Current Issue : October - December Volume : 2018 Issue Number : 4 Articles : 5 Articles
This empirical research uses an OLS regression framework to examine the effect\nof the overall debt crisis on European sovereign bonds by conducting an\noverview of the bond market. It identifies the determinants which affect the\ngeneration of the indebtedness of sovereign bonds and play a major role in the\ndetermination of their solvency and hence, the spreads. These results reveal\nthat Interest Rate, Inflation, Debt to GDP, Deficit to GDP, Gross Domestic\nProduct rate of growth, and VSTOXX index are the most significant determinants\nof the sovereign bond spreads in the 6 sample countries, i.e. France,\nGermany, United Kingdom, Greece, Italy and Spain. To summarize, the\nmain factors which affected bond spreads before the crisis, were not the\ncountry-specific fundamentals but rather the convergence of bond yields in\nthe euro-zone countries due to and following the launch of the monetary union\nbut during the crisis, increased risk aversion and lack of lender of last\nresort, shifted the focus to country specific factors and the bond spreads began\nto diverge according to the determinants highlighted in this study....
This study examines the factors that influence successful equity crowdfunding,\nusing data from the website www.dajiatou.com to develop models based\non investors� willingness to invest, financing efficiency, and the herding effect,\nwhich are all related to the successful financing of projects. The results show\nthat financing objectives, assignment of shares, and the number of inquiries\nhave a significant impact on investors� willingness to invest; the minimum initial\ninvestment amount and the number of inquiries have a significant impact\non financing efficiency, and early investment affects the decision-making behavior\nof investors later in the process via the herding effect....
As one of the most huge and potential markets in the world, China has a series\nof powerful IT companies, such as Tencent, Alibaba, and Xiaomi and so\non. Based on such a market and huge population, these companies have very\ngood future in developing and making profits. As a result, studying on them\nbecomes more and more important for the market to know how these companies\ndevelop and how their stocks change. This paper focuses on the developing\ntrend of Tencent and tries to provide a valuable investment suggestion\nfor the market. At last, this paper finds that Tencent, as one of the biggest IT\ncompanies in China, has very great developing potential with its achievements\nin the game industry. The main contributions of this paper are that it has\nfound future developing points of Tencent in the game industry and that it\npoints out a new developing power in IT industry, the Entertainment power.\nThe main limitation of this paper is that it has only checked one IT company,\nthe Tencent, instead of comparing different companies to show how Tencent\ngets benefits from game industry....
The transfer payment should exert the economic and social stability effect.\nHowever, the empirical data show that the total amount of transfer payment\nvaries greatly in different regions and deviates from the goal of the transfer\npayment system to a certain degree. If per-capita transfer payment is adopted\nas the analysis variable, from 1998 to 2015, 31 provincial government financial\ndata were used to empirically test the impact of per-capita transfer payment\non the stability of provincial fiscal expenditures. Based on the analysis of the\ninfluence of fiscal self-sufficiency and the 5 types of fiscal expenditures closely\nrelated to economic and livelihood stability, we can find that the per-capita\ntransfer payment has a significant negative correlation with the stable effect of\nfiscal expenditure, while the effect of fiscal self-sufficiency on the provincial\nfinancial expenditure has no significant effect. Science and Technology Expenditure,\nMedical Expenditure on the stability of local fiscal expenditure has\na more significant negative effect. The influence of Educational Expenses on\nthe stabilizing effect of local fiscal expenditure is not significant. Social Security\nExpenditure has the same effect as Cultural Expenditure, and has a significant\npositive impact on the stability of local fiscal expenditure. In order to\nfurther enhance the stabilizing effect of transfer payment on local fiscal expenditure,\nwe should improve the current transfer payment system and improve\nthe fiscal expenditure structure of local governments....
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