| 1. |
- Nordén, Lars, 1967-
(författare)
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Asymmetric Futures Price Distribution and Bid-Ask Quotes
- 2009
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Ingår i: Asia-Pacific Journal of Financial Studies. - 2041-9945. ; 38, s. 891-914
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Tidskriftsartikel (refereegranskat)abstract
- This study presents a model for estimating the asymmetry of the futures price with respect to the futures bid-ask spread. Using data from the Swedish OMXS 30 index futures market, estimation results show clear evidence of futures price asymmetry, where the futures price in general tends to be closer to the bid than to the ask quote. Moreover, in a futures market environment with a relatively low liquidity, the futures price tends to be closer to the bid quote, whereas the futures price is virtually symmetrically located within the futures spread when liquidity is relatively high.
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| 2. |
- Opper, Sonja, et al.
(författare)
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Sales Maximization or Profit Maximization? How State Shareholders Discipline their CEOs in China*
- 2012
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Ingår i: Asia-Pacific Journal of Financial Studies. - : Wiley. - 2041-9945. ; 41:3, s. 347-375
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Tidskriftsartikel (refereegranskat)abstract
- This study examines the determinants of Chief Executive Officer (CEO) turnover in Chinese state-owned firms. Based on a sample of 1 555 turnover cases among listed firms in China during the period 19992003, we obtain three main results. First, CEO turnover is negatively related to the sales performance but not the profitability of the core business. Second, the negative relationship between CEO turnover and sales is stronger for firms with excessive employment and higher organizational slack. Third, there is a significant post-turnover increase in sales but a decline in profitability of the core business. Overall, our evidence suggests that state shareholders put a greater emphasis on sales generation than on profitability when they monitor their CEOs.
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