China Festival to Open in US in October

DBS and Deutsche Bank are to pur chase 10 billionshares in Guangdong Development Bank （GDB） at a price of RMB17.7 billion （US$2.18 billion）. But they will not take a controlling stake, according to a source near the top management of GDB.     

形势严峻超预期行情回暖时可待——国际造船市场2009年上半年回顾与展望

受造船产业链系统风险释放影响，2009年上半年国际造船市场继续延续去年10月份以来的低迷态势．但再坏的市场，需求终归存在，如果下半年世界经济能有效改善．航运市场能止跌企稳。不排除新船需求最早会在明年春季出现“回暖”的可能性。     

UK to Explore Advertising Market in China

The Institute of Practitioners in Advertising （IPA） is for the first time participating in the China International Advertising Festival, lasting from October 29 to November 1, in Nanning, capital city of Guangxi province, southwest part of China. The festival is claimed to be the most influential national event in China＇s advertising industry calendar.     

Preparations for the nixon round

The next round of GATT negotiations—the so-called “Nixon Round”—will be opened at the ministerial level in Tokyo on September 12–14, 1973, and probably continue for several years in Geneva. Less developed countries (LDCs) which have not joined GATT but nevertheless wish to participate in the negotiations are to be invited for the first time. UNCTAD and IMF will be among the most directly engaged observers.     

轮·陷

在后金融危机时代,人们都害怕听到坏消息。美国对中国制轮胎实施特殊保护措施消息一出,便闹得沸沸扬扬。     

Power,Not Fear: A Collusion-Based Account of Betting Market Inefficiency

We examine racetrack betting market inefficiency. We argue that the overround – an established measure of inefficiency – may be seen as a reflection of bookmakers’ collusive returns maximising behaviour, rather than simply as their response to an adverse selection problem. We test, and find empirical support for, several proposed market effects of bookmaker (market maker) collusion. Besides number of race participants, overround varies significantly according to (1) whether or not the race is the last at the race meeting, (2) racetrack location, (3) day of the week (weekday vs. weekend), (4) type of race (handicap vs. non-handicap), and (5) type of race event (Flat/National Hunt). The study provides fresh insight into the origins of betting market inefficiency, where the link between market structure and context and bookmaker behaviour is a key feature. Regarding the broader implications, the study alerts us to the potential for financial market inefficiencies such as the bid-ask spread to be explained, in part, as a consequence of market makers’ opportunistic behaviour wherever and whenever it is possible for intermediaries to exploit their understanding of investor behaviour.     

The international lender of last resort and selective bail-out

In the event of a third generation crisis, international lending of last resort should be used if and only if the international lender of last resort (ILOLR) is informed on the subject of domestic financial and banking markets. Therefore, it will act at a macroeconomic level, as an usual ILOLR, but also at a microeconomic level, since there will be selective lending to commercial banks. There are two conditions of optimality of this intervention: first, the country should be eligible; and secondly, only solvent banks should be bailed out.     

Russia’s reluctance to ratify Kyoto: an economic analysis

It became apparent at the UN World Climate Change Conference, which took place from September 29 to October 3 in Moscow at the invitation of the Russian government, that ratification of the Kyoto Protocol by the Russian Federation is, at the least, uncertain. This could mean that the first international climate treaty will not become legally binding. What is the economic rationale behind Russian climate policy? What would be the effect of non-ratification?     

中国互联网的真假王者

过去十五年,美国始终是全球互联网创新的源头,也是创业投资的中心,更是应用的驱动力。但是,今天互联网的风景显然已经全面转移到中国。中国取代美国,成为了全球互联网新的应用中心。     

The Multiannual Financial Framework and European Defence

For the first time, security and defence will be a separate heading in the next MFF even though Article 41.2 of the Treaty on European Union (TEU) prohibits the use of the EU budget for defence reasons.     

Emerging markets and the Multilateral Development Banks

Flexible, innovative institutions are integral to meeting the development challenges of the next century. Multilateral Development Banks have been the focus of intense criticism, and that criticism is now resonating from increasingly organized opposition groups. As the MDBs strive to increase their private sector focus by adopting a range of promarket policies, they are caught in a race against time. Countries and firms alike are turning to emerging capital markets for funding traditionally sought from MDBs. Are the Banks capable of transforming themselves into efficient, responsive and effective institutions? Or will they become historical footnotes? Lacking a coherent and reasoned defense, the difficult job of maintaining public support may become impossible.     

析WT/DS379案中对华反补贴的法律问题

2010年10月,WTO专家组对中美"双反"争端作出第WT/DS379号裁决。该案的核心在于补贴的认定,其中主要涉及中国土地使用权的补贴专向性认定、上游产业利益传递分析以及对"非市场经济国家"采取"双反"措施的双重救济问题。中央政府和地方政府授予各种工业园区企业的土地使用权,一般情况下不应认定为具有地区专向性;上游产业的利益传递分析有着其具体的适用范围,不应被滥用;"双反"措施可能会造成双重救济,尤其是在同时适用非市场经济方法的情况下,更应谨慎。对上述三个问题进行分析,进而提出相应的应对措施,对于今后同类问题的解决大有裨益。     

How to prevent the division of the free-enterprise world

Two issues will need to be addressed constructively by the enlarged European Community if the multilateral trade negotiations foreshadowed to begin next year are not to founder. They relate, first, to the division of the free-enterprise world into economic spheres of influence and, secondly, to the isolation of commercial markets for temperate-zone farm commodities.     

Forty Years of Business Research in China: A Critical Reflection and Projection

Indigenous business research has largely mirrored the economic growth in China over the past 40 years, which has reached a critical juncture. It is, therefore, important to take stock of the past progress to identify critical success factors and remaining challenges, in searching for paths to the next leap forward. To this end, this commentary will first review the key milestones in indigenous business research over the past four decades. Then it will highlight two paradoxes, namely, the lack of indigenous theories despite the phenomenal growth of Chinese firms, and the growing divergence between scientific rigor and low relevance to practice, which will need to be addressed in the future. Lastly, several predications and suggestions will be offered.     

Stereotyping effects on consumers' evaluation of advertising: Impact of racial differences between actors and viewers

The present experimental study compared the efficacy of two social/psychological theories of stereotyping for explaining the impact of race on consumers' evaluations of advertising. One theory, in-group bias theory, posits that in-group members on the basis of race will evaluate other in-group members more favorably than out-group members. A second theory, polarized appraisal theory, predicts that out-group members will be evaluated more extremely (positively or negatively) than in-group members. A major finding of the present study is that in-group bias theory explains the effect of race in consumers' evaluation of advertising more accurately than does polarized appraisal theory.     

Monetary Union – a Successful Venture for Europe?

A broad EMU is now in prospect when the single European currency is launched in 1999, including ten or eleven EU member states. The UK could also join early in the next century "if EMU is a success". This article describes the path to monetary union and discusses the potential problems and opportunities raised by this ambitious project. Distinguishing between technical and economic success, it outlines three potential sources of tension and difficulty for those joining in the first wave, and argues that Britain will not be able to avoid its effects even though it will not be joining initially.     

Corporations as Political Actors – A Report on the First Swiss Master Class in Corporate Social Responsibility

This paper presents a report on the first Swiss Master Class in Corporate Social Responsibility, which was held between the 8th and 9th December 2006 at HEC Lausanne in Switzerland. The first section of the report introduces the topic of the master class – ?Corporations as Political Actors – Facing the Postnational Challenge’ – as well as the concept of the master class. The second section gives an overview of papers written by nine young scholars that were selected to present their research. The brief summary of each paper also includes a summary of comments from the masters, practitioners, and NGO representatives at the event. The third section brings in the perspectives of one master and one NGO representative on the discussed issues. The final section offers a brief wrap-up of the discussed topics and outlines ways to structure future conceptual and empirical research.     

北京潘家园跳蚤市场免摊位费政策取消

<正>10月11日,潘家园旧货市场证实,跳蚤市场每周四免摊位费的政策被取消。一时间,前一段被众多媒体"火热"关注的潘家园跳蚤市场又一次吸引众人的关注。潘家园从今年8月开办跳蚤市场起,就赚足了人气和财气。     

A Location Recommender Based on a Hidden Markov Model: Mobile Social Networks

With the development of mobile communication technology and location-based services, people can share information with friends through checking in anywhere, at any time. If we can “speculate” when users will next check in, we can make relevant and useful recommendations. Here, we introduce a new check-in-based hidden Markov model to cope with changing circumstances. A certain check-in-based hidden Markov model for each group is obtained first. The model then analyzes temporal check-in intervals of users before suggesting locations. We also discuss optimal parameter settings for the number of hidden states and the corresponding number of user groups. Experiments show that, given observations of a new entrant, the model is able to predict the most probable time period the user will check in next time. It can also recommend a specific user group for the new entrant. Hence, it enables the recommendation of potential locations of interest for the new entrant.     

With US$5 Billion, China Purchases 42 Boeing Planes

China scrapped the yuan＇s peg to the U.S. dollar and tied it to a basket of currencies, thenaton＇s central bank said, the first steps in highly anticipated reforms aimed at letting the currency float freely.