Dynamic trading with uncertain exit time and transaction costs in a general Markov market

This paper investigates a dynamic trading problem with transaction cost and uncertain exit time in a general Markov market, where the mean vector and covariance matrix of returns depend on the states of the stochastic market, and the market state is regime switching in a time varying state set. Following the framework proposed by Gârleanu and Pedersen (2013), the investor maximizes his or her multi-period mean–variance utility, net of quadratic transaction costs capturing the linear price impact where trades lead to temporary linear changes in prices. The explicit expression for the optimal strategy is derived by using matrix theory technique and dynamic programming approach. Finally, numerical examples are provided to study the effects of transition cost and exit probability on the wealth process, the trading strategy, turnover rate and the total transaction cost.     

组织经济学:一个新兴的研秦剑究范式

组织经济学以新古典经济学中的个人利益最大化为出发点,结合信息、不确定性、交易成本与合约等要素,对组织现象和组织行为做出了新的、系统的解释,使组织理论提高到新的层次,成为新的学科。而提供一个整合性的框架介绍与比较组织经济学领域内出现的交易费用经济学、代理理论、合约理论等组织分析的经济途径与实证结论,有助于增进学者对本领域的理解。     

Partner Characteristics,Information Asymmetry,and the Signaling Effects of Joint Ventures

We provide theory and evidence regarding the signaling effects of joint venture (JV) announcements. We argue that when a firm characterized by information asymmetry with respect to the stock market announces a JV, the growth opportunities and the quality of resources of the partner provides a signal to investors about the true value of the firm. Our study shows that (i) apart from synergies, JV announcements impact firm value also because of the information they convey about future growth opportunities; and (ii) JVs may not only validate but also ‘invalidate’ the quality of a firm by revealing that it is unable to attract strong partners. Copyright © 2011 John Wiley & Sons, Ltd.     

Private incentives for adopting food safety and quality assurance

The competitiveness of food companies in national and international markets depends upon their ability to adopt production processes which meet food safety and quality requirements. Food safety and quality assurance affect the cost of carrying out transactions, and therein lies the private incentive for adopting voluntary quality assurance systems. While quality assurance systems have the potential to reduce transaction costs by serving as the seller's guarantee of safety or quality, they may also serve as trade barriers.     

Market facilities and agricultural marketing: evidence from Tamil Nadu,India

This article analyzes the effect of facilities and infrastructure available at the marketplace on a farmer's decision to sell at the market. The econometric estimation shows that the likelihood of sales at the market increases significantly with an improvement in market facilities and a decrease in travel time from the village to the market. The results suggest that wealth reduces a farmer's cost of accessing market facilities more than it increases her/his opportunity cost of leisure. The policy simulation indicates that the marginal benefits from an improvement in market facility will favor the poorer farmers in the context of India.     

关于加快中小企业改革和发展的几点思考

中小企业在国民经济发展中具有重要的地位和作用。正确认识当前中小企业面临的各种制约因素，通过规范改制，政策扶持，创新外部环境，建立健全社会化服务体系，才能促进中小企业的健康发展。     

Size,Growth, and Variance among the World's Largest Non-merged Banks

This paper analyses growth, size, and variance of the capital, assets, and pre-tax profits of large international banks during 1987-97.We test hypotheses on whether size matters. It turns out that there is an inverse relationship between the amount of bank capital, assets, and profits and the growth rate of these items.This is in line with the findings for US banks in the pre-BrettonWoods era. Furthermore, we did not find, in contrast with Tschoegl's observations for international banks in the 1970s, a negative relationship between the size of large banks and the variability of growth in capital, assets, or profits. We conclude that size is not a self-sustaining attribute of international banks.     

Option pricing and replication with transaction costs and dividends

This paper derives optimal perfect hedging portfolios in the presence of transaction costs within the binomial model of stock returns, for a market maker that establishes bid and ask prices for American call options on stocks paying dividends prior to expiration. It is shown that, while the option holder's optimal exercise policy at the ex-dividend date varies according to the stock price, there are intervals of values for such a price where the optimal policy would depend on the holder's preferences. Nonetheless, the perfect hedging assumption still allows the derivation of optimal hedging portfolios for both long and short positions of a market maker on the option.     

审计质量对分析师预测的影响研究

分析师预测是市场进行投融资决策的重要依据,因此分析师职业受到更多关注。以2011-2018年上市公司的数据为样本,研究了审计质量与分析师预测两者之间的联系。研究结果发现,审计质量对上市公司分析师预测有显著影响。进一步研究发现,在董事会规模较大的公司中,审计质量与分析师预测关系更显著。     

The dilemma of outsourced customer service and care: Research propositions from a transaction cost perspective

This article aims to understand why customer service outsourcing and offshoring may lead to backlashes, as increasingly evidenced in the managerial literature. After identifying the motives behind outsourcing, and examining the extent to which customer service and care might or should be considered a core competence, transaction cost analysis (TCA) is proposed as a framework to better understand the contractual atmosphere that arises between a principal (i.e. a firm or customer) and the agent (i.e. an outsourcing service vendor or subcontractor), the result of which can affect service delivery. The main concepts of TCA, related to human behavioral factors as well as the market environment, are used to develop six research propositions that provide insight into the repercussions associated with the outsourcing of customer service and care, while also presenting guidance to those firms that might undertake such outsourcing strategies.