Credit and Capital Markets最新文献_第2页

53rd Konstanz Seminar on Monetary Theory and Policy 2022 第53届康斯坦茨货币理论与政策研讨会

Credit and Capital Markets Pub Date : 2022-07-01 DOI: 10.3790/ccm.55.3.419

Sebastian Hildebrand, Gero Stiepelmann

引用次数: 0

Household Inflation Inequality in the United States and Europe 美国和欧洲的家庭通货膨胀不平等

Credit and Capital Markets Pub Date : 2022-07-01 DOI: 10.3790/ccm.55.3.325

Daniel Stempel

引用次数: 0

Central Bank Policies and Climate Change. Where Do We Stand? 中央银行政策与气候变化。我们的立场是什么？

Credit and Capital Markets Pub Date : 2022-07-01 DOI: 10.3790/ccm.55.3.381

U. Vollmer

引用次数: 0

Does Diversification Protect Bank Lending Against Uncertainty? 多元化能保护银行贷款免受不确定性影响吗?

Credit and Capital Markets Pub Date : 2022-07-01 DOI: 10.3790/ccm.55.3.349

V. Dang, H. Nguyen

引用次数: 0

Memorial Event for Ansgar Belke, November 25–26th, 2021 in Essen Ansgar Belke纪念活动，2021年11月25日至26日，埃森

Credit and Capital Markets Pub Date : 2022-07-01 DOI: 10.3790/ccm.55.3.413

Volker Clausen

引用次数: 0

The Chinese Financial System and China’s Role in the Financial World 中国金融体系与中国在金融世界中的作用

Credit and Capital Markets Pub Date : 2022-04-01 DOI: 10.3790/ccm.55.2.149

Carl R. Chen, Qizhi Tao

引用次数: 2

Could State-Controlled Media Stabilize the Market during the U.S.-China Trade Frictions? 在美中贸易摩擦期间，国家控制的媒体能否稳定市场？

Credit and Capital Markets Pub Date : 2022-04-01 DOI: 10.3790/ccm.55.2.153

Wenjia Zhang, Julan Du

{"title":"Could State-Controlled Media Stabilize the Market during the U.S.-China Trade Frictions?","authors":"Wenjia Zhang, Julan Du","doi":"10.3790/ccm.55.2.153","DOIUrl":"https://doi.org/10.3790/ccm.55.2.153","url":null,"abstract":"The China-US trade frictions brought about many uncertainties to the Chinese economy. This research investigates whether China's state-controlled media played a role in stabilizing investors' expectations by examining the relations between media tone and Chinese stock market reactions in the context of China-US trade frictions. Firstly, even though the media tone of news on trade frictions did not elicit significant reactions at the market level, those firms heavily exposed to export business with the U.S. produced significant positive reactions to a high media tone of the state media. Secondly, investors, especially SME investors, perceived more uncertainties to the high tones of Chinese media in the early days of Trump's presidency and reacted negatively to the media's high stance, as shown in the volatility. Thirdly, after the war was waged, higher-tone news released from the state-controlled press eased people's anxieties and stabilized the market, especially for the large caps, leading to lower volatilities in most subsequent stages. Generally, the official media's tone manipulation is partially effective in preventing a market meltdown and easing investors' worries.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48037996","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: 3

Does Target Firm’s Earnings Management Affect Shareholder’s Gains? Evidence from China 目标公司的盈余管理会影响股东收益吗？来自中国的证据

Credit and Capital Markets Pub Date : 2022-04-01 DOI: 10.3790/ccm.55.2.203

A. Mughal, A. Haque, Z. Zahid, Furman Ali, Zheng Li

{"title":"Does Target Firm’s Earnings Management Affect Shareholder’s Gains? Evidence from China","authors":"A. Mughal, A. Haque, Z. Zahid, Furman Ali, Zheng Li","doi":"10.3790/ccm.55.2.203","DOIUrl":"https://doi.org/10.3790/ccm.55.2.203","url":null,"abstract":"This study tests the hypothesis that the target firms are involved in earnings management activities in quarters leading to a takeover announcement. Using a sample of 3,455 Chinese listed firms that are targets of successful acquisitions over the period 2007 – 2020, and for a matched sample of non-targets, we find that target firms manipulate earnings in quarters leading to the announcement date. Further, we find evidence of a negative relationship between earnings management and short-term gains to shareholders. Our result remains robust after controlling for various deal characteristics. The study also suggests that pre-merger earnings management in target firms is not fully anticipated by the market before the takeover announcement. We find no evidence of earnings management immediately after the announcement quarter. the target firm’s shareholders gain as a result of a takeover. As for the relationship between EM and shareholders’ gains, the results indicate that the target firms’ shareholders returns are greater in firms that exhibit low EM showing an inverse relationship between pre-merger EM and shareholders’ gains. The addition of control variables in the regression model supports our main results. The results are consistent with previous literature. This study also supports the takeover defense and financial incentive hypothesis found in previous studies. Our findings also indicate that the pre-merger EM by target firms is not fully anticipated by the mar-OPEN","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47049749","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

Inter-Variety Equilibrium of Chinese Treasury Futures 中国国债期货品种间均衡

Credit and Capital Markets Pub Date : 2022-04-01 DOI: 10.3790/ccm.55.2.261

Jinzhong Wang, H. Zhong, Zhenjie Yu

{"title":"Inter-Variety Equilibrium of Chinese Treasury Futures","authors":"Jinzhong Wang, H. Zhong, Zhenjie Yu","doi":"10.3790/ccm.55.2.261","DOIUrl":"https://doi.org/10.3790/ccm.55.2.261","url":null,"abstract":"Treasury futures, important tools in interest risk management, need to maintain price equilibrium between different varieties. In this paper, we conduct research on ten-, five-, and two-year Treasury futures in China’s futures market. The auto-regression model is used to fit and predict the spot yield, the CTD (cheapest to deliver) price is used in val-uing Treasury futures, and the transaction cost and market friction are considered in building the arbitrage-free spread interval. By comparing the amount of deviation and the equilibrium reversion speed, we analyse the inter-variety price equilibrium between Treasury futures. We find that there are many arbitrage opportunities among the three varieties, and the market is not fully efficient. Through further analysis of the pairwise spread relationship of the futures, we conclude that longer operation of the Treasury futures market will lead to higher market efficiency, shorter duration of arbitrage opportunities, and a faster return to equilibrium. The existing literature mainly focuses on the equilibrium relationship between two Treasury futures in statistical terms, but this paper examines the equilibrium relationship between all existing varieties of Treasury futures in China’s market based on pricing, which expands the subject and methods of research on inter-variety equilibrium in Treasury futures. and ideas about inter-variety equilibrium in Treasury futures. On the basis of Treasury bond price data in the interbank market, we use auto-regression models to fit and predict the spot yield, price the three Treasury futures with arbitrage-free pricing models, and then establish the arbitrage-free spread interval with consideration of transaction cost, so as to study the equilibrium between their prices. Our study makes several contributions to current literature as follows.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45545751","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

Investor’s Inattention and Earnings Announcement Effects on Tomb-Sweeping Day in China 中国清明节投资者的缺席与盈利公告效应

Credit and Capital Markets Pub Date : 2022-04-01 DOI: 10.3790/ccm.55.2.291

Qingchen Feng, Deng Ning, Wan Zhang, R. Zhou

{"title":"Investor’s Inattention and Earnings Announcement Effects on Tomb-Sweeping Day in China","authors":"Qingchen Feng, Deng Ning, Wan Zhang, R. Zhou","doi":"10.3790/ccm.55.2.291","DOIUrl":"https://doi.org/10.3790/ccm.55.2.291","url":null,"abstract":"This study investigates the relationship between investor inattention and earnings announcement effects around a Chinese holiday called Tomb-Sweeping Day, which, unlike other holidays, is short. Not only is investor attention distracted, which can generate emotional fluctuation, but a large number of listed companies issue earnings announcements within two days before the holiday. Using a sample of listed firms from 2008 to 2019 that released earnings announcements on Tomb-Sweeping Day, we first find that earnings announcement effects exist around Tomb-Sweeping Day, which are not studied in the previous literature. Second, because investors are more inclined to ignore negative earnings information around the holiday, we find stronger post drift from negative earnings announcements than from positive ones, in contrast to the conventional view. Final-ly, we confirm that investor inattention causes earnings announcement effects, providing further evidence to support behavioural finance theory. bad news, and the response is more sensitive to bad news during the holiday. Our research investigates investor reactions to earnings announcements during the Tomb-Sweeping holiday. Unlike joyous holidays such as Easter and Christmas, Tomb-Sweeping Day is a sombre though relaxed occasion for commemorating deceased family and friends as well as taking outings and going hiking. We show that investors easily ignore bad news but are more sensitive to good news because of the sad environment surrounding the","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45656242","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