美国金融学论文代写范文：中国新年在亚洲股市中的异常-Chinese New Year Anomaly On Asian Stock Markets。股票市场季节性由于在一年的特定时期会有异常收益的可能性因此它一直受到金融研究者们的关注.本文将介绍有效市场的概念，原则和几种形式
股票市场季节性是一个古老的问题,由于在一年的特定时期会有异常收益的可能性因此它一直受到金融研究者们的关注(Mills,1992)。季节性或日历异常是众所周知的,也许也是金融市场效率低下最令人所知的例子。在发达国家,甚至在某些新兴市场国家这样季节性的异常存在于完善的股票市场中(Jason D.Mitchell and Li Lian Ong,2006).
各种效应已经被研究人员进行了测试,如一年当中每月的效应,节日效应和一周效应。对于一周情绪的效应,投资者更倾向于将坏消息的宣布推迟到周末。因此,市场将没有时间来吸收冲击。对于每月效应,有一个税损卖盘效应,例如在一月出售无利可图的股票和再投资,甚至财务经理试图展示年底更好的组合结构。对于节日效应,其因素包括心理因素,因为它导致投资者在假期到来之前有一个好心情。
Stock market seasonality is an old issue that continues to draw the attention of finance researcher due to its potential of producing abnormal gains during certain period of the year(Mills,1992).Seasonality or calendar anomalies are also well known and are perhaps the best-known examples of inefficiencies in financial markets.Such seasonal anomalies exist to the well-established stock market in the developed countries,and even in certain emerging market country(Jason D.Mitchell and Li Lian Ong,2006).
Various effects have been tested by researcher such as Month of the year effect,holiday effect and day-of-the-week effect.For day-of-the-week effect,there are investors tend to delay the declaration of bad news until the weekend.Therefore,the market will not have time to absorb the shock.For monthly effect,there is tax-loss selling effect such as sell off the unprofitable stocks and re-invest in January and even the financial managers try to show better year end portfolio structure.For holiday effect,the factors including the psychological reasons as it leads to investors have a good mood before the holiday falls.
Some of the calendar effect is due to particular events including economic,cultural,social and political implications on the various Asian stock markets such as Malaysia,Indonesia,Hong Kong,China,Taiwan,Korea and Singapore.It is suspected that the stock market moves when the particular events such as cultural event happens.The existence of seasonality in the stock market will implies the chances to gain excess returns by using market timing strategies.
Chinese New Year occasion is a very essential event in the Chinese culture.Most of the Chinese will take it very seriously and celebrate widely when this festival comes.Chinese form a large group in Asian countries.Chinese people will spend a lot when this festival is around by purchasing new houses,decorate houses,prepare banquets for friends and families,prepare lucky money for the young generation,and even go for vacations.Thus,aggressive Chinese investors do not have much money for stock speculation.Therefore,when Chinese New Year is around,the withdrawal of capital from stock market will directly affect the stock market performance(Chien,C.C.and Chen,T.C.,2007).Beside,people keep stocks as an asset mostly will liquidate it when money needed.It leads to many speculate that stock market reach high levels before Chinese New Year celebration when Chinese need money for spending during the event.Researcher also proves that Chinese New Year has an effect towards the market because there is significant high return after the occasion.It give signal to sell stock and gain excess return after Chinese New Year holidays.
Studies shows that Chinese New Year were widely celebrated in Asian countries such as Hong Kong,China,Malaysia,Indonesia,Singapore,South Korea and also Taiwan.
All Chinese in these Asian countries form such a large population.China is with the largest population in Chinese.This is due to majority with Chinese in China and even having the largest population in the world.Beside,Chinese in Malaysia form the second largest ethic group in Malaysia.Chinese in Malaysia is referring to Chinese Malaysian.There are also Hong Kong,Indonesia,Singapore,South Korea and also Taiwan with the Chinese population.Subsequently,there is a public holiday declare in all of these Asian countries.
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