HOW FAST DO TOKYO AND NEW YORK STOCK EXCHANGES RESPOND TO EACH OTHER? AN ANALYSIS WITH HIGH‐FREQUENCY DATA

This paper uses one‐min returns on the TOPIX and S&P500 to examine the efficiency of the Tokyo and New York Stock Exchanges. Our major finding is that Tokyo completes reactions to New York within six min, but New York reacts within fourteen min. Dividing the sample period into three subperiods, we found that the response time has shortened and the magnitude of reaction has become larger over the period in both markets. The magnitude of response in New York to a fall in Tokyo is roughly double that of a rise.     

TRANSATLANTIC CAPITAL MARKET PRICE DISCOVERY DURING A FINANCIAL CRISIS

Previous results show relatively small amounts of time variation in the Hasbrouck (1995) information share across international markets. Using data from a security that was cross‐listed on the New York and London Stock Exchanges in the 1860s, we find that the information share changes dramatically during a financial crisis that began in the foreign market.     

纽约州创新经济发展的三大引擎

2013年,纽约州在技术创新指标方面再次蝉联美国"商业强州排行榜"的榜首。纽约州技术创新能力的持续领先,反映出纽约州政府近年来为有效应对全球金融危机、集聚产学研金资源所出台各项措施的有效性。纽约州的纳米与信息电子、生命科学、新能源与可再生能源是纽约州大力发展的新兴与支柱产业,是其经济发展、技术创新三大引擎。通过深入分析,总结出纽约州在上述领域持续创新发展的有效措施是:充分利用公共和私营部门的伙伴关系,以核心技术为平台,促进多领域的创新研究,加速技术商业化;创新机制,大力促进民间资本投资;有针对性地实施税收优惠及激励政策等。     

纽约市太阳能光伏发电的市场机遇和挑战

太阳能光伏发电系统代表着纽约城区可再生能源当中最大的潜在资源,每年照在这座城市的太阳能是整座城市能源需求的两倍.据预测,如果市政府能制定正确、有效的扶持政策并积极推动落实,同时采取强有力的措施、手段,以扫除市场障碍的话,到2022年纽约全市范围内安装的太阳能光伏发电系统将达到7736MW规模的装机容量,每年可生产11 655GWh的电力,届时,可满足纽约全市18%的电力需求.     

The correlates of international financial‐center status

We consider the correlates of international financial‐center status. Our estimates point to the flexibility, transparency, and stability of the economic and social environment as determinants of financial center‐status. They point also to roles for monetary and financial stability, financial openness, financial scale and development, technology and size of government. We draw out the implications of this analysis for the future prospects of actual and aspiring international financial centers such as London, New York, and Shanghai.     

Co-movements of Shanghai and New York stock prices by time-varying regressions

We use time-varying regression to model the relationship between returns in the Shanghai and New York stock markets, with possible inclusion of lagged returns. The parameters of the regressions reveal that the effect of current stock return of New York on Shanghai steadily increases after the 1997 Asian financial crisis and turns significantly and persistently positive after 2002 when China entered WTO. The effect of current return of Shanghai on New York also becomes significantly positive and increasing after 2002. The upward trend has been interrupted during the recent global financial crisis, but reaches the level of about 0.4–0.5 in 2010 for both markets. Our results show that China’s stock market has become more and more integrated to the world market in the past twenty years with interruptions occurring during the recent global economic downturn.     

Drugs in the workplace: New York State is meeting the challenge

Ms. Hodes outlines the magnitude of the workplace drug abuse problem and describes New York State's response to the situation. She shows that the New York program emphasizes education and rehabilitation and restricts drug testing.     

Location matters: Estimating cluster premiums for prominent modern artists

This paper shows that ‘location matters’ in terms of premiums on creative clusters and peak ages. The analysis is based on the 214 most prominent modern visual artists born 1850-1945 and the art clusters of Paris and New York. Auction records of the past 20 years are used to estimate the value of artworks over an artist's career. The overall cluster premium for paintings produced in Paris and New York is found to be 11% and 43%, respectively; paintings made in Paris during the First World War have a premium of 14% while those produced between 1946 and 1975 have a premium of 27%. New York offers premiums for paintings produced there for all periods after the First World War, peaking at 74% between 1946 and 1975. When decomposing this premium, we find that quality rather than quantity of artists in the location is driving the results. It is argued that artists working in a cluster location reach a peak in the age-price profile of their work significantly earlier than artists working elsewhere.     

Book reviews

Routledge Series in Analytical Management Series Editor: D.C. Wilson London and New York, Routledge.

Strategues fir Growth; Maturuity, Recovery and Internationalisation Peter McKiernan London and New York, Routledge, 1992, £35.00. (hbk), ISBN 0-415-07383-9.

Technology and Organisation: Power, Meaning and Design Harry Scarborough & F. Martin Corbett London and New York, Routledge, 1992, £35.000 (hbk), ISBN 0-415-07384-7.

A Strategy of Change; Concepts and Controversies in the Management of Change D. C. Wilson London and New York, Routledge, 1992, £10.99 (pbk), ISBN 0-415-09773-8.

Human Resource Strategies for International Growth Chris Hendry London and New York, Routledge, 1994, £35.00. (hbk), ISBN 0-415-09773-8.

What is Strategy and Does it Matter? Richard Whittington London and New York, Routledge, 1993, £35.00. (hbk), ISBN 0-415-07385-5.

Technological Collaboration in Industry Mark Dodgson London, Routledge, 1993, £40.00 (hbk), ISBN 0-415-08230-7.

Corporate Vision and Rapid Technological Change Peter Swann & Jas Gill London, Routledge, 1993, £37.50 (hbk), ISBN 0-415-09135-7.

Internal Merkets: Bringing the Power of Free Enterprise Inside your Organisation W.E. Halad, A. Germanmayeh and J. Pourdenhad (eds) New York, Wiley, 1993, 301 pp., US$ 34.95.

Strategic Management: A Methodological Approach, 4th edition A.J. Rowe, R.O. Mason, K.E. Dicker, R.B. Mann & R.J. Mocler New York, Addison-Wesley, 1994, ISBN 0-201-58638-X.

The Management of Scale (Big Organizations, Big Decisions, Big Mistakes) David Collingridge London, Routledge, 1992, £35.00 (hbk), £12.99 (pbk), ISBN 0-415-07856-3.

The Intelligent Enterprise James B. Quinn New York, Free Press, 1992, ISBN 0-02-925615-1.     

中美黄金期货市场价格关系实证研究

通过对纽约商品交易所和上海期货交易所黄金期货指数收盘价的相关性分析、协整检验、格兰杰因果检验,考察了中美黄金期货价格的关系,分析了中美黄金期货的引导地位,结果表明美国纽约商品交易所黄金期货价格引导中国上海期货交易所黄金期货的价格,继续完善国内黄金市场体系建设,提高中国黄金期货市场的国际影响力和竞争力。     

On the relationship between the New York closing spot U.S.$⧸$A exchange rate and the Reserve Bank of Australia's official rate

The paper considers: (i) the hypothesis that the Reserve Bank's official U.S.$?$A spot rate may be predicted from overnight movements in the closing New York rate, and (ii) the informational content of the official rate in explaining movements in the New York rate.     

Federal Reserve System Rising: The Expansion of Board Veto Authority on the Eve of the Great Depression

Most scholars agree that restrictive Federal Reserve System (FRS) policies contributed to the depression’s duration and severity. FRS policy mistakes are attributed to faulty ideas, poor leadership, and decentralised institutions. Extant scholarship treats ideas as constraints which systematically led policy-makers astray. This paper instead focuses on the dual roles ideas play in shaping institutions and uniting coalitions behind institutional projects. It traces the rise and fall of New York FRS Governor Benjamin Strong’s ‘great idea’ that the FRS should promote international monetary stability. Declining support for New York’s internationalism enabled a rural Board faction to expand its veto power from 1928 to 1930. In the critical year following the 1929 stock market crash, Board obstruction of New York FRS attempts to lower its discount and bill rates caused its investments to fall faster than the system’s bond portfolio expanded, forcing outstanding system credit to contract. Beyond showing that the Board’s pre-depression rise mattered, the paper speaks to broader debates about how ideas become empowered to shape policies and inform interests.     

Recent books on globalisation

Thomas Friedman, The Lexus and the Olive Tree: Understanding Globalization. New York: Farrar, Straus, Giroux 1999). Pp.xix, 394.

James Mittelman, The Globalization Syndrome: Transformation and Resistance. Princeton: Princeton University Press, 2000. Pp.xiv + 282.#

Richard Rosecrance, The Rise of the Virtual State: Wealth and Power in the Coming Century. New York: Basic Books, 2000. Pp.xvi + 285.

William Shawcross, Deliver Us From Evil: Peacekeepers, Warlords, and a World of Endless Conflict. New York: Simon & Shuster. Pp.445.     

The competitive nature of the nursing home industry: price mark ups and demand elasticities

Nursing home markets are likely to deviate from a competitive structure because of limitations on entry imposed by Certificate of Need (CON) regulations and the potential for product differentiation along such attributes as location, religious affiliation and quality. This paper investigates the structure of nursing home markets in New York State by calculating price mark ups and residual private pay demand elasticities. It shows that the residual demand elasticity is bound by estimates based on price mark ups above marginal costs and above Medicaid rates. This approach allows estimation of demand elasticities in all markets, whether or not CON regulations constrain bed supply. Mean price elasticities (in absolute value) calculated for nursing homes in New York State in 1991 ranged from 3.46 to 3.85.     

Book review

Corporate Technological Behaviour: Cooperation and Networks, H. Hakanson, Andover, Routledge, 1989, 210pp., $30.00.

Technology and Power, David Kipnis, Springer, New York, 1990, 150pp., DM50.

The Practical Guide to Joint Ventures and Corporate Alliances: How to Form,How to Organise, How to Operate, Robert Porter Lynch, New York, John Wiley and Sons Inc., 1989, 336pp., $44.00 hb.

In the Age of the Smart Machine: the Future of Work and Power Shoshana Zuboff Oxford, Heinemann Professional Publishing, 1988, 460pp., $17.00

Directory of American Research and Technology 1990: Organizations Active in Product Development for Business K. R. Bowker New York, 1990, 24th edition, 740pp., $215.     

Privatization: Choosing the Optimal Time Path

We consider a government that wishes to choose the optimal time path of privatization. The government is concerned with maximizing output over some specified period while taking into account (1) the level of unemployment that will be attained as the end of that period, (2) the improvement in labor productivity of workers in the nationalized enterprises as a consequence of growing competition from privatized firms, and (3) the reemployment rate of the redundant workers displaced as their firms become privatized. We present a model exhibiting these features and derive the optimal policy that characterizes the rate of privatization within the period. When all of the elements noted above are present, we show it is never optimal to privatize instantaneously. We also show the relationship of the optimal rate of transition to the underlying objectives of the government. J. Comp. Econom., December 1993, 17(4), pp. 715-736. Stern School of Business, New York University, New York, New York 10012.     

The Montreal Gazette call loan rate, 1871–1907

Economic historians have assumed that the call loan market in Canada was insignificant before 1900. In this paper I present a monthly series for the call loan rate recorded daily by the Montreal Gazette between 1871 and 1907, which corresponds closely with the known post-1900 rate in 1900–07. Evidence from monthly bank returns further indicates that the magnitude of the domestic call loan market rivalled that of Canadian call loans in New York prior to 1907. The Montreal Gazette call loan series bears little relation to call loan series for New York and London, partly because the Montreal market was less centralized and less liquid.
Le taux sur prêts à vue du Montreal Gazette 1871–1907. Les historiens économiques ont présumé que le marché des prêts à vue était insignifiant au Canada avant 1900. Ce mémoire présente une série mensuelle des taux sur les prêts à vue publiée quotidiennement par la Montreal Gazette entre 1871 et 1907. Ce taux suit de près les données publiées par ailleurs après 1900, et ce pour toute la période de chevauchement des deux séries. Les renseignements recueillis dans les rapports mensuels des banques montrent que la taille de ce marché canadien se compare avec ce qui se passait à New York avant 1907. La série publiée par la Montreal Gazette n'a que peu de rapport avec celles de New York et Londres en partie parce que le marché de Montréal était moins centralisé et moins liquide.     

埃里克·马斯金自传简介

<正>我出生在纽约,成长于哈德逊河另一边的新泽西州的Alpine。这里的居民不到一千人,所以连自己的中学都没有,因而我在三英里之外的Tenafly读完了初中和高中。在Tenafly高中,我很幸运地遇到了一些甘于奉     

Book Reviews

Louis Baeck. The Mediterranean Tradition in Economic Thought. London and New York: Routledge, 1994. Pp. IX, 241. £40. ISBN 0–415–09301–5.

Vivienne Brown. Adam Smith's Discourse. Canonicity, Commerce and Conscience. London and New York: Routledge, 1994. Pp. 243. £13.99. ISBN 0–415–09593.

Peter Groenewegen (ed.). Feminism and Political Economy in Victorian England. Aldershot: Edward Elgar, 1994. Pp. 208. £39.95. ISBN 1–85278–928‐X.

Terence Hutchison. The Uses and Abuses of Economics. Contentious Essays on History and Method. London and New York: Roudedge, 1994. Pp. XIII, 314. £45. ISBN 0–415–09404–6.

Jan Keppler. Monopolistic Competition Theory. Origins, Results, and Implications. Baltimore and London: The Johns Hopkins University Press, 1994. Pp. x, 220. US$45. ISBN 0–8018–4813‐X.

Lars Magnusson (ed.). Evolutionary and Neo‐Schumpeterian Approaches to Economics. Boston, Dordrecht, London: Kluwer Academic Publishers, 1994. Pp. VIII, 326. £74.95. ISBN 0–7923–9385–6.

Alessandro Marzola and Francesco Silva (eds). John Maynard Keynes. Language and Method. Aldershof. Edward Elgar, 1994. Pp. XY 247. £39.95 ISBN 1–85278–923–9.

Ferdinando Meacci. Luigi Einaudi e i Principi del Capitate. Turin: Giappichelli, 1993. Pp. x, 176. IL. 28,000. ISBN 88–348–3093–8.

Gerald M. Meier (ed.). From Classical Economics to Development Economics. New York: St Martin's Press, 1994. Pp. xiii, 262. US$45. ISBN 0–312–12033–8.

Takashi Negishi. The History of Economics. The Collected Essays of Takashi Negishi, vol. 2. Aldershot: Edward Elgar, 1994. Pp. XXIV, 242. £45. ISBN 1–85278–938–7.

Cosimo Perrota and Vitantonio Gioia (eds). Where is Economics Going? Historical Viewpoints. Lecce: Università degli Studi di Lecce and Congedo Editore, 1994. Pp. 131. Price not indicated. ISBN 88–808–6079–8.

Warren J. Samuels, Jeff Biddle and Thomas W. Patchak‐Schuster. Economic Thought and Discourse in the 20th Century. Aldershot: Edward Elgar, 1993. Pp. x, 288. £45. ISBN 1–85278–724–4.

Mario Sebastiani. Kalecki and Unemployment Equilibrium. London: Macmillan, 1994. Pp. 213, ISBN 0–312–10585–1

John Vint. Capital and Wages. A Lakatosian History of the Wages Fund Doctrine. Aldershot: Edward Elgar, 1994. Pp. x, 278. £45. ISBN 1–85278–864‐X.     

II. Random and non-random walks on the New York stock exchange

Daily price changes of a variety of individual stocks and of stocks indices on the New York Stock Exchange are studied for indication of randomness between 1957 and 1979. From 1957 to the beginning of 1966, this market moved randomly; from 1966 to 1979 it did not.