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on China |
| By: | Xianyang Li; Jiayi Xu; Haoxuan Xu; Yunxuan Ma; Yu Zhong; Lei Wang |
| Abstract: | The stock segment of China's time-honored brand enterprises has an important position in our securities stock market. The holiday effect is one of the market anomalies that occur in the securities market, which refers to the phenomenon that the stock market has significantly different returns than other trading days around festivals. The study of the holiday effect of China's time-honored brand enterprises can provide fresh ideas for the revitalization of our time-honored brands and the revitalization of time-honored enterprises. This paper takes listed companies of China's time-honored brand enterprises as the research object and focuses on the impact of the holiday effect on listed companies of China's time-honored brands with the help of the event study, and empirically analyses the changes in the return of listed companies of China time-honored brands during the Spring Festival period from 2012 to 2021. The empirical results reveal that: the time-honored brand concept stocks have a significant post-holiday effect during the Chinese New Year period, the time-honored alcoholic beverage enterprises are more sensitive to the Chinese New Year reflection, while the holiday effect of the time-honored pharmaceutical manufacturing enterprises is not significant. |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2308.00702&r=cna |
| By: | Mr. Waikei R Lam; Ms. Marialuz Moreno Badia |
| Abstract: | In this paper, we present the most comprehensive estimates of China’s government balance sheet to date. Based on these estimates, we show how major shifts in fiscal policy over the last two decades have shaped the health of the public sector prior to the Covid-19 pandemic. We find that, at US$12.5 trillion, China has the largest stock of financial assets in the world. However, its net financial worth as a percent of GDP—though still higher than the large majority of countries—has declined over the last decade. This trend can be traced back to the turn of the century when China undertook a major restructuring of its state-owned enterprises but left important shortcomings in the intergovernmental fiscal system unaddressed. Compounding these risks, reform momentum stalled in the aftermath of the global financial crisis leading to high leverage and falling profitability among state-owned enterprises. |
| Keywords: | Balance Sheet; China; Debt; Deficit; Local government; State-owned Enterprises; Infrastructure |
| Date: | 2023–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2023/154&r=cna |
| By: | Fabian Heymann (SFOE - Swiss Federal Office of Energy); Konstantinos Parginos (PERSEE - Centre Procédés, Énergies Renouvelables, Systèmes Énergétiques - Mines Paris - PSL (École nationale supérieure des mines de Paris) - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique); Ali Hariri (EPFL - Ecole Polytechnique Fédérale de Lausanne); Gabriele Franco (PANETTA Law Firm) |
| Abstract: | The growing prevalence and potential impact of artificial intelligence (AI) on society rises the need for regulation. In return, the shape of regulations will affect the application potential of AI across all economic sectors. This study compares the approaches to regulate AI in the European Union (EU), the United States (US) and China (CN). We then apply the findings of our comparative analysis on the energy sector, assessing the effects of each regulatory approach on the operation of a AI-based short-term electricity demand forecasting application. Our findings show that operationalizing AI applications will face very different challenges across geographies, with important implications for policy making and business development. |
| Keywords: | Artificial Intelligence, energy policy, load fore- casting, regulation |
| Date: | 2023–10–23 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04167091&r=cna |