Private benefits from control block trades in the Spanish stock exchange

A control block trade can be explained by the expectation of financial gains, shared by all shareholders, or by the expectation of private benefits, exclusive to the buyer and possibly at the expense of other shareholders’ rents. The market for corporate control contributes to social welfare when it improves the efficiency of the allocation of resources. When the objective of a block transaction is private benefits, social welfare may be negatively impacted as minority shareholders could withdraw from the market. Therefore the estimation of private benefits would allow the efficiency of the market for corporate control to be assessed. Specifically, the aim of this paper is to calculate private benefits in the Spanish market for partial control. Using a sample of partial control transactions over the period 1990–2016, we find that the median of private benefits is negative, therefore it appears that there is no inefficient use of resources in the Spanish partial control market as a whole, however private costs are detected. The variability of private benefits is explained in a significant way by variables related to the control structure of the target firm, such as the controlling position of the buyer after the transaction, the contestability of control and the cross-shareholdings between the buyer and large shareholders. Performance and the size of the firm are significant as well.     

WIN7平台ARP网络攻防

为了确认Windows7平台下ARP欺骗攻击的防御能力,利用arpfree命令行工具,模拟三种不同的ARP网络攻击,分析攻击结果及对Windows7的性能影响,并检测ARP防火墙在面对以上攻击时的防御能力。未安装防火墙的Windows7可以防御ARPRequest攻击,但三种攻击都会显著的占用带宽资源。Windows7在防火墙的支持下,可以防御三种攻击,只能发现并阻断ARPRequest攻击,两种攻击仍然会占用大量用户的带宽与CPU资源。     

社区服务业是实施再就业工程的有效途径

当前，产业结构和企业结构的双重调整使城市职工大面积下岗失业，要解决这个问题应从培育发展新的产业、创造新的就业机会着手。我国社区服务在需要中诞生、在困境中发展，为再就业工程的实施作出了贡献。尽管仍存在一些不足之处，但是发展前景广阔，大有可为。     

国有商业银行外部公关现状之分析

大量的公关理论研究和实践表明:银行公关外部活动是否有效,直接影响银行的形象、银行的竞争力乃至银行的生死存亡。然而银行外部公关的理论研究在中国至今还近乎空白,本文就以银行外部公关为研究主题,结合国有商业银行的实际情况,运用银行管理学、公关学、制度经济学的有关理论,系统深入分析银行外部公关,即银行与客户的关系、银行与同业的关系、银行与政府的关系、银行与新闻媒体的关系等状况,针对性地提出银行在解决处理各种关系时应采取的策略措施,建立了银行外部公关的保障体系,强调银行公关组织构建、人才培养以及公关策划,对银行外部公关的特殊作用。     

Price impact of block trades: the curious case of downstairs trading in the EU emissions futures market

Using high-frequency data from the European Climate Exchange (ECX), we examine the determinants of price impact of €21 billion worth of block trades during 2008–2011 in the European carbon market. We find that wider bid-ask spreads and volatility are characterised by a smaller price impact. Larger levels of price impact are more likely to occur during the middle of the trading day, specifically the four-hour period between 11 a.m. and 3 p.m., than during the first or final hours. Purchase block trades induce a relatively smaller price impact on price run-up, while sell block trades exhibit a larger price impact on price run-up. We conclude that block trades on the ECX induce less price impact than in equity or conventional futures markets, and that a significant proportion of the effects contradict findings on block trades in those markets; thus, we provide the first evidence of the curious bent to block trading in the European Union emissions trading scheme.     

“后金融危机时代”深圳宝安区“三来一补”企业现状、存在问题及对策

本文在对深圳宝安区"三来一补"企业现状调研的基础上,分析了其存在的问题,并根据其目前的现状特点,提出了宝安区未来"三来一补"企业发展的对策建议。     

Geographic dissemination of information

Urban companies are located near millions more potential investors and sophisticated money managers than non-urban companies. More investors are familiar with urban companies and have access to informal information about them. The stock of urban companies is also more liquid than the stock of non-urban companies. We hypothesize that these factors lead information to be spread from urban companies to other companies. Urban stock returns lead rural/small city stock returns even controlling for size, industry, and analyst coverage. Closer examination of the lead–lag relation reveals that urgent trades, which are likely to reflect short-lived information, are much more common for urban firms. Information appears to be uncovered through informal means more easily available to people physically near a company. We discuss the corporate finance implications of our findings.     

The determinants of the price impact of block trades: further evidence

This article extends previous literature which examines the determinants of the price impact of block trades on the Australian Stock Exchange. As previous literature suggests that liquidity exhibits intraday patterns, we introduce time of day dummy variables to explore time dependencies in price impact. Following theoretical developments in previous literature, the explanatory power of the bid–ask spread, a lagged cumulative stock return variable and a refined measure of market returns are also examined. The model estimated explains approximately 29 per cent of the variation in price impact. Block trades executed in the first hour of trading experience the greatest price impact, while market conditions, lagged stock returns and bid–ask spreads are positively related to price impact. The bid–ask spread provides most of the explanatory power. This suggests that liquidity is the main driver of price impact.     

Exploring the presence of accounting amongst petty traders in Ghana

This paper seeks to investigate the presence of accounting among petty traders in Ghana. The methodology applied was the mixed method under the multiple methods choices. Both qualitative and quantitative techniques were used. The findings were that formal education is not a pre-requisite requirement to the operations of a petty trading business. However, the study revealed the presence of accounting in petty trading; thus confirming the assumption that accounting is a universal good and is present in the petty trading business. Findings on the three major factors that influenced the present or absent of accounting among petty traders revealed that： there were no state institutions or pressure groups in Ghana to influence or oblige private entrepreneurs （petty traders） to prepare financial statements; the literacy of the petty trader though was found to be a necessary factor, it was not sufficient to explain the accountancy presence or absence in the traders＇ businesses. The usefulness of the accounting information to the petty trader influenced the presence of accounting in the traders＇ business. Finally, the level of trust - social capital in the community, and its influence on the presence of accounting, was relatively insignificant in the context of urban Ghana. No study of this kind has been conducted in the field of accounting presence or absence in Ghana.