http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
Shu-Feng Wang,Hyo-Jeong Lee 한국재무학회 2016 한국재무학회 심포지엄 Vol.2016 No.09
This paper investigates whether short-selling facilitates arbitrage activity and mitigates the positive post-earnings announcement drift (PEAD), the well-known underpricing anomaly. Using the quarterly earnings announcement of the Korean Stock Exchange KOSPI200 composite stocks, we find that positive earnings stock in a difficult-to-short industry experiences larger and more persistent underpricing after earnings announcement than those in an easy-to-short industry; and that the observed larger underpricing in a difficult-to-short industry is associated with the short-sale constraint, not with their illiquidity or information inefficiency. Moreover, this inverse relation between the positive PEAD and its industry’s short-ability is stronger during the inactive equity linked warrant (ELW) trade period, thereby suggesting that short-selling alleviates the mispricing by facilitating arbitrage activities (not by the other channels); and ELW actually play roles as an alternative of short trade.
Can Short-Selling Alleviate the Underpricing?
Shu-Feng Wang,Hyo-Jeong Lee 한국경영학회 2016 한국경영학회 통합학술발표논문집 Vol.2016 No.8
This paper investigates whether short-selling facilitates arbitrage activity and mitigates the positive post-earnings announcement drift (PEAD), the well-known underpricing anomaly. Using the quarterly earnings announcement of the Korean Stock Exchange KOSPI200 composite stocks, we find that positive earnings stock in a difficult-to-short industry experiences larger and more persistent underpricing after earnings announcement than those in an easy-to-short industry; and that the observed larger underpricing in a difficult-to-short industry is associated with the short-sale constraint, not with their illiquidity or information inefficiency. Moreover, this inverse relation between the positive PEAD and its industry’s short-ability is stronger during the inactive equity linked warrant (ELW) trade period, thereby suggesting that short-selling alleviates the mispricing by facilitating arbitrage activities (not by the other channels); and ELW actually play roles as an alternative of short trade.
Can Short-Selling Alleviate the Underpricing?
Shu Feng Wang,Hyo Jeong Lee People&Global Business Association 2017 Global Business and Finance Review Vol.22 No.3
This paper investigates whether short-selling facilitates arbitrage activity and mitigates the positive post-earnings announcement drift (PEAD), the well-known underpricing anomaly. Using the quarterly earnings announcement of the Korean Stock Exchange KOSPI200 composite stocks, we find that the positive earnings stock in a difficult- to-short industry experiences the larger and more persistent underpricing after earnings announcement than those in an easy-to-short industry; and that the severe underpricing in a difficult-to-short industry is associated with the short-sale constraint, not with their illiquidity or information inefficiency. We also find that the inverse relationship between the positive PEAD and its industry’s short-ability is stronger during the inactive ELW trade period, weaker during the active ELW trade period. Our findings suggest that short-selling help not only the overpriced stocks but also the underpriced stocks revert back to its fundamental value by facilitating arbitrage activities.
Feng Xu,Hua Cheng,Rong Cai,Lin Ling Li,Jie Chang,Jun Zhu,Feng Xia Zhang,Liu Ji Chen,Yan Wang,Shu Han Cheng,Shui Yuan Cheng 한국분자세포생물학회 2008 Molecules and cells Vol.26 No.6
Anthocyanidin synthase (ANS, leucoanthocyanidin oxygenase), a 2-oxoglutarate iron-dependent oxygenase, catalyzed the penultimate step in the biosynthesis of the anthocyanin class of flavonoids, from the colorless leucoanthocyanidins to the colored anthocyanidins. The full-length cDNA and genomic DNA sequences of ANS gene (designated as GbANS) were isolated from Ginkgo biloba for the first time. The full-length cDNA of GbANS contained a 1062-bp open reading frame (ORF) encoding a 354-amino-acid protein. The genomic DNA analysis showed that GbANS gene had three exons and two introns. The deduced GbANS protein showed high identities to other plant ANSs. The conserved amino acids (H-X-D) ligating ferrous iron and residues (R-X-S) participating in 2-oxoglutarate binding were found in GbANS at the similar positions like other ANSs. Southern blot analysis indicated that GbANS belonged to a multi-gene family. The expression analysis by real-time PCR showed that GbANS expressed in a tissue-specific manner in G. biloba. GbANS was also found to be up-regulated by all of the six tested abiotic stresses, UV-B, abscisic acid, sucrose, salicylic acid, cold and ethylene, consistent with the promoter region analysis of GbANS. The recombinant protein was successfully expressed in E. coli strain with pET-28a vector. The in vitro enzyme activity assay by HPLC indicated that recombinant GbANS protein could catalyze the formation the cyanidin from leucocyanidin and conversion of dihydroquercetin to quercetin, suggesting GbANS is a bifunctional enzyme within the anthocyanidin and flavonol biosynthetic pathway.
Shu-Feng Xiao 한국무역연구원 2015 무역연구 Vol.11 No.6
Research proposes that institutions matter in shaping firm strategic behavior as well as the performance implications of such behavior but is less forthcoming with respect to how they matter especially during the process of internationalization of emerging-economy firms. We build on the institution-based view to propose that emerging-economy firms often involves significant interplays with institutional rules as well as the changes of such rules when going international. We argue that the institutions in emerging economies play a central role in shaping the international expansion and the performance outcomes of such strategic behavior. In other words, institutions may shape and determine directly how emerging-economy firms formulate and implement strategies that create a competitive advantage. We test the proposed hypotheses using a comprehensive longitudinal data of internationalizing firms from China and offer important contributions and insights to better understand how institutions matter in explaining the internationalization strategy and performance of emerging-economy firms.
How do Institutions Matter for the Internationalization of Emerging Economy Firms?
Shu-Feng (Simon) Xiaoa 한국무역연구원 2015 貿易 硏究 Vol.11 No.6
Research proposes that institutions matter in shaping firm strategic behavior as well as the performance implications of such behavior but is less forthcoming with respect to how they matter especially during the process of internationalization of emerging-economy firms. We build on the institution-based view to propose that emerging-economy firms often involves significant interplays with institutional rules as well as the changes of such rules when going international. We argue that the institutions in emerging economies play a central role in shaping the international expansion and the performance outcomes of such strategic behavior. In other words, institutions may shape and determine directly how emerging-economy firms formulate and implement strategies that create a competitive advantage. We test the proposed hypotheses using a comprehensive longitudinal data of internationalizing firms from China and offer important contributions and insights to better understand how institutions matter in explaining the internationalization strategy and performance of emerging-economy firms.