scholarly journals Did the Introduction of Securities Margin Trading Decrease China’s A-Share Market Volatility?

2017 ◽  
Vol 8 (3) ◽  
pp. 135 ◽  
Author(s):  
Maoguo Wu ◽  
Hanyang Zhang ◽  
Kwok-Leung Tam
Keyword(s):  
Treatment Group ◽  
Natural Experiment ◽  
Rapid Development ◽  
Market Volatility ◽  
Securities Market ◽  
Control Group ◽  
Securities Markets ◽  
Difference In Differences ◽  
Underlying Stocks ◽  
A Share

Securities margin trading is a form of credit trading that is used extensively in mature securities markets. With the rapid development of its securities market, China introduced securities margin trading to its A-share market on 31st March 2010 for the purpose of reducing A-share market volatility. Owing to the fact that the introduction of securities margin trading in 2010 only applied to part of the A-share transaction targets, it can be treated as a natural experiment. This paper uses difference-in-differences analysis to investigate whether the introduction of securities margin trading in 2010 decreased China’s A-share market volatility. By selecting 50 underlying stocks of securities margin trading as a ‘treatment group’ and 50 non-underlying stocks as a ‘control group’, this paper utilizes a panel dataset comprising 100 stocks for the period 31st March 2009 – 31st March 2011. Results indicate that the introduction of securities margin trading in 2010 significantly decreased China’s A-share market volatility. In conclusion, this paper recommends that China reduces the barriers and transaction costs of securities margin trading, extends the supply of underlying stocks for securities lending, and enhances the capital supply of margin trading.

Did the PCAOB's Restrictions on Auditors' Tax Services Improve Audit Quality?

2015 ◽  
Vol 91 (5) ◽  
pp. 1493-1512 ◽  
Author(s):  
Clive S. Lennox
Keyword(s):  
Treatment Group ◽  
Audit Quality ◽  
Auditor Independence ◽  
Control Group ◽  
Difference In Differences ◽  
Significant Drop ◽  
Going Concern ◽  
The Impact

ABSTRACT In 2005–2006, the PCAOB imposed restrictions on auditors' tax services in order to strengthen auditor independence and improve audit quality. The restrictions resulted in a significant drop in auditor-provided tax services (APTS). To test the impact on audit quality, I partition the sample into a treatment group (companies whose APTS purchases dropped significantly when the restrictions were introduced) and a control group (companies whose APTS purchases were relatively unaffected) and I measure audit quality using the incidence of accounting misstatements, tax-related misstatements, and auditors' going-concern opinions. Using a difference-in-differences design, I find no change in audit quality for the treatment group relative to the control group after the restrictions are imposed.

scholarly journals Assessment Of Efficacy of Lab-Based Learning In Enhancing Critical Thinking And Creative Thinking Among Learners

2020 ◽  
Vol 4 (1) ◽  
pp. 14-29
Author(s):  
Dipesh Karki ◽  
Roshee Lamichhane
Keyword(s):  
Critical Thinking ◽  
Treatment Group ◽  
Creative Thinking ◽  
Design Thinking ◽  
Thinking Skills ◽  
Control Group ◽  
Difference In Differences ◽  
Standard Difference ◽  
Teaching Learning ◽  
Critical And Creative Thinking

Abstract With technological innovations happening at workplaces, 21st century organizations demand competencies in thinking creatively and critically. These two skills will potentially help prospective employees become confident individuals, concerned citizens, self-directed learners, and active professionals. In this context, it becomes imperative to overhaul the lecture-based and banking model of the traditional pedagogical approach in order to impart such skills among undergraduate and graduate students. To address this issue, a lab-based teaching-learning method focused on problem-solving and design thinking was introduced at OAMK Labs in Finland. This study assesses the efficacy of lab-based learning in enhancing creativity and critical thinking among students from engineering, management, and science backgrounds of Kathmandu University, Nepal. The study was conducted in a workshop setting using a randomized control trial (RCT) where participants were divided into control and treatment groups. Participants in treatment group took part in a design thinking workshop that applied lab-based learning pedagogy, while those in the control group were given some reading material on improving creativity and critical thinking. Standard tests on both critical and creative thinking in a pre- and post-stages were administered to both groups. Data was analyzed using standard Difference-in-Differences technique. The results showed that while the level of critical thinking improved significantly, among the learners in treatment group alone, the creativity level in the post-stage increased significantly among learners in both groups. Results validated the efficacy of lab-based teaching-learning in addressing the need for critical and creative thinking skills among learners. Keywords: critical thinking, creativity, lab based learning, innovation, higher education, Difference-in-Differences

Industry-Specific Knowledge Transfer in Audit Firms: Evidence from Audit Firm Mergers in China

2021 ◽  
Author(s):  
Xianjie He ◽  
S.P. Kothari ◽  
Tusheng Xiao ◽  
Luo Zuo
Keyword(s):  
Treatment Group ◽  
Knowledge Transfer ◽  
Audit Quality ◽  
Control Group ◽  
Specific Knowledge ◽  
Difference In Differences ◽  
Audit Firm ◽  
Audit Firms ◽  
Financial Misstatements ◽  
Different Levels

Using a difference-in-differences approach, we examine the effect of industry-specific knowledge transfer on audit performance after a merger of two Chinese audit firms with different levels of expertise in an industry. For clients in an industry audited by both merging audit firms, those audited by the audit firm less specialized in that industry belong to the treatment group, while all other clients belong to the control group. We find an economically-significant improvement in audit quality (as reflected in a reduction in financial misstatements) for the treatment group relative to the control group in the same merged audit firm. We show that the treatment effect is not driven by changes in auditor incentives or personnel movement and is more pronounced when we expect stronger communication between the less and more specialized auditors after the merger. We caution that our findings are specific to China and may not generalize to other countries.

scholarly journals The impact on the equity value of listed companies pledge - A Case Study of La Chapelle

2021 ◽  
Vol 275 ◽  
pp. 01077
Author(s):  
Fang Liu
Keyword(s):  
Listed Company ◽  
Rapid Development ◽  
Listed Companies ◽  
Bank Loans ◽  
Securities Market ◽  
Object A ◽  
Equity Value ◽  
The Impact ◽  
A Share

With the rapid development of China’s securities market, bank loans as an important channel of enterprise financing has been unable to meet the capital needs of most enterprises, this article is based on the A-share main board listed company and equity pledge ratio as the research object, a case study of rashabel’s equity. It is concluded that the value of the company is inversely proportional to the proportion of the allocated equity. We should distribute equity reasonably, balance the power among shareholders, so as to improve the efficiency of governance and strengthen the supervision of large shareholders.

Centralised versus decentralised subnational debt and soft budget constraint: evidence from China

2019 ◽  
Vol 34 (2) ◽  
pp. 173-188 ◽  
Author(s):  
Zhiyong An ◽  
Yilin Hou
Keyword(s):  
Treatment Group ◽  
Causal Effect ◽  
Budget Constraint ◽  
Control Group ◽  
Soft Budget Constraint ◽  
Difference In Differences ◽  
Provincial Level ◽  
Using Data ◽  
Budgetary Expenditure ◽  
Subnational Governments

This article examines the causal effect of debt decentralisation on the budget constraint of subnational governments. China’s debt decentralisation reform of 2011 authorised four provincial-level units to issue debt on their own, but not the remaining ones. Using data on the budgetary expenditure and revenue of Chinese subnational governments from 2009 to 2014, we estimate the effect of the reform with a difference-in-differences approach, with those four provincial units as the treatment group and the others as the control group. Our findings suggest that debt decentralisation can help harden the budget constraint of subnational governments.

Available study time and undergraduate student exam performance

2019 ◽  
Vol 11 (1) ◽  
pp. 20-35
Author(s):  
Shahar Sansani ◽  
Afik Rahamim
Keyword(s):  
Treatment Group ◽  
Undergraduate Students ◽  
Design Methodology ◽  
Point Estimate ◽  
Exam Performance ◽  
Control Group ◽  
Difference In Differences ◽  
Final Exam ◽  
Content Type ◽  
Final Exams

PurposeThe purpose of this paper is to determine whether the number of lecture-free and exam-free days before a final exam affects students’ scores overall and by gender.Design/methodology/approachThe paper exploits scheduling differences in final exams between two groups of students who take identical final exams. The treatment group and the control group have similar exam spacing for one “early exam,” but the treatment group has four additional days between exams for another “later exam,” allowing for a difference-in-differences analysis. A survey of contemporary students is conducted to complement the empirical results.FindingsOverall, there are no statistically significant differences in the grades on the exams between the control group and the group that had four more study days. When examined by gender, the point estimate on females is large in magnitude but statistically insignificant at conventional levels (p-value=0.087).Research limitations/implicationsThe study uses data on undergraduate students studying economics in Israel. More research in other contexts is needed to determine the robustness of the findings.Originality/valueThis is the first paper to study the effect of the number of days students have between final exams on student final exam scores. The results can aid in determining optimal final exam schedules.

Unemployment Compensation and Wages: A Difference-in-Differences Approach to Assessing the Wage Effects of the German Hartz Reforms

2020 ◽  
Vol 240 (1) ◽  
pp. 89-110
Author(s):  
Johannes B. D. Weskott
Keyword(s):  
Natural Experiment ◽  
Negative Influence ◽  
West Germany ◽  
Control Group ◽  
Difference In Differences ◽  
Policy Effect ◽  
Unemployment Compensation ◽  
Wage Effects ◽  
Dependent Variables ◽  
Cast Doubt

AbstractThis paper examines the influence of the level of unemployment assistance (Arbeitslosengeld II) on the wage level by exploiting a quasi-natural experiment formed by the German Hartz reforms in 2005. Estimations are based on data from the Socioeconomic Panel ranging from 2000 to 2007. As dependent variables both real monthly gross salary and real hourly gross wage are used. Firstly, following the approach taken by Arent and Nagl (2013, Unemployment Compensation and Wages: Evidence from the German Hartz Reforms. Jahrbücher für Nationalökonomie und Statistik 233 (4): 450–466), a before-after estimator is applied. Secondly, in contrast to the replication study by Ludsteck and Seth (2014, Comment on „Unemployment Compensation and Wages: Evidence from the German Hartz Reforms“ by Stefan Arent and Wolfgang Nagl. Jahrbücher für Nationalökonomie und Statistik 234 (5): 635–644) a control group is constructed and a difference-in-differences estimator (DiD) is used for further assessment. The results of the before-after estimation indicate a negative influence of the unemployment assistance reform on wages. However, the corresponding placebo regressions cast doubt on whether the estimated effect is a policy effect. The DiD approach shows that substantial time effects exist. This indicates that the before-after estimator is not suitable for assessing the policy effect. Applying the DiD estimator, a negative significant policy effect is only identified for men in West Germany.

A Newspaper’s Effect on the Strength of Automatic Associations in Memory

2012 ◽  
Vol 24 (1) ◽  
pp. 1-8 ◽  
Author(s):  
Florian Arendt
Keyword(s):  
Treatment Group ◽  
Term Effect ◽  
Control Group ◽  
Implicit Measure ◽  
Short Term ◽  
Short Term Treatment ◽  
Short Term Effect ◽  
Automatic Associations ◽  
Foreign Nationality ◽  
The Impact

A test was done to see if reading a newspaper which consistently overrepresents foreigners as criminals strengthens the automatic association between foreign country and criminal in memory (i.e., implicit cultivation). Further, an investigation was done to find out if reading articles from the same newspaper produces a short-term effect on the same measure and if (1) emotionalization of the newspaper texts, (2) emotional reactions of the reader (indicated by arousal), and (3) attributed text credibility moderate the short-term treatment effect. Eighty-five participants were assigned to one of three experimental conditions. Participants in the control group received short factual crime texts, where the nationality of the offender was not mentioned. Participants in the factual treatment group received the same texts, but the foreign nationality was mentioned. Participants in the emotionalized treatment group received emotionalized articles (i.e., texts which are high in vividness and frequency) covering the same crimes, with the foreign nationality mentioned. Supporting empirical evidence for implicit cultivation and a short-term effect was found. However, only emotionalized articles produced a short-term effect on the strength of the automatic association, indicating that newspaper texts must have a minimum of stimulus intensity to overcome an effect threshold. There were no moderating effects of arousal or credibility pertaining to the impact on the implicit measure. However, credibility moderated the short-term effect on a first-order judgment (i.e., estimated frequency of foreigners of all criminals). This indicates that a newspaper’s effect on the strength of automatic associations is relatively independent from processes of propositional reasoning.

Perbandingan Efek Suplementasi Tablet Tambah Darah Dengan Dan Tanpa Vitamin C Terhadap Kadar Hemoglobin Pada Ibu Hamil Dengan Usiakehamilan 16-32 Minggu Di Desa Keniten Kecamatan Mojo Kabupaten Kediri

2017 ◽  
Vol 3 (1) ◽  
pp. 76
Author(s):  
Siti Asiyah ◽  
Dwi Estuning Rahayu ◽  
Wiranti Dwi Novita Isnaeni
Keyword(s):  
Treatment Group ◽  
Vitamin C ◽  
Gestational Age ◽  
Group Treatment ◽  
Sampling Technique ◽  
Hemoglobin Level ◽  
The Body ◽  
Control Group ◽  
Fetal Organ ◽  
And Control

The needed of Iron Tablet in pregnancy was increase than mother who not pregnant.  That  cause of  high metabolism at the pregnancy for formed of  fetal organ and energy. One of effort for prevent anemia in mother pregnant with giving the Iron tablet and vitamin c. The reason of  this research in 4 June – 11 July 2014 is for compare the effect of  iron tablet suplementation with and without vitamin C toward Hemoglobin level in mother pregnant With Gestational Age Of 16-32 Weeks In Desa Keniten Kecamatan Mojo Kabupaten Kediri. This research method using comparative analytical.  Research design type of Quasy Eksperiment that have treatment group and control group. Treatment group will giving by Iron tablet and 100 mg vitamin C, and control group just giving by iron tablet during 21 days. Population in this research are all of mother pregnant with Gestational Age Of 16-32 Weeks with Sampling technique is  cluster random sampling is 29 mother pregnant. Comparison analysis of  iron tablet suplementation effect with and without vitamin C toward Hemoglobin level in mother pregnant With Gestational Age Of 16-32 Weeks, data analysis using Mann Whitney U-test and the calculated U value (44,5) less than U-table (51). So there was difference of iron tablet suplementation effect with and without vitamin C toward Hemoglobin level in mother pregnant With Gestational Age Of 16-32 Weeks Therefore, the addition of vitamin C on iron intake is needed to increase the uptake of iron tablets. When the amount of iron uptake increases, the reserves of iron in the body will also increase, so as to prevent anemia in pregnant women; Keywords : Iron Tablet (Fe), Vitamin C, Hemoglobin level, Mother Pregnant

Effect of HylocereusPolyrhizus Rind Extract Toward Interleukin-1β, Vascular Endothelial Growth Factor Expression, Endometriosis Implant Area

2017 ◽  
Vol 9 (08) ◽  
Author(s):  
YanuarEka P. ◽  
Hendy Hendarto ◽  
Widjiati .
Keyword(s):  
Vascular Endothelial Growth Factor ◽  
Growth Factor ◽  
Treatment Group ◽  
Negative Control Group ◽  
Negative Control ◽  
Control Group ◽  
Vascular Endothelial ◽  
Mice Model ◽  
Endothelial Growth Factor ◽  
Fruit Rind

Retrograde menstruation lead to I Kappa B Kinase (IKK) fosforilation in peritoneum macrophage and cause secretion of proinflammatory cytokine interleukin1β then stimulate endometriosis cell to produce Vascular Endothelial Growth Factor which lead to increasing of endometriosis lession seen as endometriosis implant area. Cytokine secretion was inhibited through prevention of NF-κB activation by dragon red fruit rind extract (Hylocereuspolyrhizus). The aim of this reserach is to know the effect of dragon red fuit rind extract with 0,25; 0,5; and 1 mg/g bodyweight dosage toward IL-1β, VEGF expression and implant area in endometriosis mice model. The design of this experiment was randomized post test only control group design.Endometrios mice model were made in 14 days and split into two group, positive control group and treatment group after two week negative control group and postive control group were given Na-CMC 0,5% solution consequetively, and treatment group were given dragon red fruit extract with different dosage. Signification number for IL-1β is p>0,05, signification number for VEGF is p>0,05, and implant area signification number is p>0,05. Administration of dragon red fruit rind extract can decrease IL-1β, VEGF, and implant area.

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