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The book titled "Prediction of Stock Market Index Movements with Machine Learning" focuses on the performance of machine learning methods in forecasting the future movements of stock market indexes and identifying the most advantageous methods that can be used across different stock exchanges. In this context, applications have been conducted on both developed and emerging market stock exchanges. The stock market indexes of developed countries such as NYSE 100, NIKKEI 225, FTSE 100, CAC 40, DAX 30, FTSE MIB, TSX; and the stock market indexes of emerging countries such as SSE, BOVESPA, RTS, NIFTY 50, IDX, IPC, and BIST 100 were selected. The movement directions of these stock market indexes were predicted using decision trees, random forests, k-nearest neighbors, naive Bayes, logistic regression, support vector machines, and artificial neural networks methods. Daily dataset from 01.01.2012 to 31.12.2021, along with technical indicators, were used as input data for analysis. According to the results obtained, it was determined that artificial neural networks were the most effective method during the examined period. Alongside artificial neural networks, logistic regression and support vector machines methods were found to predict the movement direction of all indexes with an accuracy of over 70%. Additionally, it was noted that while artificial neural networks were identified as the best method, they did not necessarily achieve the highest accuracy for all indexes. In this context, it was established that the performance of the examined methods varied among countries and indexes but did not differ based on the development levels of the countries. As a conclusion, artificial neural networks, logistic regression, and support vector machines methods are recommended as the most advantageous approaches for predicting stock market index movements.
Listing by companies from one country on the stock market of another country is a device often used both to raise capital in, and to increase bonding with, the target country. This book examines the listing by Chinese companies on the Hong Kong stock market. It discusses the extent of the phenomenon, compares the two different regulatory regimes, and explores the motivations for the cross-listing. It argues that a key factor, in addition to raising capital and bonding with the Hong Kong market, is Chinese companies’ desire to encourage legal and regulatory reforms along Hong Kong lines in mainland China, in order to develop and open up China’s domestic capital markets.
Mainstream research has rationalized China’s stock market on the basis of paradigms such as the institutional approach, the efficient market hypothesis, and corporate valuation principles. The deviations from such paradigms have been analyzed as puzzles of China’s stock market. Girardin and Liu explore to what extent, in the perspective of Chinese cultural and historical characteristics, far from being puzzles, these 'deviations’ are rather the symptoms of a consistent strategy for the design, development and regulation of a government-dominated financial system. This book will help investors, observers and researchers understand the hidden logic of the design and functioning of China’s modern stock market, taking a political economy view.
Inhaltsangabe:Abstract: This paper aims at explaining the phenomenon of price anomalies between dual-class shares of companies located in mainland China (hereafter China). A-shares listed on either the Shanghai Stock Exchange (SHSE) or Shenzhen Stock Exchange (SZSE) command a premium over the price of the corresponding firm s H-shares traded at the Stock Exchange of Hong Kong (HKSE). This pricing puzzle arises from the segmentation of Chinese equity markets H-shares may be exclusively acquired by Hong Kong residents and international investors whereas A-shares are restricted to mainland Chinese investors. Although both classes of stock are entitled to the same future cash flows, investors are only willing to buy H-shares at a price significantly lower than that of A-shares. This unique setup offers the opportunity to test competing theories about the effects of market segmentation on asset pricing and to examine the factors that induce the price gap between cross-listed shares on different stock exchanges. Knowledge of the variables determining the price spread between H- and A-shares can make valuable contributions in a number of ways. Firstly, companies in mainland China pursuing initial public offerings (IPO) or seasoned equity offerings (SEO) may base their financing decision on a more thorough understanding of the parameters affecting stock prices of cross-listings in the respective markets. Secondly, policymakers in emerging country stock markets may draw conclusions concerning the design of foreign ownership regulation and investment restraints imposed on domestic and foreign investors. Lastly, international and local investors may build on a more profound understanding of the H- versus A-share discount (hereafter H-share discount) to narrow down attractive investment opportunity sets, especially in the light of the latest regulatory changes on the Chinese equity market. As of August 2007 the government body monitoring and regulating the national currency, China s State Administration of Foreign Exchange (SAFE), loosened its rigorous foreign exchange policy. Prior to the recent SAFE ruling, the annual amount to be freely converted from Chinese Yuan Renminbi (RMB) into foreign currencies was capped at a 50,000 United States Dollar (USD) limit. Under the new regime, mainland retail investors are granted unlimited convertibility of RMB into Hong Kong Dollar (HKD) given that investments flow into the Hong Kong securities market. In the [...]
Brings together today's best financial minds across the world to discuss the issue of liquidity in today's markets. It is often proxied by trade-based measures (such as trading volume, frequency of trading, dollar value of shares trade, etc), order based measures and price impact measures.
Investment in Greater China provides extensive and up-to-date information on the concepts governing foreign investments in China, Hong Kong and Taiwan. The book, written by hands-on experts in a pragmatic style, explores the full spectrum of Greater China?s investment laws and practices including: legal system; land tenure; investment structure; business regulation; taxation; import and export controls; exchange control; regulation of local finance; labour and nationality law; intellectual property; movement of goods; insurance and disputes settlement. Features of this book include comprehensive coverage and sectional user-friendly index to ensure speedy location of information. Investors, legal and tax practitioners, corporate advisers, management consultants and business professionals who need to participate effectively in the Greater China?s investment environment will benefit from Investment in Greater China. This title forms part of the Asia Business Law Series. The Asia Business Law Series is published in cooperation with CCH Asia and provides updated and reliable practical guidelines, legislation and case law, in order to help practitioners, policy makers and scholars understand how business is conducted in the rapidly growing Asian market. This book was originally published by CCH Asia as the loose-leaf Investment in Greater China
World economy globalization is driven by multiple interactive forces. Theygive rise to a number of paradoxes that impact the functional and developmental characteristics of firms. This book offers for the first time an in-depth study of the logical contradictions that stream from economic integration on the supranational level.
While many nations are still struggling from the global financial crisis and regaining their financial security, investors are considering alternative options for investing their money; and the secure financial sector is China appears as a viable option. International Cross-Listing of Chinese Firms examines the successful techniques and strategies that Chinese companies are using within their financial practices. It highlights the foreign-based multinational enterprise theories related to the major international stock markets. By providing the latest theories and research, this book will be beneficial for business practitioners, researchers, and managers interested in the relationship between cross-listing and firm valuation of Chinese firms.
This significant and timely book explores a novel market mechanism, Stock Connect, which gives mutual market access to Chinese and international investors, and provides original analyses and fresh insights. This mechanism could become the new normal in future global financial integration. By examining this cross-border scheme from a regulatory perspective via a three-tiered analytical framework (investors, issuers and regulators), this book unearths the profound implications of Stock Connect to local and global financial markets and the legal impediments to its implementation. It covers a broad range of topics in this cross-boundary investment channel, including an overview of four existing connectivity arrangements (Shanghai-Hong Kong, Shenzhen-Hong Kong, Shanghai-London and China-Switzerland), the uniqueness of these connectivity arrangements, investor protection, regulations of connect issuers, regulatory cooperation and enforcement, the impacts on local and global financial markets, the implications for the world market connectivity as well as the challenges and future of Stock Connect. This pioneering study will appeal to a broad range of readers who are interested in the on-going reshaping of international financial systems and China's emerging influence in the international financial order.
This volume of "International Finance Review" focuses on the Asia-Pacific financial markets. A total of 22 original papers, not published elsewhere, have been selected from a competitive field. These papers utilize a variety of methods, including theoretical, empirical and qualitative to highlight a range of issues across the region. Several papers offer combinations of these different categories and among the empirical papers, there are a wide variety of datasets analyzed. While China does play a significant part in the analysis of five of the papers in this volume (this is to be expected given its importance in the region), a host of other countries are also considered. This ensures the volume is truly international in its scope. These papers each serve to contribute to the knowledge on a particular issue related to the financial markets within this region and for this volume, three main issues have been identified: integration, innovation and challenges. Articles are contributed by experts in their fields. It is truly international in scope.