The Three Musketeers Relationships between Hong Kong, Shanghai and Shenzhen Before and After Shanghai–Hong Kong Stock Connect

Cheng, Andy; Chow, Nikolai Sheung-Chi; Chui, David; Wong, Wing‐Keung

doi:10.3390/su11143845

Cited by 20 publications

(9 citation statements)

References 50 publications

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“…The difference between Morishima elasticities and CPE is that Morishima elasticities consider both substitution and income effects, but CPE only considers the substitution effect. The difference between CPE and Morishima elasticities is similar to the distinction between economic measures and engineering measures of substitution [32]. Different research objectives will prefer to adopt different measures.…”

Section: Methodologiesmentioning

confidence: 86%

The Sustainability of Energy Substitution in the Chinese Electric Power Sector

Liu

Xia²,

et al. 2020

Sustainability

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The Chinese electric power industry, including its coal industry and other energy industries that are not efficient, contributes to China’s serious energy shortages and environmental contamination. The governing authority considers energy conservation to be one of the most prominent national targets, and has formulated various plans for decarbonizing the power system. Applying the trans-log cost function, this paper examined the trans-log cost function to analyze the potential inter-factor substitution among energy, capital and labor. We also investigated what role human capital played in energy substitution for the electric power sector during the period from 1981 to 2017. Three key results were derived: (1) energy is price-insensitive, (2) there exists large substitution sustainability between both capital and labor with energy, and (3) human capital input not only enhances the extent of energy substitutability with capital and labor but also is a substitute to energy itself. These findings imply that the liberalization of the electric price mechanism is conducive to lessening energy use and augmenting non-energy intensiveness, and that energy conservation technology could become more sustainable by investing more capital in the electricity sector, thereby achieving a capital–energy substitution and a decrease of CO2 emissions. We further suggest that the priority for the Chinese electric power industry should be to attach more importance to increasing human capital input.

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Section: Methodologiesmentioning

confidence: 86%

The Sustainability of Energy Substitution in the Chinese Electric Power Sector

Liu

Xia²,

et al. 2020

Sustainability

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“…This paper investigates the stock exchange merger of NASDAQ with OMX and examines the sustainability of co-movement between the stock markets of OMX and NASDAQ, that could affect investors' profit and decision making in their investment, changing their trading strategies, and could affect market efficiency and create arbitrage opportunity, anomaly, and additional risk. Thus, extension of our paper could include studying co-movement of other series [55,[58][59][60][61][62][63][64][65][66][67][68][69][70][71], co-movement of using different trading strategies [47,[72][73][74][75], co-movement of making use of different anomalies [76][77][78], co-movement of investing in different markets [60,64,[79][80][81][82], sustainability of making use of different market conditions [66,83], and co-movement in different types of risk [84][85][86][87][88][89][90][91][92][93][94][95]…”

Section: Discussionmentioning

confidence: 99%

Could Mergers Become More Sustainable? A Study of the Stock Exchange Mergers of NASDAQ and OMX

et al. 2020

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This study investigates whether the merger of NASDAQ and OMX could reduce the portfolio diversification possibilities for stock market investors and whether it is necessary to implement national policies and international treaties for the sustainable development of financial markets. Our study is very important because some players in the stock markets have not yet realized that stock exchanges, during the last decades, have moved from government-owned or mutually-owned organizations to private companies, and, with several mergers having occurred, the market is tending gradually to behave like a monopoly. From our analysis, we conclude that increased volatility and reduced diversification opportunities are the results of an increase in the long-run comovement between each pair of indices in Nordic and Baltic stock markets (Denmark, Sweden, Finland, Estonia, Latvia, and Lithuania) and NASDAQ after the merger. We also find that the merger tends to improve the error-correction mechanism for NASDAQ so that it Granger-causes OMX, but OMX loses predictive power on NASDAQ after the merger. We conclude that the merger of NASDAQ and OMX reduces the diversification possibilities for stock market investors and our findings provide evidence to support the argument that it is important to implement national policies and international treaties for the sustainable development of financial markets.

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“…The Granger causality test is one of the most important tests in behavioral economics and behavioral finance. However, most studies only test for linear causality but not nonlinear causality among different variables while it is well known that linear causality and nonlinear causality are "independent" in the sense that existence of linear causality does not imply that of nonlinear causality and vice versa, see, for example, ), Demirer et al (2019, , , Cheng et al (2019) and the references therein for more information. To circumvent the problem, Hiemstra and Jones (1994) first introduce a nonlinear Granger causality statistic to test whether there is any nonlinear causality between trading volume and stock prices.…”

Section: Unit Root Cointegration Causality and Nonlinearitymentioning

confidence: 99%

Review on behavioral economics and behavioral finance

Wong

2020

SEF

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Purpose This paper aims to give a brief review on behavioral economics and behavioral finance and discusses some of the previous research on agents' utility functions, applicable risk measures, diversification strategies and portfolio optimization. Design/methodology/approach The authors also cover related disciplines such as trading rules, contagion and various econometric aspects. Findings While scholars could first develop theoretical models in behavioral economics and behavioral finance, they subsequently may develop corresponding statistical and econometric models, this finally includes simulation studies to examine whether the estimators or statistics have good power and size. This all helps us to better understand financial and economic decision-making from a descriptive standpoint. Originality/value The research paper is original.

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The Three Musketeers Relationships between Hong Kong, Shanghai and Shenzhen Before and After Shanghai–Hong Kong Stock Connect

Cited by 20 publications

References 50 publications

The Sustainability of Energy Substitution in the Chinese Electric Power Sector

The Sustainability of Energy Substitution in the Chinese Electric Power Sector

Could Mergers Become More Sustainable? A Study of the Stock Exchange Mergers of NASDAQ and OMX

Review on behavioral economics and behavioral finance

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