Does the Capital Market Opening Improve the Price Discovery Efficiency of Stock Market? An Empirical Research Based on Shanghai-Hong Kong Stock Connect

Whether capital market opening improves the price discovery efficiency of stock market is an important issue. Shanghai-Hong Kong Stock Connect (hereafter, SHKSC) is a milestone event in the opening up of China’s capital market. Based on SHKSC, using the method of PSM + DID, we study the impact of capital market opening on the price discovery efficiency from two dimensions-stock price information content and price reaction speed to information. Our research shows that capital market opening did not increase stock price information content, but speed up the reaction of price to information. Therefore, capital market opening improves capital market’s price discovery efficiency in terms of response speed of stock price to information. Further analysis shows that capital market opening affects stock price reaction speed through improving market information environment and reducing insider trading, but it has not yet had a substantial impact on listed companies’ earnings quality, which is the main participant in the capital market, and therefore has failed to influence the stock price information content. In order to maximize the effectiveness of capital market opening, it is necessary to introduce more effective policies to improve the information disclosure quality of listed firms and reduce the level of insider trading.

Subsea Well Intervention Readiness in Brazil

The purpose of this study is to assess the subsea well intervention capabilities in Brazil from an operator point of view and how it compares to other regions in the world, in terms of equipment availability, technology and readiness. The object of this assessment will be restricted to the well access systems, given the numerous scenarios that can drive a subsea well intervention. The intent is to identify the main challenges an International Oil Company (IOC) and/or Local Oil Company (LOC) operating in Brazil must overcome in order to keep a robust and realistic contingency plan in case of any well integrity issue. Also, similar challenges are experienced whenever production restoration is needed and/or even opportunities for production enhancement are economically assessed to viable, or not. Last but not least, well access during the last phase of a well lifecycle (plug and abandonment) is also a key element. This will be discussed further in. Until the late 90's, the subsea oil industry in Brazil was restricted to the state-run operator and the supply chain to the business had developed itself around the mindset to maidenly supply a single state-run operator demand. After the market opening and consolidation of the IOC's and LOC's in the subsea market, a lack of local supply of several goods and services started to present itself. Since well access systems are expensive and the base case is that you won't use it unless you have a problem, there's a strong unconscious desire not to worry about it until you really need it. Sharing the same view, service companies tend to enforce the sale of these kits to the operator, rather than focus on a rental solution. Moreover, when service companies provide rental solutions, they are not kept in country and mobilization fees and lead time become a showstopper on many cases. In view of the scenario described above and ways of operation of the Brazilian market IOC's and LOC's a solution will be proposed to mitigate the risk of unavailability and reduce costs based on the sharing economy principles.

US-China phase-two trade deals will be issue specific

Significance To halt trade hostilities, Beijing promised to buy more US imports, dismantle tariff and non-tariff barriers and open its financial services market to US firms. In return, the United States promised not to implement its threats to increase tariffs on China's exports. Intractable issues were deferred for 'phase two'. Impacts Beijing may be willing to offer more IP protections and further open financial markets, but will hold the line on labour and human rights. China will continue its strategic diversification of agricultural imports and using them as a tool of economic diplomacy. Market opening will matter more to US businesses' long-term growth in China than short-term trade agreements.

Everyone into Work

Despite successive Dutch governments emphasizing “jobs, jobs, jobs”, thousands of people who want to work have no jobs at all, never mind good jobs. Are new technologies, flexible contracts and the intensification of work helping or hindering vulnerable groups to stay in work - in good work in particular? This chaper seeks to answer these questions while analysing what is already being done to provide good work for all. Is the changing labour market opening new opportunities? We address the automation, flexibilization and intensification of work and discuss the need for active labour market policies.

Ways of Managing the Land Assets of Territorial Communities amidst the Land Market Opening in Ukraine

The delegation of responsibility for territorial development to communities has been an important result of decentralization in Ukraine, which requires a comprehensive approach to asset management at the local level. Land asset management is among the key and most controversial issues in this field. The article is aimed at determining the practical ways of managing the land assets of a territorial community in terms of opening the land market in Ukraine. The article focuses on the definition of practical ways to manage the land assets of the territorial community amidst the land market opening in Ukraine. The main problems that have become more acute with the intensification of land relations and the growing role of local self-government in the land assets management are argued, and the main ways to overcome them are identified. The role of inventory in obtaining complete and reliable information on land assets available in the community is determined, and the ways to increase the economic potential of territorial communities by identifying the cases of unauthorized land occupation, shadow land lease, non-use of communal land, use of nonagricultural land for agrarian purposes, and determination of unclaimed land shares (units) or land plots of deceased heritage are highlighted. The need to use integrated spatial planning of community development is revealed. Prospects for further research in this area are the use of the mechanisms proposed in the article for the development of territorial communities, in particular, with respect to the trends of decentralization and land market opening in Ukraine.

Effects of COVID-19 induced pandemic on the production, trade, and income of smallholder vegetable growers in Kathmandu Valley, Nepal

This study assessed the effects of the COVID-19 pandemic on production, trade and income of smallholder vegetables growers in the Kathmandu valley, Nepal. We made a scenario-based situation analysis of pre-COVID (January to March 2020) and COVID-19 pandemic induced lockdown (April to June 2020) situations. The study used a descriptive research design and employed multistage sampling techniques. One hundred forty-five vegetable growers were surveyed and six focus group discussions were carried out between May to July 2020 in the three municipalities- Chandragiri, Mahalaxmi and Changunarayan of Kathmandu, Lalitpur and Bhaktapur districts respectively. The study showed that the income of smallholders' vegetable growers was decreased by 66.1 percent due to an increase in input price (16.9 percent), a decrease in output price (62.67 percent), and low farm productivity (9.3 percent) in comparison with the pre-COVID period. This paper has figured out the impact pathways that caused the income decline of vegetable growers. The primary constraints to smallholder producers were the absence of local aggregators followed by transportation barriers, limited market opening hours, and mobility obstruction and changed consumers' behavior due to lockdown. Majority of the farmers adjusted to the situations by selling their products at lower prices, free distribution to the local inhabitants, and composting and dumping the surpluses. The study concluded that this kind of analysis is necessary to develop resilient supply chains and extend appropriate support to the smallholder farmers who are critical actor to the supply chains.