Price discovery and volatility spillover in spot and futures markets: evidences from steel-related commodities in China

The price discovery and spillover effect are significant indicators in futures markets. This study examines the price discovery and spillover effects using vector error correction model and generalized autoregressive conditional heteroskedastic for seven types of steel products in Chinese spot and futures markets. The results show that the price discovery exists in all of steel futures market. It is also confirmed that futures prices in all items are mainly leading spot prices via permanent-transitory and information share. In the results of spillover effects, it is found that wire rod, coking coal, coke and silico-manganese have the effects between spot and futures market. In rebar market, there is the spillover effect from spot to futures. This information about futures prices can help the market participants to make decisions when they predict the spot prices.     

论法律不完备性与政府介入期货市场

在期货市场上，法律不完备性问题表现得较为突出，法律对于侵害行为的阻吓作用非常有限、期货市场法律的不完备性，主要取决于期货市场的特点和性质。政府采取相关的监管方式管理期货市场非常必要，监管的介入需要满足标准化和损害（外部性）足够高的条件。政府管理期货市场立法和法院执法的作用不可或缺，但更主要的是采用监管的方式。     

经济全球化对我国投资条约缔约实践的影响

经济全球化背景下国际投资规则呈现自由化、多边化的发展态势，中国在日益激烈的吸引外资的竞争中应该积极参与区域投资条约，制定参与WT0框架下多边投资条约的战略。     

Bankruptcy laws and debt renegotiation

This paper analyzes the effect of the toughness of bankruptcy law on the number of liquidations in a simple model of borrowing and lending with asymmetric information, where the creditor cannot credibly commit to liquidate the firm if the default occurs. In our setting we consider a bankruptcy law to be a one-dimensional variable that influences creditor's expectation value of collateral. We find that there is an interval of the bankruptcy law, where the number of liquidations decreases in the toughness of the bankruptcy law. We also find that if the liquidation costs are high, softer bankruptcy law is preferred.     

Competition Policy: What are the Costs and Benefits of Measuring its Costs and Benefits?

Summary  Competition authorities are increasingly measuring the effects of their enforcement actions, seeking a robust justification for the proliferation of competition policy. We highlight the importance of identifying the right counterfactual against which to measure effects, and set out the relevant categories of costs and benefits. We then explore how a balance can be struck between the benefits and inherent limitations of these measurement exercises. Relatively crude analyses of cartel action benefits can be sufficient to achieve public legitimacy for competition policy. Assessing the effects of merger and conduct inquiries is often ambiguous, but could be used to improve decision-making processes. Director and Managing Consultant, respectively, at Oxera, Oxford and London. The valuable comments of Fod Barnes, Kerry Hughes and an anonymous referee are gratefully acknowledged. The opinions expressed in this article are those of the authors alone.     

陕西旅游商品市场问题探析与对策研究

发展旅游商品对提高区域旅游经济效益具有重要作用。但在陕西旅游产业体系中,购物始终是一个明显的弱项,这制约了陕西旅游经济的持续增长。在系统分析陕西旅游商品市场现存问题的基础上,提出发展陕西旅游商品市场的若干对策。     

A note on the existence of unique equivalent martingale measures in a Markovian setting

Simple sufficient conditions for the existence of a unique equivalent martingale measure are provided. Furthermore, these conditions give us a handle on situations where an equivalent martingale measure cannot exist. The existence of a unique equivalent martingale measure is of relevance to problems in mathematical finance. Two examples of models for which the question of existence was unresolved are studied. By means of our results existence of a unique equivalent measure up to an explosion time is proved.     

Economic design of one-sided screening procedures based on a correlated variable with all parameters unknown

Summary Economic design of one-sided screening procedures for improving outgoing product quality based on a screening variable is considered for the case with all parameters unknown. It is assumed that the performance and screening variables are jointly normally distributed and that costs are incurred by screening inspection, acceptance of an imperfect item, and disposition of a rejected one. A method for finding optimal cutoff value based on the predictive distribution is presented.     

营销角度的特许经营及其竞争法上的思考

特许经营是一种新型的销售方式,作为企业分销系统的构成要素,能够起到降低风险,沟通生产与消费的作用。然而在实际经营过程中也会出现许多诸如指定购买与搭售、联合定价、独占经营等违反竞争法的问题。为适应不断变化的竞争形势,应从竞争法的层面上对其加以规制。