How does China's stock market react to supply chain disruptions from COVID-19?
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Keywords:
Spillover effect
Pandemic
Stock (firearms)
Event study
2019-20 coronavirus outbreak
The present study investigates the impact of the Hindenburg Research report on the Adani Group’s stock prices. An event study analysis was conducted over a 21-daywindow period, including 10 days prior to, 10 days after and the day of the event. The results showed that the majority of average abnormal returns and cumulative average abnormal returns were statistically significant during the observation period, particularly in the post-event period. This indicates that the Hindenburg Research report had a significant impact on the stock prices of Adani Group companies. The findings suggest that the Indian stock market may not be efficient in its semi-strong form. Nonetheless, it was also noticed that the stock prices did not immediately respond to the information in the report. This study has significance for investors, firms, policymakers, and regulators as they can utilize it to evaluate such announcement effect on stock prices in the Indian stock market.
Stock (firearms)
Event study
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This article emphasizes whether such political events as CPC National Congress and National People' s Congress(NPC) and Chinese People' s Political Consultative Conference(CPPCC) do some impact on China stock market.We take the 16th and 17th CPC National Congress as the sample events.Besides,NPC and CPPCC in 2002,2005 and 2007 are also considered.We use event study to analyze these cases.After analysis we find that such political events do have some impact on China stock market and China stock market is a policy market without policy efficiency.The main reasons are the government mandatory institutional arrangement、the lack of continuity and stability in policy mechanisms and the existence of those investors with internal message.Base on these analyses,this article also proposes the corresponding policy recommendations.
Event study
Stock (firearms)
Political stability
Sample (material)
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This study examines market efficiency and market reaction to political events in Colombo Stock Exchange (CSE) using a sample of 40 major political events of the emerging market of CSE which represents different industry sectors from 2008 to 2012. Standard event study methodology is employed to find the results. The results reveal biggest impressive negative AARs of -2.27 percent and strong negative significant (t=-3.27) at 1% level which produced on the political event date. This result shows that political events indicate significant negative information to the CSE. On average, market reacts negatively to market related informational event. Further, largest negative cumulative average abnormal returns (CAARs) of -1.71 percent is found during the 21 days window period. In this negative CAARs, investors’ overall believe that this event result in incremental negative future cash flows of the stock exchange of Sri Lanka. In addition to these findings, this speed market response support to the efficient dissemination of information to stock market participants since stock price adjusts very quickly to political risk information. Furthermore, stock market participants cannot earn abnormal returns by trading in the stock after the event day. Despite, the event day is unprofitable, the market is informational efficient under the market related informational event. Keywords: Abnormal Returns, Event Study, Market Efficiency, Political Event, and Window Period
Event study
Stock (firearms)
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Medias report so much about China stock mania,especially people at work engaging in,which alerts us the collapse of stock market.And both of them move stock bubble towards the final collapse.There are two disadvantages which lead China stock market to economic bubble.To eliminate the bubbles,we must improve supplies of stock,put strict disciplines on eight-hour work,and make an end to China stock mania.With this serious situation on stock market,people should keep a clear mind and be well prepared about the collapse of stock bubbles.
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Korean Abstract:
본 연구는 주택시장에서 만연한 가격전이효과(spillover effect)를 추정한다. 주택시장에서의 정책효과는 정책 대상 주택이 받는 직접효과뿐 아니라, 정책 대상이 아닌 주택들이 간접적으로 받는 효과를 통해서도 나타난다. 가격전이효과는 간접효과의 일종으로, 정책 대상 주택들로부터 발생한 외부효과를 의미한다. 본 연구에서는 이러한 가격전이효과를 추정하기 위해 재건축 정비사업의 안전진단에 대한 정책 변화를 이용한다. 이러한 정책 변화는 재건축사업을 진행하는 아파트의 가격에 직접효과를 미칠 수 있으며, 이와 무관한 주택들의 가격에도 파급효과가 나타날 수 있다. 이를 통해 가격전이효과가 주택정책을 시행하는 데 주요한 고려사항임을 확인하고자 한다.
구체적으로 본 연구는 재건축사업의 안전진단 개선의 효과를 체계적으로 분석하였다. 정책 변화의 직접효과와 가격전이효과를 구분하여 분석할 수 있는 확장된 이중차분모형(difference-in-difference model)을 제시하였다. 또한 서울지역 아파트들의 기초 정보와 가격 자료를 구성하고 지리적 정보와 결합하였다. 이와 같은 모형과 자료를 토대로 살펴본 결과, 2018년 안전진단 개선정책의 직접효과는 유의하지 않은 반면, 주변으로의 가격전이효과가 상당히 크게 작용하였음을 확인하였다.
본 연구의 결과는 주택시장에 대한 정책을 시행함에 있어 시사점을 제공한다. 주택시장은 외부효과가 만연한 시장이므로 이러한 외부효과에 대한 고려가 필수적이다. 전체 주택시장에 광범위하게 적용되는 정책뿐 아니라, 일부 주택에 대한 정책도 전이효과를 통해 전체 주택시장에 영향을 미칠 수 있기 때문이다. 본 연구의 결과처럼, 2018년 서울지역의 주택시장에서 재건축사업에 대한 정책은 전체 주택시장에 커다란 영향을 끼친 것으로 보인다. 특히 정책의 목표가 정책의 대상에 대한 직접효과가 아닌 주변 지역에 미치는 파급효과라면, 정책이 기대한 것과 다른 방향의 외부효과가 발생할 가능성에 대해 면밀한 분석이 필요함을 확인하였다.
English Abstract:
This paper studies price spillover effects in housing market, utilizing a policy change on apartment reconstruction. Under the circumstance of various years built of houses in Seoul, the policy on reconstruction applies to a part of houses in Seoul. However, the policy change may affect the whole housing market via spillover effects of the policy.
To investigate spillover effects, I suggest an extended version of difference- in-difference model that captures both the direct and spillover effects of the policy. Using thorough data on apartments in Seoul, combined with geographical information, I found a significant spillover effect that diminishes with the distance from apartments in the process of reconstruction. Meanwhile, the direct effect is found insignificant. The spillover effect seems to make it hard to capture the direct effect of the policy since the prices of houses near the reconstruction apartments follow the prices of the reconstruction apartments. In sum, the spillover effect of the policy was a crucial factor in the housing market of Seoul in 2018.
This study finds a type of externalities which is prevalent in housing market. This spillover effect must be taken into account when policies are applied not only to the whole market, but to a part of the houses.
Spillover effect
Externality
Difference in differences
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This paper examines how technological spillover affects foreign entry, R&D level, and the host country's welfare. It finds that the strategic effect decreases as R&D spillover increases. The foreign firm tends to raise the likelihood of choosing direct entry when the technology spillover is larger. For the foreign firms as well as the host country, there is no difference between choosing direct entry or acquisition when the market is extremely competitive. On regulation of foreign ownership, technology spillover creates the possibility of choosing direct entry for the foreign firm, which is different from the results obtained in Mattoo et al. (2004).
Spillover effect
Knowledge spillover
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Based on the framework of the RD input and output analysis, this paper empirically examines the spillover effects of foreign-founded RD on the technical innovation capacities of Shanghai enterprises.The result shows that foreign-funded RD has a significant direct spillover effect, which is positive with the gross product of Shanghai, the RD input, and the market of new product. But the indirect spillover effect is comparatively weak. In particular, there is a negative impact of foreign-funded RD on the input of technical development personnel.
Spillover effect
Knowledge spillover
R&D intensity
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Event study
Abnormal return
Stock (firearms)
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Citations (194)
Бұл зерттеужұмысындaКaно моделітурaлы жәнеоғaн қaтыстытолықмәліметберілгенжәнеуниверситетстуденттерінебaғыттaлғaн қолдaнбaлы (кейстік)зерттеужүргізілген.АхметЯссaуи университетініңстуденттеріүшін Кaно моделіқолдaнылғaн, олaрдың жоғaры білімберусaпaсынa қоятынмaңыздытaлaптaры, яғнисaпaлық қaжеттіліктері,олaрдың мaңыздылығытурaлы жәнесaпaлық қaжеттіліктерінеқaтыстыөз университетінқaлaй бaғaлaйтындығытурaлы сұрaқтaр қойылғaн. Осы зерттеудіңмaқсaты АхметЯсaуи университетіндетуризмменеджментіжәнеқaржы бaкaлaвриaт бaғдaрлaмaлaрыныңсaпaсынa қaтыстыстуденттердіңқaжеттіліктерінaнықтaу, студенттердіңқaнaғaттaну, қaнaғaттaнбaу дәрежелерінбелгілеу,білімберусaпaсын aнықтaу мен жетілдіружолдaрын тaлдaу болыптaбылaды. Осы мaқсaтқaжетуүшін, ең aлдыменКaно сaуaлнaмaсы түзіліп,116 студенткеқолдaнылдыжәнебілімберугежәнеоның сaпaсынa қaтыстыстуденттердіңтaлaптaры мен қaжеттіліктерітоптықжұмыстaрaрқылыaнықтaлды. Екіншіден,бұл aнықтaлғaн тaлaптaр мен қaжеттіліктерКaно бaғaлaу кестесіменжіктелді.Осылaйшa, сaпa тaлaптaры төрт сaнaтқa бөлінді:болуытиіс, бір өлшемді,тaртымдыжәнебейтaрaп.Соңындa,қaнaғaттaну мен қaнaғaттaнбaудың мәндеріесептелдіжәнестуденттердіңқaнaғaттaну мен қaнaғaттaнбaу деңгейлерінжоғaрылaту мен төмендетудеосытaлaптaр мен қaжеттіліктердіңрөліaйқын aнықтaлды.Түйінсөздер:сaпa, сaпaлық қaжеттіліктер,білімберусaпaсы, Кaно моделі.
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Empirical studies on the relation of the European Union Emissions Trading Scheme (EU ETS)
and its impact on stock prices of affected companies concentrate so far mostly on the mechanism
between emissions allowance (EUA) price and stock returns. This study in contrast examines the
relation of stock returns and the announcement on verified emissions (VE). We use event study
methodology and find on the 15th of May 2006, the first time when allocation could be justified,
a negative cumulated and significant impact of the announcement of VE on stock returns and a positive
cumulated (and marginal significant) impact on the 28th of April 2008, the last announcement
of VE in the first period. Using the results from the event-study for cross sectional analysis we find
evidence for a change in how announcements on VE were incorporated in stock markets.
Stock (firearms)
Event study
Allowance (engineering)
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