The works performed in the whole period are three work packages (WP) set out in the project proposal.
WP1: Participating in research training and collecting data necessary to carry out this project. Two goals will be achieved at this stage: (1) the acquisition of additional skills in statistical analysis and (2) the collection of data to carry out this project.” There are no deliverables proposed in WP1. To achieve the goal (1), I attended a series of trainings in acquiring statistical skills such as lectures and workshops in the whole project period. To achieve the goal (2), I did my best to collect data by myself although the University of Sheffield had no access to the Chinese databases I needed. To collect data, I asked my friends in China to help me whenever I needed data in my research.
WP2: Theoretical analysis on QFIIs’ institutional activism that is fundamental to the subsequent empirical study. This stage will be dedicated to a theoretical analysis of (1) the integration of the global capital system and QFIIs’ institutional activism in emerging economies, (2) the mechanisms used for institutional activism, (3) the differentiation of QFIIs’ capacity to engage in activism and (4) the motivation behind and conduct of QFIIs’ investment strategies.” Deliverables proposed in WP2 are three working papers. WP2(1), WP2(2) and WP(3&4) are three working papers that have been completed. Although focused on theoretical analysis, WP2(1), WP2(2) and WP(3&4) are also composed of data analysis. Theoretical analysis focuses not only on intuitional conceptualization but also on mathematic formulization. Data analysis is to take quantitative investigation. This is to check quantitative evidence for verifying theoretical observations. To do this, I managed to overcome the data collection problem. In writing, I was able to familiarise myself with the relevant theories and data, analyse them and write up them as three working papers for academic audiences. I presented WP2(1) at two international conferences. At the 28th CEA (UK) and 9th CEA (Europe) Annual Conference 2017 at the University of Manchester in the UK, Palgrave Macmillan contacted me for the possibility of publishing the results of my research project as a monograph or a book. I discussed the possibility with them. WP2(2) was submitted to Capital Markets Law Journal (CMLJ), a peer-reviewed international journal. It is now in the process of production and is forthcoming in Issue 1, 2019 of the CMLJ. When working on WP2(2), I took a data collection trip to China. Data collected were used in working on WP2(2) and WP2(3&4). I conducted data analysis in the UK after my return from China. WP2(3&4) was completed as a working paper but edited as Part 4 of a monograph after Palgrave MacMillan has signed a publication contract with me in February 2018. Due to the publication contract with Palgrave Macmillan, WP2(3&4) has not been submitted to any conferences and journals because they will form part of my monograph.
WP3: An empirical study of the correlation between QFIIs’ stock acquisition and firm performance. This stage will empirically test the impact of QFIIs’ stock acquisition on the price trajectory of their portfolio companies’ stocks.” The deliverable proposed in WP3 is a working paper. WP3 is an empirical study and has been completed as Part 5 of the monograph as mentioned above in 1.2.2. To be able to conduct this empirical study, I took a second data collection trip to China in July 2018. Works on WP3 have still been done in the UK. I did data sorting and cleaning, performed data analysis, carried out hypothesis test, took on analysis and discussion on test results, and finally identified and generalised findings from test results. For the same sake as WP2(3&4), WP3 has also not been submitted to any conferences and journals.
