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Have the Chinese Financial Markets Been Manipulated Before the CPC National Congresses?Yang, Yijia 01 January 2018 (has links)
This paper examined the probability that the Chinese financial markets have been manipulated prior to the most recent three CPC National Congresses. Based on historical data, it used the Monte Carlo simulation to calculate the probability of the weekly and monthly percentage change of the SSE50 Index and the RMB to USD central parity rate one week and one month prior to the most recent 17th, 18th and 19th CPC National Congress. The results indicate that the weekly and monthly percentage change of both the SSE 50 Index and the RMB to USD central parity rate prior to all three Congresses would be extremely unlikely if both markets have moved in a manner consistent with their previous stochastic movements. It is highly likely that the Chinese financial markets have been manipulated prior to the most recent three CPC National Congress. This study also makes conjectures about manipulators’ motivations behind the market manipulation, assuming the existence of market manipulations.
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以股價與交易量預估政治事件結果:以台灣證券市場為例 / The forecast on political events with stock prices and trading volumes: Evidence from Taiwan Stock Exchange洪敏豪 Unknown Date (has links)
為了針對實證股價與交易量的資訊,能否作為預測未來政治事件結果提供依據,此篇論文探究四個政治事件,分別是2014年台北市長選舉國民黨黨內初選、2014年台北市長選舉、2016年總統選舉國民黨更換候選人以及2016年總統選舉。作者使用異常交易量作為判斷投資人是否將政治事件視為投資機會,並觀察個股與投資組合之累積異常報酬率是否能作為預測依據,最後以事件後五日內的異常累積報酬判斷投資人是否在事前過度反應或是反應不足。
本研究發現,在政治事件發生前六十日內,大部分政治相關的個股交易量皆顯著異於前一年之交易量。與勝選相關的股票在事件前60日至31日有顯著的正累積異常報酬。相較之下,與敗選相關的股票中,僅有和候選人有緊密政治連結的股票有顯著負累積異常報酬,政策相關的股票並無顯著負累計異常報酬。最後,在現行交易制度下,正異常報酬伴隨著正異常交易量,而負異常報酬卻因放空限制等因素,無顯著正異常交易量。 / This paper analyzes the last four political events, which includes KMT's Taipei Mayoral Primary, Taipei Mayor Election, KMT Presidential Candidate Replacement and Taiwan Presidential Election. We use trading volume to detect whether investors join the market due to potential political investment opportunity. Then we examine the CAR tendency with the political event results to identify its forecast ability. Last, we detect CAR within 5 days later to find if investor overreact or underreact before the event day.
We find that the CAR meets voters’ political anticipation before the event window. Investors believe they can time the market through these events and gain profit. Furthermore, stocks relevant to those elects experience positive CAR. In contrast, stocks relevant to those also-rans do not experience significant returns. The only fortuneteller is the company, which has close relationship to the defeated candidate, telling with negative CAR. Because of short-sale constrains, the trading volume are not larger than before even it is a good chance to gain profit in the political events.
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Obecná škola v Dačicích v letech 1890-1953 / Primary school in Dačice in the years 1890-1953HABROVÁ, Vendula January 2015 (has links)
The work describes lives of pupils at Elementary School in Dačice in the years 1890-1953. The chapters deal with the history of the town of Dačice, the information about the pupils, their education, anniversaries and memories and also their activities on behalf of the country during the war. The work also focuses on the political and other important events that happened within the given years, and whether and how they had an impact at school. The work mainly analyses extant sources chronicles.
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Změna obrazu OSVČ během koronavirové krize / The changing image of the self-employed during the coronavirus crisisSvobodová, Natálie January 2021 (has links)
The diploma thesis deals with labour market issues in relation to a selected group of self- employed persons during the coronavirus crisis of 2020. The main goal of the thesis deals with mapping and comparing the change of approach to self-employment during the coronavirus crisis from perspective of the theory of social construction of target populations by Ingram and Schneider. The main goal of the thesis was supplemented by four research questions that deal with the transformation of the social structure of the self-employed during a pandemic, the resulting policy, the tools used in employment policy and the variability of topics that appeared in the media in relation to self-employment. In the introduction, the reader gets acquainted with the development of the researched issues, statistics and the main theories and concepts that have been used. The second part describes the methodology of the work, such as research methods and data analysis. Following this, the work presents the results of the analysis of events, where was created a timeline of the development of selected measures. The analysis is supplemented by transcripts of stenographic records from the Chamber of Deputies of the Parliament of the Czech Republic and also by a closer insight into the compensation bonus periods and costs that...
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Spisovatel a novinář Edvard Valenta po roce 1945 / Writer and journalist Edvard Valenta after 1945Janeš, Petr January 2012 (has links)
This thesis examines the role of Czech writer Edvard Valenta (1901-1978) in post-war Czechoslovakia journalism. The overview part of the paper tracks Valenta's texts published from 1945 to 1948 in Svobodné noviny and in magazine Dnešek. Attention is also devoted to Edvard Valenta's correspondence not only with many Czech writers, but also with his own family. Based on archival research and eyewitness accounts, this work tries to capture the life and the career of Czech journalist and writer Edvard Valenta, including his imprisonment after february 1948. The work focuses on the facts that were not known about Edvard Valenta yet, trying to organize them and to make them available for any further research or to organize them and to make them available for any further research or writing of Valenta's monography. Furthermore, the contemporary journalism situation is outlined as well as the political interventions into cultural issues. The selection part of the paper deals with the analysis of specific polemical texts among literary groups and authors with different political beliefs. The aim is to highlight the importance of Edvard Valenta in journalism field in the Third Republic and to highlight the inextricable connection of literature and journalism. Keywords: Czech literature of the second half of...
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白堊記憶:台灣「五○年代白色恐怖」集體記憶的保存、復甦與重建 / White Memory -- The White Terror in Taiwan in the 1950s: Preservation, Rise, and Reconstruction of Collective Memory葉怡君 Unknown Date (has links)
本篇論文探討的是,台灣「五○年代白色恐怖」政治案件的「集體記憶」(collective memory)保存、復甦和建構的社會過程。
自1949至1987年,我國在戒嚴體制的控制下,「五○年代白色恐怖」的集體記憶曾經長期受到抹黑及消音,當時受難者及其團體在此一記憶的保存上,扮演了關鍵的角色,透過他們私下的集結與聯絡,在團體的脈絡中鞏固了此一記憶。
解嚴前後,過去被壓抑的許多記憶浮上檯面,透過紀念儀式、平反活動、修改法令、保存歷史地標等活動,各方主體重新召喚、組織、競爭詮釋集體記憶,端賴資源不同,決定了競爭結果。但是由於五○年代白色恐怖蘊含的意識型態和國族認同,不完全符合當時社會的需要,因此並未馬上進入國家論述。
隨著舊政權逐漸退出執政集團,新的國民黨政權有「建構新國家」認同的需要,同時遭受地方反對黨政府的強烈挑戰;配合社會控制鬆綁,文化媒介的傳播,民間記憶更加浮現。最後在「朝野大和解」等現實環境的配合之下,受難者團體採取迴避意識型態的論述策略,發揮了臨門一腳的功效,終於讓此一集體記憶進入正式論述,新的「人權論述」的建構和認同也在這個過程中悄悄的重構、凝塑。
但是目前呈現的集體記憶仍是經過篩選、組合後的結果,紀念碑的概念如「人權」、「民主」等,已獲得這一波國族建構的認可;但是相對的,由於兩岸的僵局未解,左翼思潮和運動仍然被排除在外;少數族群、弱勢性別的詮釋權也相對被忽略。目前各種不同主體,仍在互動中持續移動建構,或許下一次大規模的記憶召喚,隨時可能在適當的時機,再度出現在公共論域。
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The political risk of international sanctions and multinational firm value: an empirical analysis using the event-study methodologyGadringer, Mark-P. 05 1900 (has links) (PDF)
This thesis emphasizes the role of political risk in international business
by analyzing the impact of political events on the valuation of firms. The
guiding question is how governments interfere with the business interests of
firms located in their own country as well as with the business interests of
firms from other nations, as a consequence of the application of international
sanctions. Therefore, the focus is on multi-country and multi-sector effects due
to the occurrence of specific sanction events. The empirical methodology is the
event-study approach, which analyzes stock market reactions to new information.
The research objective is to detect abnormal stock returns across multiple
markets and sectors, as a consequence of events related to the imposition of or
threat of international sanctions. The empirical model of this thesis differentiates
between risk-effects for firms located in the sender country (i.e., the origin of
sanctions), for firms located in or specifically related to target countries (i.e.,
the receiver of sanctions) and firms located in third countries (i.e., countries
not directly involved). There are three different cases analyzed: E.U. Economic
Sanctions against African countries (2002-2005), the U.S. Steel Tariff (2002) and
the Iran Sanctions Act (2007). The cases represent sanctions applied on the
nationwide, sector- and firm-specific level. The event studies provide empirical
evidence for the existence of political risk-effects due to sector-specific sanctions.
Risk-effects are detected for firms in target countries and for firms in the sender
country itself. The applied political risk framework describes how political risk
affects multinational firm value and explains that it varies among firms. The
impact of political risk on a firm's value depends on the risk exposure of a firm's
individual business interests to it. This contributes a new perspective on political
risk that emphasizes multinational and multi-sectoral effects and underlines that a
specific political risk can be relevant for a variety of different international business
interests. (author's abstract)
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