Network effects,homogeneous goods and international currency choice: New evidence on oil markets from an older era

Conventional wisdom has it that network effects are strong in markets for homogenous goods, leading to the dominance of one settlement currency in such markets. The dominance of the US dollar in global oil markets is said to epitomize this phenomenon. We question this presumption with evidence for earlier periods showing that several national currencies have simultaneously played substantial roles in global oil markets. European oil import payments before and after World War II were split between the dollar and non‐dollar currencies, mainly sterling. Differences in use of the dollar across countries were associated with trade linkages with the United States and the size of the importing country. That several national currencies could simultaneously play a role in international oil settlements suggests that a shift from the current dollar‐based system toward a multipolar system in the period ahead is not impossible.     

基于价值工程饮水系统的分析与评价——以三峡大学学生宿舍为例

价值工程是一项复杂的、技术性高的管理活动。文章运用系统工程的有关分析方法,基于价值工程原理,通过对学生宿舍饮水系统现场取样,从健康卫生、便捷实用、安全使用、环保节能、经济实惠等方面进行综合性分析与评价,以原有饮水系统为基础,分别计算各功能价值系数,对价值系数低的功能进行改善,以达到优化的目的。     

浅析建筑工程中超低价中标问题

在追求利益最大化的今天,施工企业一味地追求中标,盲目压价,甚至以低于企业成本的不合理投标报价中标,采取"先亏后盈"的策略,往往导致的是低价中标高价索赔,低价低质,严重阻碍我国建筑行业的健康发展。文章分析了超低价中标带来的危害,并提出如何预防这种不正常竞争方式的措施。     

外汇资产、国内信贷与宏观流动性过剩——基于银行体系资产负债表的分析

宏观流动性过剩已成为当前我国最为关注的经济问题之一。本文从整个银行体系的资产负债表出发,采用2002-2010年的月度数据,定量分析了广义货币M2增长的主要来源及其与M2变动的动态关系。结果表明,金融危机前外汇占款是广义货币增长的主要驱动力,金融危机后外汇占款为国内信贷扩张提供了支持,而国内信贷扩张最终导致广义货币的迅速增长,所以从长期来看外汇储备过多是我国流动性过剩的根本原因。     

我国央行票据冲销操作的实证研究

随着我国外汇储备的激增,近几年,央行票据已经成为中央银行进行冲销操作、回收基础货币最重要的手段。通过运用VAR模型对央行票据冲销操作进行实证检验,研究表明:央行票据的货币冲销效果在短期内是非中性的,它通过影响基础货币和货币市场利率作用于货币供给量;长期内央行票据冲销操作对货币供给量的影响趋于中性,不具有可持续性。     

Gaining a competitive edge through acquisitions: Evidence from the telecommunications industry

I study the announcement effects of all acquisitions in the recent telecom wave on both the acquirers and their industry competitors. I find evidence of negative rival returns (? 0.55%, t-stat = 2.47) by focusing on non-horizontal acquisitions where rivals are less susceptible to experience positive returns due to increased market power or expectation that some will become future targets themselves. I find that this effect is worse for closer rivals defined as having similar size and being in the same primary service area as the acquirer. Competitor returns are positively correlated with those of the acquirers suggesting that the negative impact experienced by competitors is driven by acquisitions in which the acquirer itself is earning negative abnormal returns. Results are broadly consistent with the Competitive Advantage Hypothesis that posits acquisitions are a means of corporate restructuring in a changing environment, awarding the acquirer a competitive edge and thereby making these acquisitions costly for their non-merging competitors.     

装备制造业服务化协作网络类型与特征分析

制造业服务化需要企业建立相应的协作网络。针对制造业服务化的不同阶段,装备制造业服务化协作网络可以划分为基于价值链的协作网络和基于解决方案的协作网络两种类型。在基于价值链的协作网络中,装备制造企业网络中心度高,网络范围较小,且以强关系为主,稳定性较强。在基于解决方案的协作网络中,装备制造企业等核心企业网络中心度高,客户成为网络中的核心成员,网络范围逐步扩大,新增网络成员异质性高且以弱关系为主,稳定性较差。装备制造企业在服务化过程中需要结合自身实际推动协作网络的发展和演化。     

Financial equilibrium with asymmetric information and random horizon

We study in detail and explicitly solve the version of Kyle’s model introduced in a specific case in Back and Baruch (Econometrica 72:433–465, 2004), where the trading horizon is given by an exponentially distributed random time. The first part of the paper is devoted to the analysis of time-homogeneous equilibria using tools from the theory of one-dimensional diffusions. It turns out that such an equilibrium is only possible if the final payoff is Bernoulli distributed as in Back and Baruch (Econometrica 72:433–465, 2004). We show in the second part that the signal the market makers use in the general case is a time-changed version of the one they would have used had the final payoff had a Bernoulli distribution. In both cases, we characterise explicitly the equilibrium price process and the optimal strategy of the informed trader. In contrast to the original Kyle model, it is found that the reciprocal of the market’s depth, i.e., Kyle’s lambda, is a uniformly integrable supermartingale. While Kyle’s lambda is a potential, i.e., converges to 0, for the Bernoulli-distributed final payoff, its limit in general is different from 0.     

金融发展、产业结构升级与经济增长——理论与经验研究

本文从金融发展、产业结构升级与经济增长的机理出发,构建金融发展、产业结构升级与经济增长的多方程模型,利用1993~2010年中国省际面板数据,采用面板协整和向量误差修正模型系统考察了三者之间的关系。研究结果表明:金融发展与经济增长二者互相影响,但作用方向具有差异性。金融发展规模是推动经济增长的有力因素,但金融效率严重制约了金融发展对经济增长的正效应发挥。金融产业发展在产业结构升级对经济增长的促进作用中扮演极其重要的角色。经济增长依赖于产业结构升级,快速发展的金融产业是产业结构升级的助推器。产业结构升级对金融发展起着巨大的拉动效应,金融发展是产业结构升级的重要外部支撑条件。金融发展与产业结构升级二者具有较大的相互推动作用。最后,提出了促进金融发展、产业结构升级与经济增长的协调发展的政策建议。     

直击反倾销--由钢铁公司反倾销成功而想到的

国外对我国反倾销此起彼伏,反倾销已是我国出口贸易的"拦路虎",本文从国际环境原因及国内自身原因着手,针对企业、行业和政府三个层面情况进行分析,并提出反倾销的对策和措施.