A poor liquidity level and a high liquidity risk significantly raise the required return for small-cap stocks. Euronext allows these firms to hire designated market makers (DMMs) who guarantee a minimum liquidity supply for a lump sum annual fee. In an event study based on 74 DMM stocks, we find...

A poor liquidity level and a high liquidity risk significantly raise the required return for small-cap stocks. Euronext allows these firms to hire designated market makers (DMMs) who guarantee a minimum liquidity supply for a lump sum annual fee. In an event study based on 74 DMM stocks, we find...

This study evaluates the household food demand patterns among different income sorts in urban and rural areas of Pakistan and estimation of food expenditure and household size elasticities. The different income sorts are the Lower Income Group(≤ 8000), Lower-middle Income Group(8001-12000),...

This paper proposes the way of setting the dynamic impawn rate by dividing the impawn periods into different risk windows. In an efficient financial market, the return is hypothetically independent, while in a pledged inventory market where spot transactions predominate, the return is...

This paper presents a framework of setting the impawn rate dynamically by dividing the impawn period into different risk windows. Besides, it proposes that compared with pledging loan of bonds and stocks, the essence of inventory financing is to forecast the long-term risk from short-term data,...

It was in August last year that the iInternal Reference News/i issued by the New China News Agency published my concept of the strategy of the great international cycle; now, in the short period since then, this concept has become the new strategy for development of the coastal areas. I had not...

The general goal of the next stage of Chinese economic development is to go forward toward a mature industrialized society, a process that may continue well into the middle of the next century. To reach this goal, we must choose a correct development strategy, and, to do so, there must be...