1 |
Demand for money in ChinaZhang, Qing January 2006 (has links)
This research investigates the long-run equilibrium relationship between money demand and its determinants in China over the period 1952-2004 for three definitions of money – currency in circulation m0, narrow money m1 and broad money m2. The appropriate dummy variable has been added into the functions to assess and evaluate effects of economic reform in China. The additional influences on money demand in China, such as wages, monetization process and saving effects are explored. The real wage index w, the ratio of urban population to total population ROP, the ratio of total deposit to currency DCR, and the ratio of total deposit to income RDG have been considered as additional variables in the same money demand functions. To test the stable long-run money demand functions, the Engle-Granger two-stage cointegration method (EGTS), Phillips-Hansen cointegration approach, Pesaran et al. (2001) ARDL cointegration procedure along with CUSUM and CUSUMSQ stability tests and Johansen Multivariate Cointegration procedures are employed. Granger Causality Test is applied to indicate either uni-directional or bi-directional causality exists in the variables. Wald tests for homogeneity and parameter constancy tests are employed in this study as well. The estimation results, especially the cointegration analyses show that the real money demand functions perform better than the nominal money demand functions. Narrow money demand m1 presents more satisfactory coefficients than the other two in terms of economic theory and econometric diagnostics. The stabilisation policy should primarily aim at the narrow money m1. This study reveals that the economic reform did bring significant changes to the Chinese economy. Income is shown to be the most important determinant of money demand. The other additional variables also have significant effects on the money demand. The wage index influence on money demand models is important. The raise of monetization process made the money play a more vital role. The impact of ratio of total deposit to income is significant.
|
2 |
The impact of the Korean preliminary feasibility study on budgetary decisionsLee, Sungwon January 2014 (has links)
In 1999, Korea adopted the Preliminary Feasibility Study (PFS) to enhance fiscal efficiency by preventing unsuitable projects from being allocated a budget in the budget selection (BS) process. The PFS uses both economic and non-economic assessment criteria. However, according to data collected since the introduction of the PFS, about 30 per cent of projects not recommended for budget allocation received a budget. This raises questions about the relationship between the PFS and budget allocation. According to previous research, three issues about the effect of the PFS on budgetary decisions caused concern: the effect of PFS results on budgetary decisions, the appropriateness of the current PFS methodology, and the potential non-neutral behaviour of stakeholders taking part in the PFS. To deal with these, the thesis uses three key research questions: What is the impact of PFS results on budgetary decisions? Does the current PFS methodology lead to inappropriate decisions? And, lastly, what are the types of, extent of, and reasons for non-neutral behaviour by stakeholders in the PFS, and how might such behaviour be reduced? The study suggests that PFS results have a positive impact on budgetary decisions. The thesis also examines the appropriateness of the current PFS methodology and provides potential alternatives through both quantitative and qualitative analysis. Lastly, the thesis provides evidence of non-neutral behaviours by stakeholders in the PFS, which are categorized into four types: Promoter, Blocker, Dr. Pangloss, and Cassandra type. After this, this thesis examines the reasons for non-neutral behaviour and suggests possible policy alternatives for reducing non-neutral behaviour.
|
3 |
The quality of Malaysian interim financial reports and the impact of corporate governance on the qualityBinti Sanayan, Zarina January 2013 (has links)
This thesis examines the quality of Malaysian interim financial reports (interims) and the impact of corporate governance on the quality. The quality of interims is proxied by timeliness; compliance with the FRS 134, Interim Financial Reporting; compliance with the Bursa Malaysia Listing Requirements (BMLR); and comparability of profit and loss items when they were originally issued and placed in the next year’s corresponding quarter and comparison against the annual reports. Two methods are used to assess the quality of interims namely dichotomous and continuous. The first method provides one score for each proxy if it is in compliance and zero score otherwise and the latter method use the actual values. This thesis has found that the quality of interims is remarkably high for each proxy if a dichotomous method is used and it is moderate for continuous method. The lower quality is due to timeliness and comparability, because Malaysian companies are inclined to publish interims towards the end of the allowable period and most of the interims’is remarkably high for each proxy if a dichotomous method is used and it is moderate for continuous method. The lower quality is due to timeliness and comparability, because Malaysian companies are inclined to publish interims towards the end of the allowable period and most of the interims’ profit and loss items are not comparable. Consequently, compliance with the FRS 134 contributes the most to the quality of interims, while comparability contributes the least. Corporate governance is proxied by the frequency of directors’ meetings, independence, financial literacy, corporate governance expertise, and the ethnicity of directors. This thesis has found that all corporate governance variables are associated with the quality of interims except independence and corporate governance expertise. Despite these associations, multivariate regression reveals that the impact of corporate governance on the quality of interims is very low. These findings have implications for several users such as Malaysian regulatory bodies to ensure that PLC complied with the interim reporting standards; policymakers to ensure there is no misapplication of provision of accounting standards; protect shareholders to appoint appropriate composition of directors; and academicians for future research.
|
4 |
An empirical study on anomalies in China's stock marketZhang, Hong January 2007 (has links)
This thesis conducts empirical studies on China's stock market using contemporary financial theories in order to explain the anomalies in China's stock market and then put forward some policy implications on the basis of the empirical research findings. The thesis consists of seven chapters. In addition to providing a brief introduction to the relationship between stock market development and economic growth. Chapter 1 describes several anomalies occurring in the international stock markets and sets up a research framework for the thesis to further study. Chapter 2 is a literature review. It reviews major contemporary theories or hypotheses related to initial public offerings (IPOs) underpricing, long-run underperformance and asset pricing characteristics. Chapter 3 is a general description of China's stock market development, which offers an institutional background such as IPOs system and stock market structure. Chapters 4, 5 and 6 conduct empirical studies using data from China's stock market. In Chapter 4, using cross sectional regression, I examine whether short run underpricing exists in China's stock market and the validity of a series of theories used in explaining this phenomenon. In Chapter 5, based on standard event study methodology, I investigate whether long-run underperformance of IPOs exists in China's stock market, and to what extent. In Chapter 6, according to Fama-MacBeth approach, I build a univariant model to examine whether Capital Asset pricing Model and Fama-French Three-Factor Model hold in China's stock market, and lo analyse empirically the asset pricing characteristics of China's stock market. Chapter 7, the last chapter, is the summary of the thesis. Some suggestions and policy implications are presented.
|
Page generated in 0.7441 seconds