Automation, speed, and stock market quality: The NYSE's Hybrid

Automation and trading speed are increasingly important aspects of competition among financial markets. Yet we know little about how changing a market's automation and speed affects the cost of immediacy and price discovery, two key dimensions of market quality. At the end of 2006 the New York Stock Exchange introduced its Hybrid Market, increasing automation and reducing the execution time for market orders from 10 seconds to less than one second. We find that the change raises the cost of immediacy (bid-ask spreads) because of increased adverse selection and reduces the noise in prices, making prices more efficient.     

A computing bias in estimating the probability of informed trading

This study identifies a factor that leads to a bias in estimating the probability of informed trading (PIN), a widely-used microstructure measure. It is shown that, along with the numerical maximization of the likelihood function for PIN, the floating-point exception (i.e., overflow or underflow) may eliminate feasible solutions to the actual parameters in the optimization problem. Approximately 44% of PIN estimates for recent stock market data may have been subject to a downward bias that is more pronounced for active stocks than for inactive stocks. This study develops a remedy to mitigate the resulting bias.     

Basel Core Principles and bank soundness: Does compliance matter?

This paper studies whether compliance with the Basel Core Principles for effective banking supervision (BCPs) is associated with bank soundness. Using data for over 3000 banks in 86 countries, we find that neither the overall index of BCP compliance nor its individual components are robustly associated with bank risk measured by individual bank Z-scores. We also fail to find a relationship between BCP compliance and systemic risk measured by a system-wide Z-score.     

Exploring governance of the new European Banking Authority—A case for harmonization?

In the context of the proposed EU financial supervisory reforms, this paper focuses on the governance of the network of national supervisory banking agencies and the newly established Community supervisor (European Banking Authority, EBA). We assess to what extent lack of governance convergence nationally and with EBA could undermine the incentives for cooperation among supervisors. Convergence should particularly focus on (i) the issue of the presence of politicians on decision-making bodies; (ii) the need for clearly defining dismissal procedures of heads of supervision; (iii) autonomy from government in regulatory matters; (iv) supervisory autonomy in matters of licensing and withdrawing licenses; (iv) mechanisms for judicial accountability; (v) legal protection for supervisors handling in good faith. In the absence of full centralization of prudential supervision, early harmonization of national governance arrangements towards best practice would better align supervisors’ incentive structures and, hence, be beneficial for the effectiveness of European supervision.     

基于RFM模型的烟草客户聚类分析研究

随着客户细分理论的不断丰富和完善,构建合理的客户细分指标体系,借助聚类分析的方法,来实现对企业客户的细分。本文针对当前烟草公司在客户细分方面工作的不足,结合烟草行业及零售户的特征通过聚类分析实现烟草行业零售户的细分,帮助烟草公司实现零售户的合理分类,优化客户资源与卷烟货源的配置。     

基于人工免疫算法的多无人机分布式任务分配方法

对多无人机任务分配问题进行了研究,在重量和路径负载均衡的基础上建立了带有攻击顺序的01决策变量的模型,运用分布式的人工免疫算法对该模型进行仿真实验,最终得到每个无人机攻击的目标顺序以及目标函数值,实验证明该方法在得到不劣于遗传算法结果的同时,提高了寻找最优解的收敛速度。     

基于面向对象分类技术的土地利用监测应用研究——以河北省保定市为例

本文以河北省保定市为例,以高分辨率World View影像为数据源,基于e Cognition软件,采用面向对象分类技术提出的"自下而上"的多尺度分割方法,对保定市市区2013年4月至7月间土地利用变化情况进行监测,经计算,土地利用监测变化图斑核查的正确率为91.40%。研究结论表明:相比于以往的人工目视解译方法,面向对象自动分类方法提高了作业效率,同时可以避免人工目视解译中产生的遗漏,保证了土地利用监测中数据更新采集的正确性以及完整性。     

夷平面研究综述

近期夷平面的研究又成为地理研究的一个热点。本文通过对夷平面的定义、分类、成因等方面的介绍,阐述了夷平面研究的进展与现状以及夷平面研究的意义。     

浅析内部审计在现代企业中的运用

随着我国现代企业制度的不断完善和发展,内部审计的作用也越来越突出,在强调企业内部审计重要的同时,也应看到内部审计应进一步适应我国现代企业制度的要求与经济监督评价的需要,从审计目标、审计范围、审计方式方法等方面不断改进发展,使内部审计真正成为现代企业发展的“良医、顾问”。     

网络营销策略

电子商务已成为当代社会中企业所不可缺少的竞争手段,网络营销已成为未来企业生存必不可少的基本条件之一。营销策略是关系到企业生死存亡的关键性问题,有必要对电子商务中的市场营销策略进行探讨研究。