This paper attempts to investigate the determinants of the capital structure of a sample of 972 listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange in China in 2003. Various theories, namely, the trade-off, pecking order and agency theories, are deployed to explain and...

This paper examines the cross-sectional relation between ownership structure and corporate performance of a sample of 434 manufacturing firms listed on the Chinese stock exchange. Following the agency theory and taking other influential factors into account, such as firm size, leverage ratio,...

This paper examines real property tax as a determinant of tenure choice. The analysis is conducted in two stages. First, parameter estimates for a reduced-form homeownership model are obtained through multivariate logistic regression on data drawn from the U.S. Survey of Income and Program...

The aim of this article is to assess the competitiveness of the EU and the NIEs in trading with, and investing in, China since the early 1980s when China started to participate openly in the world economy. To address this issue, we employ specially constructed bilateral trade figures and data on...

This paper looks at the IPO underpricing puzzle in a political economy perspective, as previous theories have considered only the ‘market economy factor’ in IPO underpricing, and failed to incorporate the ‘political economy factor’ in determining IPO underpricing. This is particularly...

In this article, we empirically investigate the relationship between realized and risk-neutral volatilities by applying the model-free measures to FTSE-100 index and index options from April 1992 to March 2005. Based on the deviation between the risk-neutral and the physical volatilities, we...

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The start of the smart grid program will drive significant changes of grid operation, management, customer service and social energy use patterns. Informatization as the Smart Grid “four modernizations” breakthrough feature, its importance is distinguished. The important feature, trends,...

We consider a supply chain in which a producer supplies a fresh product, through a third-party logistics (3PL) provider, to a distant market where a distributor purchases and sells it to end customers. The product is perishable, both the quantity and quality of which may deteriorate during the...