Premium Essay

Dr Mr

In: Business and Management

Submitted By ysqcwy
Words 6457
Pages 26

This article has reviewed research results of reaction of share prices to earnings announcements from both China and developed countries, and has used event study method to focus on earnings announcements and share prices of all 29 real estate companies listed in Shanghai A-share market from 31 July 2012 to 30 Jun 2013. The event date was selected on the day when earnings for the year 2012 were announced. The method for calculating normal performance of shares was market model.

The result of study showed that there was no significant reaction of share prices to earnings announcement containing good news in event window during [-30, -1] and [-1, +1], except 6 days before announcement day, 1 day before announcement day, and there was a significant reaction of share prices of real estate sector in Shanghai A-share market to earnings announcements containing good news in event window during [+1, +30]. For earnings announcements containing bad news, according to event study, we found no significant reaction of share prices of real estate sector in Shanghai A-share market in the event window between [-30, -1], [-1, +1] and [+1, +30], except 18 days and 7 days before earnings announcement day, 9 days, 21 days and 30 days after earnings announcement day. And we reached the conclusion that the real estate sector in Shanghai A-share does not conform to semi-strong form market efficiency.

Key words: earnings announcement, share price, efficient market hypothesis, event studies, Chinese real estate market



Directory ........................................................................................................................................... 2 Introduction ...................................................................................................................................... 3 Background...

Similar Documents

Premium Essay

Dr. Jekyll and Mr. Hyde

...The Multiple Personalities of Dr. Jekyll and Mr. Hyde “It's almost as if we each have a vampire inside us. Controlling that beast, that dark side, is what fascinates me” (Lee). In Dr. Jekyll and Mr. Hyde, an old doctor named Dr. Henry Jekyll who is known for being a decent man creates a potion that is able to separate the good and bad of a person into two different personalities. Dr. Jekyll soon realizes that his very appearance changes along with the transformation into this other form and gives this form the name of Edward Hyde. At the beginning of these experiments, Dr. Jekyll is satisfied with the results, he feels more youthful and more energetic than ever before, however his alter ego, Mr. Hyde, enjoys indulging in acts of evil and malevolence and grows stronger with each passing moment until Jekyll is not able to suppress him any longer. Soon the conscious of Dr. Jekyll and conscious of Mr. Hyde fight for control of the body that they share. Stevenson uses characters Dr. Jekyll and Mr. Hyde, to symbolize two core parts of human nature, good and evil, to depict the conflict that is experienced by an individual in everyday life. Character is a very prominent element throughout the story and is often used to depict the good and innocence of Dr. Jekyll or the evil and cruelty of Mr. Hyde. At one point, Dr. Jekyll is recounting the effects of the transformation potion and the fact that it has given him “two characters as well as two appearances, one was wholly evil and...

Words: 1386 - Pages: 6

Premium Essay

Dr. Jeklly and Mr. Hyde

...Readings in Humanities 28 January 2012 The Stranger Within Ever wondered why a close friend or relative behaves a certain way around one person and then seemingly transforms into a whole new person when surrounded by other people? The belief that everyone has multiple personalities is one that is very common and can be seen amongst almost all in society. In The Strange Case of Dr. Jekyll and Mr. Hyde written by Robert Louis Stevenson, the idea of dual personalities is taken beyond the normal circumstances, as the main character frequently morphs into an entire new persona. This new persona commits violent acts and often finds himself in a great deal of trouble. Although, in reality, extreme cases like the one presented in this novella are rarely heard of, the truth still lays in the fact that not everyone is whom he or she appears to be. When initially inquiring about secondary personalities, it makes the most sense to begin with how these second selves come about. The answer is quite simple in that everyone is born with many different “layers” to their personality, many of which either never show up or appear later in life. For that reason, the way in which one thinks or functions is not always discernable. This entire concept plays a large role in why each and every person on this Earth is so incredibly distinct in his or her own way. Having a dual personality is one side of the issue; the other is how one utilizes it. Life can become quite dull at times and this......

Words: 902 - Pages: 4

Free Essay

Dr, Jekyll and Mr. Hyde

...Chapter 7 Utterson and Enfield are taking their walk. They come to mr. Hydes door again, and they both thinks that they never will see Hyde again. Enfield also knows that Mr. Hydes house has a back exit, which leads right into dr. Jekylls house. They got into the home and look out of a window, where thet see Dr. Jekyll looking out of one of his windows as well. The persons begins a casual conversation when suddenly Jekyll gets a horrified expression on his face and is suddenly thrown back from the window, which is ”instantly thrust down”. Utterson and Enfield are in chok. Chapter 8 The scene begins with Poole, Jekyll’s butler, making a surprise visit to the home of Mr. Utterson. Poole proceeds to explain that he thinks "foul play" has occurred in the laboratory of Dr. Jekyll, in which he has kept himself isolated for the last two weeks. Poole tells Utterson that he thinks Hyde is involved, because the voice of the doctor has changed.Quickly Utterson and Poole return to the doctor’s house, explaining to the rest of the servants that they plan to break into the laboratory and find out what has happened to Dr. Jekyll. After knocking and being told to go away, Utterson and Poole force the door down, and witness the dead body of Mr. Hyde lying on the floor. Thinking that Hyde killed Jekyll and then killed himself, the two men frantically search the laboratory for the remains of Jekyll. Yet "nowhere was there any trace of Henry Jekyll, dead or alive."After searching the...

Words: 467 - Pages: 2

Free Essay

Dr. Jekyll and Mr. Hyde

...issues that affect people every day in modern society. Alexander Solzhenitsyn writes, “Literature that is not the breath of contemporary society, that dares not transmit the pains and fears of that society, that does not warn in time against threatening moral and social dangers-such literature does not deserve the name of literature; it is only a façade.” The Strange Case of Dr. Jekyll and Mr. Hyde, written by Robert Louis Stevenson, reflects Solzhenitsyn’s quote by warning the individual of the evils found in the duplicity of human nature and the threat this may pose to society as a whole. The story of Dr. Jekyll and Mr. Hyde reflects Solzhenitsyn’s belief that literature must inform readers about issues that society faces, or otherwise it is merely a superficial illusion. The story reflects this statement, by exploring the duplicity of human nature, showing how this duplicity can corrupt an individual’s mind, and revealing why humans have this dual nature. The duplicity of human nature is revealed in the book through various aspects of behavior displayed by the characters. The story of Dr. Jekyll and Mr. Hyde reveals the dual nature of humans in the form of an uncontrollable mental disorder. However, Stevenson is not necessarily giving a literal interpretation of this chemically...

Words: 1695 - Pages: 7

Premium Essay

Dr Jekyll And Mr Hyde Analysis

...The Strange Case of Dr. Jekyll and Mr. Hyde by Robert Louis Stevenson is one of the greatest examples in literature showing the faults of humankind. Many of Dr. Jekyll’s colleagues and other scientists warned against him pursuing the path of unknown science, however, he was careless and ignored all of them. Both Jekyll and Hyde suffered addiction and were too weak-willed to overcome their temptations. The two sides of one person, Jekyll and Hyde, representing the battle between good and evil. The body below shall prove the three faults of humankind that can be found in the novel. The first point shows that there were much carelessness and ignorance in the novel. In the novel, Jekyll explains how the science community advised against going through...

Words: 779 - Pages: 4

Premium Essay

Addiction In Dr Jekyll And Mr Hyde

...Jake Klonsky 5/20/15 English Paragraphs Addiction: In the novella The Strange Case of Dr. Jekyll and Mr. Hyde, Robert Louis Stevenson explains a terrifying story depicting the power of addiction. Stevenson uses Jekyll and his addiction to becoming Hyde as an exploration of physiological and physical addiction. There are many ways the novella shows addiction, one of the clearest being the conversation between Jekyll and Utterson regarding Utterson’s worry for Jekyll health. Jekyll explains to Utterson, “just to put your good heart at rest, I will tell you one thing: the moment I choose, I can be rid of Mr. Hyde’”(58). This is Jekyll paraphrasing the cliched phrase where addicts claim they can stop any time they want. Every time he attempts...

Words: 710 - Pages: 3

Free Essay

The Strange Case of Dr. Jekyll and Mr. Hyde

...The Strange Case of Dr. Jekyll and Mr. Hyde MR. UTTERSON the lawyer was a man of a rugged countenance, that was never lighted by a smile; cold, scanty and embarrassed in discourse; backward in sentiment; lean, long, dusty, dreary, and yet somehow lovable. At friendly meetings, and when the wine was to his taste, something eminently human beaconed from his eye; something indeed which never found its way into his talk, but which spoke not only in these silent symbols of the after-dinner face, but more often and loudly in the acts of his life. He was austere with himself; drank gin when he was alone, to mortify a taste for vintages; and though he enjoyed the theatre, had not crossed the doors of one for twenty years. But he had an approved tolerance for others; sometimes wondering, almost with envy, at the high pressure of spirits involved in their misdeeds; and in any extremity inclined to help rather than to reprove. 'I incline to, Cain's heresy,' he used to say. 'I let my brother go to the devil in his quaintly: 'own way.' In this character, it was frequently his fortune to be the last reputable acquaintance and the last good influence in the lives of down-going men. And to such as these, so long as they came about his chambers, he never marked a shade of change in his demeanour. No doubt the feat was easy to Mr. Utterson; for he was undemonstrative at the best, and even his friendship seemed to be founded in a similar catholicity of good-nature. It is the mark of a......

Words: 753 - Pages: 4

Premium Essay

Dr Jekyll And Mr Hyde Character Analysis

...t everyone has a dark side to them. Even the most nicest people you know could have a dark side. In the story of The strange case of Dr Jekyll and Mr Hyde we that Dr Jekyll who is a normal functioning human being in a gross monstrous demon, which is Mr Hyde. Beginning of the story, Mr. Utterson is trying to figure out what happen to his old friend/ old client of his Dr Jekyll. Dr Jekyll has been very reclusive, and has some been distant with friends. Throughout the story, we think that Mr Hyde is the worst character of them all, because he’s rude, evil and just plain awful. However, I believe that Dr Jekyll is the worst character in the book. First, What makes Dr Jekyll the worst character over Mr Hyde is that he aware that he turning himself...

Words: 300 - Pages: 2

Premium Essay

Examples Of Duality In Dr Jekyll And Mr Hyde

...Anmol Shah Mr. Stovall and Mr. Chan English 10 29 October 2015 The Duality of Dr. Jekyll & Mr. Hyde In the novella by Robert Louis Stevenson, The Strange Case of Dr. Jekyll & Mr. Hyde portrays the duality of a human. Every human being has a good and bad side. In the novella, Dr. Jekyll is represented as a dualistic person. Dr. Jekyll is a good well-mannered scientist and conducts an experiment that brings out his evil side, Mr. Hyde. This tells the reader that every man has a bad side and one can be more in control than the other. In this case Mr. Hyde beings to corrupt Dr. Jekyll and causes major damage. Does Dr. Jekyll think of Mr. Hyde of himself or as another person? Should the blame of Sir Danvers Carew be Mr. Hyde himself or Dr. Jekyll? Dr. Jekyll believes that a man cannot ever be pure good, but he cannot avoid the evil....

Words: 592 - Pages: 3

Premium Essay

Dr Jekyll And Mr Hyde Dualism Essay

...The mind is a powerful tool that could make an individual partake in evil acts. Dr. Jekyll and Mr. Hyde is a novella that portrays how one man’s mind becomes entranced in good and evil. In Dr. Jekyll and Mr. Hyde, Robert Louis Stevenson uses symbolic figures such as the door while using themes of good vs evil and the deceptive appearances of Jekyll and Hyde. The door, in Dr. Jekyll and Mr. Hyde, withholds Dr. Jekyll’s secrets while hiding his evil doings. In the critical essay, Campbell described the door as, “ Located midway between the front door of the house ‘which wore a great air of wealth and comfort,’ and the battered back door ‘round the corner’ which is Hyde’s entrance, the red door is the entrance to the room where Jekyll’s ‘pleasures...

Words: 937 - Pages: 4

Premium Essay

Examples Of Duality In Dr Jekyll And Mr Hyde

...Stevenson’s book, The Strange Case of Dr. Jekyll and Mr. Hyde, duality is the main theme. Stevenson explores the concept of duality with the setting, events that take place throughout the story and this character’s dialogue. William Shakespeare’s play, Romeo and Juliet, also demonstrates the inherent duality of the world. The dualities in The Strange Case of Dr. Jekyll and Mr. Hyde consist of the duality of human nature and the duality of society; Romeo and Juliet ties in with some of these dualities. Dr. Jekyll, a character in Stevenson’s novel, is used a common example of the duality in human nature. Dr. Jekyll was thought to be an entirely good person, by the Victorian...

Words: 885 - Pages: 4

Premium Essay

Is The Relationship Between Evil In Dr Jekyll And Mr Hyde

...The attempt to separate the evil from the good didn’t end well for Dr. Jekyll because his dark side took more control. He tried to not turn into Mr. Hyde but the monster arose within him at times unwillingly and unplanned. Dr. Jekyll really tried to stop the creature inside him but “The powers of Hyde seemed to have grown with the sickliness of Jekyll.”(Greenblatt) The bad side within him was growing stronger and doing bad things that made him somewhat complete. I think that even though he didn’t want to do bad things that side sort of balanced him out. His evil side got even worse as the story progressed. The horrible Mr. Hyde was “a creature new to me; shaken with inordinate anger, strung to pitch of murder, lusting to inflict pain.”(Greenblatt)...

Words: 298 - Pages: 2

Premium Essay

In The Strange Case Of Dr Jekyll And Mr Hyde

...Many people say they have a dark side to them. What if that dark side came out as a physical trait or a another person inside of you. Well in the book The Strange Case of Dr.Jekyll and Mr.Hyde they show that there is not always and wonderful side to a new scientific discovery. The novel suggests that limitations to science and self limitation should have a boundy. Some science is not to be discovered. In the book they show the arrogant mind of Dr.Jekyll and the mysterious life and personality of Mr.Hyde. All goes well unit the mysterious and curious Mr.Hyde draws attention to himself by trampling a little girl and not showing any interest and paying no attention to the little girl whatsoever. Later on Mr.Utterson discovered that the Mr.Hyde...

Words: 382 - Pages: 2

Premium Essay

The Red Baize Door in the Strange Case of Dr. Jekyll and Mr. Hyde

...Dr. Jekyll and Mr. Hyde The Red Baize Door in The Strange Case of Dr. Jekyll and Mr. Hyde * Among the many semiotically charged doors, doorways, and doorkeys in Stevenson’s novel there are three references to a ‘red baize door’ that stands between the derelict operating theatre of Dr Jekyll’s predecessor, the surgeon Dr Denman, and the ‘cabinet’ or private office in which Jekyll performs most of his transformations and where, as Mr Hyde, he makes his last stand.1 To early readers of the novel, the associations of this door and its cloth covering would have been somewhat richer than for most modern readers. Baize is a kind of felt that is best-known nowadays as the fabric on billiard tables, but beginning in the eighteenth century it was also used as a covering for certain doors, specifically the traditional ‘green baize door’ that separated the domain of servants from the public areas of any house grand enough to support the distinction.2 This baize door (usually green but found in other colours as well) was synecdochic for all upstairs/downstairs class dichotomies, but the cloth covering also had a practical effect in that it muffled impolite noises, such as banging pots in the kitchen, and supposedly controlled unwelcome aromas of cleaning and cooking as well. Stevenson no doubt emphasized the baize covering on the door to Jekyll’s cabinet as a way of evoking the powerful social/psychological metaphor of the green baize door, which separates polite and public......

Words: 337 - Pages: 2

Free Essay

Victor Frankenstein and His “Monster; ” an Inspiration to Dr. Jekyll and Mr. Hyde

...Victor Frankenstein and his “Monster;” an inspiration to Dr. Jekyll and Mr. Hyde When reading Mary Shelley’s Frankenstein, if one pays attention to the gaps and inconsistencies of Victor Frankenstein’s narration of the events, one may begin to question the existence of Frankenstein’s monster, and come to realize Victor Frankenstein is really the monster. This isn’t how most would interpret the events that transpired in the book, but the possibility of Victor Frankenstein being the monster he fears, is entirely plausible. This Dr. Jekyll and Mr. Hyde comparison is not as farfetched as one would initially think; there is enough evidence, contradiction of events, gaps, and inconsistencies in Victor Frankenstein’s narrative for an astute reader to connect the dots to reach such a conclusion. Victor Frankenstein, who is relating his tale to Captain Walton after being rescued in the Arctic, is sure that the creature he created actually existed. However, it is plausible to conclude that Victor never actually brought life to his creature, but had gone mad whilst attempting it. How did Victor become the monster he feared? Perhaps the exposure to hallucinatory chemicals he used while attempting to bring life to his creation, or because of overbearing stress, or his failure to succeed in his experiments. These elements, likely combined with Victor’s own awkward social failings, led Victor to experience a mental breakdown, go mad, or develop a split personality. In this......

Words: 1650 - Pages: 7