Suchergebnisse

During the 1950s and early 1960s, a large number of specialists from the German Democratic Republic (GDR) were sent by their government to China to assist in the latter's socialist construction, in which the GDR government had significant room to manoeuvre. These experts helped improve the GDR's economic relations with China yet during their tenure in China, they enjoyed preferential treatment from the Chinese government, and their living conditions were much better than those of the average Chinese people around them, which triggered resentment and violence from ordinary Chinese people. Meanwhile, East Germans were deeply concerned about Chinese technological catch-up via imitation and reproduction. The hierarchical system of socialist economic and technological cooperation and the legacy of technology transfer between Germany and China since the late nineteenth century were two main reasons for this predicament in bilateral relations, which undermined their cooperation even before the bilateral split became widely known.

AbstractUsing a global sample of high‐frequency data, I investigate how liquidity shocks affect intraday price movements. I find a negative association between liquidity shocks and price impact. This finding remains robust after considering the exogeneity of liquidity shocks, using alternative windows to measure liquidity shocks, and controlling for volume shocks and volatility shocks. Additional tests show that the documented relation stems from idiosyncratic shocks and sell‐order shocks. Moreover, I find that liquidity shocks are likely driven by uninformed traders. My evidence suggests that the market requires 30 min to accomplish price adjustments when meeting liquidity shocks.

AbstractIn this article I investigate whether the round‐number heuristic affects investors' selection of trading time in the international market. I document the existence of round‐time biases, as evidenced by trading activities intensifying at second 0 of 1 min. Further examination suggests that the round‐time anomaly is likely driven by algorithmic trading from institutional investors. Consistent with this inference, I demonstrate that round‐time transactions carry value‐relevant information, have the predictive power for intraday‐level returns, and yield the positive daily trading revenue.

AbstractThis article investigates a traditional belief of the Chinese zodiac that individuals born in the dragon year are superior and perform better. Using a sample of listed firms in China, supporting evidence is found for this pervasive superstition that CEOs born in dragon years are positively associated with firm value as measured by Tobin's Q and return on assets. This positive relationship becomes even stronger when the exact birth date of CEOs is known. Finally, the Dragon Survivors Hypothesis and the CEO Self‐fulfillment Hypothesis are examined to explain why dragon CEOs matter to firm value.

Abstract
This article examines the research literature on the economic aspects of the "Sino-Soviet Alliance", which lasted from the end of the Chinese Civil war until the Sino-Soviet split (1949-1960/63). The Soviet and Eastern European contribution to China's industrialization, called the "largest technology transfer in human history" by some, still awaits detailed examination. This article aims to structure the field as well as inspire future research. The included studies range from on-the-ground microstudies of engineers at specific industrial construction projects to macro-perspectives on economic exchange, trade and governmental negotiations. In contrast to classical Cold War perspectives, which assume a primacy of (geo-)politics, the paper builds on more recent studies, arguing that economic rationales mattered in both the split and the forging of the alliance. The literature review suggests that the room for manoeuvre of actors beyond the Kremlin and party leaderships has to be measured anew, and that the impact of the alliance on Eastern Europe awaits further research. Finally, the influence of the West with its technologies and world markets becomes visible when these apparently exclusive East-East relations are examined more closely.