简介:Thisstudyinvestigatestheeffectsofchangesinlocalmacroeconomicriskfactorsonreturnsonthebanking,chemicals,insurance,telecommunication,andutilitiesindustriesintheU.S.market.Usingamultifactorpricingmodelanddatafrom1998:01to2017:12,empiricalresultsshowthatthebanking,chemical,andtelecommunicationindustriesshowmoredifferencesintheirstockreactionstolocalmacroeconomicriskfactors.Theinsuranceandtelecommunicationindustriesdonotreactsignificantlytoriskfactors.However,alltheindustriesshowstrongreactionstolocalmarketportfolio.
简介:China'scapitalmarketisahotissueinthenewyear.ThebeststrategytodeveloptheChinesecapitalmarketinthecoming15to20yearswasdiscussedintheChinaCapitalMarketForum,whichwasheldinChinaatRenminUniversityonJanuary13.Governmentofficials,scholars,andentrepreneurscommentedthatby2020,theChinesecapitalmarketwilldevelopintooneofthebestcapitalmarketsintheworld,notonlyintermsofsize,butalsoassetquality,liquidityanddynamictrade.Isthisarealisticgoal?Whatstepsshouldwetaketopursuethistarget?Withthesequestionsinmind,aftertheforum,China'sForeignTradeinterviewedProf.WuXiaoqiu,VicePresidentofRenminUniversityofChina,andtheDirectoroftheFinance&SecuritiesInstituteofRenminUniversity.Editor