It's SHO Time! Short-Sale Price Tests and Market Quality

We examine the effects of the Securities and Exchange Commission (SEC)-mandated temporary suspension of short-sale price tests for a set of Pilot securities. While short-selling activity increases both for NYSE- and Nasdaq-listed Pilot stocks, returns and volatility at the daily level are unaffected. NYSE-listed Pilot stocks experience more symmetric trading patterns and a slight increase in spreads and intraday volatility after the suspension while there is a smaller effect on market quality for Nasdaq-listed Pilot stocks. The results suggest that the effect of the price tests on market quality can largely be attributed to distortions in order flow created by the price tests themselves.     

企业中知识共享的影响因素及对策研究

主要探讨企业的知识共享,通过对组织文化,制度安排,组织,技术体系及资源等诸多影响因素进行分析,进而根据这些影响因素,结合企业的实际情况,借助内外部知识共享提升知识创新能力,提出决策来实现知识共享。     

A Bayesian's Bubble

The acceleration of the U.S. productivity growth in the late 1990s suggests a significant advance in technological innovation, making the perceived probability of entering a “new economy” ever increasing. Based on macroeconomic data, we identify a Bayesian investor's belief evolution when facing a possible structural break in the economy. We show that such belief evolution plays a significant role in explaining both the stock market boom and crash during 1998 to 2001. We conclude that a rational investor's uncertainty about the future of the U.S. economy provides an alternative explanation for the late 1990s stock market “bubble.”     

追溯影响经济法产生的法律思想

经济法是我国法律体系中一个非常年轻的法律部门,经济法的产生是经济法基础理论中一个重大的研究课题。关于经济法产生的理论,学者的分析多集中于经济法产生的经济与社会基础,较少论及其思想基础。然而,法律思想在新的法律部门产生中起着重要的影响,追溯影响经济法产生的法律思想,对加深经济法基础理论研究意义重大。     

西部地区制造业与东南亚国家承接国际产业转移优势比较研究--以重庆、陕西为例

随着经济快速增长和需求不断扩大，中国西部地区和东南亚国家已成为新一轮国际产业转移的主要目的地，两者在承接国际产业转移方面有很大竞争性。文章以西部的重庆、陕西为研究对象，利用FDI投向偏离度指数对FDI流入的行业变化趋势进行了分析，然后再利用相对产业梯度系数将西部省市与东盟三国直接进行工业细分行业的相对优势对比，得出资源依赖型行业和技术与资本密集型行业是西部地区具有相对优势的行业，也是未来西部吸引FDI引力较大的重点行业。     

论我国图书馆制度文化建设

图书馆制度文化建设是现阶段我国图书馆事业发展的重要组成部分。我国图书馆制度文化建设存在偏重馆舍建设、经费投入不够、忽略读者服务的问题。强化图书馆制度文化建设,应设立严格的馆内制度规范,开展全国性的学习型图书馆建设,加大图书馆经费投入,出台相关的图书馆制度文化政策。     

中国省际资本回报率的地区差距

资本回报率高低决定资本流向。本文在严格采用永续盘存法估算出中国省际资本存量后,运用边际资本产出来测算省际资本回报率并分析其地区差距。测算结果表明:1993~2007年中国中部与东部地区的资本回报率差距在缩小,而西部与东部地区的资本回报率差距在进一步扩大,中国目前还不存在明显的资本边际报酬递减趋势。投资环境差异是形成地区间资本回报率差距的制度原因,中西部地区引资竞争的关键是改善地区制度环境。     

民间舞教学对学生创造力的培养

舞蹈创新源自在传统教学的基础上体现出一定的时代精神,符合当代人的审美需求。舞蹈艺术专业的学生正是应该在不断创新的同时继承和弘扬民族传统文化。本文就民间舞教学对学生创造力的培养作了深入阐述。     

Social Inefficiency of Free Entry with Status Effects

Free markets may support too many or too few firms. Traditional analysis does not provide unambiguous conclusion in this respect. This paper introduces status effects of consumption into the model. It shows that a sufficiently significant status effect tends to support too many firms. Two conditions are required for this result. First, complementary effect between status and consumption is not significant. Second, a higher average status consumption level makes everyone more difficult to get the same degree of gain in status. Both conditions appear to be realistic.     

技术范式创新与循环经济

知识经济和循环经济是当今经济可持续发展的两大亮点.知识经济为经济的可持续发展开辟了道路,而循环经济的出现和发展则真正解决了资源对经济发展的制约.循环经济作为一种全新的、先进的、环保型的经济形态把经济、技术、社会和环境等因素融于一体化的系统工程之中,对原有的传统经济发展模式提出了挑战,用生态经济学物质和能量循环的规律来重构经济系统,实现了一次技术范式的创新.