scholarly journals Capital Structure of Real Estate Firms in Chinese Stock Market

2015 ◽  
Author(s):  
Thian Cheng Lim ◽  
Dan Zhao ◽  
Ruiyang Chai
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Capital Structure ◽  
Chinese Stock Market

scholarly journals The Dynamic Relationship between Stock Market and Macroeconomy at Sectoral Level: Evidence from Chinese and US Stock Market

Complexity ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-16
Author(s):  
Zhenni Jin ◽  
Kun Guo
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Emerging Market ◽  
Chinese Stock Market ◽  
Retail Sales ◽  
Optimal Method ◽  
Macroeconomic Variables ◽  
Market Sentiment ◽  
Leading Role ◽  
Dynamic Relationship

As a most important component of capital market, stock market has always been regarded as the “barometer” of macroeconomy. However, many researchers have found that the stock market is not always in the lead, especially for the emerging markets, and the leading role of different sector indices is also different for the corresponding sectors. From the perspective of a comparison between mature market and emerging market at sectoral level, this paper utilizes the thermal optimal method to examine the dynamic lead-lag relationships between stock sector indices and macroeconomic variables for the USA and China. The results show that, for the US stock market, three sector indices including consumption, industry, and real estate have been leading the corresponding macroeconomic variables since 2013; for the Chinese stock market, the lead-lag relationships are different for these sectors. The real estate sector index and the industry sector index have been leading the corresponding macroeconomic variables since 2010, and the lead-lag relationship between the consumption sector index and the total retail sales is not always positive or negative, which means that the consumption sector index does not always lead the total retail sales. The empirical results confirm that the “barometer function” of immature stock market is still weak and easier to be disabled by factors such as irrational market sentiment.

scholarly journals The Australian Stock Market’s Reaction to the First Wave of the COVID-19 Pandemic and Black Summer Bushfires: A Sectoral Analysis

2021 ◽  
Vol 14 (4) ◽  
pp. 175
Author(s):  
Samet Gunay ◽  
Walid Bakry ◽  
Somar Al-Mohamad
Keyword(s):  
Information Technology ◽  
Real Estate ◽  
Stock Market ◽  
Regime Switching ◽  
Structural Breaks ◽  
Positive Impact ◽  
Financial Contagion ◽  
Chinese Stock Market ◽  
Switching Regression ◽  
The Impact

In this study, we investigated the impact of the first wave of the COVID-19 pandemic on various sectors of the Australian stock market. Market capitalization and equally weighted indices were formed for eleven Australian sectors to examine the influence of the pandemic on them. First, we examined the financial contagion between the Chinese stock market and Australian sector indices through the dynamic conditional correlation fractionally integrated generalized autoregressive conditional heteroskedasticity (DCC-FIGARCH) model. We found high time-varying correlations between the Chinese stock market and most of the Australian sector indices, with the financial, health care, information technology, and utility sectors displaying a decrease in co-movements during the pandemic. The Modified Iterative Cumulative Sum of Squares (MICSS) analysis results indicated the presence of structural breaks in the volatilities of most of the sector indices around the end of February 2020, but consumer staples, industry, information technology and real estate indices did not display any break. Markov regime-switching regression analysis depicted that the pandemic has mainly affected three sectors: consumer staples, industry, and real estate. When we considered the firm size, we found that smaller companies in the energy sector exhibited gradual deterioration, whereas small firms in the consumer staples sector experienced the largest positive impact from the pandemic.

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