Academic literature on the topic 'B-share Market'
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Journal articles on the topic "B-share Market"
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Ju, Xin-Ke. "Herding behaviour of Chinese A- and B-share markets." Journal of Asian Business and Economic Studies 27, no. 1 (July 17, 2019): 49–65. http://dx.doi.org/10.1108/jabes-03-2019-0022.
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Purpose The purpose of this paper is to examine the evidence of herding phenomenon, spill-over effects related to herding and whether herding is driven by fundamentals or non-fundamentals for various sub-periods and sub-samples. Design/methodology/approach The cross-sectional absolute deviation model is applied to China’s A- and B-share markets in combination with fundamental information. Findings Herding is prevalent on both A- and B-share markets. In detail, investors on A-share market herd for small and growth stock portfolios irrespective of market states while they only herd for large or value stocks in down market, therefore leading the whole herding behaviour to be pronounced in down market. Comparatively, on B-share market, herding is robust for various investment styles (small or large, value or growth) or market situations. Additionally, spill-over effects related to herding do not exist no matter from A-shares to B-shares or from B-shares to A-shares. Moreover, investors on B-share markets tend to herd as the response to non-fundamental information more frequently during financial crisis. Originality/value Investors on A- and B-share markets tend to herd as the response to non-fundamental information more frequently during financial crisis. Analysing the herding behaviours could be helpful in controlling the financial risk.
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Lu, Changjiang, Kemin Wang, Haiwei Chen, and James Chong. "Integrating A- and B-Share Markets in China: The Effects of Regulatory Policy Changes on Market Efficiency." Review of Pacific Basin Financial Markets and Policies 10, no. 03 (September 2007): 309–28. http://dx.doi.org/10.1142/s0219091507001082.
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We investigate the effectiveness of two recent regulatory policy changes on market efficiency in the Chinese A- and B-share markets. Overall, the opening of the B-share market to domestic Chinese investors and the limited opening of the A-share market to foreign investors increase market efficiency. The opening of the B-share market significantly reduces the price differential between A- and B-shares. Furthermore, there is no longer feedback in returns between the two markets in recent years. Our results provide evidence that there is no detrimental effect to market efficiency by integrating Chinese investors to international markets and foreign investors to the Chinese stock markets.
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Heaney, Richard A., John G. Powell, and Jing Shi. "Share Return Seasonalities and Price Linkages of Chinese A and B Shares." Review of Pacific Basin Financial Markets and Policies 02, no. 02 (June 1999): 205–29. http://dx.doi.org/10.1142/s0219091599000138.
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This paper investigates share price linkages between Chinese corporations' foreign-designated B shares and the numerically dominant domestic A shares of the same companies. Chinese share return seasonalities are examined and the suggested satellite trading relationships are subsequently tested in order to provide an understanding of the linkages between A and B shares. The seasonality results along with arbitrage activity in the market for Chinese A and B shares suggest that a dominant-satellite relationship is likely to exist whereby the A share market is the dominant market for price formation and the B share market is the satellite. The paper identifies significant price linkages from the A to B share markets which are nevertheless weaker in an economic sense than might be expected.
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Choudhry, Taufiq, and Yuan Wu. "Momentum phenomenon in the Chinese Class A and B share markets." Review of Behavioral Finance 7, no. 2 (November 9, 2015): 116–33. http://dx.doi.org/10.1108/rbf-06-2014-0032.
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Purpose – The purpose of this paper is to investigate the momentum phenomenon in two market segments of the Chinese stock market – the Class A share market and Class B share market over time period spanning from January 1996 to December 2010. Design/methodology/approach – The authors largely follow Jegadeesh and Titman (1993) paper; the authors decompose the momentum returns following the procedure first proposed by Jegadeesh and Titman (1995). In addition, a liquidity factor (Pastor and Stambaugh, 2003) and a share ownership factor (Wang and Xu, 2004) are incorporated in the procedure to gauge the contribution of liquidity and the dynamics of share ownership towards the momentum returns, respectively in the two segments of the Chinese stock market. Findings – The authors find compelling evidence showing distinctively different momentum phenomena exist in the two market segments of the Chinese stock market. Specifically, the momentum phenomenon is more pronounced in the Chinese Class A share market compared to those found in the Chinese Class B share market. Through decomposing the momentum returns, the authors find evidence showing the dismal momentum returns observed in the Class B share market can be attributed to markedly weakened contributions of the liquidity factor and the share ownership factor. Research limitations/implications – Relatively short sample time horizon compared to the most of major financial markets such as USA and UK. The number of B shares has been rather limited. Practical implications – Subsequent to the opening of the Chinese Class B share market to domestic investors in 2001 and the opening of the Chinese Class A share market to qualified foreign institutional investors (QFII) in 2003, the empirical evidence found in this study provides a crucial reference point for domestic and foreign portfolio strategists in guiding them to form suitable portfolio strategies concerning investments in a nascent financial market such as the Chinese stock market, fraught with volatility and speculative trading behaviour. Social implications – It offers a comprehensive view of the momentum phenomenon in the Chinese Class A and B share markets over the sample period from January 1996 to December 2010. Second, the reasons behind the dichotomy of the momentum returns found in the two market segments were investigated through decomposing the momentum returns based on Jegdeesh and Titman’s (1995) method while incorporating three new explanatory factors – the liquidity factor, share ownership factor and the under reaction towards firm-specific news factor. Originality/value – A couple of extant papers have visited the topic before. yet this paper offers more comprehensive view on the existence of momentum premium in both Chinese Class A and B share markets and investigates the driving forces behind the subdued momentum returns observed in the B share market.
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Cai, Huan, Meining Wang, and Chaonan Bai. "An Empirical Study of Investors’ Disposition Effect in China Based on Open Data from the Chinese Stock Markets." International Journal of Economics and Finance 10, no. 5 (April 13, 2018): 165. http://dx.doi.org/10.5539/ijef.v10n5p165.
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This paper focuses on investors’ different behavioral biases in China’s segmented stock markets and investigates the correlation between average holding periods, stock returns and investors’ disposition effect between 2010 and 2014. The results show that the disposition effect is prevalent in A-share market but is very weak in Growth Enterprise market and there is a lack of evidence to support the existence of disposition effect in B-share market. The study supports the view that investors’ experience and sophistication can partly help reduce investors’ behavioral biases in stock markets. It also indicates that investors in A-shares market prefer to hold stocks with larger market capitalization for longer periods, while investors of B-shares markets and Growth Enterprise market do not reveal a specific preference for market capitalization.
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Hong, Philip K., Tao Ma, and Guochang Zhang. "Accruals Quality and Cost of Capital: Evidence from the Chinese Stock Market." Journal of International Accounting Research 18, no. 1 (July 1, 2018): 71–95. http://dx.doi.org/10.2308/jiar-52216.
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ABSTRACT We seek evidence of a link between accruals-based earnings quality (EQ) and cost of capital by examining two classes of shares traded in China's segregated markets prior to 2001.The A- and B-shares introduced respectively for domestic and foreign investors carry identical cash flow rights, but B-shares are traded at deep discounts relative to A-shares. We predict that whereas the differential informedness of domestic versus foreign investors causes A- and B-share prices to diverge, high-quality public reporting serves to narrow the information and hence price gaps. Consistent with our predictions, we find that EQ is negatively related to the A-B share price differential and that the negative effect is more pronounced for firms with large disparities in informedness between the markets. We further find that this EQ effect vanishes after the new policy in 2001, which permits domestic investors also to trade B-shares and consequently reduces the inter-market information gap. By employing this unique setting, the study circumvents some of the research design limitations in prior studies, which enables us to better identify the pricing effect of accruals quality. JEL Classifications: M41; G12.
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Chelley-Steeley *, Patrìcia, and Weihua Qian. "Testing for market segmentation in the A and B share markets of China." Applied Financial Economics 15, no. 11 (July 2005): 791–802. http://dx.doi.org/10.1080/09603100500118930.
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Balasubramanian, Siva K., and V. Kumar. "Explaining Variations in the Advertising & Promotional Costs/Sales Ratio: A Reanalysis." Journal of Marketing 61, no. 1 (January 1997): 85–92. http://dx.doi.org/10.1177/002224299706100107.
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The authors focus on their 1990 model (B&K; see Balasubramanian and Kumar 1990 ), which indicates that market share, market growth, and their interaction are important predictors of the ratio of advertising and promotional costs to sales (A&P/S). In sharp contrast, Ailawadi, Farris, and Parry's (1994; AFP) subsequent replication attempt asserts that market share and market growth are not good predictors of A&P/S. The authors’ research documents serious problems in AFP's study, including erroneous model estimates caused by incorrect execution of the SAS TSCSREG procedure, pooling data for analysis in ways that cannot be justified statistically, data preparation errors, and inappropriate operationalizations of market share and market growth. With regard to analyses of Profit Impact of Market Strategy and brand-level data reported by AFP, the authors again find that AFP have analyzed data in inappropriate ways, given the conceptual framework of the B&K model. Because these problems provide compelling evidence to disregard AFP's results, the authors conclude that the criticisms advanced by AFP against the B&K model are not valid.
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Lin, Wen-Yuan, and I.-Chun Tsai. "Trader differences in Shanghai’s A-share and B-share markets: Effects on interaction with the Shanghai housing market." Journal of Asian Economics 64 (October 2019): 101128. http://dx.doi.org/10.1016/j.asieco.2019.07.001.
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Liu, Chelsea, Graeme Gould, and Barry Burgan. "Value-relevance of financial statements." International Journal of Managerial Finance 10, no. 3 (May 27, 2014): 332–67. http://dx.doi.org/10.1108/ijmf-02-2011-0016.
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Purpose – The Chinese capital markets are divided into two segments comprising of A-shares (traded by domestic investors) and B-shares (traded by foreign investors). Firms issuing A-shares are required to produce accounting reports under the Chinese Accounting Standards (CAS) and firms issuing B-shares are required to report under the International Accounting Standards (IAS). The purpose of this paper is to investigate the comparative value-relevance of accounting information in the Chinese capital markets, in particular whether the value-relevance associated IAS exceeds that of CAS. Design/methodology/approach – This study undertakes a capital market research approach. Two statistical models are employed to test the value-relevance of competing accounting information on share prices: the Price Model and the Return Model. This study takes advantage of the parallel reporting frameworks governing the A-share and B-share markets buy using the same firms which issue both A-shares and B-shares. Findings – The analysis supporting the study demonstrates that both CAS and IAS information is value relevant to investors in the Chinese capital markets but that IAS provide more useful information. Additionally it is observed that reconciliation variables (representing the discrepancy between IAS- and CAS-based accounting figures) are not significant in explaining market valuation or returns on stock. Research limitations/implications – This study provides evidence of value-relevance of accounting reports on the Chinese capital markets for the period of 1999-2005. The period under investigation captures the significant development in China's accounting regulations which took place in 1998 and 2001. The recent shift in accounting regulations in China from CAS to IAS is expected to improve the dissemination of financial information by publicly listed Chinese firms. Practical implications – This study investigates the reporting requirements on the Chinese capital markets during a period in which accounting reporting requirements underwent a significant change as part of the internationalization of accounting standards. Both A- and B-share markets were investigated simultaneously in order to provide an objective analysis and avoid sampling selection bias present in other studies. Social implications – The recent shift in accounting regulations in China from CAS to IAS is expected to improve the dissemination of financial information by publicly listed Chinese firms. Originality/value – This paper extends previous research on value-relevance of accounting reports in the Chinese capital markets by capturing the period in which the reporting requirements had experienced significant change. This paper also takes advantage of the dual reporting framework in order to mitigate potential sampling bias present in previous studies and employs a reconciliation variables not previously used.
Dissertations / Theses on the topic "B-share Market"
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Wang, Yue Nan, and wangyn14@hotmail com. "The diversification benefits and the risk and return relationships in the Chinese A-share market." RMIT University. Economics, Finance and Marketing, 2006. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20061205.103325.
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China's rapid economic growth and the development of its domestic stock market have attracted considerable attention from foreign investors. China's economic financial expansion, however, has emerged from an environment of state planning and radical socialist ideology. With a view of providing investors with a better understanding of the risk and return relationship in the Chinese A-share market over the past decade, this thesis adapts several empirical models to the circumstances in China and conducts four empirical analyses. First, in order to rationalize foreign investors' entry into the A-share market, the thesis compares the diversification benefits in three China-related stock markets, namely the A-share, the B-share and the H-share markets in a mean-variance framework using daily, weekly and monthly data respectively. The results suggest that of the three stock markets, the B-share market generates the highest average annual returns while the A-share market has the most significant diversification benefits regardless of whether the analysis is undertaken implementing a traditional mean-variance framework or a downside risk framework. Next, an empirical analysis using the Fama and MacBeth two-pass procedure is undertaken to test the relationship between beta, firm factors and stock returns. Similar to the findings in other stock markets, the results of this analysis show that the static betas for individual stocks fail to capture variation in stock returns in the A-share market. In contrast, the effects of book-to-market and trading volume are significant in the sample period. However, the fact that none of these factors have a persistent role in explaining stock returns suggests a possible change in the investment philosophy of Chinese domestic investors over the past decade. In the third analysis, two global betas are incorporated into the cross-sectional regressions in a bid to examine the integration or segmentation of the A-share market with the world and Hong Kong stock markets. Specifically, both time-varying betas and static betas are used in the analysis. The results suggest that there is no beta effect and the A-share marke t is totally segmented from both the world and Hong Kong stock markets. Finally, when the segmentation and integration status of the A-share market is further examined using the Maximum Likelihood Estimation framework without beta estimation and the assumption of a linear relationship between beta and stock returns, the findings suggest that the A-share market is becoming increasing integrated with the B-share and the Hong Kong stock markets.
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Wang, Yuenan, and yangyn14@hotmail com. "The diversification benefits and the risk and return relationships in the Chinese A-share market." RMIT University. Economics, Finance and Marketing, 2006. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20080103.093949.
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China's rapid economic growth and the development of its domestic stock market have attracted considerable attention from foreign investors. China's economic financial expansion, however, has emerged from an environment of state planning and radical socialist ideology. With a view of providing investors with a better understanding of the risk and return relationship in the Chinese A-share market over the past decade, this thesis adapts several empirical models to the circumstances in China and conducts four empirical analyses. First, in order to rationalize foreign investors' entry into the A-share market, the thesis compares the diversification benefits in three China-related stock markets, namely the A-share, the B-share and the H-share markets in a mean-variance framework using daily, weekly and monthly data respectively. The results suggest that of the three stock markets, the B-share market generates the highest average annual returns while the A-share market has the most significant diversification benefits regardless of whether the analysis is undertaken implementing a traditional mean-variance framework or a downside risk framework. Next, an empirical analysis using the Fama and MacBeth two-pass procedure is undertaken to test the relationship between beta, firm factors and stock returns. Similar to the findings in other stock markets, the results of this analysis show that the static betas for individual stocks fail to capture variation in stock returns in the A-share market. In contrast, the effects of book-to-market and trading volume are significant in the sample period. However, the fact that none of these factors have a persistent role in explaining stock returns suggests a possible change in the investment philosophy of Chinese domestic investors over the past decade. In the third analysis, two global betas are incorporated into the cross-sectional regressions in a bid to examine the integration or segmentation of the A-share market with the world and Hong Kong stock markets. Specifically, both time-varying betas and static betas are used in the analysis. The results suggest that there is no beta effect and the A-share marke t is totally segmented from both the world and Hong Kong stock markets. Finally, when the segmentation and integration status of the A-share market is further examined using the Maximum Likelihood Estimation framework without beta estimation and the assumption of a linear relationship between beta and stock returns, the findings suggest that the A-share market is becoming increasing integrated with the B-share and the Hong Kong stock markets.
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Tam, Chi-ho. "Market segmentation the case of A shares and B shares /." Click to view the E-thesis via HKUTO, 2003. http://sunzi.lib.hku.hk/hkuto/record/B31954613.
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Cao, Chen. "An Empirical Study on Market Segmentation and Information Diffusion in Chinese Stock Markets." Thesis, Uppsala University, Department of Statistics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-126659.
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The efficacy and accuracy of information is very important for making decision in stock markets. In this paper, we study on the effect of information diffusion in Chinese stock market before and after the owership release in February 19, 2001, by testing the stationary of A share premium and cointegration between A and B share prices. The panel unit root tests we propose on A share premium are Augmented Dickey-Fullar (ADF) tests for individual firm and Fisher tests for the panel, based on combining pvalues from each individual cross-section. The panel cointegration tests on A and B shares we use is Johansen’s likelihood ratio tests for individual firm and likelihoodbased panel cointegraion tests for panel, based on combining the test statistics. The results show that before the opening of B share markets to domestic investors, A share premiums have a unit root and there is no cointegration relationship between A and B share markets. On the contrary, after ownership release, A share premium is stationary and there is cointegration relationship between A and B share markets.
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Röhm, Andreas Frederik Wilhelm [Verfasser], Sabine B. [Gutachter] Rau, and Franz W. [Gutachter] Kellermanns. "The antecedents and influence of market liquidity of family firm shares / Andreas Frederik Wilhelm Röhm ; Gutachter: Sabine B. Rau, Franz W. Kellermanns." Vallendar : WHU - Otto Beisheim School of Management, 2017. http://d-nb.info/1126502898/34.
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Röhm, Andreas Frederik Wilhelm Verfasser], Sabine B. [Gutachter] [Rau, and Franz W. [Gutachter] Kellermanns. "The antecedents and influence of market liquidity of family firm shares / Andreas Frederik Wilhelm Röhm ; Gutachter: Sabine B. Rau, Franz W. Kellermanns." Vallendar : WHU - Otto Beisheim School of Management, 2017. http://d-nb.info/1126502898/34.
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David, Paul. "Le traitement de l'incertitude dans le contentieux des produits de santé défectueux." Thesis, Sorbonne Paris Cité, 2015. http://www.theses.fr/2015USPCB218.
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Alors que le contentieux des produits de santé n'a jamais été aussi fourni, l'application du régime spécial de responsabilité du fait des produits défectueux issu de la directive européenne du 25 juillet 1985, entraîne l'émergence d'un certain nombre d'incertitudes qui affectent directement le sort des demandes en réparation. Les incertitudes matérielles ont, pour la plupart reçu un traitement efficace par l'action conjuguée de la jurisprudence et du législateur. Si les outils juridiques traditionnels, tels que les présomptions ou la causalité alternative, ont permis de résoudre une partie non négligeable de ces incertitudes, les juges se sont également attachés à développer des outils nouveaux comme la balance bénéfice/risque ou encore la répartition de l'obligation à la dette selon les parts de marché. Cependant, si le développement de ces outils juridiques, plus adaptés aux spécificités des produits de santé, a permis d'apporter une solution efficace aux incertitudes matérielles, le traitement de l'incertitude scientifique, fondé sur les présomptions du fait de l'homme, n'apporte, toujours pas, de solutions satisfaisantes. L'étude du traitement des incertitudes dans le contentieux des produits de santé défectueux permet d'apprécier les acquis mais également les limites atteintes par l'utilisation de certains outils mis à la disposition des juges et qui se révèlent parfois inadaptés. L'intervention du législateur et la prise en compte des spécificités des produits de santé, permettraient de développer un système d'indemnisation adapté qui interviendrait de façon subsidiaire en cas d'échec de la voie contentieuseAt a time when healthcare-product litigation is attaining record heights, the implementation into French law of the special liability regime for defective products, which derives from the European Council Directive of 25 July 1985, has led to the emergence of several grey areas of uncertainty which have a direct impact on the outcome of claims for compensation. Areas of material uncertainty have, for the most part, been effectively dealt with through the combined application of case law and the intervention of the legislator. While classic legal tools such as presumption and alternative causality provide a means to resolve a non-negligible part of these uncertainties, judges have also endeavoured to develop new tools, such as risk/utility test and market-share liability. Still, although the development of these legal tools - better suited as they are to the specific features of healthcare products - provide an effective solution to resolving areas of material uncertainty, the treatment of scientific uncertainty, which is based on presumptions of fact, does not always provide satisfactory solutions. The study of the legal treatment of uncertainty in healthcare-product litigation provides a means to assess the benefits but also the limitations of certain tools that are now available to judges but which at times prove inadequate. Intervention on the part of the legislator, while at the same time taking into account the specific features of healthcare products, could lead to the development of a suitable compensation system that could afford relief when litigation fails
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Lundgren, Anton, and Sara Ahlgren. "P/B i kombination med marknadsvärde : En studie på Stockholmsbörsen 2006 - 2016." Thesis, Linköpings universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-138819.
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Bakgrund: Denna studie är ett test av investeringsstrategi baserad på relativvärdering av multiplar. Den multipel som kommer att studeras som investeringsstrategi är Price-to-Book (P/B). Valet av multipel på P/B beror på att det är en väl omskriven multipel som fortfarande väcker frågeställningar avseende betydelsen av bokfört värde i kombination med marknadsvärde. Syfte: Syftet med denna studie är att undersöka och analysera multipeln P/B som investeringsstrategi för aktier. Vidare syftar studien till att undersöka aktier med låga respektive höga P/B från de olika börslistorna Small, Mid och Large Cap på Stockholmsbörsen. Genomförande: Sex portföljer skapas baserat på låga respektive höga P/B från de marknadsvärdemässiga börslistorna Small, Mid och Large Cap på Stockholmsbörsen. Portföljerna ombalanseras årligen och följs mellan 2006 och 2016. Resultat: Fyra av sex portföljer har högre ackumulerad avkastning än jämförelseindex före och efter riskjustering. Dock hindrar svag statistisk evidens påvisande av överavkastning över tid. På motsvarande vis finnes svaga säkerställda skillnader i avkastning mellan låga och höga P/B. Ej heller förefaller det förekomma signifikanta skillnader i avkastning och risk mellan portföljer på Small, Mid och Large Cap.Background: This study is a test of an investment strategy based on relative valuation of multiples. The multiple to be studied is Price-to-Book (P/B). P/B is chosen because although previously researched, the implications of book values paired with market values are still not well understood. Aim: The aim of this study is to examine and analyze the multiple P/B as an investment strategy for stocks. Moreover, this study intends to examine stocks with low and high P/B: s from the Small, Mid and Large Cap on the Stockholm Stock Exchange. Completion: Six portfolios are created based on low and high P/B: s respectively from the market value-based stock exchange lists Small, Mid and Large Cap on the Stockholm Stock Exchange. The portfolios are rebalanced annually and are followed between 2006 and 2016. Results: Four out of six portfolios exhibit higher levels of cumulative returns than the chosen stock index before and after adjusting for risk. However, weak statistical evidence prevent conclusive showings of excess returns over time. Similarly, we find weak support for differences in returns between low and high P/B: s. Neither does there seem to exist significant differences in return and risk between the Small, Mid and Large Cap.
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Harrington, Zinta, and zintah@bigpond com. "B Cell antigen D8/17 as a marker of susceptibility to rheumatic fever in Australians and The sharp end of the needle: Rheumatic fever prophylaxis and concepts of care for Yolngu patients A thesis in two parts." Flinders University. School of Medicine, 2005. http://catalogue.flinders.edu.au./local/adt/public/adt-SFU20060219.200649.
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Aboriginal Australians have some of the world�s highest rates of rheumatic fever. Two approaches to reducing the burden of rheumatic fever are discussed in this thesis. The B cell antigen D8/17 has a strong association with rheumatic heart disease and may be a universal marker of inherited susceptibility to rheumatic fever. Identifying a population at increased risk of rheumatic fever provides an opportunity to focus primary prevention measures. In part one of the thesis I evaluate the accuracy of D8/17 as a marker of past rheumatic fever amongst Australians from the Northern Territory. D8/17 levels were measured and compared in patients with acute rheumatic fever, rheumatic heart disease or past rheumatic fever, first-degree relatives and healthy, unrelated controls. The mean percentage of B cells positive for D8/17 was 83.7%, 38.9%, 20.2% and 11.6% respectively. The difference between the groups was significant (p-value less than 0.0001). A receiver operator curve analysis indicated that 22.1% of B cells positive for D8/17 was the most accurate cut-off to distinguish patients with acute or past rheumatic fever from healthy subjects. These results indicated that the B cell antigen D8/17 is an accurate marker of past rheumatic fever in Aboriginal Australians and could be a helpful addition to the Jones Criteria for strengthening or excluding a diagnosis of acute rheumatic fever. The intermediate levels of D8/17 expression in the relatives of index cases supports the hypothesis that D8/17 is a marker of an inherited susceptibility to rheumatic fever, although prospective trials are required to provide conclusive proof of this hypothesis.
Non-compliance with secondary prophylaxis was suspected to be the cause of increasing rates of rheumatic fever in the Top End. In part two of the thesis I discuss the �problem of compliance� with respect to Aboriginal patients, and investigate the factors that affected the delivery and uptake of prophylaxis for rheumatic fever in an Aboriginal community. Patients, relatives and health practitioners were interviewed on the topic of the care of patients with rheumatic heart disease. The data were analysed using the principles of grounded theory.
The main finding was the desire for more personalised care and support for patients with rheumatic heart disease from the community clinic, rather than simple medical care. These ideas crystallised through two Yolngu terms to describe care: djaka (to physically care for) and gungayun (to encourage). Thus even from the outset there was divergence in the focus of the �consumer�- holistic care - and that of the health-care professional/ researcher � improving the rate of secondary prophylaxis coverage.
With regards to service provision, a significant reason for failure to receive secondary prophylaxis was the differing approaches of urban and community health services, patient mobility, and a differing understanding of the responsibilities of patients and health service providers in the different settings. Other factors pertaining to service provision, such as staff motivation, administrative issues and program coordination affected the uptake of secondary prophylaxis to a lesser extent. With regards to treatment uptake, individual patient factors inhibiting uptake of treatment were apparent in some cases, but treatment refusal was rare. Pain was not found to be a deterrent. No simple relationship was found between treatment compliance and biomedical knowledge of the disease. There was no simple relationship between patient passivity and sense of responsibility that guaranteed compliance.
This study demonstrated that the failure to achieve good uptake of prophylaxis for rheumatic fever related as much to factors of service provision as patient factors and that providing holistic care within a familiar and supportive framework is important to Yolngu patients. However, there are real difficulties for health services as they are currently structured to meet the expectations of patients and families.
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呂忠穎. "The Effects of Market Liberalizations on Return, Risk, and Co-movement of China’s A- and B-Share Stock Markets." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/41215104703154508690.
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碩士國立交通大學
財務金融研究所
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This paper investigates the effects of the two major market liberalization policies, the opening of the B-share market in February 2001 and the approval of the QFII scheme in November 2002, on price behavior of China’s A- and B-share markets. We expect the risk of stock markets will decrease and the two markets will interact with each other more frequently after the implement of market liberalizations. We examine the effects of market liberalizations by four different points of view. First, the announcement effects of two liberalization policies; second, the change of mean price discount; third, the cointegartion relationship between the A- and B-share stock markets; final, the volatility pattern of the A- and B-share stock markets. The empirical results show that the opening of the B-share market has significant influence on the return, risk, and co-movement relationship of the A- and B-share stock market while the QFII scheme does not have obvious impacts. We infer this phenomenon may result from the government’s interference or the role QFII can play in the China’s A-share stock market.
Book chapters on the topic "B-share Market"
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"B. Shares." In Banking & Capital Markets Companion 3/e, 253–55. Routledge-Cavendish, 2003. http://dx.doi.org/10.4324/9781843146933-96.
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Skibba, Karen. "Adult Learning Influence on Faculty Learning Cycle." In Adult and Continuing Education, 1252–80. IGI Global, 2014. http://dx.doi.org/10.4018/978-1-4666-5780-9.ch072.
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The purpose of this chapter is to share results of a qualitative research study that investigated how faculty members learn to teach adult learners using online course delivery. In this study, experienced faculty members needed to learn anew and rethink pedagogical strategies when designing and teaching online delivery formats. Faculty members who are learning to teach are also adult learners who learn through experience. Research themes emerged from interviews regarding how instructors learned to teach adult learners online: (a) adapted to market demand, (b) anchored by adult learning strategies, (c) experimented in online laboratory, (d) evolved from trial and error to collaboration, and (e) rethought pedagogical possibilities. Understanding how faculty members learn to teach adult students online offers great potential to identify the challenges that faculty members face and how they meet these challenges to improve teaching practice. Implications for online professional development practices are discussed.
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Marques, Joan. "The Caribbean Community." In Advances in Finance, Accounting, and Economics, 125–37. IGI Global, 2014. http://dx.doi.org/10.4018/978-1-4666-6224-7.ch007.
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This chapter focuses on the Caribbean Community and Common Market (CARICOM), a cluster of 15 countries and islands in the Caribbean region that invest ongoing efforts to establish growth and increased well-being. CARICOM is facing its share of challenges, of which two important ones include a) economic relations and b) education. With their common history as former European colonies, the Caribbean nations have traditionally focused on the USA, Canada, and Europe as their main partners. Now that the global tide is turning, it becomes increasingly important for them to change course. China, as the major global player of our times, is therefore a potential partner that Caribbean nations increasingly embrace. Even so, the challenges of their small scale and their lack of trade complementarity remain dark clouds on the Caribbean horizon. In addition, the education system in many of the member nations needs urgent and radical reinvention. This chapter shines some light on these issues.
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Sigala, Marianna. "WEB 2.0, Social Marketing Strategies and Distribution Channels for City Destinations." In Social Computing, 1280–304. IGI Global, 2010. http://dx.doi.org/10.4018/978-1-60566-984-7.ch081.
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During the last decades, the use of Web 2.0 applications for the generation, dissemination, and sharing of user-generated content (UGC) and the creation of new value added services are enormous. Web 2.0 tools have tremendously changed the way people search, find, read, gather, share, develop, and consume information, as well as on the way people communicate with each other and collaboratively create new knowledge. UGC and Web 2.0 are also having a tremendous impact not only on the behaviour and decision-making of Internet users, but also on the e-business model that organizations need to develop and/or adapt in order to conduct business on the Internet. Organizations responsible to market and promote cities on the Internet are not an exception from these developments. This chapter aims to inform city tourism organizations responsible for the development of city portals about (a) the use of the major Web 2.0 tools in tourism and their impact on the tourism demand and supply; and (b) the ways and practices for integrating the use of Web 2.0 into their e-business model and e-marketing practices.
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"Pacific Salmon: Ecology and Management of Western Alaska’s Populations." In Pacific Salmon: Ecology and Management of Western Alaska’s Populations, edited by Gunnar Knapp. American Fisheries Society, 2009. http://dx.doi.org/10.47886/9781934874110.ch22.
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<em>Abstract.</em>—This paper provides an overview of Arctic-Yukon-Kuskokwim (AYK) commercial salmon fisheries, reviews economicvariables affecting the fisheries, and discusses the challenge of increasing the economic benefits from these fisheries. During the years 2004–2006, AYK fisheries accounted for about 1% of total Alaska harvest volume and 2% of total Alaska harvest value. AYK fisheries accounted for 18% of total Alaska permit holdings and 14% of permits fished, but only 1.6% of total earnings. AYK commercial salmon fisheries have faced significant challenges over the past two decades. Harvest volumes fell sharply from the late 1980s to 2002. By 2007, total harvest volume in five of the six AYK fisheries had recovered somewhat from the low levels of the early 2000s, but remained well below the levels of the late 1980s. Prices fell during the 1990s, most importantly because of the growth of salmon farming, which dramatically increased world salmon supply and reduced the market share of Alaska wild salmon. Currently, prices for AYK coho <em>Onchorhynchus kisutch </em>and chum salmon <em>O. keta </em>remain far below levels of the 1980s, while prices for the Chinook salmon <em>O. tshawyscha </em>fisheries are comparable to levels of the late 1980s. Other challenges have included a steep decline in the number of buyers, and a dramatic increase in fuel prices in the late 2000s. AYK wild salmon producers also face new opportunities in world markets to market wild salmon not as a commodity but as a specialty product. Some AYK salmon runs, such as Yukon River Chinook and chum salmon, have unusually high oil content, which have given them reputations as among the best-tasting salmon in the world. To reduce costs and increase value for AYK salmon fisheries, a need exists for (a) implementing improvements in the quality and consistency of salmon products by improvements in how fish are handled at every stage of harvesting, processing, and transportation; (b) sustained investments in marketing; and (c) investments in infrastructure, ranging from ice machines to airport runways, to reduce costs and improve quality.
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Goldsmith, Jack, and Tim Wu. "Introduction: Yahoo!" In Who Controls the Internet? Oxford University Press, 2006. http://dx.doi.org/10.1093/oso/9780195152661.003.0004.
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Marc Knobel is a French Jew who has devoted his life to fighting neo-Nazism, a fight that has taken him repeatedly to the Internet and American websites. In February 2000, Knobel was sitting in Paris, searching the Web for Nazi memorabilia. He went to the auction site of yahoo.com, where to his horror he saw page after page of swastika arm bands, SS daggers, concentration camp photos, and even replicas of the Zyklon B gas canisters. He had found a vast collection of Nazi mementos, for sale and easily available in France but hosted on a computer in the United States by the Internet giant Yahoo. Two years earlier, Knobel had discovered Nazi hate sites on America Online and threatened a public relations war. AOL closed the sites, and Knobel assumed that a similar threat against Yahoo would have a similar effect. He was wrong. AOL, it turned out, was atypical. Located in the Washington, D.C. suburbs, AOL had always been sensitive to public relations, politics, and the realities of government power. It was more careful than most Internet companies about keeping offensive information off its sites. Yahoo, in contrast, was a product of Silicon Valley’s 1990s bubble culture. From its origins as the hobby of Stanford graduate students Jerry Yang and David Filo, Yahoo by 2000 had grown to be the mighty “Lord of the Portals.” At the time, Yahoo was the Internet entrance point for more users than any other website, with a stock price, as 2000 began, of $475 per share. Yang, Yahoo’s billionaire leader, was confident and brash—he “liked the general definition of a yahoo: ‘rude, unsophisticated, uncouth.’” Obsessed with expanding market share, he thought government dumb, and speech restrictions dumber still. Confronted by an obscure activist complaining about hate speech and invoking French law, Yang’s company shrugged its high-tech shoulders. Mark Knobel was not impressed. On April 11, 2000, he sued Yahoo in a French court on behalf of the International League against Racism and Anti-Semitism and others. Yahoo’s auctions, he charged, violated a French law banning trafficking in Nazi goods in France.
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CHEN, L., S. LI, and W. LIN. "Chapter 5 The impact of the opening up of the B-share markets on the integration of Chinese stock markets." In International Finance Review, 95–116. Elsevier, 2007. http://dx.doi.org/10.1016/s1569-3767(07)00005-2.
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Grätzel, Michael. "Photovoltaic and photoelectrochemical conversion of solar energy." In Energy... beyond oil. Oxford University Press, 2007. http://dx.doi.org/10.1093/oso/9780199209965.003.0010.
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The Sun provides about 100,000 Terawatts (TW) to the Earth, which is approximately ten thousand times greater than the world’s present rate of energy consumption (14 TW). Photovoltaic (PV) cells are being used increasingly to tap into this huge resource and will play a key role in future sustainable energy systems. Indeed, our present needs could be met by covering 0.5% of the Earth’s surface with PV installations that achieve a conversion efficiency of 10%. Fig. 8.1 shows a simple diagram of how a conventional photovoltaic device works. The top and bottom layers are made of an n-doped and p-doped silicon, where the charge of the mobile carriers is negative (electrons) or positive (holes), respectively. The p-doped silicon is made by ‘doping’ traces of an electron-poor element such as gallium into pure silicon, whereas n-doped silicon is made by doping with an electron-rich element such as phosphorus. When the two materials contact each other spontaneous electron and hole transfer across the junction produces an excess positive charge on the side of the n-doped silicon (A) and an excess negative charge on the opposite p-doped (B) side. The resulting electric field plays a vital role in the photovoltaic energy conversion process. Absorption of sunlight generates electron-hole pairs by promoting electrons from the valence band to the conduction band of the silicon. Electrons are minority carriers in the p-type silicon while holes are minority carriers in the n-type material. Their lifetime is very short as they recombine within microseconds with the oppositely charged majority carriers. The electric field helps to collect the photo-induced carriers because it attracts the minority carriers across the junction as indicated by the arrows in Fig. 8.1, generating a net photocurrent. As there is no photocurrent flowing in the absence of a field, the maximum photo-voltage that can be attained by the device equals the potential difference that is set up in the dark at the p-n junction. For silicon this is about 0.7V. So far, solid-state junction devices based on crystalline or amorphous silicon (Si) have dominated photovoltaic solar energy converters, with 94% of the market share.
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Offer, Avner, and Gabriel Söderberg. "Models into Policy: Assar Lindbeck and Swedish Social Democracy." In The Nobel Factor, 174–97. Princeton University Press, 2019. http://dx.doi.org/10.23943/princeton/9780691196312.003.0009.
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This chapter looks at how Swedish Social Democracy was eventually challenged by the doctrines honoured by the prize it had created. Economists first took their place among the Nobel Prize winners in 1969, at the height of the golden age of Social Democracy in Sweden. The prize was paid by the central bank out of public money. However, a chronic economic crisis in the 1970s drove voters away from Social Democracy and towards a market liberalism which finally prevailed (for a while) in the 1990s. The focus here is on the role of economic theory. For this purpose, the travails of Social Democracy are followed as they affected the public trajectory of Assar Lindbeck (b. 1930), ‘the key figure in Swedish economics’. The discipline of economics in Sweden mostly spoke with one voice in this period, so this method provides for a sharp focus and fewer words.
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Folk, Holly. "On the Frontier of the New Profession." In Religion of Chiropractic. University of North Carolina Press, 2017. http://dx.doi.org/10.5149/northcarolina/9781469632797.003.0005.
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Chapter four continues tracing the institutional growth of chiropractic, with special consideration to the role of ideas and theories in building the profession. This chapter considers the years between 1903 and 1910, when D. D. and B. J. Palmer tried unsuccessfully to share power at the Palmer School of Chiropractic. As the number of practitioners grew, the Palmers benefitted from professional collaborations and also faced competition from past-colleagues who became rivals. One of the first and most bitter disputes was with Solon Langworthy and his associates at the American School of Chiropractic and Nature Cure. In their publication Backbone, the American School chiropractors credited themselves with the discovery of major aspects of chiropractic theory, including the concept of spinal subluxations that today are widely understood to cause pain and bodily illness. Although short-lived, the American School marked the beginning of a debate between “Straights” and “Mixers” about whether to allow chiropractors to incorporate other therapies.
Conference papers on the topic "B-share Market"
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Haddara, Sherif Hassan. "Expanded SUMED System a Pipeline for the Future." In ASME 1993 International Gas Turbine and Aeroengine Congress and Exposition. American Society of Mechanical Engineers, 1993. http://dx.doi.org/10.1115/93-gt-379.
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This paper describes the Design, Engineering, Planning and Implementation activities that led up to an advanced, state of the art, optimum and economical solution for expanding an existing system to handle an increase of crude oil throughput from 80 to 117 mta metric tons per year (2.53 t/s to 3.71 t/s). The growing demand and reduced net imports of products will increase Western European crude oil requirements to 11 million b/d (barrel per day) equivalent to 20.24 m3/s by year 2000. SUMED (gulf of SUez - MEDiterranean) the Arab Petroleum Pipelines Company has historically secured about 40% of the market for middle Eastern crude oil movements to Europe. Given these market shares on incremental volume SUMED should achieve its maximum design throughput of 117 mta by year 2000. The SUMED pipelines system which is owned and operated by an Arab company having EGYPT, SAUDI ARABIA, KUWAIT, EMIRATES AND QATAR as share holders has been in operation since 1977. An expansion project has started to increase the throughput capacity of the system from 80 to 117 mta. The project completion is expected by mid 1994 with a total expenditure of 120 million dollars. This paper reviews the evaluation and selection of various electric motor and gas turbines for the main pumping station addition for this pipeline expansion.
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Sa´nchez, D., H. Frej, J. M. Mun˜oz de Escalona, R. Chacartegui, and T. Sa´nchez. "Alternative Approach to Determining the Preferred Plant Size of Parabolic Trough CSP Power Plants." In ASME 2011 Turbo Expo: Turbine Technical Conference and Exposition. ASMEDC, 2011. http://dx.doi.org/10.1115/gt2011-46585.
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The share of Concentrated Solar Power plants in power generation has increased significantly in the last decade due to the need to develop and deploy clean technologies that help reduce the carbon footprint of the power generation industry and, at the same time, are less voracious in terms of fossil fuel consumption. As a governmental support to promote the installation of solar plants, different incentives are found in most countries: complementary rates to the market price of electricity (premium), tax credits, financial support, long term power purchase agreements and, in general, other mechanisms that are generally grouped in a “feed-in tariff” that should ideally be more demanding (stringent) over time. The objective of these measures is to make this technology competitive in the mid/long term. At the same time, and in order to distribute these economical resources as fairly as possible, governments have usually limited the power output of those power plants benefitting from these incentives, as a means to prevent oligopolies that would eventually stop technology evolution while concentrating on preserving market conditions. This has led to the common 50 and 80 MW limits that exist in Spain and the USA respectively. As a consequence, OEMs and EPCs have focused on developing reliable and cost-effective CSP plants of these sizes, especially 50 MW. This work is based on unrestrained regulatory or market scenarios, with the aim of finding out which plant size yields the best efficiency at the lowest cost of electricity (COE). In other words, the objective is to establish the plant size of interest for power producers and consumers, should CSP facilities compete in the same market conditions as conventional fossil-fuel plants. The work begins by reviewing briefly the origins of the usual constraints applied to CSP plants. Then, a survey of existing literature dealing with the issue of technical and economic CSP optimization is presented, with a special focus on the work by B. Kelly from Nexant Inc. Taking this work as reference, a model of performance of parabolic trough plants developed in Thermoflex environment to put forth strong project specific feature of CSP facilites. Thermal storage and natural gas hybridization are included among the key design parameters.
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Islam, Nokibul, Miguel Jimarez, Ahmer Syed, TaeKyeong Hwang, JaeYun Gim, and WonJoon Kang. "Lead Free Flip Chip Reliability for Various Package Types." In ASME 2011 Pacific Rim Technical Conference and Exhibition on Packaging and Integration of Electronic and Photonic Systems. ASMEDC, 2011. http://dx.doi.org/10.1115/ipack2011-52260.
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Flip Chip (FC) technology has now become the mainstream solution for high performance packages. From commercial gaming machines to high reliability servers, the FC package is gaining more market share over traditional packaging technologies, such as wire bond. Extensive research has been carried out to make the flip chip more robust, smaller foot prints, and excellent performance. FC packages are fabricated typically in two main configurations. Bare die FC packages leave the non active side of the die exposed. This allows the customer to apply their preferred heat dissipation scheme during board level attach. Lidded FC packages use a metallic lid attached to the die. Bare die package can be further subdivided into bare die underfilled package and bare die flip chip molded ball grid array (FCmBGA) package. Each of these packaging configurations has advantages as well as disadvantages. FCmBGA uses molding compound or EMC instead of capillary underfill, to protect FC die, and eliminate the need for a lid. Package warpage reduced a lot by adding a lid with the bare die FC package. However, the package and board level reliability for the above package types are still debatable. In this study test vehicles with three package types with bumps and BGAs are daisy chain to measure in situ data during accelerated tests. Impact of standard vs. low CTE (coefficient of thermal expansion) core substrate, accelerated temperature cycle conditions (temperature cycle condition “B”, “H”, and “J” according to JEDEC), and package level vs. package mounted on the board level reliability will be investigated. Comprehensive reliability data will help to select the right package type for next generation large die large body flip chip application.
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Panchal, Jitesh H., Marco Gero Ferna´ndez, Janet K. Allen, Christiaan J. J. Paredis, and Farrokh Mistree. "An Interval-Based Focalization Method for Decision-Making in Decentralized, Multi-Functional Design." In ASME 2005 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. ASMEDC, 2005. http://dx.doi.org/10.1115/detc2005-85322.
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Multi-functional design problems are characterized by strong coupling between design variables that are controlled by stakeholders from different disciplines. This coupling necessitates efficient modeling of interactions between multiple designers who want to achieve conflicting objectives but share control over design variables. Various game-theoretic protocols such as cooperative, non-cooperative, and leader/follower have been used to model interactions between designers. Non-cooperative game theory protocols are of particular interest for modeling cooperation in multi-functional design problems. These are the focus of this paper because they more closely reflect the level of information exchange possible in a distributed environment. Two strategies for solving such non-cooperative game theory problems are: a) passing Rational Reaction Sets (RRS) among designers and combining these to find points of intersection and b) exchanging single points in the design space iteratively until the solution converges to a single point. While the first strategy is computationally expensive because it requires each designer to consider all possible outcomes of decisions made by other designers, the second strategy may result in divergence of the solution. In order to overcome these problems, we present an interval-based focalization method for executing decentralized decision-making problems that are common in multi-functional design scenarios. The method involves propagating ranges of design variables and systematically eliminating infeasible portions of the shared design space. This stands in marked contrast to the successive consideration of single points, as emphasized in current multifunctional design methods. The key advantages of the proposed method are: a) targeted reduction of design freedom and b) non-divergence of solutions. The method is illustrated using two sample scenarios — solution of a decision problem with quadratic objectives and the design of multi-functional Linear Cellular Alloys (LCAs). Implications include use of the method to guide design space partitioning and control assignment.
Reports on the topic "B-share Market"
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Hsueh, Gary, David Czerwinski, Cristian Poliziani, Terris Becker, Alexandre Hughes, Peter Chen, and Melissa Benn. Using BEAM Software to Simulate the Introduction of On-Demand, Automated, and Electric Shuttles for Last Mile Connectivity in Santa Clara County. Mineta Transportation Institute, January 2021. http://dx.doi.org/10.31979/mti.2021.1822.
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Despite growing interest in low-speed automated shuttles, pilot deployments have only just begun in a few places in the U.S., and there is a lack of studies that estimate the impacts of a widespread deployment of automated shuttles designed to supplement existing transit networks. This project estimated the potential impacts of automated shuttles based on a deployment scenario generated for a sample geographic area: Santa Clara County, California. The project identified sample deployment markets within Santa Clara County using a GIS screening exercise; tested the mode share changes of an automated shuttle deployment scenario using BEAM, an open-source beta software developed at the Lawrence Berkeley National Laboratory to run traffic simulations with MATSim; elaborated the model outputs within the R environment; and then estimated the related impacts. The main findings have been that the BEAM software, despite still being in its beta version, was able to model a scenario with the automated shuttle service: this report illustrates the potential of the software and the lessons learned. Regarding transportation aspects, the model estimated automated shuttle use throughout the county, with a higher rate of use in the downtown San José area. The shuttles would be preferred mainly by people who had been using gasoline-powered ride hail vehicles for A-to-B trips or going to the bus stop, as well as walking trips and a few car trips directed to public transport stops. As a result, the shuttles contributed to a small decrease in emissions of air pollutants, provided a competitive solution for short trips, and increased the overall use of the public transport system. The shuttles also presented a solution for short night trips—mainly between midnight and 2 am—when there are not many options for moving between points A and B. The conclusion is that the automated shuttle service is a good solution in certain contexts and can increase public transit ridership overall.
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Financial Stability Report - Second Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2020.
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The Colombian financial system has not suffered major structural disruptions during these months of deep economic contraction and has continued to carry out its basic functions as usual, thus facilitating the economy's response to extreme conditions. This is the result of the soundness of financial institutions at the beginning of the crisis, which was reflected in high liquidity and capital adequacy indicators as well as in the timely response of various authorities. Banco de la República lowered its policy interest rates 250 points to 1.75%, the lowest level since the creation of the new independent bank in 1991, and provided ample temporary and permanent liquidity in both pesos and foreign currency. The Office of the Financial Superintendent of Colombia, in turn, adopted prudential measures to facilitate changes in the conditions for loans in effect and temporary rules for rating and loan-loss provisions. Finally, the national government expanded the transfers as well as the guaranteed credit programs for the economy. The supply of real credit (i.e. discounting inflation) in the economy is 4% higher today than it was 12 months ago with especially marked growth in the housing (5.6%) and commercial (4.7%) loan portfolios (2.3% in consumer and -0.1% in microloans), but there have been significant changes over time. During the first few months of the quarantine, firms increased their demands for liquidity sharply while consumers reduced theirs. Since then, the growth of credit to firms has tended to slow down, while consumer and housing credit has grown. The financial system has responded satisfactorily to the changes in the respective demands of each group or sector and loans may grow at high rates in 2021 if GDP grows at rates close to 4.6% as the technical staff at the Bank expects; but the forecasts are highly uncertain. After the strict quarantine implemented by authorities in Colombia, the turmoil seen in March and early April, which was evident in the sudden reddening of macroeconomic variables on the risk heatmap in Graph A,[1] and the drop in crude oil and coal prices (note the high volatility registered in market risk for the region on Graph A) the local financial markets stabilized relatively quickly. Banco de la República’s credible and sustained policy response played a decisive role in this stabilization in terms of liquidity provision through a sharp expansion of repo operations (and changes in amounts, terms, counterparties, and eligible instruments), the purchases of public and private debt, and the reduction in bank reserve requirements. In this respect, there is now abundant aggregate liquidity and significant improvements in the liquidity position of investment funds. In this context, the main vulnerability factor for financial stability in the short term is still the high degree of uncertainty surrounding loan quality. First, the future trajectory of the number of people infected and deceased by the virus and the possible need for additional health measures is uncertain. For that reason, there is also uncertainty about the path for economic recovery in the short and medium term. Second, the degree to which the current shock will be reflected in loan quality once the risk materializes in banks’ financial statements is uncertain. For the time being, the credit risk heatmap (Graph B) indicates that non-performing and risky loans have not shown major deterioration, but past experience indicates that periods of sharp economic slowdown eventually tend to coincide with rises in non-performing loans: the calculations included in this report suggest that the impact of the recession on credit quality could be significant in the short term. This is particularly worrying since the profitability of credit establishments has been declining in recent months, and this could affect their ability to provide credit to the real sector of the economy. In order to adopt a forward-looking approach to this vulnerability, this Report presents several stress tests that evaluate the resilience of the liquidity and capital adequacy of credit institutions and investment funds in the event of a hypothetical scenario that seeks to simulate an extreme version of current macroeconomic conditions. The results suggest that even though there could be strong impacts on the credit institutions’ volume of credit and profitability under such scenarios, aggregate indicators of total and core capital adequacy will probably remain at levels that are above the regulatory limits over the horizon of a year. At the same time, the exercises highlight the high capacity of the system's liquidity to face adverse scenarios. In compliance with its constitutional objectives and in coordination with the financial system's security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth operation of the payment systems. Juan José Echavarría Governor