The Impact of Australian Consumer Price Index on the Exchange Rate of Australian Dollar - Chinese Renminbi

This paper investigates the impact of Australian consumer price index on Australian dollar - Chinese renminbi exchange rate. As two major economies in Asia Pacific, China and Australia are conducting ever-increasing volume of economic transactions. Massive Chinese investment, particularly in properties, has caused steady increase in Australian consumer price index and the exchange rate of Australian dollar - Chinese renminbi. Recent slowdown of Chinese economic growth and Chinese investment in Australia caused both Australian consumer price index and the exchange rate of Australian dollar - Chinese renminbi to fall significantly. This paper utilizes data from May 2005 to January 2016 and empirically tests the relation between Australian consumer price index and the exchange rate of Australian dollar - Chinese renminbi. In compliance with classical theories of exchange rates, empirical results find that a negative relation exists between Australian consumer price index and the exchange rate of Australian dollar - Chinese renminbi

Risk Analysis of Shanghai Inter-Bank Offered Rate - A GARCH-VaR Approach

The inter-bank offered rate widely used by Chinese commercial banks is Shanghai Inter-Bank Offered Rate (Shibor). Shibor has experienced significant development since it was created. It offers different products by duration. Despite its importance in China’s financial market, Shibor’s risk has largely remained unexplored. Making contribution to existing literature on risk management of Shibor, this paper investigates risk of Shanghai Inter- Bank Offered Rate (Shibor) utilizing GARCH-VaR method. The VaR of each product is calculated and compared while GARCH model is designed for a simpler calculation. In order to have a clearer view of Chinese commercial banks, the data selected is Shibor data sample from 2006 to 2016, which is measured by GARCH-VaR model and verified effectiveness by chi-square test. Empirical results show strong evidence for the need of Chinese commercial banks to change the status quo so that the great fluctuation and abnormal situation can be avoided. Policy implication, involving the interest rate management and internal problem in commercial banks, is proposed for financial regulators

An Empirical Analysis of Stock Price Risk in Chinese Growth Enterprises Market - A GARCH-VaR Approach

The aim of Growth Enterprises Market (GEM) is to provide financing channels to burgeoning and high-technology companies which cannot be listed in the main board. GEM is a supplement to the main board. As an emerging securities market, GEM shows a unique volatility compared with the main board. The volatility of GEM has connections and differences with the main board market. Studying the price volatility of GEM contributes directly to the healthy growth of GEM and the main board. This paper investigates the risk characteristics of GEM and provides several measures to deal with the risk. In this paper, VaR based on GARCH model is utilized for empirical tests. Therefore, this paper studies the characteristics and the extent of volatility risk of GEM stock price systematically

STOCK MARKET REACTION TO NEWS: EVIDENCE FROM JUVENTUS REVISITED

This paper examines a major influence on the stock prices of a publicly traded football club, Juventus Football Club S.p.A., a professional Italian association football club. The underlying financial theory applied and tested in this paper is the news model. The news model considers changes in stock prices the consequence of unexpected new public information. Applying the news model to the sport industry, it can be considered that unexpected match results affect the stock price of the club. In addition, following the reversed news model, whether major corporate governance related events have any influence on stock prices is tested. This paper contributes to the literature on the impact of unexpected public information on stock prices

Impact of Industrial Hollowing on Regional Economic Growth Rate: An Empirical Analysis based on Shanghai’s Data

The relation between industrial hollowing-out and Shanghai’s economic growth rate was analyzed by using ordinary least squares and ECM regression model. Data used in the empirical test was a monthly time series data from January 2003 to February 2017. Empirical results show Industrial producer price index, and the total amount of imports has a positive relationship with economic growth rate. However, fixed asset investment, land use cost, and labor resources cost have a negative impact on economic growth rate

An Association Rule Model of Course Recommendation in MOOCs: Based on edX Platform

The rapid development of the Internet has promoted online education as a new method of education. This paper analyzes the edX platform from various aspects, such as business environment and industry development, technology maturity, and recommendation algorithms and their feasibility. This paper mainly focuses on the curriculum recommendation mechanism under association rules on the edX platform. With the fast development of online education platform, curriculum recommendation technology has matured to a high extent. The recommendation mechanism based on association rules chosen by edX also proves to be feasible at data acquisition level and technical level. However, some defects of this mechanism per se have brought certain risks and limitations to edX’s future sustainable development

The Impact of Russia’s Oil-Dominated Energy Economic Changes on the Exchange Rate of Russian Ruble – Chinese Renminbi

Russia’s economic development has a close relation with China, due to geographical and historical reasons. This paper investigates whether the ruble – renminbi exchange rate changes accordingly when the pillar industry of Russia is drastically changing, and how the exchange rate changes and how it affects Russia’s economic development. In this paper, data of 7 variables spanning 122 months are selected based on related literature and availability of data. Regression analysis and empirical tests are carried out consequently. The results show that the energy price index represented by oil prices is negatively correlated with the exchange rate, and the explanatory power is as high as 41.1%. Following basic arbitrage methods and strategies, this paper verifies the feasibility of using arbitrage by comparing actual exchange rates with forecasted exchange rates. According to empirical results, problems witnessed in the process of ruble internationalization provides policy implications for China. China’s economy is utilized as an example to discuss the shortcomings of Russia’s economy. Related solutions are proposed

Opportunities for Parallel Import in China (Shanghai) Pilot Free Trade Zone: Evidence from the Automobile Industry and the Pharmaceutical Industry

Parallel import, as a pattern of international trade, is often under criticism because of infringement of intellectual property. However, the establishment of China (Shanghai) Pilot Free Trade Zone has contributed to the rapid development of parallel import, which has existed in the “grey zone” in China for a long time. Generally speaking, parallel import not only minimizes damages to related intellectual property owners, but also maximizes flow of goods and promotes formation of a unified market, which is beneficial to free trade and economic integration as well as the welfare of consumers. This paper investigates two industries most affected by parallel import, namely the automobile industry and the pharmaceutical industry. Two cases, “Peugeot Unfair Competition” and “Compulsory Licensing of the Indian Pharmaceutical Industry”, are analyzed. This paper draws the conclusion that the general welfare of society must be considered and a clear boundary of intellectual property rights should be established in the development of trade policies on parallel import. Effective use of parallel import can ultimately promote social development

The Impact of Female Executives’ Proportion on Corporate Performance – Evidence from China’s Garment Industry

With the global appeal on gender equality, female executives’ proportion in corporations has become higher and higher. As an industry closely related to the female, is the corporate performance of the garment industry influenced by female executives’ proportion? This paper attempts to answer this question by empirical testing the impact of female executives’ proportion on the corporate performance of China’s garment industry. It investigates 20 listed Chinese garment firms from 2007 to 2015. Female executives’ proportion, along with company size, current asset turnover ratio, asset-liability ratio, number of employees, staff costs, ratio of inventory to current assets, ratio of accounts receivable to current assets, number of board meetings, and net profit growth rate, is tested to analyze the relation between female executives’ proportion and corporate performance. Fixed effect (FE) model, pooled ordinary least square (pooled OLS) model, and panel corrected standard errors (PCSE) model are utilized for robustness check. Empirical results find that female executives’ proportion has a negative impact on the corporate performance of China’s garment industry. Although the female has more of connection with the garment industry, higher female executives’ proportion does not necessarily bring better corporate performance

Empirical Analysis of Flow Characteristics in Physical Activity: Evidence from College Students in Shanghai

Chinese college students’ physical activity mainly consists of physical activity in physical education (PE) classes and extra-curriculum physical activity. With the improvement of college PE teaching, as well as the decline of college students’ physique and the frequent occurrence of psychological problems in college students, more and more Chinese colleges has started promoting students’ active participation in physical activity. This is performed as a means of improving the physique and the mental health of college students. Flow is a positive psychological experience that quite often takes place in physical activity. Based on the theory of flow, this paper investigates flow characteristics in physical activity of college students in Shanghai. Contributing to existing literature on flow, this paper focuses on empirically exploring the manifestation of flow characteristics, differences in flow characteristics in different types of sports, and differences in flow characteristics in different grades of college students in Shanghai. The data are collected from questionnaire survey. Questionnaire questions are based on the Flow State Scale of Jackson and Marsh (1994). A preliminary test was carried out to assess the effectiveness of questionnaire questions. According to test results, a minor amendment of questionnaire questions was made to ensure that all questionnaire questions can be effectively understood. 500 questionnaires are handed out, and all were successfully retrieved. Factor analysis is utilized to reduce dimension, i.e., factorizing the answers to 36 questions into 6 variables and in calculating the value of flow. Test results found that the manifestation of flow characteristics in physical activity of college students in Shanghai are “self-experience”, “integration of action and awareness”, “clear goals and feedback”, “lack of self-consciousness”, “sense of control”, and “time transformation”. There are sharp differences between flow characteristics in physical activity of different types of sports. The flow in closed motor skills physical activity is higher than that in open motor skills physical activity. The main differences are manifested through four factors: self-experience, integration of action and awareness, clear goals and feedback, and sense of control. There are also significant differences among flow characteristics of college students in different grades, with freshmen having the highest value of flow. The flow characteristics of students in different grades also differ in terms of different types of sports