Yamaguchi journal of economics, business administrations & laws

The economic society of Yamaguchi University

PISSN : 0513-1758
NCID : AN00243258

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This research aims to examine the relationship between political connections and bank performance during the COVID-19 pandemic in Indonesia, with data sample comprising banks listed on the Indonesia Stock Exchange (IDX). The study employed a panel data linear regression and found an insignificant positive influence of political connections on banks' profitability. However, the result also indicates marginally lower profitability in politically connected banks compared to non-connected peers, and the event-study methodology reveals the tendency for affiliated banks to obtain substantial negative abnormal returns during the pandemic. Therefore, there is a negative effect of COVID-19 on stock performance of politically connected banks.
Budi Wahyono
PP. 339 - 352
Chen Liqian
PP. 323 - 337
Retail investors, who are the majority traders in the Chinese stock market, cannot participate in off-line roadshows of IPO firms. Online roadshows are an important channel for them to learn about the situation of IPO firms. This study takes the IPO firms which are new-listed in Shenzhen Stock Exchange from 2010 to 2018 as the research subject, investigates the relationship between question-answers relevance in online roadshows and the first-day performance of IPO firms. According to the results, a high-level of question-answers relevance leads to a high first-day return and high liquidity. Furthermore, the additional analysis shows that the IPO firms with a high-level of question-answers relevance show stable long-term stock returns, on the contrary, the IPO firms with a low-level of question-answers relevance show the trends to decrease. Online roadshows could mitigate the information asymmetry between the investors and IPO firms, and play an important role in assessing firm values.
Sun Naili Du Saijuan
PP. 293 - 322
As climate change and various environmental pollution issues are becoming more serious, many countries are actively promoting energy transition. The Paris Agreement, adopted in 2015, is aimed at curbing the rise in global average temperatures to within 2℃ above pre-industrial levels and limiting temperature rises to 1.5℃ above pre-industrial levels. Taiwan is accelerating its path of energy transition to a "nuclear-free homeland" and “low-carbon economy” by phasing out all nuclear power generation in 2025 and imposing a legally binding goal of reducing coal-fired power generation from 47 percent to 26 percent. This paper investigates the impact of nuclear and coal power regulations on fuel mix CO2 emissions in the power sector by 2050 in Taiwan. Analysis is a future technology shift in the power sector called “Future Technology Transformations; FTT” for the power sector; Consider using the E3ME model linked to FTT: Power sub-model.
PP. 203 - 234
The purpose of this paper is to present an alternative macroeconomic model. The classical macroeconomic model and AD-AS model have some problems. The macroeconomic model presented in this paper solves them and is more realistic and logically consistent than the other models.
PP. 157 - 173
本稿では, 行動と成果の確率的関係について不確実性があるプリンシパルーエージェント関係を考え, 最適契約を特徴付ける.
PP. 83 - 90
The non-efficiency of the government hospital is pointed out. Then, I compare the management in government hospitals and non-government hospitals, and show clearly what kind of difference there is. In this paper, the following things are clear.
(1) Clarify the difference from a viewpoint of management in government hospitals and non-government hospitals.
(2) Classify government hospitals into two kinds (cites・towns・and villages-hospitals and prefectural hospitals), and clarify the difference from a viewpoint of management.
(3) Classify non-government hospitals into eight kind hospitals, and clarify the feature in management.
PP. 15 - 60
There is a risk of longevity i.e., the self-funds after retirement may deplete before the end of life. What is needed after retirement is to spend out of self-funds in addition to public pensions while investing self-funds over lifetime without depleting. We analyze a safe withdrawal rate based on varying self-funded amounts every month due to fluctuation in the market. According to this method, there is no longevity risk that self-funds are depleted throughout lifetime.
PP. 1 - 13