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Article
Publication date: 28 January 2011

Jin‐hui Luo, Di‐fang Wan, Yang Yang and Guang Yang

The purpose of this paper is to empirically analyze the role of differentiated margin system in leading investors' investing behavior and then optimize investor structure in…

757

Abstract

Purpose

The purpose of this paper is to empirically analyze the role of differentiated margin system in leading investors' investing behavior and then optimize investor structure in futures markets.

Design/methodology/approach

Using economic experimental research method, this paper designs and conducts a futures market experiment according to experimental research's basic norms, thus acquiring needed and credible empirical data.

Findings

By analyzing the experimental data, it is found that compared with situations in futures markets that implement uniform margin system, investors' (especially speculators') futures open position and the ratio of their open position and futures turnover are both significantly higher, in futures markets that implement differentiated margin system. On the other hand, differentiated margin system has no effects on hedgers' futures turnover, but significantly reduces speculators' futures turnover.

Research limitations/implications

The findings suggest that compared with uniform margin system, differentiated margin system is beneficial to effectively restrict both speculators' and hedgers' speculating behavior and lead hedgers' market participation.

Practical implications

In order to resolve the problem of unreasonable investor structure in China's futures market, i.e. lack of hedgers and over‐speculating, China's futures market's regulators should reform the margin system and adopt differentiated margin system to lead investors' rational behavior and optimize investor structure.

Originality/value

This paper empirically analyzes and verifies, for the first time, the roles of differentiated margin system in affecting investors' investing behavior. The futures market experiment designed and used in this study is a pioneering and exploratory experiment.

Details

China Finance Review International, vol. 1 no. 2
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 17 February 2012

Jin‐hui Luo and Di‐fang Wan

The purpose of this paper is to explore the effects of large shareholdings from the agency problem perspective of overinvestment, and re‐test the role of board independence in the

892

Abstract

Purpose

The purpose of this paper is to explore the effects of large shareholdings from the agency problem perspective of overinvestment, and re‐test the role of board independence in the context of concentrated ownership.

Design/methodology/approach

Using a five‐year panel data of Chinese non‐financial listed companies between 2001 and 2005, the paper estimates both a fixed‐effects model and a random‐effects model.

Findings

The paper finds evidence of a significant non‐monotonic relationship between large shareholdings and firm level overinvestment. It also finds that state‐owned firms and firms with more independent directors experience lower level of overinvestment. However, firms with more frequent meetings experience a higher level of overinvestment.

Research limitations/implications

The paper's findings indicate that concentrated ownership is not always a bad thing. The crux of the matter is how to induce large shareholders' incentive to monitor managers' opportunistic behaviors and restrict their motivation to expropriate minority shareholders.

Practical implications

In the context of concentrated ownership, the key to improve corporate governance is to strengthen board independence.

Originality/value

The paper provides useful information on non‐monotonic governance effects of large shareholdings in Chinese listed companies and overinvestment.

Details

Corporate Governance: The international journal of business in society, vol. 12 no. 1
Type: Research Article
ISSN: 1472-0701

Keywords

Available. Content available
Article
Publication date: 28 January 2014

130

Abstract

Details

Corporate Governance, vol. 14 no. 1
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 9 November 2012

Wei Ping He

The purpose of this paper is to provide an overview of China's contemporary banking regulatory system, with particular focus on regulatory control of foreign banks trading in…

2893

Abstract

Purpose

The purpose of this paper is to provide an overview of China's contemporary banking regulatory system, with particular focus on regulatory control of foreign banks trading in China. The paper addresses three aspects of Chinese banking regulation: what does China regulate; why does China regulate; and how does China regulate. Much of the discussion is concerned with China's regulatory agencies particularly with the role of the CBRC as the principal regulator in China's banking sector.

Design/methodology/approach

In the first instance the paper presents an overview of banking regulatory models gained from a review of theoretical literature in the area. Then through a wide ranging review of Chinese publications, both academic and official, the paper seeks to relate the course of regulatory reform in China, both in terms of compliance with orthodox regulatory theory, and the unique regulatory requirements of the Chinese banking system.

Findings

The paper recognises that China has embraced the need for banking regulation with the establishment of an institutional structure that is responsive to both banking supervision and government policy. Within that structure the role of the CBRC, the pervasive manner in which that agency operates, and the content of its regulatory output have been identified and critically reviewed.

Originality/value

In its review of the modernization of China's banking regulatory system, the paper achieves originality from the author's research into, and critical reflections on Chinese generated literature, both institutional and academic, which is then communicated in a manner that will be understood by readers familiar with Western banking regulatory theory.

Details

Journal of Financial Regulation and Compliance, vol. 20 no. 4
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 3 October 2016

Yuk-sik Chong

This paper aims to understand the implication of night soil selling at the public toilets for the shared interests between colonial state and business in nineteenth-century Hong…

282

Abstract

Purpose

This paper aims to understand the implication of night soil selling at the public toilets for the shared interests between colonial state and business in nineteenth-century Hong Kong. More specifically, this paper attempts to look at the ways the toilets were sustained by the sharing interests over night soil profits between state and business sector.

Design/methodology/approach

It is argued from the political economy perspective that the night soil profit determined the public toilet development.

Findings

The successful emergence of the modern state of colonies was generally attributed to colonial modernization, a force that was widely recognized for having introduced hygienic modernity. It was easily assumed that the public toilets would be provided by colonial government. Instead, sanitary problems during the early colonization of this colony were addressed by the privately-owned public pail toilets provided by big Chinese landowners through the selling of night soil. Based on this quasi-commercial mode, these toilets, which served as night soil collection points, were certainly inefficient; they however survived for half a century into the early twentieth century.

Originality/value

The paper challenges the long-established assumptions of binary relations and hierarchical public roles that put them into zero-sum competition of capacity. It rather argues that the interests aligned with each other.

Details

Social Transformations in Chinese Societies, vol. 12 no. 2
Type: Research Article
ISSN: 1871-2673

Keywords

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