In 2005 and 2006, the split-share structure reform converted the nontradable shares of most domestic public firms in China to tradable shares. This conversion imparted a drastic supply shock to the public market. Studying this unique event, we provide direct evidence to support an inelastic demand curve for stocks. Abnormal returns of the sample firms resulting from the reform are found to be n...

The character of the food system and the nature of food policy are both changing, as urbanisation, technical change and the industrialisation of the food system transform the way food is produced, marketed and consumed in developing countries. The challenges are daunting and immediate – and need to be on the agenda of policy-makers throughout the developing world. Policy-makers are used to thin...

I t has already been shown (1, 2) that certain of the changes in the metabolism of carbohydrate and protein and their degradation products during hemorrhagic shock are determined in part by alterations in hepatic function and in part by the effects of circulatory failure on peripheral tissue metabolism. In these reports it was suggested that the liver becomes less able to absorb and deaminate a...

This study examines the significant impact of exchange rate shock on prices of Malaysian importsand exports. In methodology, the study adopts vector error correction (VECM) model using monthlydata of nominal exchange rates, money supply, prices of imports and prices of exports covering theperiod of M1:1999 to M12:2006. For further analysis, we adopt an innovation accounting bysimulating varianc...

In 2010, Steve Jobs announced that Apple would no longer support Adobe Flash, an at-the-time popular set of tools for creating Internet applications. In the years following Jobs’ announcement, the use of Flash declined precipitously. Using data from an online labor market, we study how the market for Flash skills evolved and how Flash programmers fared. The large negative shock in the demand fo...

Abstract This study uses annual data over the period 2005-2014 and the Panel VECM approach to examine financial inclusion and monetary policy effectiveness in Africa. The study shows that financial inclusion and monetary policy effectiveness are linked by a set of long-run relationships. Policy reaction to the positive financial inclusion shock is not significant. Policy reaction to the posit...

There is a bitter controversy over what drives the housing price in China in the existing literature. In this paper, we investigate the underlying driving force behind housing price fluctuations in China, especially focusing on the role of housing demand shock with that of money supply shock in explaining housing price movements, by a new Keynesian dynamic stochastic general equilibrium model. ...

This paper analyzes the response of international oil producers to demand-induced changes in the real price of oil during 1975–2011. The goal is to disentangle fluctuations in OPEC and non-OPEC production and to derive consistent estimates of the short-run price elasticity of crude oil supply at the country level. I find that oil producers hardly respond to demand shocks within the same month, ...

In the fireball model, it is more physically realistic that gamma-ray burst (GRB) ejecta have a range of bulk Lorentz factors (assuming M ∝ Γ−s). The low Lorentz factor part of the ejecta will catch up with the high Lorentz factor part when the latter is decelerated by the surrounding medium to a comparable Lorentz factor. Such a process will develop a long-lasting weak reverse shock until the ...