This study explores the Chinese stock market's response to news shocks. The results show that: (1) the stock market tends to overreact to positive news shocks but underreacts to negative news; (2) institutional investors pay over-attention to positive news shocks but insufficient attention to negative news shocks, which causes the asymmetric response patterns of the stock market directly; (3) the inclination and the distraction of attention suggest that the limited attention constrains the institutional investors; (3) the impact of institutional investors' limited attention on asymmetric reactions increases with the individual limited attention, margin buying, and informed trading of institutional investors.

The change of times has promoted the rapid development of the economy, and also stimulated the prosperity of the market. As an important component of the economic market, the continuous improvement of the financial economy requires the support of theoretical knowledge in the financial field. As an important theoretical part of financial economics, financial mathematics, relying on its computer and mathematical advantages, conducts a deeper exploration of securities and market equilibrium in the financial market. After decades of research, it has achieved fruitful results, providing strong data support for promoting the normal operation of financial institutions. Starting from the concept and related theoretical composition of financial mathematics, this article mainly analyzes the impact of financial mathematics on contemporary financial markets, and expounds the application of some core theories of financial mathematics at the market level. The article also briefly explains the current situation of financial markets from the perspectives of theoretical innovation and application issues, and describes the prospects of financial mathematics.

This study takes news observations of Chinese listed companies from 2006 to 2017 as a sample to explore how the stock market responds to news. From the perspective of limited attention, we shed light on the role of institutional investors in the above reaction mechanism. The findings suggest that (1) the stock market overreacts to positive news but under-reacts to negative news; (2) the inclination of attention caused by media exposure, analyst attention, abnormal returns before the news day, and the distraction of attention caused by competing and adverse information disclosure suggests that the limited attention constrains the institutional investors. (3) the institutional investors pay over-attention to positive news but insufficient attention to negative news, which is the direct cause of asymmetric stock market reactions. (4) the impact of institutional investors' limited attention on asymmetric reactions increases with the margin buying, informed trading of institutional investors, and limited attention of the individual investor.

This paper studies the impact of interaction between investors and listed companies on market efficiency from two perspectives of earnings expectation and information asymmetry. We conduct an empirical analysis of the Shenzhen Stock Exchange Easy Interaction (SSEEI) platform. The interactive text is used to build interactivity indicators showing that the platform provides an important way to increase stock market efficiency. We further study how the interaction affects market efficiency using the emotion dictionary and the Latent Dirichlet Allocation (LDA) model. The results show that both good and bad news discussed on the platform are significant to market efficiency.

In order to accurately and reasonably investigate risk spillovers from the international crude oil market to the financial market, we develop a copula generalized autoregressive conditional heteroscedasticity mixed-data sampling (copula-GARCH-MIDAS) model to estimate the joint probability distribution of multivariate variables, and we then derive conditional-value-at-risk-type (CoVaR-type) risk measures. Our method has three main steps. First, we formulate a GARCH-MIDAS model with a long-run volatility component driven by macroeconomic fundamentals such as gross domestic product, consumer price index and money supply to fit the marginal distribution of a single market. Second, we apply the copula technique to model dependence among multiple markets. Third, we derive the joint distribution using the fitted marginal distribution and the estimated dependence structure, and we also calculate CoVaR-type risk measures. Our empirical studies on risk spillovers from the international crude oil market to the Chinese financial market show that the copula-GARCH-MIDAS model is promising and that it is superior to the standard copula-GARCH model. We find that macroeconomic fundamentals are very important to improve the accuracy of the CoVaR measure. In addition, the effects of more severe distress events in the international crude oil market on the Chinese financial market are huge.

The decision on online banking adoption is a strategic choice by banks with multiple purposes. Using panel data on banks with hand-collected information on adoption decisions from 2002 to 2016, this article is the first to examine the determinants of online banking adoption in China. We first construct a theoretical model to illustrate banks’ online service adoption strategy and then test the determinants of online banking adoption decisions. Our model compares the patterns of online banking adoption decisions at large national banks and small banks. The model and empirical results show that banks with a larger geographic market adopt online banking earlier, and banks’ online banking adoption may be motivated by having competitors that have already adopted this technology. We also find evidence that online banking is a substitute for physical branches. Our results shed light on the banks’ effective management of online and offline services.

In order to accurately and reasonably investigate risk spillovers from the international crude oil market to the financial market, we develop a copula generalized autoregressive conditional heteroscedasticity mixed-data sampling (copula-GARCH-MIDAS) model to estimate the joint probability distribution of multivariate variables, and we then derive conditional-value-at-risk-type (CoVaR-type) risk measures. Our method has three main steps. First, we formulate a GARCH-MIDAS model with a long-run volatility component driven by macroeconomic fundamentals such as gross domestic product, consumer price index and money supply to fit the marginal distribution of a single market. Second, we apply the copula technique to model dependence among multiple markets. Third, we derive the joint distribution using the fitted marginal distribution and the estimated dependence structure, and we also calculate CoVaR-type risk measures. Our empirical studies on risk spillovers from the international crude oil market to the Chinese financial market show that the copula-GARCH-MIDAS model is promising and that it is superior to the standard copula-GARCH model. We find that macroeconomic fundamentals are very important to improve the accuracy of the CoVaR measure. In addition, the effects of more severe distress events in the international crude oil market on the Chinese financial market are huge.

Insolvent firms usually file for formal bankruptcy protection under either liquidation or reorganization. Reorganization aims to save viable failing firms whereas liquidation focuses on filtering out unviable failing firms. This paper theoretically and empirically investigates the determinants of formal bankruptcy resolution. We present a concise theory to reveal the theoretical boundary between liquidation and reorganization, which reflects how industry characteristics, judicial bias, and firm characteristics affect the outcome of bankruptcy resolution. By using the commercial bankruptcy data on US courts (2000-2016), we validate the proposed theory. In empirical tests, we deploy discrete-choice models to address the main predictions derived from theory and conduct robustness checks (e.g. placebo test). We document that firms are more likely to be reorganized when their industry is experiencing prosperity. Firms in asset-heavy industries (e.g. hotels, mining, and oil) tend to be reorganized. Formal resolution of bankruptcy cases handled by courts in Alaska and Hawaii are more likely to be reorganization than is the case in other states; however, firms that file bankruptcy petitions in California courts are more likely to face liquidation. Finally, larger and more transparent firms are more likely to be reorganized.

本文首先从理论上分析了服务业OFDI对服务业出口的影响机制,然后针对服务业OFDI是否促进了中国服务业的出口问题,利用2004-2015年相关数据,采用了格兰杰因果关系检验方法、方差分解方法和出口国际竞争力指数方法进行检验,结果表明,服务业OFDI没有很好地促进中国服务业出口.通过进一步分析可知,其中主要原因是中国服务业技术导向型OFDI占比偏低和传统行业OFDI占比较大,为此提出了相应对策及建议.

First it analyses whether the Mundell-Fleming model is adapted to China and considers that the slope of balance line of international payment of China should be negative. Then it analyses and compares the advantage and disadvantage between the fixed exchange rate system and the floating one by using the modified Mundell-Fleming model when the economy of China is faced with the external impact, and it considers that floating exchange rate system is better than fixed exchange rate system in China.

By analyzing the cases of cultivating and developing strategic emerging industries at home and abroad, this article points out the principles which should be followed during the development of strategic emerging industries. The principles are listed as follows:(1) The development patterns of strategic emerging industries should be "double promoted by government and market; (2) Adhering to the principle of market demand, the choice of strategic emerging industries should accord to the future market demand; (3) The fusion of strategic emerging industries and superior traditional industries is the shortcut of economic development; (4) Industrial policies should attach importance to independent innovation capability and core technologies and at the same time coordinate with the market mechanism and changed with the situation as well.

At present ,new urbanization has become the main driving force of economic and social devel‐opment in China .As an integrated pilot province of new urbanization construction ,Anhui Province has invested a lot of fiscal funds to support the new urbanization construction .In this paper ,the eval‐uation index system of fiscal expenditure efficiency is built based on the connotation of the new urbani‐zation as well as the national policies for the new urbanization construction .Then the efficiency of fis‐cal expenditure of each prefecture‐level city in Anhui Province in 2013 is analyzed by using the method of data envelopment analysis(DEA) .Finally ,the factors influencing the efficiency of fiscal expendi‐ture in Anhui Province are discussed based on Tobit model .On this basis ,the paper puts forward some policy recommendations to improve the efficiency of fiscal expenditure of new urbanization con‐struction in Anhui Province .

战略性新兴产业与传统产业融合发展既是由新兴产业培育和发展的一般规律所决定的,也是区域经济发展立足现实基础的务实选择.目前战略性新兴产业处于发展初期,它与传统产业融合发展的数据缺乏,导致对相关产业的评价与选择困难.文章以合肥市家电产业为例,运用层次分析法和模糊综合评价法,给出了战略性新兴产业与优势传统产业融合发展形成主导产业的选择方法.

T he adaptability of the M undell-Fleming model in China is analyzed and it is found that the slope of China's international balance of payment (BP) line should be negative .Then the advantages and disadvantages of the fixed exchange rate regime and the floating exchange rate regime w hen China'seconomy is faced with the external impact are analyzed and compared by using the revised Mun-dell-Fleming model .It is concluded that the floating exchange rate regime is better than the fixed ex-change rate regime in China .

The status quo of the institutional and mechanism innovation of the cooperation within industrial parks in Wanjiang Demonstration Area is studied and the corresponding measures are given as follows: to construct a stable platform for the cooperation within parks with administrative promotion;to improve the level of parks in the Wanjiang Demonstration Area by formulating regulations and establish the benefit sharing system;to build the financial support mechanism for big projects at provincial and municipal levels.Some suggestions are also proposed from the perspectives of land utilization,relocation and resettlement,and service for project construction.

The article suggested that,the analysis of leading industry’s choice of Wanjiang demonstration area should be com--bined quantitative analysis and qualitative analysis,and qualitative andysis should be paid more attention. Wuhu city as an ex--ample is discussed in the article. Firstly,the article gave a qualitative analysis from the perspective of industrial transfer,in--dustrial development orientation,economic development environment and industrial base. Then,the article gave a quantita--tive analysis by the evaluation index:which are industrial income elasticity of demand,market competitive advantage,loca--tion quotient and industry contribution rate. Finally,the article obtained the choice of the leading industries of Wuhu City in the future by integrate the results of qualitative and quantitative analysis.

A theoretical model is built from the perspective of trade account balance,adopting the world's exchange rates and purchasing power data during 2001-2007 from the Penn World Table 6.3.By using the panel data model,the long-term trend and the appreciation amplitude of real exchange rate of RMB against the U.S.dollar are analyzed.It is shown that the appreciation will be a long-term trend of RMB's real exchange rate and the real equilibrium exchange rate of RMB will appreciate 2.04% per year on average in the next ten years.

This paper presented a qualitative study that had investigated three fourth-grade students' growth of mathematical understanding of average by using the Pirie-Kieren dynamical theory. The results indicated: Significant instances of Primitive Knowing, Image Making, Image Having, Property Noticing, Formalising were identified and examined in detail. The teacher interventions were to provide students with opportunities for them to independently construct or modify their personal images.

Global cooperation,responding to the climate change and the arrival of low-carbon economy times,will lead to a new round of industrial revolution in post-crisis era.By researching the development trends of global industry in the low-carbon era,this paper points out that the new energy industry is gradually becoming the new global economic growth point.Governments attach great importance to the development of new energy industry and actively compete to be the forefront in this field.Based on the analyses of the new development trend of the global industry and the problems in developing low-carbon economy in Anhui Province,this paper puts forward some countermeasures for economic development of Anhui Province in the low-carbon era.

This paper analyzes and compares more than 100 countries' purchasing power parity and exchange rate of 2005 with 1993 and 2005 as the benchmark year respectively, based on the data from the International Comparison Program (ICP). The results reveal that: (1) For a developing country, the exchange rate gradually tents toward the purchasing power parity given a period of sustained rapid economic growth. (2) For a developed economy, the long-term equilibrium exchange rate is actually the purchasing power parity. Finally, by using the dynamic purchasing power parity theory for a series of analyzes and demonstrations, in this paper we conclude that appreciation of the RMB will be the long-term trend.