such as 2006 to 2010. This study evaluate whether dividend influence on market return in this period other than normal period. South Asia market decrease due to bubble in developed countries and this study check the presence of dividend policy for this type of specific condition. In this study used debt to equity ratio, price earnings ratio, net profit margin, size, dividend per share are used independent variable and market return is used dependent variable. Data have passed all basic econometric such as Hetrosidasticity and autocorrelation. These two conditions are present that’s why in this study used ARCH GARCH model. Finally study react that dividend policy of any company helpful for the increase of market return and sustaining share price. South Asia market is dependent market here investor hesitated for long term investment. The challenge for management/accountants is to generally improve the standard of financial statement to avoid producing wrong information which could lead to wrong decision by investors.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132615152","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}