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.

No description available.

Bakgrund:  På senare år sparar nästan alla svenskar mer aktivt och den positiva utvecklingen på aktier har gjort att allt fler aktiesparare lockats in i aktiemarknaden. Detta har bidragit till att aktier blivit den främsta tillgången för sparare. Ägandet av aktier är förknippat med har medfört flertalet risker då det finns en risk att aktiekurserna kan falla. Flertalet investerare har en diffus uppfattning om vilka risker som tas. Identifierar aktiespararen riskerna med aktiesparandet så förbättras förutsättningarna för en bra avkastning. Människor föredrar att undvika risk olika och anledningen till varför människor utsätter sig för en risk är för att de vill bli framgångsrika genom att de vill få en bra avkastning. För att detta ska bli möjligt är det viktigt att aktiespararen hanterar riskerna förknippade med aktiehandeln vilket kan ske om att aktiespararna använder regler. Syfte:  Syftet med studien är att få en förståelse för hur aktiesparare i praktiken använder sig av handlingsreglerna för att förhålla sig till riskerna som är förknippade med aktiehandeln. Vi har också för avsikt att undersöka om det finns ett samband mellan hur frekvent aktiespararna använder sig av handlingsreglerna beroende på deras riskbenägenhet, ålder och kön. Metod:  I studien har vi använt en kvantitativ forskningsansats med en deduktiv ansats som vetenskaplig metod. Empirisk data har insamlats genom enkätundersökningar. Slutsats:  Aktiespararna har ett förhållningssätt till samtliga handlingsregler för att förhålla sig till riskerna förknippade med aktiehandeln. Det finns inte ett samband att aggressiva aktiesparare använder handlingsreglerna mindre frekvent i förhållande till balanserade och försiktiga aktiesparare. Det finns inte ett samband att försiktiga aktiesparare använder handlingsreglerna mer frekvent i förhållande till aggressiva och balanserade aktiesparare. Det finns inte ett samband att aktiesparare i åldern 18-35 använder handlingsreglerna mindre frekvent i förhållande till aktiesparare i åldern 36-50 och 51+. Det finns ett samband att män använder handlingsreglerna mer frekvent i förhållande till kvinnor.

The lifestyles and demands of automobiles for some auto consumers have changed significantly in recent years. There are more auto consumers who prefer purchasing larger vehicles with more interior space and capacity. To satisfy these auto consumers¡¦ needs and wants, more automakers start manufacturing full-sized vehicles such as Sports Utility Vehicles (SUV) and Multi-Purpose Vehicles (MPV). In fact, most SUVs in Taiwan will have two rows of seats and can carry five passengers. On the other hand, most MPVs in Taiwan will have three rows of seating arrangement with seven-passenger capacity. However, Toyota WISH is one of the most popular MPVs in Taiwan auto market but WISH should be considered as a ¡§Mini MPV¡¨. This research study will be focused on a Mini MPV called Toyota WISH. First, it is very important to understand the definition of Mini MPVs in the auto market. Secondly, there 7 major Mini MPVs in the Taiwan auto market, including Toyota WISH, Mazda5, Nissan Grand Livina, Mitsubishi Savrin, Ford i-Max, Kia Euro Carens, and Hyundai Santa Fe. Thirdly, Toyota has become the most leading automaker in terms of its market shares in total and Toyota WISH is also one of the most popular Mini MPVs in Taiwan auto market based on its sales volumes. Lastly, this research study will examine the primary purchasing reasons from some Toyota WISH owners. After conducting this research study, it is clearly to see that Toyota WISH has its own target customers who are mostly mature male adults between ages at early 40s to late 50s and they are usually married with children. Nevertheless, while collecting all the statistical numbers, the precise and accurate automobile sales figures are the most difficult parts to obtain in Taiwan auto market.

No description available.

Darbe nagrinėjama oficialaus siūlymo teikimo ir įgyvendinimo teisinio reguliavimo problematika Lietuvoje ir Europos Sąjungoje, analizuojama teismų praktika bei teisionio reguliavimo perspektyvos. / In this paper author analyses issues in taking and implementing takeover bid i Lithuania and in European Union. Legal practice and perspectives in regulation is analized.

In a unionized duopoly with price setting firms market shares in different wage determination settings are analyzed. I compare decentralized, centralized and sequential wage determination. In the decentralized setting the union in the more productive firm can exploit the differences in productivity for rising local wages. The rising wages in the more productive firm result in smaller differences of unit costs, therefore the market shares are split more equally in the decentralized setting than with centralized wage determination. Sequential wage determination results in an asymmetric outcome. Compared with the simultaneous case the market share of the wage-leader firm is smaller, because the competitor is able to undercut the wage. Additionally with sequential wage determination the union representing the workers of the more productive firm cannot exploit the productivity advantage by raising the wage rate by the same extent as in the simultaneous case. (author's abstract) / Series: Department of Economics Working Paper Series

The aim of this work is to test harmonic chart patterns on europen and american stock markets. The logic of classical chart patterns is based on behavioral psychology. In the year 1997, Larry Pesavento introduced harmonic chart patterns in his book "Fibonacci Ratios with Pattern Recognition" [1]. Harmonic chart patterns contain ratios based on fibonacci principle. Fibonacci principle is not based in behavioral psychology, it is based in natural law. Harmonic patterns are the first chart patterns, that are not based in behavioral psychology. The main goal of this work is to answer two questions: Is strategy based on harmonic chart patterns more profitable that pasive portfolio strategy? Are the harmonic chart patterns more profitable than the classical chart patterns?

A generous amount of research on payout policies has reported that the trends of payout policies have changed overtime. The common pattern in most of these studies is that fifty years ago cash dividend was the most dominant and favourable form of payout, but this pattern was not maintained and saw some changes in the 1980s. The 1980s was a period where the use of repurchases increased significantly in both the US and the UK and this increment was paired with a declining propensity to pay dividends. It is this observation that impelled researchers to suggest that share repurchases were substitutes for cash dividends as they were being finance with reductions in cash dividends. Share repurchases are a new concept in South Africa compared to other international capital markets. The implementation of the Companies Amendment Act 37 of 1999 has made it possible for companies to carry out open market stock repurchase programmes in South Africa and since then, share repurchases have become an intricate part of payout policy for South African firms. This study tests whether indeed the declining propensity to pay dividends and the increasing propensity to repurchase patternsare observable in South Africa and whether share repurchases are indeed substitutes for cash dividends in today’s markets. This study examines the payout policies of 116 companies listed on the Johannesburg Stock Exchange (JSE henceforth) between 2002 and 2009. Overall, this study finds that the use of share repurchases has increased substantially in South Africa during the sample period. Dividends have also increased significantly and the total payout ratio exhibited an upward trend between 2002 and 2009. This implies that the increase in repurchase activity was not financed by the decrease in dividends, as dividends had also followed an upward trend. There is sufficient evidence that repurchases and dividends are certainly not substitutes in South Africa.In addition to the observation thatdividend and repurchase payout ratios moved in the same direction for most parts of the sample period, a iii positive relationship between the dividend forecasting error and repurchase activity was realized, thus, dividends and repurchases weredeclared complements.

The main objective of this study was to evaluate the effects of the changes in total nondurables expenditures, prices, and demographics on the U.S. aggregate demand for clothing categories and shoes. In particular, this study focused on identifying and parameterizing the effects of such changes. To this purpose, a demand system for two clothing categories, shoes, and other nondurable commodities for the U.S. was estimated using aggregate time-series data sets (1929-1994), and a second-stage budgeting model was developed and estimated. The basis for the demand model was the Almost Ideal Demand System model, which was modified to account for the demographic effects. Demographic variables included in the final model were age distribution of the U.S. population (median age and variance), proportion of non-White population in the total U.S. population, and labor force participation rate of U.S. women. The main data sources were documents published by the Bureau of the Census, Bureau of Labor Statistics, and Bureau of Economic Analysis in the U.S. Department of Commerce. The results indicate that the total nondurables expenditures is a significant variable in determining consumers' nondurables expenditure allocation on clothing categories and shoes. The estimated total expenditure elasticities suggest that the clothing categories and shoes are expenditure elastic, ranging from 1.1019 to 1.4944. Most own and cross prices appear to be significant variables in determining the consumer budget allocations for clothing categories and shoes. The median age and non-White population variables evidence as significant variables that affect the U.S. aggregate nondurables expenditure allocation on men’s and boys’ clothing and on shoes. Women’s labor force participation rate evidences as a significant variable that affects the U.S. aggregate nondurables expenditure allocation on women’s and children’s clothing. The estimated own-price elasticities of demand for clothing categories and shoes indicate that all the clothing categories and shoes are inelastic (i.e., -0.3908 to -0.9175). The estimated crossprice elasticities of clothing categories, shoes and other nondurable goods show substitution and complementary relationships between the categories. The demand elasticities with respect to the demographic variables were also estimated. / Ph. D.