Concentration of competing retail stores

The geographical concentration of stores that sell similar commodities is analyzed using a two-dimensional spatial competition model. A higher concentration of stores attracts more consumers with taste uncertainty and low price expectations (a market-size effect), while it leads to fiercer price competition (a price-cutting effect). Our model is general enough to allow for the coexistence of multiple (possibly) asymmetric clusters of stores. We provide sufficient conditions for the nonemptiness of equilibrium store location choices in pure strategies. Through numerical examples, we illustrate the trade-off between the market-size and price-cutting effects, and provide agglomeration patterns of stores in special cases.     

我国可转换债券价值影响因素的敏感度分析

本文采用修正的二叉树模型,对影响可转换债券价值的影响因素进行敏感度分析。分析结果表明,基础股价、股价波动率和公司债券利率是可转债价值最重要的影响因素。本文的分析和结论对于将来构建可转债多因素定价模型和从事可转债的套利分析具有较高的参考价值。     

Run length and the predictability of stock price reversals

Survival analysis is used to estimate time‐varying probabilities of price reversals using daily data for the Australian All Ordinaries Price Index. Lagged price changes lead to persistence (shortening) in a price run if they are of the same (opposite) sign as the run. An increase in the number of runs observed in the previous 30 days also increases the probability of price reversal. The predictive accuracy of the models is assessed using a probability scoring rule. Consistent with market efficiency, the estimated models are less accurate than the random walk model in predicting the length of individual price runs out‐of‐sample.     

关于新国企时代“国企核心竞争力”的几点看法

目前市场经济正悄然进入一个新国企时代,新国企、核心员工、核心竞争力的培育和构筑成为经济领域和企业家共同关注的话题。笔者认为人称新国企的核心员工要具备的能力不应是一维单向的,而是多维度且复合型的。新国企员工作为一位管理者要有计划与组织能力,作为一个领导者要有指挥与激励能力,作为一个战略家要有预见与决断能力,作为一个政治家要有谋略与干预能力,作为“地球村“的一个“知本家“要有文化融合与知识整合能力。这些能力的融合就成为营造新国企核心竞争力的全部内涵。针对核心竞争力研究的实际,以山东齐鲁增塑剂股份有限公司的做法为例,提出了增强国有企业核心竞争力的模式,对当前重塑企业信誉、深化改革具有特别重要的借鉴意义。     

国际碳金融市场:现状、问题与前景

碳金融市场,是温室气体排放权交易以及与之相关的各种金融活动和交易的总称,它为全球控制温室气体排放提供了重要的市场支持,同时也成为潜力巨大的金融交易市场。本文介绍了国际碳金融交易市场的市场结构、参与者与交易工具,探讨了该市场发展的缺陷并展望了影响其发展的政策前景。     

浅论越南水电工程总承包项目风险管理

中国企业在越南的水电总承包项目具有复杂性和诸多不确定性，存在巨大的承包风险。文章以越南昆江等多个水电站总承包项目为实例，对风险因素、识别风险、分解风险、化解风险等项目风险管理办法进行了论述。     

Measuring voting power in an international institution: the United States and the inter-American development bank

This paper applies a measure of relative voting power to the weighted voting system of the Inter-American Development Bank (IADB). Almost all assessments of internal governance of the IADB and other international financial institutions make reference to members' votes as a proxy for relative influence. But as this paper demonstrates, voting weights are misleading. The number of votes a country has in a weighted voting system does not necessarily denote its ability to affect outcomes. The conventional wisdom holds that the United States is omnipotent in the IADB because it has a large number (over 30 percent) of all the votes. This paper reveals that the U.S. obtains much more control over outcomes than originally intended by the institutions' designers. Received: September 2000 / Accepted: October 2001     

信用执法初探

信用执法将适用于信用关系的法律规范经济社会化，成为建立和维护市场经济秩序的基本条件。通过信用执法推动和促进市场经济信用的稳定与成熟。     

中国银行业的市场结构与银行绩效关系研究——基于33家商业银行面板数据的实证检验

以33家商业银行1997—2004年的数据为研究对象，以赫芬达尔指数作为衡量市场结构指标，本文对中国银行业市场结构与银行绩效关系进行了研究。研究结果表明，市场集中度降低对四大国有商业银行盈利能力没有产生显著性影响，但削弱了其他股份制商业银行和城市商业银行的盈利能力。市场集中度与所有银行净利息边际存在显著的负相关关系，不能跨地域经营的城市商业银行净利息边际显著低于其他商业银行。因此应该适度放开城市商业银行经营的地城限制。并防止过度竞争。     

强化农电安全培训的思考与探索

介绍了以往农电安全培训工作存在的一些问题及创新安全培训工作的思路,并提出了一些主要的作法。