Search results for: China stock market

Authors: Nazira B. Boldurukova

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The main aim of this article is to give the information about life and social and diplomatic work of Zhou Enlai, to prove his identity in his impact to the history of the world; to show his place in the organization of internal and foreign policy and in the peaceful international relationships of China with other countries.

Keywords: China, foreign policy of China, identity, politician, diplomacy, Zhou Enlai

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Authors: Bisi S. Olawoyin

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This study attempts an exploration into behavioural finance in which the traditional assumptions of expected utility maximization with rational investors in efficient markets are dropped. It reviews prior research and evidence about how psychological biases affect investors behaviour and stock selection. This study examined the relationship between demographic variables and financial behaviour biases among public sector retirees who invested in the Nigerian Stock Exchange prior to their retirement. By using questionnaire survey method, a total of 214 valid convenient samples were collected in order to determine how specific demographic and psychological trait affect stock selection between dividend paying and non-dividend paying stocks. Descriptive statistics and OLS were used to analyse the results. Findings showed that most of the retirees prefer dividend paying stocks in few years preceding their retirement but still hold on to their non-dividend paying stock on retirement. A significant difference also exists between senior and junior retirees in preference for non-dividend paying stocks. These findings are consistent with the clientele theories of dividend.

Keywords: behavioural finance, clientele theories, dividend paying stocks, stock selection

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Authors: Olanike A. Ojo, Akindele M. Ojo, Jacob H. Tsado, Ramatu U. Kutigi

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The study was carried out on analysis of the effect of farmers’ socio-economic factors on the net farm income of catfish farmers in Kwara State, Nigeria. Primary data were collected from selected catfish farmers with the aid of well-structured questionnaire and a multistage sampling technique was used to select 102 catfish farmers in the area. The analytical techniques involved the use of descriptive statistics and multiple regression analysis. The findings of the analysis of socio-economic characteristics of catfish farmers reveal that 60% of the catfish farmers in the study area were male gender which implied the existence of gender inequality in the area. The mean age of 47 years was an indication that they were at their economically productive age and could contribute positively to increased production of catfish in the area. Also, the mean household size was five while the mean year of experience was five. The latter implied that the farmers were experienced in fishing techniques, breeding and fish culture which would assist in generating more revenue, reduce cost of production and eventual increase in profit levels of the farmers. The result also revealed that stock capacity (X3), accessibility to credit (X7) and labour (X4) were the main determinants of catfish production in the area. In addition, farmer’s sex, household size, no of ponds, distance of the farm from market, access to credit were the main socio-economic factors influencing the net farm income of the catfish farmers in the area. The most serious constraints militating against catfish production in the study area were high mortality rate, insufficient market, inadequate credit facilities/ finance and inadequate skilled labour needed for daily production routine. Based on the findings, it is therefore recommended that, to reduce the mortality rate of catfish extension agents should organize training workshops on improved methods and techniques of raising catfish right from juvenile to market size.

Keywords: credit, income, stock, mortality

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Authors: Lian Liu

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By analyzing the content of the New York Times' China-related energy reports, this study aims to explore the construction of China's national image by the mainstream media in the United States. The study analyzes three aspects of the coverage: topics, reporting tendencies, and countries involved. The results of the study show that economic issues are the main focus of the New York Times’ China-related energy coverage, followed by political issues and environmental issues. Overall, the coverage tendency was mainly negative, but positive coverage was dominated by science and technology issues. In addition, the study found that U.S.-China relations and Sino-Russian relations were important contexts for the construction of China's national image in the NYT's China-related energy coverage. These stories highlight China's interstate interactions with the United States, Japan, and Russia, which serve as important links in the coverage. The findings of this study reveal some characteristics and trends of the U.S. mainstream media's country image of China, which are important for a deeper understanding of the U.S.-China relationship and the media's influence on the construction of the country's image.

Keywords: media coverage, China, content analysis, visualization technology

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Authors: Heesu Kim

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This paper determines the varieties of state roles played in East Asia’s telecommunication market, regarding broadband industry. Technological capacity and the relationship between state and market affect the varieties of state role. In explaining the state’s engagement in the market, technology has always been considered as a necessary and sufficient condition. However technology variable has been useful in only explaining the extent of state’s involvement. This paper contributes by bringing in the political-economic factor, which is the relationship between state and market. This factor aids in distinguishing the varieties of state role played in emerging industries. Interaction between these two variables distinguishes 4 types of state roles played in the broadband industry. These roles are distinguished and characterized by the intensity of state’s intervention and the existence of technological capacity. This paper classifies four types of state role through the case of Singapore, China, Taiwan and Korea’s broadband industrial policy.

Keywords: East Asia, entrpreneurial state, industrial policy, regulatory state, technological capacity

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Authors: Srinaath Anbu Durai, Wang Zhaoxia

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Twitter sentiment has been used as a predictor to predict price values or trends in both the stock market and housing market. The pioneering works in this stream of research drew upon works in behavioural economics to show that sentiment or emotions impact economic decisions. Latest works in this stream focus on the algorithm used as opposed to the data used. A literature review of works in this stream through the lens of data used shows that there is a paucity of work that considers the impact of sentiments caused due to an external factor on either the stock or the housing market. This is despite an abundance of works in behavioural economics that show that sentiment or emotions caused due to an external factor impact economic decisions. To address this gap, this research studies the impact of Twitter sentiment pertaining to the Covid-19 pandemic on resale Housing Development Board (HDB) apartment prices in Singapore. It leverages SNSCRAPE to collect tweets pertaining to Covid-19 for sentiment analysis, lexicon based tools VADER and TextBlob are used for sentiment analysis, Granger Causality is used to examine the relationship between Covid-19 cases and the sentiment score, and neural networks are leveraged as prediction models. Twitter sentiment pertaining to Covid-19 as a predictor of HDB price in Singapore is studied in comparison with the traditional predictors of housing prices i.e., the structural and neighbourhood characteristics. The results indicate that using Twitter sentiment pertaining to Covid19 leads to better prediction than using only the traditional predictors and performs better as a predictor compared to two of the traditional predictors. Hence, Twitter sentiment pertaining to an external factor should be considered as important as traditional predictors. This paper demonstrates the real world economic applications of sentiment analysis of Twitter data.

Keywords: sentiment analysis, Covid-19, housing price prediction, tweets, social media, Singapore HDB, behavioral economics, neural networks

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Authors: Ying Bo Xie, Hisa Yuki Kurokawa

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Due to the fast development, China's express delivery industry has involved in a dilemma that the service quality are keeping decreasing while the construction rate of delivery network cannot meet the customers’ demand. In order to get out of this dilemma and enjoy a succession development rate, it is necessary to understand the current situation of China's express delivery industry. Firstly, the evolution of China's express delivery industry was systematical presented. Secondly, according to the number of companies and the amount of parcels they has dealt each year, the merits and faults of tow kind of operating pattern was analyzed. Finally, based on the characteristics of these express companies, the problems of China's express delivery industry was divided into several types and the countermeasures were given out respectively.

Keywords: China, express delivery industry, status, problem

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Authors: Ziwei Qi

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This paper focuses on issues on Urbanization, Rural Migration and Neighborhood Collective Efficacy in urban China. The urbanization and migration trend and policies in China will be discussed and the various mechanisms through which social structures affect economic action and the consequent of social disequilibrium due to urbanization will be discussed. The positive and negative propositions on urbanization will also be highlighted. The primary methodologies applied in the paper will be the theoretical application and empirical implication on urbanization in developing countries. Western sociological theories, including theories in urban criminology /sociology including social disorganization, theories of social capital and collective efficacy will be applied and analyzed to test the market society in Chinese economic and cultural setting.

Keywords: collective efficacy, civic engagement, rural migration, urbanization

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Authors: Ichiro Takahashi

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One of the major assumptions of mainstream macroeconomics is the path independence of capital stock. This paper challenges this assumption by employing an agent-based approach. The simulation results showed the existence of multiple "quasi-steady state" equilibria of the capital stock, which may cast serious doubt on the validity of the assumption. The finding would give a better understanding of many phenomena that involve hysteresis, including the causes of poverty. The "market-clearing view" has been widely shared among major schools of macroeconomics. They understand that the capital stock, the labor force, and technology, determine the "full-employment" equilibrium growth path and demand/supply shocks can move the economy away from the path only temporarily: the dichotomy between the short-run business cycles and the long-run equilibrium path. The view then implicitly assumes the long-run capital stock to be independent of how the economy has evolved. In contrast, "Old Keynesians" have recognized fluctuations in output as arising largely from fluctuations in real aggregate demand. It will then be an interesting question to ask if an agent-based macroeconomic model, which is known to have path dependence, can generate multiple full-employment equilibrium trajectories of the capital stock in the super-long run. If the answer is yes, the equilibrium level of capital stock, an important supply-side factor, would no longer be independent of the business cycle phenomenon. This paper attempts to answer the above question by using the agent-based macroeconomic model developed by Takahashi and Okada (2010). The model would serve this purpose well because it has neither population growth nor technology progress. The objective of the paper is twofold: (1) to explore the causes of long-term business cycle, and (2) to examine the super-long behaviors of the capital stock of full-employment economies. (1) The simulated behaviors of the key macroeconomic variables such as output, employment, real wages showed widely diversified macro-economies. They were often remarkably stable but exhibited both short-term and long-term fluctuations. The long-term fluctuations occur through the following two adjustments: the quantity and relative cost adjustments of capital stock. The first one is obvious and assumed by many business cycle theorists. The reduced aggregate demand lowers prices, which raises real wages, thereby decreasing the relative cost of capital stock with respect to labor. (2) The long-term business cycles/fluctuations were synthesized with the hysteresis of real wages, interest rates, and investments. In particular, a sequence of the simulation runs with a super-long simulation period generated a wide range of perfectly stable paths, many of which achieved full employment: all the macroeconomic trajectories, including capital stock, output, and employment, were perfectly horizontal over 100,000 periods. Moreover, the full-employment level of capital stock was influenced by the history of unemployment, which was itself path-dependent. Thus, an experience of severe unemployment in the past kept the real wage low, which discouraged a relatively costly investment in capital stock. Meanwhile, a history of good performance sometimes brought about a low capital stock due to a high-interest rate that was consistent with a strong investment.

Keywords: agent-based macroeconomic model, business cycle, hysteresis, stability

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Authors: Raphael Naryongo, Philip Ngare, Anthony Waititu

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This paper deals with numerical simulation of Wishart processes for a single asset risky pricing model whose volatility is described by Wishart affine diffusion processes. The multi-factor specification of volatility will make the model more flexible enough to fit the stock market data for short or long maturities for better returns. The Wishart process is a stochastic process which is a positive semi-definite matrix-valued generalization of the square root process. The aim of the study is to model the log asset stock returns under the double Wishart stochastic volatility model. The solution of the log-asset return dynamics for Bi-Wishart processes will be obtained through Euler-Maruyama discretization schemes. The numerical results on the asset returns are compared to the existing models returns such as Heston stochastic volatility model and double Heston stochastic volatility model

Keywords: euler schemes, log-asset return, infinitesimal generator, wishart diffusion affine processes

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Authors: Howard Chitimira

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In Australia, the market abuse prohibition is generally well accepted by the investing and non-investing public as well as by the government. This co-operative and co-ordinated approach on the part of all the relevant stakeholders has to date given rise to an increased awareness and commendable combating of market abuse activities in the Australian corporations, companies, and securities markets. It is against this background that this article seeks to comparatively explore the general enforcement approaches that are employed to combat market abuse (insider trading and market manipulation) activity in Australia and South Africa. In relation to this, the role of selected enforcement authorities and possible enforcement methods which may be learnt from both the Australian and South African experiences will be isolated where necessary for consideration by such authorities, especially, in the South African market abuse regulatory framework.

Keywords: insider trading, market abuse, market manipulation, regulation

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Authors: Ranj Tofik

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This article aims to demonstrate a link and/or correlation between the rise of China and the US-Iranian conflict, from a US point of view. To demonstrate this link, the article relies on the content analysis method by analyzing American reports and official data. This article concludes that this correlation indicates that the more China rises and the greater the Chinese threat to America, the more changes will occur in the US-Iranian conflict and the US actions regarding this conflict will increase – in the form of imposing sanctions and using means of pressure on Iran, or trying to reach an agreement and settlement with Iran. This article, via noting and observing that correlation, also claims that before 2012, Iran was a regional threat to US interests in the Middle East. However, after 2012 when the rise of China became one of the major threats to America, Iran, because of its rapprochement with China, became also part of the Chinese threat, which is a threat to America's global standing. In addition, observing this correlation indicates the possibility that the rise of China and its threat to the USA has become one of the main drivers in the US-Iranian conflict. Consequently, it can be said that Iran has become a vital issue in the US-China rivalry, as it has become an appropriate gateway for China to enter the Middle East and undermine US hegemony there.

Keywords: China-Iran relations, China's rise, JCPOA, US-Chinese competition, US-Iranian conflict

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Authors: Uyi Kizito Ehigiamusoe

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The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson’s Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

Keywords: economic growth, investments, money market, money market challenges, money market instruments

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Authors: Ira Joseph

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The LNG paradox addresses the issue of how the most expensive form of gas supply, which is LNG, will grow in an end user market where demand is most competitive, which is power generation. In this case, LNG demand growth is under siege from two entirely different directions. At one end is price; it will be extremely difficult for gas to replace coal in Asia due to the low price of coal and the age of the generation plants. Asia's coal fleet, on average, is less than two decades old and will need significant financial incentives to retire before its state lifespan. While gas would cut emissions in half relative to coal, it would also more than double the price of the fuel source for power generation, which puts it in a precarious position. In most countries in Asia other than China, this cost increase, particularly from imports, is simply not realistic when it is also necessary to focus on economic growth and social welfare. On the other end, renewables are growing at an exponential rate for three reasons. One is that prices are dropping. Two is that policy incentives are driving deployment, and three is that China is forcing renewables infrastructure into the market to take a political seat at the global energy table with Saudi Arabia, the US, and Russia. Plus, more renewables will lower import growth of oil and gas in China, if not end it altogether. Renewables are the predator at the gate of gas demand in power generation and in every year that passes, renewables cut into demand growth projections for gas; in particular, the type of gas that is most expensive, which is LNG. Gas does have a role in the future, particularly within a domestic market. Once it crosses borders in the form of LNG or even pipeline gas, it quickly becomes a premium fuel and must be marketed and used this way. Our research shows that gas will be able to compete with batteries as an intermittency and storage tool and does offer a method to harmonize with renewables as part of the energy transition. As a baseload fuel, however, the role of gas, particularly, will be limited by cost once it needs to cross a border. Gas converted into blue or green hydrogen or ammonia is also an option for storage depending on the location. While this role is much reduced from the primary baseload role that gas once aspired to land, it still offers a credible option for decades to come.

Keywords: natural gas, LNG, demand, price, intermittency, storage, renewables

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Authors: Shabnam Dadparvar, Laijin Shen

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This paper focuses on China’s policy in the Middle East and the rivalry with the U.S. The question is that what are the main factors on China’s Middle East policy and its competition with the U.S? The hypothesis regards to three effective factors: 'China’s energy dependency' on the Middle East, 'economy' and support for 'stability' in the Middle East. What is important in China’s competition with the U.S regarding to its Middle East policy is the substantial difference in ways of treating the countries of the region; China is committed to Westphalia model based on non-interference in internal affairs of the countries and respect the sovereignty of the governments. However, after 9/11, the U.S is seeking a balance between stability and change through intervention in the international affairs and in some cases is looking for a regime change. From the other hand, China, due to its dependency on the region’s energy welcomes America’s military presence in the region for providing stability. The authors by using a descriptive analytical method try to explain the situation of rivalry between China and the United States in Middle East. China is an 'emerging power' with high economic growth and in demand of more energy supply. The problem is that a rising power in the region is often a source of concern for hegemony.

Keywords: China's foreign policy, energy, hegemony, the Middle East

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Authors: Jaballah Jamil

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KLD (Peter Kinder, Steve Lydenberg and Amy Domini) research & analytics is an independent intermediary of social performance information that adopts an investor-pay model. KLD rating agency does not have an explicit monitoring on the rated firm which suggests that KLD ratings may not include private informations. Moreover, the incapacity of KLD to predict accurately the extra-financial rating of Enron casts doubt on the reliability of KLD ratings. Therefore, we first investigate whether KLD ratings affect investors' perception by studying the effect of KLD rating changes on firms' financial performances. Second, we study the impact of the Enron scandal on investors' perception of KLD rating changes by comparing the effect of KLD rating changes on firms' financial performances before and after the failure of Enron. We propose an empirical study that relates a number of equally-weighted portfolios returns, excess stock returns and book-to-market ratio to different dimensions of KLD social responsibility ratings. We first find that over the last two decades KLD rating changes influence significantly and negatively stock returns and book-to-market ratio of rated firms. This finding suggests that a raise in corporate social responsibility rating lowers the firm's risk. Second, to assess the Enron scandal's effect on the perception of KLD ratings, we compare the effect of KLD rating changes before and after the Enron scandal. We find that after the Enron scandal this significant effect disappears. This finding supports the view that the Enron scandal annihilates the KLD's effect on Socially Responsible Investors. Therefore, our findings may question results of recent studies that use KLD ratings as a proxy for Corporate Social Responsibility behavior.

Keywords: KLD social rating agency, investors' perception, investment decision, financial performance

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Authors: Wanda Luen-Wun Siu, Xiaowen Zhang

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The outbreak of the COVID-19 epidemic has caused great difficulties for South-South cooperation, but there are also opportunities. China’s health diplomacy has changed from dispatching medical teams, assisting in the construction of hospitals, and encouraging medical investment in the Africa health sector. This paper adopted a retrospective review of China’s health diplomacy in Africa from 1963 to 2020. Findings suggested that China has a preference for aiding Africa health infrastructure and sending medical teams to African countries. China’s health diplomacy in Africa is a success and has established secure diplomatic relations with African countries, thanks to the medical and health assistance to Africa over 60 years. This research contributes to the literature of health diplomacy and foreign relations and indicates that China’s health aid has fostered cooperation at the medical and diplomatic levels.

Keywords: Africa, china’s health diplomacy, COVID-19, bilateral relations

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Authors: Katleho Daniel Makatjane, Diteboho Lawrence Xaba, Ntebogang Dinah Moroke

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The current study investigates the behaviour of time-varying parameters that are based on the score function of the predictive model density at time t. The mechanism to update the parameters over time is the scaled score of the likelihood function. The results revealed that there is high persistence of time-varying, as the location parameter is higher and the skewness parameter implied the departure of scale parameter from the normality with the unconditional parameter as 1.5. The results also revealed that there is a perseverance of the leptokurtic behaviour in stock returns which implies the returns are heavily tailed. Prior to model estimation, the White Neural Network test exposed that the stock price can be modelled by a GAS model. Finally, we proposed further researches specifically to model the existence of time-varying parameters with a more detailed model that encounters the heavy tail distribution of the series and computes the risk measure associated with the returns.

Keywords: generalized autoregressive score model, South Africa, stock returns, time-varying

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Authors: Bi-Huei Tsai

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This work explores the inter-region investment behaviors of integrated circuit (IC) design industry from Taiwan to China using the amount of foreign direct investment (FDI). According to the mutual dependence among different IC design industrial locations, Lotka-Volterra model is utilized to explore the FDI interactions between South and East China. Effects of inter-regional collaborations on FDI flows into China are considered. Evolutions of FDIs into South China for IC design industry significantly inspire the subsequent FDIs into East China, while FDIs into East China for Taiwan’s IC design industry significantly hinder the subsequent FDIs into South China. The supply chain along IC industry includes IC design, manufacturing, packing and testing enterprises. I C manufacturing, packaging and testing industries depend on IC design industry to gain advanced business benefits. The FDI amount from Taiwan’s IC design industry into East China is the greatest among the four regions: North, East, Mid-West and South China. The FDI amount from Taiwan’s IC design industry into South China is the second largest. If IC design houses buy more equipment and bring more capitals in South China, those in East China will have pressure to undertake more FDIs into East China to maintain the leading position advantages of the supply chain in East China. On the other hand, as the FDIs in East China rise, the FDIs in South China will successively decline since capitals have concentrated in East China. Prediction of Lotka-Volterra model in FDI trends is accurate because the industrial interactions between the two regions are included. Finally, this work confirms that the FDI flows cannot reach a stable equilibrium point, so the FDI inflows into East and South China will expand in the future.

Keywords: Lotka-Volterra model, foreign direct investment, competitive, Equilibrium analysis

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Authors: Li Lei, Jia Jidong

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Employment right is linked to the people’s livelihood in our society. As a most important and representative part in the labor market, the employment of public servants is always taking much attention. But the discrimination in the employment of public servants has always existed and, to become a controversy in our society. The paper try to discuss this problem from four parts as follows: First, the employment of public servants has a representative status in our labor market. The second part is about the discrimination in the employment of public servants. The third part is about the right of equality and its significance. The last part is to analysis the legal predicament about discrimination in the employment of public servants in China.

Keywords: discrimination, employment of public servants, right of labor, law

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Authors: Xia Fang

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Arid and semiarid areas of China (ASAC) have experienced significant land-use/cover changes (LUCC), along with intensified climate change. However, LUCC and climate changes and their individual and interactive effects on carbon stocks have not yet been fully understood in the ASAC. This study analyses the carbon stocks in the ASAC during 1980 - 2020 using the specific arid ecosystem model (AEM), and investigates the effects of LUCC and climate change on carbon stock trends. The results indicate that in the past 41 years, the ASAC carbon pool experienced an overall growth trend, with an increase of 182.03 g C/m2. Climatic factors (+291.99 g C/m2), especially the increase in precipitation, were the main drivers of the carbon pool increase. LUCC decreased the carbon pool (-112.27 g C/m2), mainly due to the decrease in grassland area (-2.77%). The climate-induced carbon sinks were distributed in northern Xinjiang, on the Ordos Plateau, and in Northeast China, while the LUCC-induced carbon sinks mainly occurred on the Ordos Plateau and the North China Plain, resulting in a net decrease in carbon sequestration in these regions according to carbon pool measurements. The study revealed that the combination of climate variability, LUCC, and increasing atmospheric CO2 concentration resulted in an increase of approximately 182.03 g C/m2, which was mainly distributed in eastern Inner Mongolia and the western Qinghai-Tibet Plateau. Our findings are essential for improving theoretical guidance to protect the ecological environment, rationally plan land use, and understand the sustainable development of arid and semiarid zones.

Keywords: AEM, climate change, LUCC, carbon stocks

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Authors: Lan Wu

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The declared transformation towards a ‘new electricity system dominated by renewable energy’ by China requires a cleaner electricity consumption mix with high shares of renewable energy sourced-electricity (RES-E). Unfortunately, integration of RES-E into Chinese electricity markets remains a problem pending more robust legal support, evidenced by the curtailment of wind and solar power as a consequence of integration constraints. The upcoming energy law of the PRC (energy law) is expected to provide such long-awaiting support and coordinate the existing diverse sector-specific laws to deal with the weak implementation that dampening the delivery of their desired regulatory effects. However, in the shadow of the COVID-19 crisis, it remains uncertain how this new energy law brings synergies to RES-E integration, mindful of the significant impacts of the pandemic. Through the theoretical lens of the interplay between China’s electricity reform and legislative development, the present paper investigates whether there is a paradigm shift in energy law regarding renewable energy integration compared with the existing sector-specific energy laws. It examines the 2020 draft for comments on the energy law and analyses its relationship with sector-specific energy laws focusing on RES-E integration. The comparison is drawn upon five key aspects of the RES-E integration issue, including the status of renewables, marketisation, incentive schemes, consumption mechanisms, access to power grids, and dispatching. The analysis shows that it is reasonable to expect a more open and well-organized electricity market enabling absorption of high shares of RES-E. The present paper concludes that a period of prosperous development of RES-E in the post-COVID-19 era can be anticipated with the legal support by the upcoming energy law. It contributes to understanding the signals China is sending regarding the transition towards a cleaner energy future.

Keywords: energy law, energy transition, electricity market reform, renewable energy integration

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Authors: Mubashra Shaheen

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The conflict over the South China Sea (SCS) is a complex imbroglio spanning over several territorial and maritime claims involving two major island groups, the Paracels and the Spratlys. It has become a major source of geopolitical competition between the United States and China. The study's overall objective is to understand China's land reclamations and assertive behavior in the South China Sea, which lies between both the Western Pacific and the Indian Ocean. Over half of global commerce passes through these waterways, which host a great amount of marine life and hydrocarbon deposits. China's sand-filling and island-building strategy in the South China Sea is motivated by its goal of privatizing all these riches as well as the routes. It would raise China to the pinnacle of world power status as well as allow it to threaten the dominance of the U.S. The study will examine China's assertive behavior and modernization plans as well as the United States' quest for supremacy through the lens of realists. While using a qualitative method of analysis, the study will examine China's nine-dash line claims and Exclusive Economic Zones (EEZs), UNCLOS, and U.S.-China divergence over international law considerations to pacify the tensions in the South China Sea. This paper is intended to explore the possible answers to the following questions: (1) Why does China’s rise necessitate the US's efforts to contain and encircle it through the lending of a hand to strategic partners and allies in the South China Sea? (2) Why South China Sea dispute is so complex imbroglio? (3) What are US-China international law considerations regarding the South China Sea? The study will further follow the bellow research procedure: 1: Comparative Legal Method: This method simply chalk-outs the follow of few steps that discarnate the positive and negative effects of the great power competitions. 2: Conceptualization: The conceptualization of the policies of containment defines and differentiates two different problems behind the persuasive means of hegemony and dominance in the strategic milieu.

Keywords: us, china, south china sea, unclos

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Authors: Galuh Pramesti

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In Indonesia, the rise of the middle class and consumer purchasing power has created a trend of shifting the traditional into a modern retail market. Development of the creative economy as an impact of the global economy has invaded the traditional market, due to low rents and minimum innovation, raising the issue of sustainability and urban resilience for survival of the traditional market. The study aims to understand the current market conditions by examining the challenges, resiliency, and identify the relationship between the traditional market and creative market. Using a single-case study approach as the research methodology, Santa Market has been chosen as the case study. It is a pilot project of collaboration between a traditional market and creative economy in Jakarta, Indonesia. The research was conducted as a qualitative study through in-depth interviews with the market vendors and the market management, besides a desk-based study of the leasing data and spatial analysis. The findings indicate traffic fluctuation as the main challenge. It is related to the tenant’s presence, rental fluctuation, gentrification, infrastructure, and market competition. Thus, the findings on resilience show a different response for creative and traditional markets. The traditional market’s response remained stable with minimum innovation, whereas the creative market relies on technological development. Regarding the relationship, supply and demand have become the main relationship occurring in Santa Market. It is then developed into the context of society and regulation. The conclusion provides recommendations for more solid regulation to protect the market tenants from stakeholder interests that can disrupt market viability, and a critical discussion on the concept of collaboration between traditional and creative markets. There is also a suggestion for further study on relation with the surroundings, to create a holistic study on how the collaboration can work well in the traditional market.

Keywords: creative economy, market sustainability, traditional market, urban resilience

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Authors: Mark McKeown

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Press articles opining on how China has become the West’s biggest threat have become so common as to feel like old news. Since the United States shifted diplomatic recognition from Taiwan to the People’s Republic of China in 1979 the relationship between the world’s two largest economies has been at best a brittle one. This coiled tension has grown as trade between the two countries snaked ever upwards. As a byproduct of globalization Apple have focused much of their production and assembly in China. This has left the U.S. Big Tech company with several challenges. This paper focusses on the tightrope Apple now has to traverse. The majority of the data and analysis within this paper is sourced from my current ongoing PhD research on the influence of Big Tech lobbying on U.S. foreign policy. One of the main conclusions from this analysis is Apple has to adopt a carefully nuanced strategy of appeasement to avoid friction, with both the governments of China and the United States.

Keywords: apple, China, Taiwan, war

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Authors: L. E. Mphahama, A. Mushunje, A. Taruvinga

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Although broiler production does not generate any large incomes among the smallholder community, it represents the main source of livelihood and part of nutritional requirement. As a result, market for broiler meat is growing faster than that of any other meat products and is projected to continue growing in the coming decades. However, the implication is that a multitude of factors manipulates transformation of smallholder broiler farmers participating in the mainstream markets. From 217 smallholder broiler farmers, socio-economic and institutional factors in broiler farming were incorporated into Binary model to estimate the probability of broiler farmers’ participation in the mainstream markets within the Maseru district in Lesotho. Of the thirteen (13) predictor variables fitted into the model, six (6) variables (household size, number of years in broiler business, stock size, access to transport, access to extension services and access to market information) had significant coefficients while seven (7) variables (level of education, marital status, price of broilers, poultry association, access to contract, access to credit and access to storage) did not have a significant impact. It is recommended that smallholder broiler farmers organize themselves into cooperatives which will act as a vehicle through which they can access contracts and formal markets. These cooperatives will also enable easy training and workshops for broiler rearing and marketing/markets through extension visits.

Keywords: broiler chicken, mainstream market, Maseru district, participation, smallholder farmers

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Authors: Susmita Ghosh, Bhaskar Bhowmick

Abstract:

Market is an important factor for start-ups to look into during decision-making in product development and related areas. Emerging country markets are more uncertain in terms of information availability and institutional supports. The literature review of market uncertainty reveals the need for identifying factors representing the market uncertainty. This paper identifies factors for market uncertainty using Exploratory Factor Analysis (EFA) and confirms the number of factor retention using an alternative factor retention criterion, ‘Parallel Analysis’. 500 entrepreneurs, engaged in start-ups from all over India participated in the study. This paper concludes with the factor structure of ‘market uncertainty’ having dimensions of uncertainty in industry orientation, uncertainty in customer orientation and uncertainty in marketing orientation.

Keywords: uncertainty, market, orientation, competitor, demand

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Authors: Massimiliano Frezza, Sergio Bianchi, Augusto Pianese

Abstract:

Introduced by Shannon in 1948 in the field of information theory as the average rate at which information is produced by a stochastic set of data, the concept of entropy has gained much attention as a measure of uncertainty and unpredictability associated with a dynamical system, eventually depicted by a stochastic process. In particular, the Shannon entropy measures the degree of order/disorder of a given signal and provides useful information about the underlying dynamical process. It has found widespread application in a variety of fields, such as, for example, cryptography, statistical physics and finance. In this regard, many contributions have employed different measures of entropy in an attempt to characterize the financial time series in terms of market efficiency, market crashes and/or financial crises. The Shannon entropy has also been considered as a measure of the risk of a portfolio or as a tool in asset pricing. This work investigates the theoretical link between the Shannon entropy and the multifractional Brownian motion (mBm), stochastic process which recently is the focus of a renewed interest in finance as a driving model of stochastic volatility. In particular, after exploring the current state of research in this area and highlighting some of the key results and open questions that remain, we show a well-defined relationship between the Shannon (log)entropy and the memory function H(t) of the mBm. In details, we allow both the length of time series and time scale to change over analysis to study how the relation modify itself. On the one hand, applications are developed after generating surrogates of mBm trajectories based on different memory functions; on the other hand, an empirical analysis of several international stock indexes, which confirms the previous results, concludes the work.

Keywords: Shannon entropy, multifractional Brownian motion, Hurst–Holder exponent, stock indexes

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Authors: Longqing Li

Abstract:

The paper addresses the inefficiency of the classical model in measuring the Value-at-Risk (VaR) using a normal distribution or a Student’s t distribution. Specifically, the paper focuses on the one day ahead Value-at-Risk (VaR) of major stock market’s daily returns in US, UK, China and Hong Kong in the most recent ten years under 95% confidence level. To improve the predictable power and search for the best performing model, the paper proposes using two leading alternatives, Extreme Value Theory (EVT) and a family of GARCH models, and compares the relative performance. The main contribution could be summarized in two aspects. First, the paper extends the GARCH family model by incorporating EGARCH and TGARCH to shed light on the difference between each in estimating one day ahead Value-at-Risk (VaR). Second, to account for the non-normality in the distribution of financial markets, the paper applies Generalized Error Distribution (GED), instead of the normal distribution, to govern the innovation term. A dynamic back-testing procedure is employed to assess the performance of each model, a family of GARCH and the conditional EVT. The conclusion is that Exponential GARCH yields the best estimate in out-of-sample one day ahead Value-at-Risk (VaR) forecasting. Moreover, the discrepancy of performance between the GARCH and the conditional EVT is indistinguishable.

Keywords: Value-at-Risk, Extreme Value Theory, conditional EVT, backtesting

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Authors: Almoutassem Bellah Nasser

Abstract:

This paper is aimed at calculating the intangible assets of Jordanian economy. This effort is a response to the demand from corporations for these services which reflects a perceived gap in internal and external financial reporting on intangible investments. The main conclusion of the paper is to suggest that the way forward to a standardized, more comparable approach to measuring intangible capital is to employ CIV method of valuation. Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change as some attempts have been made to measure the amount of intangible assets. It was found that intangible assets account for $164.20 million in all the listed companies of Jordan. All this money does not appear on the balance sheets of these companies and hence requires special attention of policy makers for better utilization.

Keywords: intangible capital, stock prices, Amman Stock Exchange

Procedia PDF Downloads 353