TY  - JOUR
A1  - Lin, Hang
T1  - A Mixed Bag of Results: Village Elections in Contemporary China
N2  - While there is only little transformation to the absolute power of the party-state to be detected, some grassroots democratic experiments, however, are receiving enormous attention of the world, especially village elections. Nevertheless, this preliminary exercise of democracy is widely characterized as a mixed bag of results. Since its first conduction, it has experienced immense development and bought great impact not only on different rural political institutions, but also on common mass villagers, as well as changes to the local governance. But at the same time, the limitations of the factual effectiveness of these elections can hardly be underestimated and such aspects as the standardization of electoral procedures are still to be further improved. Moreover, given the wide variations across Chinese countryside and the strong oppositions from all levels, the future of China’s village elections remain hard to gauge.
KW  - China
KW  - Politik
KW  - Chinese politics
KW  - Village election
KW  - Local governance
KW  - Rural politics
Y1  - 2011
U6  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:bvb:20-opus-68684
ER  - 
TY  - THES
A1  - Gerdau, Ole
T1  - Applicability of Intrinsic Value Models at the Segmented Chinese Stock Market
T1  - Anwendbarkeit intrinsischer Wertmodelle am segmentierten chinesischen Kapitalmarkt
N2  - Ziel dieser Arbeit ist es, die Anwendbarkeit intrinsischer Wertmodelle in dem nach inländischen und ausländischen Investoren segmentierten chinesischen Kapitalmarkt zu untersuchen. Innerhalb des Frameworks der internationalen Portfolio Investment Theorie werden segmentspezifische Preisunterschiede nicht irrationalem Verhalten zugeschrieben, sondern als in Übereinstimmung mit ökonomischer Theorie angesehen. Der theoretische Vergleich von Gleichgewichts- und intrinsischen Wertmodellen lässt letztere für das chinesische Marktumfeld geeigneter erscheinen. Vor diesem Hintergrund wird in dieser Arbeit die Relevanz intrinsischer Wertmodelle für chinesische Aktienpreise empirisch untersucht. Demnach sind Preisunterschiede auf ungleiche Investitionsmöglichkeiten und segmentspezifische Charakteristika zurückzuführen. Dennoch führen die Ergebnisse im Hinblick auf den inländischen und Hongkong-chinesischen risikolosen Zinsproxys zu dem Schluss, dass intrinsische Wertmodelle gegenüber linearen Faktormodellen nicht als geeigneter angesehen werden können.
N2  - This thesis examines the application of intrinsic value models considering segmentation between foreign and domestic investors’ stock segments in China. Within the framework of international portfolio investment theory, segment-specific price differences are theorized to be not caused by irrational behavior but consistent with economic theory. Theoretical comparison of equilibrium and intrinsic value models suggests the latter to be more suitable regarding the Chinese market environment. Correspondingly, in this thesis the relevance of intrinsic value models for Chinese stock prices is examined empirically. It is concluded that price differences can be ascribed to unequal investment opportunities and segment specific characteristics. Nevertheless, results from the domestic and Hong Kong risk-free rate proxy lead to the conclusion that intrinsic value models cannot be considered better suited than linear factor models.
KW  - China
KW  - Aktienmarkt
KW  - Preisbildung
KW  - Unternehmensbewertung
KW  - Marktsegmentierung
KW  - implizite Kapitalkosten
KW  - intrinsic value models
KW  - Chinese stock market
KW  - market segmentation
KW  - implied cost of capital
Y1  - 2011
U6  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:bvb:20-opus-55652
ER  -