Dynamic Linkages between the Greater China Economic Area Stock Markets—Mainland China, Hong Kong, and Taiwan

CFA Digest ◽  
2006 ◽  
Vol 36 (1) ◽  
pp. 47-48
Author(s):  
Daren E. Miller
2019 ◽  
Vol 22 (2) ◽  
pp. 195-212 ◽  
Author(s):  
Jie Zhu

The expected equity risk premium is a key input of many asset prcing models in…nance. There exist a number of methods to estimate the risk premium. It is alsowell documented that the risk premium is time-varying. This paper brie‡y reviews twodi¤erent approaches. More speci…cally, the historical average and relative estimationare taken into closer examination. The …rst approach is applied to estimate equity riskpremium for stock markets in Greater China when the stock markets were recoveringfrom the bottom. Then the relative estimation approach is also adopted to empiricaldata to justify the …ndings in the …rst one, which takes into consideration the lowerrequired rate of return for Chinese investors due to lack of investment opportunities.After making these adjustments, we …nd that risk premium in mainland China is close torisk premium for Hong Kong and Taiwan markets. All of those markets have higher riskpremium compared to US market. The risk premium for Shanghai and Shenzhen marketare about 8% and 10% respectively. For Hong Kong and Taiwan these numbers become8% and 9%, where the long-term forward-looking risk premium for US market is about4%.


2012 ◽  
Vol 3 (4) ◽  
pp. 123-134
Author(s):  
Yu-Te Tu

As the economics within Greater China become more internally linked together, it becomes increasingly important to understand the nuances of each culture encompassed by this term. There is very little comparing the negotiation styles of Chinese who live in Taiwan, Hong Kong, and Mainland China among themselves. To fill the gap, the present research focuses on negotiations style comparison by gender among Chinese in Taiwan, Hong Kong, and Mainland China. The population was chosen from public companies listed under the stock markets. Data was collected using an online survey technique. SPSS was used to conduct data analyses, and a variety of statistical measures were used, including descriptive statistics and MANOVA, and coefficient alphas was reported for modified instruments in order to address reliability and validity of the instrument. The study found that only the factual negotiation style showed a significant relationship with gender among the three regions. The researcher suggests that the negotiators still need to be trained in body language, strategies, temper control, international manners, and customs. A better knowledge of negotiation should be helpful in understanding business and in realizing which negotiation styles are most appropriate for a particular country. The appropriate negotiation skills can bring more competitive advantages and benefits.


2015 ◽  
Vol 07 (03) ◽  
pp. 36-45
Author(s):  
Jing WAN

The Stock Connect scheme launched on 17 November 2014 was the first mutual market access between mainland China and Hong Kong stock markets. It is the biggest move ever in the opening up of the capital market. Experiences accumulated will be of great value to mainland regulators who will decide on how these experiences could be utilised for China’s future opening up of its capital markets and for accelerating renminbi internationalisation.


2006 ◽  
Vol 09 (02) ◽  
pp. 297-315 ◽  
Author(s):  
Hwahsin Cheng ◽  
John L. Glascock

We investigate the stock market linkages between the United States and three Greater China Economic Area stock markets — China, Hong Kong, and Taiwan, before and after the 1997 Asian financial crisis. Daily stock market indices from January 1995 to December 2000 are used for the analysis. Results from Granger causality test indicate increased feedback relationships between the markets in the post-crisis period. We also find, from the principal component analysis, fewer common factors affecting stock returns after the crisis, suggesting more harmonious market co-movements after the financial crisis. Additionally, results from a variance decomposition analysis suggest that stock markets are more responsive to foreign shocks after the crisis. This further strengthens the evidence that stock markets become more interrelated after the 1997 Asian financial crisis.


2011 ◽  
Vol 56 (1) ◽  
pp. 200-215 ◽  
Author(s):  
Fung-Ming Christy Liu

There has been a proliferation in recent years of bilingual inflight magazines in the Greater China region, which indirectly serve the leisure industry, providing readers on and off airplanes with non-specialist information of an entertaining nature. This paper is a preliminary study of bilingual magazines published in Hong Kong, Mainland China and Taiwan, in which attention will be paid to: (a) the stages of production, (b) their translation strategies and (c) their modes of presentation. Two questions interest us most. First, what are the specific means whereby the effects of these multi-modal texts are achieved? The second question concerns the mechanics of operation in bilingual magazine publishing. This research will show the complex interaction of several parties as well as the blending of different modes of translating in the production of bilingual inflight magazines. Our findings should help researchers and practitioners in the field understand translation production in a different context from those to which they have been accustomed.


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