Earnings Announcements: Good News for Institutional Investors and Short Sellers

In this paper, we consider the trading behavior of institutional investors and short sellers around earnings announcements. The results suggest that institutional investors, and to a lesser extent short sellers, successfully anticipate earnings news. In the period immediately after the earnings announcement, both types of traders are active in the market and trade in response to the earnings announcement. In particular, short sellers are quick to increase their short positions when a company releases bad news. Institutional traders also trade in response to the news; however, they take longer to react.     

Short Sale Constraints and Dispersion of Opinion: Evidence from the Indian Equity Market

Short sale constraints can inflate market prices, as bearish investors cannot act on their market views. The paper uses data from the Indian equity market to test whether opinion dispersion leads to higher overpricing when short sales are prohibited. The Indian equity market provides a natural testing environment, as short sales were banned between 2001 and 2008. The empirical results offer supportive evidence of the relation between opinion dispersion and overpricing in a market with short sale constraints.     

PRICING AND HEDGING SHORT STERLING OPTIONS USING NEURAL NETWORKS

This paper compares the performance of artificial neural networks (ANNs) with that of the modified Black model in both pricing and hedging short sterling options. Using high‐frequency data, standard and hybrid ANNs are trained to generate option prices. The hybrid ANN is significantly superior to both the modified Black model and the standard ANN in pricing call and put options. Hedge ratios for hedging short sterling options positions using short sterling futures are produced using the standard and hybrid ANN pricing models, the modified Black model, and also standard and hybrid ANNs trained directly on the hedge ratios. The performance of hedge ratios from ANNs directly trained on actual hedge ratios is significantly superior to those based on a pricing model, and to the modified Black model. Copyright © 2012 John Wiley & Sons, Ltd.     

出口退税、汇率调整与出口企业的最优销量——基于相互市场古诺模型的分析

文章利用冰山假说把国内税率、出口退税率以及汇率政策因素纳入存在多个国内与外国企业的相互市场古诺模型,分析了以国内税、出口退税与汇率为核心的策略性贸易政策对出口企业利润最大化的最优出口销量与国内销售的影响,并且以这种比较静态分析为基础,对各种单一政策与多项政策组合的调整效力进行排序。这些分析得出如下的结论:就单一政策的调整效力而言,出口退税优于国内税收与汇率政策;就政策组合的调整效力而言,出口退税与国内税组合优于国内税与汇率的组合。     

一种井口压装防喷装置的设计

一种井口压装防喷装置,在井口压裂过程中,用于投放油管堵塞器以堵住油管,防止井喷。其结构包括上下旋塞阀和升高短节。当钻井产生井喷时,保证旋塞阀的上下两端压力平衡,使旋塞阀可以轻松打开,升高短节内的油管堵塞器即能自动下降密封。     

浅谈依托网络数据库的荆州农产品购销

为促进荆州农业发展,提高荆州农产品的市场竞争力,可以通过建立网络数据库的模式来完成农产品购销,这样不仅将荆州本土农产品推出市场还丰富本市农产品市场,促进农民增收,丰富市民物质生活。     

基于中国股市微观结构的流动性与执行成本分析

运用市场微观结构理论来分析中国股市的交易制度、流动性和执行成本后发现:(1)在佣金和交易税相等的条件下,B股的知情交易者执行成本普遍大于A股,导致B股的流动性小于A股,买卖价差显著大于A股,表明投资者对B股交易要求较高的风险报酬;(2)一旦控制住执行成本中普通交易者对知情交易者所要求的风险补偿,A、B股买卖价差的区别就消失了。因此,证券管理部门应在B股市场引入做市商制度并在微观结构理论的指导下,加强交易监管系统,从而提高B股的流动性并降低其执行成本。     

On the economic and social benefits of direct selling

The labor market has long included individuals seeking nonemployee, alternative work arrangements. Now, alternative work arrangements such as freelancing, independent contracting, and temporary contracts have entered the lexicon through the following terminology: the gig economy, the sharing economy, the YouEconomy, agile workforce, and contingent workers. There are currently an estimated 18.6 million independent contractors engaged in direct selling. This article reports the first attempt to empirically investigate and document both the economic and social impacts of direct selling in the U.S. Our findings suggest that direct selling has a consequential impact on the U.S. economy and that the direct selling experience fosters a variety of skills that benefit professional activities as well as the personal lives of millions of independent workers.     

Steering the Sales Force for New Product Selling: Why Is it Different,and How Can Firms Motivate Different Sales Reps?

This study investigates how to direct and assemble the sales force for new product selling. In a first step, the authors draw on self‐determination theory to explore and empirically test a threefold conceptualization of motivation. Results provide insights into why sales force steering works differently in the new product selling context. Specifically, results show that for new products’ financial performance, internalized new product selling motivation is more important than intrinsic and controlled motivation. In a second step, the authors show how firms can motivate different sales reps to achieve higher financial performance of new products. In doing so, they examine the interaction effects of sales reps’ predispositions and widespread firm‐steering instruments on new products’ financial performance. Results reveal that the new product sales orientation of the bonus strengthens the positive relationship between sales reps’ performance predisposition and new product financial performance but weakens the relationship between sales reps’ learning predisposition and financial new product performance. Moreover, results reveal that the new product sales orientation of the periodic review strengthens the positive relationship between sales reps’ learning predisposition and financial new product performance. A post hoc analysis shows that a differentiated steering approach that matches appropriate steering instruments with sales reps’ varying predispositions substantially enhances reps’ financial new product performance.     

Online marketing: When to offer a refund for advanced sales

Advance selling is a marketing strategy commonly used by online retailers to increase sales by exploiting consumer valuation uncertainty. Recently, some online retailers have started to allow refunds on products sold in advance. On the one hand this reduces the net advance sales, but on the other hand it allows a higher advance sales price. This research is the first to explore the overall effect of allowing a refund on profits from advance sales, identifying conditions where advance selling with or without refunds (or no advance selling at all) is best. We analytically compare the profits of three advance selling strategies: none, without refund, and with refund. We show that selling in advance and allowing a refund is optimal for products with a relatively small profit margin and small strategic market size, and that the added profit can be considerable. Our results guide managers in selecting the right advance selling strategy. To facilitate this, we graphically display, based on the two dimensions of regular profit margin and strategic market size, under what conditions the different strategies are optimal.