Jing Chen

Bio: Jing Chen is an academic researcher from University of Alabama. The author has contributed to research in topics: Futures contract & Portfolio insurance. The author has an hindex of 1, co-authored 1 publications receiving 4 citations.

Risk of inefficiency on the Chinese index futures market

Abstract: Purpose – The purpose of this paper is to examine the risk of inefficiency of China's stock index futures market by investigating the opportunity and profitability of exchange‐traded fund (ETF) arbitrage. The explanation of behavioral risk to market efficiency is examined.Design/methodology/approach – Based on cost‐of‐carry model, some assumptions about market efficiency were examined, and statistical tests were implemented to support the findings.Findings – In China, borrowing and lending interest rates are quite different; dividends are small and paid in an irregular manner; and short sale cannot be used in arbitrage by all investors. It is found that the Chinese index futures market is far from efficient.Originality/value – With reference to the empirical study, this is believed to be the first application of behavioral study to the study of market efficiency. The analysis of the statistics about Chinese index futures market and the algorithm parameters are very valuable for in‐depth understanding of t...

Integrating VSM and Network Analysis for Tourism Strategies – Case: Mexico and the Chinese Outbound Market

Abstract: With China leading since 2012 global outbound travel, this paper introduces a Systemic Model for Chinese Outbound Market exemplifying with Mexico’s Case study, the seventh most visited country worldwide. Seeking to contribute increasing the applications of VSM, deepening its understanding and relevance stating proper functions integration to face Chinese Outbound Market leadership occurred in global tourism environment. First section of the manuscript introduces research objectives and gaps as well as document sources review discussion; second section details research design; third section covers proposed model and it’s functions’ operationalization, as well as network science analysis of information collected during an academical research stay on 2016 from Mexico National Polytechnic Institute to China Sun Yat Sen University Zhuhai Campus Tourism Faculty, and the Centrality measures found to confirm model pertinence.

Relationship between share returns and share prices for stocks listed at the nairobi securities exchange

Abstract: Investors expect to earn returns from their investment in shares and hence they pursue a profit maximization objective. The higher the returns the higher the demand for shares, which in turn causes share prices to rise. This study investigated the relationship between share returns, represented by; earnings per share, dividends per share and price-earnings ratio with market price of shares for companies listed at the Nairobi Securities Exchange during the period between 2010 and 2014. Secondary data was collected from the Nairobi Securities Exchange database and the audited financial statements of all the 65 companies listed at the Nairobi Securities Exchange. Data was analyzed using SPSS version 21 and included both descriptive statistics such as the mean and the standard deviation and the inferential analysis that involved the correlation and multiple regression analysis. The study found out that both earnings per share and dividend per share have a positive significant relationship with share prices. However, price earnings ratio is positive but does not have any significant relationship with share prices. Therefore the study concluded that earning per share and dividend per share positively influence market price of shares listed on the Nairobi Securities Exchange. The study therefore recommends that companies should come up with an optimal dividend policy for dividend payment as dividends affect the market price for shares. In addition, managers of companies listed on the NSE should enhance the earning per share as they positively influence the market price for shares. Key Words ; Share Price, Earnings per Share, Dividends, Retained Earnings, Price-Earnings Ratio

Using Viable System Model for Chinese Outbound Tourist Market Sustainability

Abstract: Tourism industry benefited worldwide economy providing services to Chinese Tourists who traveled to foreign in 2014 generating income by 165 billion dollars and accounting for 13% of international tourism. Realizing this market’s acquisition means growth opportunities for destinations; as well as the added difficulty in services nature of being unsteady, improvable and involving many factors. This article reaches the assembling of chinese outbound tourism market sustainability through the premise of a different perspective for conceptualizing, designing and delivering tourism services as part of a whole socio-ecological system; and sets out a reflection on sustainable responses to some emergencies derived from the increasing tourist activity of the chinese outbound market system. As examples of a problematic situation are augmenting infrastructure demand, transport and public services in peak season that exceeding load capacity generates negative results for residents and tourists; repercussions on wildlife by large tourist flows during critical moments of migration, breeding or rearing; impacts on local cultures due to the encounter between contrasting lifestyles. Therefore, the opportunity to expand choices grounded on the convenience of systemic approach for sustainable tourism study and decision-making. The outcome is the Chinese Outbound Market System diagnosis and teleology, the determination of recursive levels, interrelations and conflicts; as well as the systemic integration between it’s elements using Viable System Model to configure a holistic construct composed of relevant subsystems oriented to viability and sustainability. It is concluded that tourism planning that omits sustainable character, reduces benefits severely with consequences not only ecologically harmful, but also economically selfdestructive. In that way it could be possible to confront currently systemic socio-ecological issues.

La Metodología de Sistemas Suaves y el Modelo de Sistema Viable en la mejora de la oferta turística mexicana respecto al consumidor chino

Abstract: Mediante el empleo de la Metodologia de Sistemas Suaves (MSS) se define el Sistema MercadoEmisor Chino y se plantean mejoras para la oferta turistica mexicana respecto al consumidor chino con base en principios cibersistemicos. Se presenta la interpretacion del sistema, se determinan los niveles recursivos, interrelaciones y conflictos de la situa cion problematica, se interpreta la interaccion entre sus elementos. Utilizando los preceptos del Modelo de Sistema Viable, se especifican subsistemas relevantes necesarios para la viabilidad, se detalla la integracion sistemica optima a nivel colectivo para el mejoramiento de la oferta turistica mexicana respecto al consumidor chino. Tambien se enlistan atributos individuales que conducirian a una complementariedad en las interrelaciones para una evolucion del sistema total y, por su pertinencia, para estimular el consumo de la oferta turistica mexicana por el mercado emisor chino.

Investor gambling preferences and stock returns: evidence from the Shanghai A-share markets

Abstract: PurposeThis study aims to examine the relationship between investor gambling preferences and stock returns, using data for all firms listed in Shanghai A-share market during 2016 and 2021.Design/methodology/approachThis study employs price and trading volume data to capture the behavioral characteristics and gambling preferences of investors. Using the Fama-French three-factor and five-factor models to estimate benchmark returns, this study investigates whether investing in gambling stocks can yield positive excess returns.FindingsThe study reveals that stocks identified as gambling stocks generate high returns in the month they are identified as such but subsequently experience a significant drop in excess returns compared to non-gambling stocks over the following one to six months. These results are found to be consistent across different methods used to classify gambling stocks and across various industry sectors.Research limitations/implicationsThis research provides insights into the risk-return tradeoff of different stock types and the factors that fuel irrational investment behavior. This research underscores the importance of considering the behavioral elements of investment, particularly in emerging markets where individual investors have a significant impact.Practical implicationsThis study advises investors to avoid adopting a gambler or speculative mindset and instead make well-informed and calculated investment decisions that are in line with investors financial objectives and risk appetite. This approach can help create a more stable and sustainable financial market.Originality/valueThis study provides new evidence on the relationship between gambling preferences and future stock returns in financial markets and sheds new light on the important role of irrational factors in investment decisions.