Boundaries of the Tournament Pricing Effect in Asset Markets: Evidence from Experimental Markets

Tournament compensation of asset traders has been shown to promote deconvergence from intrinsic value pricing in an experimental asset market where all traders are so compensated (James and Isaac 2000). This paper explores the extent of this effect as experimental design parameters—proportion of traders facing tournament compensation, details of the tournament contract, and time horizon of the asset being traded—are varied. We find that the original results are replicated using the original parameters, that a tournament contract modified to provide a penalty for underperformance does not necessarily eliminate the effect, and that reducing the proportion of traders facing tournament compensation to half the market largely eliminates the effect.     

An Experimental Investigation of Asset Pricing in Segmented Markets

This article reports the results of experimental asset markets in which participants trade two assets with distinct dividend claims. Some traders are able to transact in the markets for both assets, whereas others can trade in only one market. When some are restricted from transacting in one market, the ineligible asset that cannot be traded by all commands a super risk premium. Without this premium, unrestricted investors would not hold all the available shares of the ineligible asset. In addition, we find that although unrestricted traders have the opportunity to remove all risk, few take advantage of this hedging opportunity.     

国外小额保险经营模式比较及其对我国的启示

小额保险是增强穷人抵御风险冲击能力、减轻贫困的重要手段。全球范围内小额保险的经营模式主要包括互助或合作保险模式、合作-代理模式及独立经营模式。从国外小额保险的发展实践来看,小额保险的经营模式存在着较大的差异性,这种差异性与各国或地区的社会经济条件、发展阶段及制度环境等的不同密切相关。互助或合作保险模式、合作-代理模式与独立经营模式各自有其自身的优势和劣势。比较分析国外小额保险经营模式的具体特点对我国发展小额保险有着良好的启示。     

中小企业融资约束对R&D投入的影响分析——基于门限效应模型

在对国内外IPO定价有效性相关理论和文献进行梳理和归纳基础上,确定IPO抑价程度作为衡量新股定价有效性评价标准,并将其设为模型的被解释变量;另外,选取新股IPO中的募集资金净额、首发市盈率、上市市盈率、上市换手率、发行至上市期间市场回报率等作为解释变量。运用多元线性回归方法构建模型,样本数据来自于2005年-2016年A股市场IPO企业。实证检验结果表明,IPO抑价率与募集资金净额、发行市盈率和发行至上市期间市场回报率呈负相关关系,与上市市盈率、上市换手率呈正相关关系,揭示出我国A股市场IPO抑价现象是由一级市场与二级市场综合影响所致的。据此,提出相应的政策建议。     

基于双边市场理论的互联网定价模式与反垄断问题研究

文章首先厘清中国电信业的双边市场特征,然后通过构建双边市场模型分析了垄断平台和竞争性平台的均衡价格,同时考虑了不同收费形式下中国电信业的定价策略,最后分析了其双边市场中反垄断政策的含义.研究主要结论是:双边市场定价通常对需求价格弹性较小一边的价格加成比较高;网络外部性越强,价格结构越不对称;价格结构与用户数量或平台交易量是动态相互影响;差异化程度越大,平台对用户的价格加成越大.这对于我国“三网融合”的背景下电信产业市场结构、定价策略和反垄断问题具有一定的借鉴意义.     

农产品电子商务平台定价策略研究——基于双边市场理论

电子商务平台的参与是我国农产品流通模式创新的必要要求，它联结了农产品供需双方，能够减少市场信息不对称，降低交易成本和提高流通效率。基于双边市场理论视角，构造垄断和竞争型的农产品电子商务平台，分析在两部制收费情况下，农产品电子商务平台的定价机制及其影响因素。结论显示，平台对某边用户的定价水平受到直接网络外部性、交叉网络外部性、交易费用、平台匹配技术及平台差异化水平的综合影响。根据分析结果，提出两点平台规制方面的建议。     

Markets for Electricity in Europe

Competition in the electricity industry requires properly functioningwholesale markets. This paper discusses the better-establishedelectricity markets of Europe, in the Nordic countries, Englandand Wales, and Spain. The different market designs can all produceefficient outcomes, if not hindered by market power. Long-termcontracts provide some defence against market power, and giveprice stability to promote investment. Competition in electricityretailing may discourage retailers from signing long-term contractsin future.     

Unregulated Stock Markets in Second Life

SLCapex is a stock exchange owned and operated by “residents” of the online virtual world Second Life. Despite its almost complete lack of regulation and legal protections against fraud or insider trading, issuers were able to raise approximately US$145,000 from investors, which grew to US$900,000 in market value before plummeting, resulting in overall investor returns of ?71%. Investors in large issuances lost more than investors in small issuances, and small investors experienced more severe losses relative to large investors when more money was at stake, indicating that the market did a poor job of protecting investors from issuers and of providing a level playing field for investors. Theories from financial economics can explain the markets' poor performance in the absence of regulatory and legal institutions, but they cannot easily explain why issuers were able to raise capital in such a setting.     

阶梯定价、实时定价及其潜在影响

针对实施居民用电梯度定价的决定,研究认为,此次电价调整将提高整体电价水平。阶梯定价只是一种调节收入分配的手段,并没有促进电力行业资源的有效配置。对于未来的电价改革,在引入阶梯定价的框架下,仍存在较大的改革空间。可以考虑在阶梯定价中嵌入实时定价,据此可以用多元化的手段实现不同的目标。但这一切依赖于利益相关者是否具有改革的动力。     

纽约股票市场对中国A股市场的影响

首先，本文考察了纽约股市波动对中国A股市场的影响。一般认为，中国的A股市场由于严格的资本控制而免受外国影响。但是，通过月度、每周、每日的样本数据（1992年到2004年），经过季节性调整和汇率变动调整后，我们发现上海和深圳A股市场的变动与美国股票价格指数变动相一致。其次，我们考察国家贝塔值（country beta）在马尔可夫转换误差修正模型中的动态关系。对中国市场来说，国家贝塔值和错误纠正项的重要性紧密相连。在东亚金融危机之前，美国市场对中国A股市场的影响普遍存在，而东亚金融危机产生后，则是通过国家贝塔值来影响中国股市的收益。     

Auction Markets for Evaluations

When the value of a product or service is uncertain, outcomes can be inefficient. A market for evaluations can theoretically increase efficiency by voluntarily eliciting an evaluation that would otherwise not be provided. This paper uses a controlled laboratory experiment to test the performance of four market mechanisms to provide product evaluations. The mechanisms considered are derived from the oft studied uniform price sealed bid, discriminatory price sealed bid, English clock auction, and Dutch clock auction. Our results indicate for this nonrivalrous product that (i) each of these institutions improves social welfare and (ii) the performances of the four mechanisms are equivalent. This second point is particularly noteworthy given that differing behavior is routinely observed in traditional private value auctions.     

Rational Reserve Pricing in Sequential Auctions

A durable asset is sold in a sealed-bid first price auction. The seller sets an undisclosed reservation price. The seller has no prior information respecting the private valuations of the bidders. If no bid exceeds the reservation price, the asset is sequentially auctioned until it is sold. A rational seller will design an intertemporal series of reservation prices that maximize the discounted value of the transaction price. To accomplish this, the seller uses the history of unsuccessful bids to estimate the probability density functions governing the maximum bids at each hypothetical future auction date.     

商业银行贷款定价的比较与借鉴

信贷业务是当前我国商业银行的核心业务之一，也是当前我国商业银行盈利的主要来源之一，因而贷款定价适当与否，对我国商业银行经营目标的实现具有举足轻重的影响。