{"title":"The Internationalization-Performance Relationship of Small-and-Medium-sized Enterprises: The Case of Taiwan’s ESCO Industry","authors":"Li-Jen Yeh, Jiayong Hu, Zong-Hong Chen","doi":"10.47260/jafb/1113","DOIUrl":"https://doi.org/10.47260/jafb/1113","url":null,"abstract":"We analyze the international output patterns with Taiwan’s energy service companies (ESCOs) investigated in 2016~2019. Due to the finite demand in Taiwan energy-saving market, half of Taiwanese ESCOs develop Asia Pacific markets with international trade, alliance and enterprises group. We derive and confirm some hypotheses about international developing patterns of Taiwanese ESCOs.\u0000The First is that those firms with more specific resources will be easier to promote the internationalization of energy-saving businesses. The specific resources are confirmed as firm capital, annual ESCO sales, net income ratio, annual growth rate, energy saving rate. Secondly, if the degree of internationalization of ESCOs is greater, the overall profitability is also relatively higher. The third, the relationship between internationalization and profitability of ESCOs displays a non-linear trend which means when the export ratio is low, the profit from energy service projects increases; however, when the ratio exceeds the optimal point, about 49.584%~54.323%, it will reveals a reversed phenomenon due to high overseas operation costs.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130943223","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":"Exchange Rate Determination: The Portfolio-Balance Approach","authors":"Ioannis N. Kallianiotis","doi":"10.47260/jafb/1112","DOIUrl":"https://doi.org/10.47260/jafb/1112","url":null,"abstract":"The portfolio-balance approach to exchange rate determination is part of the Asset\u0000Market Models and is largely attributed to economists after 1973 when the exchange\u0000rate became flexible (market determined). This article first introduces the setting of\u0000the model embedded in the portfolio balance approach that encompasses two assets\u0000(money and bonds), which deviates a little from the models and approaches used\u0000for the monetary approach to the balance of payment, the overshooting model, and\u0000from the associated market equilibria. The effects of monetary policy, of current\u0000account, and of wealth under the portfolio-balance approach are examined, here,\u0000theoretically and empirically. The current econometric results show that the\u0000exchange rate is determined by the foreign bonds, the domestic interest rate, and the\u0000foreign interest rate.\u0000\u0000JEL classification numbers: F31, F47, E52, E41, C52, E21, E43.\u0000\u0000Keywords: Foreign Exchange, Forecasting and Simulation, Monetary Policy,\u0000Demand for Money, Model Evaluation and Testing, Consumption and Saving,\u0000Interest Rates.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133150001","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":"What Determines China’s Stock Prices? A CCAPM Horse Race","authors":"Jinyu Liu, Siqun Yang","doi":"10.47260/jafb/10511","DOIUrl":"https://doi.org/10.47260/jafb/10511","url":null,"abstract":"This paper studies China’s stock prices in the framework of consumption-based capital asset pricing models (CCAPM). Using China’s quarterly stock market data from 1991 to 2019, we estimate and compare four versions of CCAPM: the classical CCAPM, CCAPM with housing service consumption, with habit formation, and with both. We find habit formation affects stock returns only if housing service consumption is considered. Further, although every model is consistent with data to certain extent, the models with habit formation perform substantially better. In particular, the model with both habit formation and housing service consumption fits the data best and has the largest explanatory power on risk premium. The findings imply that habit formation is an important determinant of China’s stock prices, and its impact is mostly via the channel of housing service consumption.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134293356","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":"Can RMB Exchange Rate Expectations Explain the Fluctuations of China’s Housing Prices?","authors":"Chunni Wang","doi":"10.47260/jafb/10512","DOIUrl":"https://doi.org/10.47260/jafb/10512","url":null,"abstract":"Unlike existing literature that has focused on the relationship between exchange rate\u0000and housing price, this paper studies the housing price fluctuations from the\u0000perspective of RMB exchange rate expectation to resolve the dilemma “guarantee\u0000housing price or exchange rate” after the sub-prime mortgage crisis. This paper\u0000shows that housing prices responded negatively to RMB appreciation expectation\u0000from 1999 to 2008, and positively from 2009 to 2019. After 2009, exchange rate\u0000expectation is the Granger causality of housing prices. After introducing the U.S.\u0000Economic Policy Uncertainty (EPU) released by Baker et al.(2016), the explanatory\u0000power of exchange rate expectations to housing price fluctuations declines but it's\u0000still significant. When EPU increased, housing prices responded negatively after a\u0000brief positive response. Besides exchange rate expectation, several unobservable\u0000factors with rich economic implications can explain the fluctuations of housing\u0000prices in China in the interval of 2006M01–2018M12. The empirical results show\u0000that the degree of Chinese government reversal intervention, interest rate spread\u0000between China and the U.S., and EPU can explain the exchange rate expectation.\u0000The government can control the degree of reversal intervention to affect the\u0000exchange rate expectation and realize the housing price control indirectly.","PeriodicalId":275154,"journal":{"name":"Journal of Applied Finance & Banking","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133104927","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}
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
