Interaction between Industrial Policy and Stock Price Volatility: Evidence from China’s Power Market Reform

Fan, Ye; Zhi-cheng, Zhang; Zhao, Xiaoli; Yin, Haitao

doi:10.3390/su10061719

Cited by 5 publications

(4 citation statements)

References 44 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Following [21][22][23][24][25][26][27][28][29], the forecast quality is evaluated by R 2 os , which is the percent reduction of MSPE of the given model compared to the benchmark model, given by:…”

Section: Forecast Evaluationmentioning

confidence: 99%

Prediction of Stock Returns: Sum-of-the-Parts Method and Economic Constraint Method

Dai

Zhou

2020

Sustainability

View full text Add to dashboard Cite

Forecasting stock market returns has great significance to asset allocation, risk management, and asset pricing, but stock return prediction is notoriously difficult. In this paper, we combine the sum-of-the-parts (SOP) method and three kinds of economic constraint methods: non-negative economic constraint strategy, momentum of return prediction strategy, and three-sigma strategy to improve prediction performance of stock returns, in which the price-earnings ratio growth rate (gm) is predicted by economic constraint methods. Empirical results suggest that the stock return forecasts by proposed models are both statistically and economically significant. The predictions of proposed models are robust to various robustness tests.

show abstract

Section: Forecast Evaluationmentioning

confidence: 99%

Prediction of Stock Returns: Sum-of-the-Parts Method and Economic Constraint Method

Dai

Zhou

2020

Sustainability

View full text Add to dashboard Cite

show abstract

“…With the fierce market competition, enterprise value (EV) performance in the market is increasingly significant. In the market, EV is the value determined by the stock price and the number of shares (Fan et al ., 2018). To get more investment and maintain corporate expectations, enterprises need to increase their EV first to get a reputation and competition for further development.…”

Section: Introductionmentioning

confidence: 99%

“…EVEV in the market is the value determined by the stock price and the number of shares(Fan et al, 2018) Market value A or B from the database Stock price, number of shares improve…”

mentioning

confidence: 99%

Open innovation, enterprise value and the mediating effect of ESG

Luan

Wang

2023

BPMJ

View full text Add to dashboard Cite

PurposeThis paper aims to investigate the impact of open innovation (OI) in Chinese enterprises on enterprise value (EV). At the same time, this research explores the effects of OI in environmental, social and governance (ESG) and also reveals the intermediary role of ESG in the impact of OI on improving EV.Design/methodology/approachThis study builds a theoretical framework to define a set of hypotheses verified in empirical research. Based on the panel data of Chinese listed companies removing missing data from 2011 to 2020, a two-way fixed effect model is used to study the relationship between OI, ESG and EV.FindingsThe research shows that OI of enterprises has effectively improved their value. At the same time, OI can also improve the ESG of enterprises. That OI increases EV is partly by the mediating path of ESG.Originality/valueThis study determines the influence of OI on EV from a stakeholder and sustainable development perspective, clarifying the mediating pathway of ESG in the relationship. Doing so could inspire companies to improve their OI and desire to enhance competitiveness. It will also prompt enterprises to pay attention to social responsibility activities.

show abstract

“…The literature for possible clues of the sustainability of stock price fluctuations may go back to several seminal works. Abundant empirical evidences imply that stock price fluctuations are explained with the subsequent variation in the stock quality [ 3 ], economic fundamentals [ 4 – 6 ], overconfidence [ 7 – 9 ], investor attention [ 10 ], subjective beliefs [ 11 ], microeconomic foundation [ 12 ], industrial policy [ 13 ], corporate social responsibility [ 14 ], monetary policy [ 15 ] and sentiment [ 16 ]. The factors that affect the fluctuations of stock price may seem so numerous, but they can be roughly divided into two categories: (1) Fundamental factors (rational factors), which include the stock quality, economic fundamentals, industrial policy, monetary policy and so on.…”

Section: Introductionmentioning

confidence: 99%

The sustainability of stock price fluctuations: Explanation from a recursive dynamic model

2021

View full text Add to dashboard Cite

The sustainability of stock price fluctuations indicated by many empirical studies hardly reconciles with the existing models in standard financial theories. This paper proposes a recursive dynamic asset pricing model based on the comprehensive impact of the sentiment investor, the information trader and the noise trader. The dynamic process of the asset price is characterized and a numerical simulation of the model is provided. The model captures the features of the actual stock price that are consistent with the empirical evidence on the sustainability of stock price fluctuations. It also offers a partial explanation for other financial anomalies, for example, asset price’s overreaction, asset bubble and the financial crisis. The major finding is that investor sentiment is the key factor to understand the sustainability of stock price fluctuations.

show abstract

Interaction between Industrial Policy and Stock Price Volatility: Evidence from China’s Power Market Reform

Cited by 5 publications

References 44 publications

Prediction of Stock Returns: Sum-of-the-Parts Method and Economic Constraint Method

Prediction of Stock Returns: Sum-of-the-Parts Method and Economic Constraint Method

Open innovation, enterprise value and the mediating effect of ESG

The sustainability of stock price fluctuations: Explanation from a recursive dynamic model

Contact Info

Product

Resources

About