Institutional Investors and the Credibility of Open-Market Repurchases in Illiquid Markets: Evidence from Taiwan

Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.

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Pricing models of shares of Russian companies and their practical application

Voprosy Ekonomiki ◽

10.32609/0042-8736-2019-3-48-76 ◽

2019 ◽

pp. 48-76 ◽

Cited By ~ 1

Author(s):

Alexander E. Abramov ◽

Alexander D. Radygin ◽

Maria I. Chernova

Keyword(s):

Stock Market ◽

Institutional Investors ◽

Factor Model ◽

Investment Strategies ◽

Pricing Models ◽

Foreign Portfolio Investment ◽

Market Portfolio ◽

Stock Market Performance ◽

Long Time ◽

Russian Stock Market

The article analyzes the problems of applying stock pricing models in the Russian stock market. The novelty of the study lies in the peculiarities of the methodology used and the substantive conclusions on the specifics of the influence of fundamental factors on the pricing of shares of Russian companies. The study was conducted using its own 5-factor basic pricing model based on a sample of the most complete number of issues of shares of Russian issuers and a long time horizon, from 1997 to 2017. The market portfolio was the widest for a set of issuers. We consider the factor model as a kind of universal indicator of the efficiency of the stock market performance of its functions. The article confirms the significance of factors of a broad market portfolio, size, liquidity and, in part, momentum (inertia). However, starting from 2011, the significance of factors began to decrease as the qualitative characteristics of the stock market deteriorated due to the outflow of foreign portfolio investment, combined with the low level of development of domestic institutional investors. Also identified is the cyclical nature of the actions of company size and liquidity factors. Their ability to generate additional income on shares rises mainly at the stage of the fall of the stock market. The results of the study suggest that as domestic institutional investors develop on the Russian stock market, factor investment strategies can be used as a tool to increase the return on investor portfolios.

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An Overview of Rural to Urban Migration in China and Social Challenges

MIGRATION LETTERS ◽

10.33182//ml.v16i2.664 ◽

2019 ◽

Vol 16 (2) ◽

pp. 273-282

Author(s):

Ziwei Qi

Keyword(s):

Agricultural Production ◽

Rural Populations ◽

Urban Migration ◽

Open Market ◽

Labour Demand ◽

Social Challenges ◽

The Past ◽

Internal Migrations ◽

Rural To Urban Migration ◽

Employment Sectors

The rural to urban migration in China represents one of the greatest internal migrations of people in history as rural populations have moved to cities in response to growing labour demand. One major cause of the increased labour demand was the “Reform and Open Market Policy” initiated at the end of the 1970s. The policy amplified the rural to urban divide by promoting a more thoroughly market-based economy with a corresponding reduction in the importance of agricultural production and a greater emphasis on non-agricultural market sectors. As a result, a series of economic reforms have drastically changed the cultural and social aspects of the rural area over the past three decades. Many social problems have been created due to rural to urban migration. These problems include institutional discrimination because of the restrictive household registration policies; social stigmatisation and discrimination in state-owned employment sectors and among urban residents; psychological distress and feelings of alienation.

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