Hedging under Transaction Costs in Currency Markets: a Continuous‐Time Model

We consider a general semimartingale model of a currency market with transaction costs. Assuming that the price process is continuous and the solvency cone is proper we prove a hedging theorem describing the set of initial endowments that allows the investor to hedge a contingent claim in various currencies by a self‐financing portfolio.     

交易费用的测度:理论的发展及应用

交易费用的测度是交易费用经济学从理论研究走向实证研究的重要环节,它对于比较制度分析和理解不同国家间经济绩效差异也有重要的意义.由于交易费用概念的多样性,在交易费用的测度方面仍然缺少统一的理论框架,不过近些年来宏观交易费用、微观交易费用的测度以及经验性研究都取得了重要的进展,并在应用经济学中得到广泛运用.本文对交易费用测度的理论发展和应用进行了系统的评介,并展望了未来的研究方向.     

Forward Integration and Innovation: Transaction Costs and Beyond

The Transaction Cost Economics (TCE) theory developed by Oliver Williamson has provided a deep understanding of factors behind the vertical integration decisions of firms. This paper begins with a brief case study of forward integration in the early years of select industries. The analysis suggests that other factors, such as capabilities, can complement the TCE approach. The paper shows how TCE has been combined with these other concepts and the Profiting From Innovation framework to provide a more complete analytical toolkit for evaluating forward vertical integration decisions, particularly in the context of innovation.     

Relationship Between Organizational Form and Organizational Memory: An Investigation in a Professional Service Organization

The goal of this research is to study the relation between organizational form (OF) and organizational memory (OM). It examines what kind of roles OM plays in different OFs--that is, how OM is used in organizational action--and whether changes in a firm's organizational form relate to changes in the role of OM. These relationships are examined in the context of how information technology (IT) is used to support organizational remembering. The study outlines different manifestations of OM in 1 company as it underwent major organizational transformations during a 3-year period. The manifestations are grouped into "bins," expanding the storage structure concept by Walsh and Ungson to include OM contents and processes of use. The bins are supplemented with an additional bin, the organizational information space, to address the collaborative aspect of OM. Another new construct, the organizational memory profile, is introduced to summarize the combination of OM manifestations in a particular organization at a particular time. The OM profiles are outlined for the case company and they show marked differences between OFs. This upholds the claim that different OFs present different kinds of arenas for OM. IT support for various bins is analyzed and a variety of IT support is recognized. This upholds the view that several OM support systems are needed and that IT can play a significant role in making past events more accessible.     

Customs-related Transaction Costs,Firm Size and International Trade Intensity

customs are generally perceived as a time-consuming impediment to international trade. However, few studies have empirically examined the determinants and the impact of this type of government-imposed transaction costs. This paper analyses the role of firm size as a determinant of customs-related transaction costs, as well as the effect of firm size on the relationship between these costs and the international trade intensity of firms. The results of this study indicate that customs-related transaction costs repress international trade activities of firms, even at low levels of these costs. The paper identifies transaction-related economies of scale, simplified customs procedures and advanced information and communication technology as main determinants of customs-related transaction costs. It is shown that when these factors are taken into account, firm size has no effect on customs-related transaction costs. Policy implications are considered for firm strategy and public policy.     

In Memoriam: Alfred Chandler and the Soul of Business History

I never really knew Al Chandler. While my teachers, Lou Galambos,David Hounshell, and Hugh Aitken, were to varying degrees closefriends with Chandler, I spoke at length with him only twice.I met Chandler for the first time in 1990 when I was tryingto decide where to do my doctorate and I met with him a secondtime when I held the Chandler Travel Fellowship at the HarvardBusiness School in 1995 as I was writing my doctoral dissertation.Chandler's scholarship consistently shaped my approach to thestudy of business history, yet my relationship was always toChandler's academic research rather than to him as a mentoror as a colleague. Although I never knew Chandler in a personal sense, I also neverknew business history without his overwhelming intellectualpresence. Since 1984, when I first studied economic historyunder Hugh Aitken as an undergraduate at Amherst     

Work in the Platform Economy: Beyond Lower Transaction Costs

Work on platforms is part of a wider trend towards the increasing fragmentation of work. It takes different forms, ranging from short spells of employment with the same employer to moving between different work arrangements to juggling multiple jobs at the same time. In all its forms, it signals an increasing job instability and is often fuelled by insufficient income from one job to cover the cost of living.     

本地市场规模、交易成本与生产性服务业集聚

本文在城市经济学理论的基础之上,尝试性地提出生产性服务业集聚的理论框架,并以全国247个城市的面板数据进行实证检验.理论分析表明,本地市场规模、工业企业平均规模(需求因素)以及交易成本、生产性服务业的专业化程度与竞争程度(供给因素)等因素共同促使了生产性服务业的集聚.实证检验证实,虽然生产性服务业主要集聚于具有较大市场规模和更优经济地理位置的中心城市,但我国不同区域引致生产性服务业集聚的关键性因素存在差异,东部城市表现为本地市场规模,而中西部城市则是交易成本.实证结果还表明,规模大的工业企业具有明显的服务外包化倾向;同时生产性服务业存在MAR溢出,专业化有利于提高集聚度.为此,本文提出了加快生产性服务业聚集的政策建议.     

农户要素禀赋、交易费用与农户农地转出行为——基于江西省农户调查

在农地流转过程中,愈是具有从事非农要素禀赋的农户,转出农地的可能性愈大,转出的面积愈大。农地交易费用虽然对农户农地转出的可能性和流转面积有负向影响,但是它并没有构成农户农地转出行为的最主要影响因素。     

Mobile Phone Use,Transaction Costs,and Price: Evidence from Rural Vegetable Farmers in Cameroon

ABSTRACT

The widespread use of mobile phones in Cameroon should be translated into increased farmers’ income by reducing information-search costs. This study seeks to investigate the effects of mobile phone use on transaction costs related to price information search. Ordinary least-square estimations reveal a positive relationship between mobile phones use and transaction costs. The results show that farmers’ use of mobile phones increases their transaction costs for carrots and tomatoes, unlike for cabbages. This paper suggests the establishment of vegetable information centers that can serve as an interface between stakeholders in agriculture by channeling adequate and timely information to farmers.     

组织模块化及其挑战:组织形态演进的思考

本文基于现有研究,分析了组织形态从家庭作坊到工厂组织,再到公司制组织,并最终进化为模块化组织的演进历程,认为资本增值性、技术进步、市场因素(需求、贸易、竞争)、交易费用和新经济元素(信息技术、互联网络、知识资本)等因素影响并推进着组织形态变迁,并最终催生了模块化组织。其中,技术进步是组织形态向模块化组织演进的关键动因。技术模块化引起的价值链解构、竞合机制的形成、顾客直接参与价值分配是模块化组织价值释放效应的表现,这将使以交易费用为理论基石的传统企业组织理论受到挑战。     

电子商务诱致下专业市场交易制度的变迁:理论与模型

作为一种新的交易方式,电子商务对以“三现”为主的传统专业市场交易方式产生了重大冲击.与实体市场交易方式相比,电子商务交易方式使外生交易成本大幅度降低是其推动专业市场交易制度变迁的主要动因.文章通过构建SSP制度分析框架和演化博弈模型,揭示了电子商务诱致下专业市场交易制度变迁的演化机制、路径及其条件,提出了传统专业市场交易制度向实体与电子商务相融合的新型交易制度转型升级的理论命题和相关政策建议.     

A Note about the Relationship among Transaction Costs,Institutions and Productivity Growth

In order to test the Fuess and van den Berg [I9921 hypothesis on the influence of the increasing transactions sector's costs on the total factor productivity growth rate, the authors perform calculations and estimates of the Solow'S residual for both the total GNP and the non-transactions GNP on Italian data covering the period 1951-89. The results suggest that, as regards the Italian economy, the difference between total and non-transactions productivity growth rate (effect of institutions on material production), rather than having a constant positive sign, as in the findings of Fuess and van den Berg, alternates between negative and positive sign.     

Acquiring Competence at a Distance: Application Service Providers as a Hybrid Organizational Form

Application service providers (ASPs) are an innovative way for firms to outsource business functions by renting software as a service via the Internet. ASPs bring state of the art technology within the reach of firms that have been denied access to such advances in the past. The novelty of the ASP model results from the use of the Internet in the provision of services and the virtual inter-organizational tie that it creates between ASP and customer. The novelty of the ASP model has generated legitimacy concerns among the potential pool of customers, which has slowed the diffusion of this innovation. The recent dot-com fall-out has also had negative effects on the diffusion of the model. Nonetheless, the ASP model has managed to survive by adapting to the trends of the market. Entrepreneurship researchers have two reasons to pay more attention to ASPs. First, the emergence of the ASP business model has opened up opportunities for entrepreneurial activity by those seeking to capitalize on this new business model. Second, the proliferation of ASPs has the potential to affect other new ventures by altering their technology options.     

Dynamic Optimization of Long-Term Growth Rate for a Portfolio with Transaction Costs and Logarithmic Utility

We study the optimal investment policy for an investor who has available one bank account and n risky assets modeled by log-normal diffusions. The objective is to maximize the long-run average growth of wealth for a logarithmic utility function in the presence of proportional transaction costs. This problem is formulated as an ergodic singular stochastic control problem and interpreted as the limit of a discounted control problem for vanishing discount factor. The variational inequalities for the discounted control problem and the limiting ergodic problem are established in the viscosity sense. The ergodic variational inequality is solved by using a numerical algorithm based on policy iterations and multigrid methods. A numerical example is displayed for two risky assets.     

中国交易费用与经济增长关系的实证分析

本文在追溯交易费用可测性理论的基础上,给出了交易费用的核算框架。利用人口职业统计资料,将从业人员按生产转换和交易分类,在不考虑农业费用,并将文教科卫部门视作交易部门的条件下得出了交易费用占我国总费用６２％的结论,并证实了中国交易费用的提高与经济增长具有正的强相关关系。     

Customers,Costs, and Context:

No abstract available for this article.     

Nicholas Onuf and Peter Onuf. Nations, Markets, and War: Modern History and the American Civil War

The bloodiest war ever fought by the United States, the CivilWar remains a focal point of American historical writing andresearch. How could Americans embark in such a war where brothersfought brothers? And what does this experience tell us aboutthe nature of the American union, before and after the CivilWar? Two brothers, historians Nicholas and Peter Onuf, confrontthese questions in a wide-ranging study that will challengetheir readers's