欧美国债市场做市商制度分析与比较

考察国外债券市场发展的实践,我们发现做市商制度是活跃国债市场不可缺少的因素,起着举足轻重的作用.目前,我国银行间债券市场虽然也存在做市商制度,但是有行无市的困扰一直存在,形同虚设.本文重点对美国国债市场和欧洲MTS市场的做市商制度进行介绍,以期对我国国债市场做市商制度的发展和完善起到一定的借鉴作用.     

基于MTS/COM+、ASP、InternetExpress整合技术的多层分布式Web应用系统的结构与设计

Web应用系统的瓶颈,常用 Web应用系统的结构,基于 ASP、 InternetExpress、 MTS/COM+ 整合技术的多层分布式 Web应用系统结构及其 Delphi环境下设计 .     

Modelling illiquidity spillovers with Hawkes processes: an application to the sovereign bond market

Modelling the dynamics of (il)liquidity across assets is an important yet complicated task, especially when considering significant deteriorations of liquidity conditions. Here, we propose a peak-over-threshold method to identify abrupt liquidity drops from limit order book data and we model the time-series of these illiquidity events across multiple assets as a multivariate Hawkes process. This allows us to quantify both the self-excitation of extreme changes of liquidity in the same asset (illiquidity spirals) and the cross-excitation across different assets (illiquidity spillovers). Applying the method to the MTS sovereign bond market, we find significant evidence for both illiquidity spillovers and spirals. The proportion of shocks explained by illiquidity spillovers roughly doubles from 2011 to 2015, suggesting an increased synchronization of extreme illiquidity across assets.     

绩效片段视角下我国制造企业多团队凝聚力影响因素动态分析

绩效片段理论认为过渡阶段和行动阶段交替循环形成整条绩效链。该视角下的多团队凝聚力即是指在循环绩效链条下的多个团队为达成同一目标而齐心协力的一种群体过程。文章采用质性分析和概念格—DEMATEL方法以浙江、上海、湖南、河南等地区制造企业的中高层管理者247名为调查对象，对不同阶段下多团队凝聚力影响因素及影响度进行探索。文章发现，在过渡阶段，团队层级价值认同、冲突程度，多团队层级目标认同、多团队导向对制造企业多团队凝聚力产生较大影响；在行动阶段，团队层级人际关系、冲突程度，多团队层级协作模式和共享认知对制造企业多团队凝聚力产生较大影响。文章构建了一个动态、具体、系统的制造企业多团队凝聚力影响因素模型，丰富了多团队系统和绩效片段理论，也为制造企业多团队建立动态绩效评估模式提供有益启示。     

电子商务与COM

电子商务加速了我们周围世界的数字化进程,一个全新的、充满机遇与挑战的数字化世界正逐渐演变为现实,越来越清晰,几乎触手可及.本文对电子商务、中间件及COM的应用进行了探讨.     

The impact of economic news on bond prices: Evidence from the MTS platform

Although there is an extensive literature on the impact of macroeconomic announcements on asset prices, the bond market has received less attention than the foreign exchange and equity markets, even less if we consider the European market. This paper uses high-frequency intra-day data over a three-year period to investigate the impact of regularly scheduled macroeconomic news and monetary policy announcements on the returns of the Italian government bond market, the largest one in the Euro-zone. With respect to the previous papers, we use a much broader set of announcements, 68, and a relatively novel dataset (MTS). We find that 25 news have a significant impact on bond returns and that almost all announcements are incorporated into prices within 20 min from the release.     

Russian Telecommunication Company MTS Goes to the CIS

SUMMARY

The article deals with the outward internationalization of Russia's telecommunication company Mobile TeleSystems (MTS). This research investigates both target foreign markets and entry strategies of the company. In 2002, MTS started with entries to Belarus and Ukraine, followed by expanding to Uzbekistan and Turkmenistan in 2004. The choice of CIS countries was determined by knowledge of business environment and practices which are similar to Russia, and by economic and political ties inherited from the past. The basic strategy was acquisition of local mobile operators with the exception of Belarus where a joint venture was established. The article suggests that new market entries are expected.     

基于仿真的短生命周期产品生产与库存决策研究

通过研究MTS和BTO两种生产方式下的(R,S)库存策略中存在的牛鞭效应,并建立动力学仿真模型,分析消减牛鞭效应的策略。