Is faster or slower trading better? An examination of order type execution speed and costs

We examine order type execution speed and costs for US equity traders. Marketable orders that execute slower exhibit lower execution costs. Those who remove liquidity faster and pay higher trading costs transact in smaller size, spread trading across more venues, take more liquidity, and are better informed. Nonmarketable limit orders that execute slower exhibit greater adverse selection; and larger, uninformed traders who concentrate their trading in fewer venues submit them. Our findings suggest that slowing down the trading process, when faster options exist, can benefit certain market participants who seek to cross the bid–ask spread.     

Effects of cross-border capital flows on stock returns of dual-listed firms in mainland China and Hong Kong: Evidence from a natural experiment

This study analyses the effects of the Shanghai–Hong Kong Stock Market Connect policy on the price disparity between A-shares and H-shares of dual-listed companies (DLC). Using a difference-in-difference estimation method, we show that the policy decreases the relative twin cumulative abnormal returns of treated DLC by 3% and narrows the price gaps between A-shares and H-shares. We determine that the rising demand for H-shares, which are newly accessible by mainland investors, drives the price of H-shares up. By contrast, the price of A-shares remains unchanged. Further analysis reveals that cross-border capital flow is the main force of the policy.     

焦点企业知识存量对联盟组合分裂断层的影响：知识转移效率的中介作用

运用断层理论，从知识获取和关系治理角度，分析焦点企业知识存量如何影响联盟组合分裂断层及分裂断层形成机理。基于焦点企业知识存量、分裂断层、知识转移效率、情景嵌入性之间的关系理论模型框架，认为焦点企业知识存量能够影响联盟组合分裂断层，其中，知识转移效率在这一过程中发挥中介效应，情景嵌入性发挥调节效应。结果发现：焦点企业知识存量与分裂断层之间存在显著负相关关系；知识转移效率能够部分中介焦点企业知识存量与分裂断层之间的关系；情景嵌入性能够正向调节焦点企业知识存量与知识转移效率之间的关系。     

旅游业融入"双循环"路径探析

旅游业所特有的辐射和联动作用是拉动消费、增加就业、促进经济增长,蕴含着国内经济大循环所需的强劲动能,旅游业的进一步完善对构建国内国际双循环新发展格局意义重大.新冠肺炎疫情使我国旅游业国内游市场呈现新的发展趋势:旅游业对外开放新格局逐步形成,旅游线路、项目及产品加快推陈出新,低碳旅游进一步推广,在线旅游资产进一步丰富等."十四五"时期,要进一步完善国内游市场,深度开发入境游市场,优化旅游业对外开放,广泛推动低碳旅游模式,深入实施"旅游+"工程,积极构建在线旅游资产,推动旅游业高质量、可持续发展.     

The influence of management team continuation on inefficient investment after family firms inheritance

The purpose of this study is to explore how the executive team continuation affects the successor's investment decisions. To this end, we use data of Chinese A‐share listed heritage family enterprises. The findings reveal that executive team continuation has a negative impact on inefficient investment. At the same time, the successor's control rights have a moderating effect on the relationship between the executive team continuation and the successor's investment decisions. In addition, further research shows that the heterogeneity of senior executives' tenure, the number of independent directors, and the distribution of senior executives' professional backgrounds are conducive to explaining the internal mechanism of the continuation of the management team.     

国家融资担保体系建设研究

国家融资担保基金于2018年正式成立,完成了国家融资担保体系最后一步架构搭建工作。国家融资担保体系作为各项政策落地的核心与载体,承载着融资担保行业转型优化、集中管理的使命,体系质量关系到整个行业未来的发展质效。本文从体系形成及风险分担运行机制、体系发挥的积极作用以及运行初期出现的问题出发,对国担体系下一步建设进行探讨,旨在提出一些有建设性的建议供参考。     

Remaking Shanghai: New Divisions in an Expanding Metropolis

This study of Shanghai analyzes the city's emerging patterns of residential settlement in 2010. Most previous research on China focused on central city patterns, but by 2010 urban development in major metropolitan areas was taking place predominantly in the suburbs. The analysis re‐examines and extends previous studies of the level of segregation by various key population characteristics, showing that the highest segregation is found in the suburban ring, where original villager residents are now joined by an influx of migrants from other regions and by intracity movers. We probe the sources of the segregation pattern in multivariate analyses at two scales—an innovative analysis at the level of individuals that shows how people's citizenship status, occupation and education affect the type of housing that they are able to live in, and jointly contribute to their location in the metropolitan area. We show that the patterns attributable to the market reform period mostly did not supplant the socialist urban structure, but rather used it as its foundation. Segregation today can be attributed less to current class inequality than to state policies in the distant and recent past that have determined when, where and for whom housing is built.     

跨境资本流动宏观审慎管理与资本管制的比较研究

充分发挥跨境资本流动宏观审慎管理和资本管制这两种工具的比较优势,对于维护我国金融稳定具有重大的现实意义。跨境资本流动宏观审慎管理通过改变境内借款者向境外贷款所面临的实际利率,提高境内借款人的融资成本,遏制其过度借贷,具有防范化解的特征,适合常规使用;资本管制通过阻断境内居民与非居民间的金融交易,隔离国内和国际金融市场,具有强制性特征,可作为最后手段。这两种政策工具都有一定的负面影响,也可能降低繁荣时期的经济增长速度。在新的国内外形势下,我国应进一步完善跨境资本流动预警监测体系,优化管理框架和法律制度,丰富政策工具箱,强化货币政策和跨境资本流动管理政策的双支柱调控框架,加强政策工具之间的协调与配合,强化信息披露和预期引导,加强与主体经济体的政策协调。     

水工建筑混凝土结构施工技术的研究

我国幅员辽阔,地形复杂,河流众多,水利工程的建设一直是我国在基础设施建设方面十分看重的内容.为确保水利工程建成后能对防洪抗旱与农业灌溉等方面提供更好地服务,水利工程的建设必须安全可靠.本文就如何在水利工程施工中使混凝土结构建筑能够达到质量标准要求进行分析,重点探讨水利工程建筑中混凝土结构的施工技术与应用,以供工程项目作参考.     

水工建筑混凝土结构施工技术的研究

我国幅员辽阔,地形复杂,河流众多,水利工程的建设一直是我国在基础设施建设方面十分看重的内容.为确保水利工程建成后能对防洪抗旱与农业灌溉等方面提供更好地服务,水利工程的建设必须安全可靠.本文就如何在水利工程施工中使混凝土结构建筑能够达到质量标准要求进行分析,重点探讨水利工程建筑中混凝土结构的施工技术与应用,以供工程项目作参考.