<p>The efficacy and accuracy of information is very important for making decision in stock markets. In this paper, we study on the effect of information diffusion in Chinese stock market before and after the owership release in February 19, 2001, by testing the stationary of A share premium and cointegration between A and B share prices. The panel unit root tests we propose on A share premium are Augmented Dickey-Fullar (ADF) tests for individual firm and Fisher tests for the panel, based on combining pvalues from each individual cross-section. The panel cointegration tests on A and B shares we use is Johansen’s likelihood ratio tests for individual firm and likelihoodbased panel cointegraion tests for panel, based on combining the test statistics. The results show that before the opening of B share markets to domestic investors, A share premiums have a unit root and there is no cointegration relationship between A and B share markets. On the contrary, after ownership release, A share premium is stationary and there is cointegration relationship between A and B share markets.</p>

The efficacy and accuracy of information is very important for making decision in stock markets. In this paper, we study on the effect of information diffusion in Chinese stock market before and after the owership release in February 19, 2001, by testing the stationary of A share premium and cointegration between A and B share prices. The panel unit root tests we propose on A share premium are Augmented Dickey-Fullar (ADF) tests for individual firm and Fisher tests for the panel, based on combining pvalues from each individual cross-section. The panel cointegration tests on A and B shares we use is Johansen’s likelihood ratio tests for individual firm and likelihoodbased panel cointegraion tests for panel, based on combining the test statistics. The results show that before the opening of B share markets to domestic investors, A share premiums have a unit root and there is no cointegration relationship between A and B share markets. On the contrary, after ownership release, A share premium is stationary and there is cointegration relationship between A and B share markets.

The study has twelve chapters. After a brief introduction in chapter 1 the development and scope of Swedish manpower training are summarized in chapter 2. Chapter 3 examines to what extent Swedish manpower training has contributed to the attainment of the overall goals of economic policy. Aspects of stabilization, allocation, growth and distribution are dealt with. The chapter ends with a brief review of attempts in the economics of education to explain why it may be advantageous for an individual to participate in manpower training. Chapter 4 opens with an account of results from Swedish and a number of American evaluations of manpower training. In order to assess the effects for the individual some kind of comparison must be made between participants and non-participants. Ways of doing this are discussed. The planning and implementation of the empirical study is described in chapter 5. One aim of the study is to determine the profitability of manpower training for the trainees. The trainees are compared to individuals in similar positions when the former started their training. In chapter 6 the main groups and the control groups are described with reference, to inter alia: sex, age, educational and occupational background. For the trainees, the occupations that the training leads to were also considered. One of the most important aims of manpower training is to improve the position of the trainees on the job market; that is, to shorten the duration of unemployment and to increase the time spent in gainful employment. Chapter 7 describes how the employment situation of the trainees has changed compared to that of the control groups. The effects of manpower training on employment are then analyzed in chapter 8 using regression analysis. Attention is paid to partial response and self selection. In addition to effects on employment, effects on income are also of interest. The measures of income used in the study are defined in chapter 9. These measures are then used in chapter 10 where the income of the trainees is compared to that of the control groups in order to determine to what extent income is influenced by manpower training. Chapter 11 analyzes how participation in manpower training has influenced income. The measures of income used are earned income, hourly wage and three measures of disposable income. Finally, the study concludes in chapter 12 with a summary and discussion. / digitalisering@umu

Since our current economic environment is getting more and more competitive, enterprises must continuously improve and strengthen their ability in order to maintain their competitiveness. Therefore, investment activities of firms are the key elements to drive business growth. This article tries to discuss whether three different investment dimensions can help to boost firm¡¦s future growth of profitability. This research uses investment spending of listed firms in domestic electronics industry (including capital expenditure, intangible assets and R&D expenditures) as variable to explore the effects of these three investment expenditures on corporate P/B ratio as well as ROA (Return on Asset). This study attempts to analyze whether firm¡¦s investment activities can impose significantly positive influence on its future profitability. We use panel data to run regression analysis and further divide Taiwan electronics industry into five sectors to analyze the effects of firm¡¦s investment expenditure on P/B and future profitability among different sectors. The empirical results show that investment spending imposes significantly positive effect on firm¡¦s profits, but this relationship exist time lags.

Privatization is defined as the sale of state-owned assets by governmental agencies to private investors (e.g., Megginson, Nash, Netter, and Poulsen, 2004; Villalonga, 2000). Research on privatization has focused on privatization techniques (e.g., share issue privatization or voucher privatization), social welfare, governmental commitments to economic development, and varieties of outcomes of privatizations. Most prior studies from the financial economics perspective take privatization as a natural research context to examine the function of capital markets, the impact of national institutional settings, and the differences between partial privatization and initial public offerings. Very little research, however, has examined the determinants of privatization from an organizational perspective. This dissertation proposes that privatization decisions of state-owned enterprises (SOEs) are influenced by different interests in governmental agencies. Using the resource dependence theory, I studied the power relationships of SOEs and their governmental owners. Four panel databases of 206 pharmaceutical firms across eight years in China were combined to answer the research question of this dissertation: What is the role of power imbalance between different governmental owners in the privatization of an SOE? The results suggest that organizational effectiveness and efficiency of an SOE increase the likelihood of its privatization. Results also show that provincial governmental owners are more likely to privatize SOEs if they can successfully attract foreign direct investment projects. Furthermore, the likelihood of privatization increases with the power asymmetry between the provincial government and the central government but decreases with the degree of the defense mechanism used by SOEs.

The usual theoretical assumption that the retailer's promotional activities serve the purpose of attracting customers into stores lacks empirical verification. The relationship between promotional activity and customer count is examined empirically in just a few studies, and no significantly positive association is found. This dissertation is a comprehensive empirical study of a unique time series cross section dataset, which contains scanner data representing 28 product categories in a large supermarket chain over two and a half year long period. The main result of this dissertation is that retailer's promotional activities are positively related to customer count. Two constructed measures of the promotional activity have a positive significant effect on store traffic that is comparable with the customer count effect of an average holiday. Some 55 percent of the positive long-run promotional activity effect is felt immediately, and the remaining 45 percent is spread over a five week long period. The promotions have prolonged effects that last until the next promotional peak -€“ the next holiday. It is also found that promotional discounts have positive and significant effect on store profit.

Due to drunk-driving fatality is the most focal issue in the U.S. traffic accident, this paper applies panel data model to analyze the influence of beer tax and other drunk-driving related laws on the U.S. drunk-driving fatality rate from 1982-2006. Different from former references, this paper investigate if the drunk-driving fatality rate declines by the time and by region. The result shows that drunk-driving fatality rate has declined by the time, especially, in 1987; the drunk-driving fatality rate statistically significant drops. The posibility is that U.S. Secretary of Transportation, Elizabeth, ordered the automobile manufactures to set seat belt or air bag with the cars from 1987. However, the drunk-driving fatality rate doesn¡¦t show different significantly by region. This may suggest that regions have similar laws and cultural norms, which leads to similar drunk-driving fatality rate. Finally, the survey indicates the higher beer tax, BAC 0.08 Law, and Zero Tolerance Law are effective policies to reduce drunk-driving.

Diss. Stockholm : Handelshögsk., 2004.

Diss. Stockholm : Handelshögsk., 2004.

This dissertation is a collection of three chapters on inflation dynamics and money demands. Chapter 1 tests the forward-looking New Keynesian Phillips curve using a novel panel data set for the 50 U.S. states from year 1977 to 2005. Consistent with Gali and Gertler (1999), our results support a linkage between inflation and real unit labor cost, and reject a linkage between inflation and output gap. We also address several important econometrics issues in the empricial studies. Our tests on model identification and instruments validity reveal that compared with the model with real unit labor cost, the GMM estimators in the model with output gap are more sensitive to the choice of instruments. Also, we find that the unit labor cost has stronger persistence than the output gap, and that these two variables have almost opposite dynamic cross correlations with inflation. We conclude that the observed high autocorrelation properties of U.S. inflation-as measured by the sum of AR coefficients-is well described by the forward-looking New Keynesian Phillips curve. In the second chapter, we extend the pure forward-looking New Keynesian Phillips curve to a hybrid model. We adopt a dynamic panel data model by adding a lagged inflation variable to the explanatory variables. We find relative larger weights of future inflation than the lagged inflation. This finding confirms the forward looking behavior in theory and it is also consistent with our results from the pure forward-looking model estimation. Furthermore, we obtain more evidence of dominant forward-looking behavior by using the principal components based instruments. Our results show that principal components based methods produce more precise estimates with a substantial decrease in all three estimated standard errors. We obtain more evidence of dominant forward-looking behavior across all regressions. By comparing two groups of the Kleibergen-Paap Wald F rk statistic (KP statistic), we find that using principal components is a good option to overcome the weak identifications. This finding is consistent with Bai and Ng (2010) and Kapetanios and Marcellino (2010). However, contrast with our earlier findings, in the hybrid model, the identification of the parameter of the real marginal cost becomes a problem. The third chapter investigates the long-run money demand using a panel data set for the 50 U.S. states from year 1977 to 2005. Regional heterogeneity as well as the cointegration and cross-section correlation properties of panel data are considered in great detail. Contrary to previous studies in the field, we adopt panel data techniques with nonstationary and cointegrated variables which controls for dynamics, non-stationarity, parameter heterogeneity and unobserved time-varying heterogeneity. The empirical results reveal an income elasticity close to 0.7 and an interest semi-elasticity around -0.02 and these two parameter values match closely with the empirical estimates by Ball (2001). Furthermore, it is found that the magnitude of the estimates of error correction term is much less than unity (around 0.05), which suggests that the adjustment time of U.S. money demand to return to its long-run equilibrium may be rather long. Compared to a standard homogeneous panel model of money demand function, our results obtained from heterogeneous panel model estimation indicate that the heterogeneity across states is important. It shows that the observed instability of money demand functions in aggregate U.S. studies could be explained by inappropriate aggregation across heterogeneous states. After accounting for regional heterogeneity, the estimates of income elasticity for the U.S. money demand function are clearly less than one.