新桂商典型文化特征及其影响因素

新桂商是广西地区新一代的商业代表,不仅传承了上一代商人的精神,也具有新一代商人的思想。对此,文章将简单阐述新桂商文化的发展背景,并对当前新桂商的典型文化特征进行总结,包括善于学习、顺应时代、坚持创新等。最后,笔者将分析新桂商典型文化的影响因素,如市场因素、政治因素与社会因素,以期为相关人员提供参考。     

我国国债市场流动性研究

国债市场是经济运行中的重要组成部份,其流动性是国债市场效率高低的重要标志。我国国债市场被人为地分割为二个市场和三个托管清算体系,严重阻碍了国债市场的流动。通过运用买卖差价法和马丁指数的方法对我国国债市场的宽度和深度进行度量分析,进一步验证了我国国债市场流动性差的原因主要是市场分割、产品设计和参与者三方面因素。应采取统一国债市场,整合托管清算体系,增加债券的交易品种,完善交易者结构等措施,提高我国国债市场的流动性。     

论商主体的路径选择

商主体的展开有两种途径,一是采用商人理论代替商主体,回避商主体权利能力问题;二是可以商事权利能力理论重新定义商主体。在我国《商事通则》制定中,鉴于商事权利能力为商主体所必需,更宜采用商事权利能力来推进我国商主体建设。     

论我国债券市场的发展

我国的债券市场经过20多年的发展已经初具规模,但在市场结构、流动性、法律制度、市场监管等方面还存在问题。对发展我国债券市场的建议是：完善法律体系,统一市场监管;发展公司债券,丰富债券品种;促进对外开放,扩大投资队伍;完善做市商制,增加市场流动;联通二级市场,统一托管结算。     

关于当前流动性过剩问题的思考

在跨国资本流动日趋活跃的国际背景下,由于连续多年出现巨额贸易顺差、境外热钱大量涌入,导致我国流动性过剩问题日益凸现。在充分剖析我国流动性过剩的特点及成因的基础上,提出了解决流动性过剩问题要坚持"市场为主、各方联动、化多为少、化少为多、标本兼治、综合解决"的思路,并按该思路指出了治理流动性的相关对策。     

基于流动性的碳排放权交易制度研究

我国碳市场交易普遍面临流动性不足的困境,需要尽快完善制度设计,以提升市场流动性。本文首先利用指标测度了广东和湖北两碳试点省份的流动性;其次利用比较分析法,对二者流动性进行比较;再次从核证减排量、配额制定与分配、主体引入情况三个方面分析制度设计对流动性的影响,得出广东碳市场流动性不足且次于湖北的原因;最后根据上述分析为制度进一步优化提供建议。     

我国城乡居民收入差距现状研究

本文通过收入流动性指标来衡量我国城乡居民的收入差距现状。采用聚类分析法划分收入等级，依据时期不变性公理。基于CHNS数据测度了我国城乡居民收入流动性的变动趋势，结果表明：城市居民收入流动性总体上大于农村居民，说明城市居民收入更富有流动性，但是，城市居民的收入流动方向主要是向下流动；农村居民收入的流动性较差，但是，农村居民的收入流动方向主要是向上流动。     

中国城镇居民的职业流动性研究——来自微观数据的经验分析

采用了微观的城镇居民调查数据,对我国当前职业流动的特征进行了考查,研究了性别、年龄、教育程度、婚姻状况及收入水平等劳动者的个体特征与职业流动性之间的关系。不同性别之间的职业流动并无显著差异,教育程度越高的流动性越强,未婚者的流动性低于已婚者,劳动者的流动性与收入水平成反比,而职业流动性随着年龄的增大而减小。     

中国城镇居民的职业流动性研究——来自微观数据的经验分析

采用了微观的城镇居民调查数据,对我国当前职业流动的特征进行了考查,研究了性别、年龄、教育程度、婚姻状况及收入水平等劳动者的个体特征与职业流动性之间的关系.不同性别之间的职业流动并无显著差异,教育程度越高的流动性越强,未婚者的流动性低于已婚者,劳动者的流动性与收入水平成反比,而职业流动性随着年龄的增大而减小.     

资本市场与我国商业银行流动性风险研究——基于面板数据实证分析

在资本市场加速发展的背景下,资本市场与银行的流动性风险的关系不容忽视。本文首先用面板数据模型和多元回归模型对资本市场发展状况与银行流动性风险的关系进行了实证分析,然后结合我国银行资本结构现状对回归结果进行深度分析,最后给银行流动性风险管理提出建议。研究成果表明：（1）从指标上来看,资本市场发展程度对银行整体的流动性风险影响较小;（2）对单个银行寥亨,资奎市场发展程度对其流动性风险影响差异较大;（5）资本市场发展对银行有隐性流动性风险,这是在指标上没有的。     

我国农产品批发市场食品安全监管策略研究——基于北京市场的经销商调查分析

本文对北京八大农产品批发市场内经销商的食品安全知识、态度、行为进行了问卷调查和分析,认为批发市场内经销商对食品安全问题普遍比较关注,但对相关政策法规的认知程度有限,且对自身的食品安全监管作用认知不足,导致其经营行为不规范,难以对食品安全进行有效控制。为改善目前我国农产品批发市场食品安全现状,提出了理顺部门监管、拓宽信息渠道、规范经销商行为、加强批发市场建设等策略建议。     

Noise Trader Model of Agricultural Product Prices： Evidence from the Chinese Garlic Market

This paper explores the determinants of the abnormal and volatile fluctuations of China＇s agricultural product prices in recent years by examining the trading behavior of traders, especially that of irrational noise traders. We present an overlapping generations model of the garlic market in which noise traders with erroneous beliefs influence prices. Noise traders＇ beliefs create a risk in the price of agricultural products that deters rational arbitrageurs from aggressively betting against them through changing supplies in a way that enables prices to diverge significantly from fundamental values even in the absence of fundamental risk. We also show that asymmetry of supply information, low price elasticity of demand, speculative capital inflows, restricted distribution channels, distorted wholesale markets from the perspective of market mechanisms and low risk aversion, biased self-attribution, and projection bias from the perspective of investor psychology, all influence expectations of investors and increase the volatility of agricultural product prices.     

Need for speed: Hard information processing in a high‐frequency world

I study the role of high‐frequency traders (HFTs) and non‐high‐frequency traders (nHFTs) in transmitting hard price information from the futures market to the stock market using an index arbitrage strategy. Using intraday transaction data with HFT identification, I find that HFTs process hard information faster and trade on it more aggressively than nHFTs. In terms of liquidity supply, HFTs are better at avoiding adverse selection than nHFTs. Consequently, HFTs enhance the linkage between the futures and stock markets, and significantly contribute to information efficiency in the stock market by reducing the delay between the stock and the futures markets.     

浙商对推进市场与产业互动的作用

本文通过建立“市场交换演进模型”，及其对不同市场均衡状态的演进比较，从理论上回答了：（1）在具有众多浙商与消费者分散交易，以及具有垄断势力大商企购销经营共存的市场中，浙商推动了市场供给曲线右移，放大了市场销售量，导致了市场交换模式的演进；（2）众多浙商的存在，构造了可降低市场交易成本的机制，增进了社会福利；（3）浙商担当起了发现市场、拓展市场、推动市场与产业互动、促进浙江产业集群成长的作用。     

The speed of stock price adjustment to corporate announcements: Insights from Turkey

The market reaction speeds to the news flow are currently measured at the millisecond level in developed markets. We investigate, using a unique setting from Turkey, whether the market reaction speeds in less sophisticated markets are on par with those of developed markets. We find that market reaction times to corporate announcements are slower than documented in recent studies, although markets react to positive news more quickly than negative news. When high-frequency traders are more active in the market prior to announcements, the speed of price adjustment is slower. Finally, we find sizable profit opportunities for investors following event-driven strategies.     

Slow and fast markets

Informed traders need liquidity in order to profit from their private information. Markets provide liquidity and are compensated by the information released through trading. Fast markets provide access to a limit order book. Slow markets provide execution in an auction-based trading floor. Hybrid markets combine both execution venues. It is shown here that the overall efficiency of a hybrid market is determined by its fast component. The introduction of a trading floor does not generate more informed trading, only takes trading away from the fast market. Trading floors are thus inherently competitive to the fast market. We provide conditions that determine the competitiveness of a trading floor with respect to a fast market.     

Do small traders contribute to price discovery? Evidence from the Hong Kong Hang Seng Index markets

Using one‐contract‐size trades in the Mini Hang Seng Index futures to proxy the activities of small traders, this study empirically investigates the information contribution of small futures traders to price discovery on the Hang Seng Index (HSI) markets. Estimated with the models of Gonzalo, J., and Granger, C. W. J. ( 1995 ) and Hasbrouck, J. ( 1995 ), the results show that small traders contribute about 16.8% to price discovery, a disproportionately high share considering their relatively low trading volume. The results also indicate that the Hang Seng Index futures (HSIF) market still has the largest information share (about 71.0%), whereas the HSI spot market has a 12.2% share. Our results suggest that small traders are not uninformed in the HSIF markets, and play an important role in price discovery. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 30:156–174, 2010     

The effect of net positions by type of trader on volatility in foreign currency futures markets

We investigate the effect of net positions by type of trader on return volatility in six foreign currency futures markets using the weekly Commitments of Traders (COT) data. When net positions are decomposed into expected and unexpected components, we find that expected net positions by type of trader generally do not co‐vary with volatility. However, volatility is positively associated with shocks (in either direction) in net positions of speculators and small traders, and negatively related to shocks (in either direction) in net positions of hedgers. This evidence suggests that changes in speculative positions destabilize the market. Consistent with dispersion of beliefs models and noise trading theories, hedgers appear to possess private information, whereas speculators and small traders are less informed in these markets. © 2002 Wiley Periodicals, Inc. Jrl Fut Mark 22:427–450, 2002     

Foreign investment,regulation and price volatility in South-east Asian stock markets

This paper examines the extent to which changes in the openness of three South-east Asian Stock Markets to foreign investors impact on the volatility of prices in those markets. Regulatory authorities have been cautious about the opening up of markets to foreign investors, fearing that increased liberalisation may lead to increased price volatility, which, in turn, may have a detrimental effect on the operation of the market and the wider economy. Using an asymmetric GARCH model, it is shown that while greater liberalisation has changed the nature of price volatility in the markets, there has not been a destabilising impact. Rather, asymmetric responses of volatility to news have reduced post-liberalisation, suggesting that informed traders are playing a greater role in the markets, with the impact of noise traders being reduced.     

The intra‐day price discovery process between the Singapore Exchange and Taiwan Futures Exchange

This paper focuses on the increasing competition between exchanges for listing similar index futures contracts and the impact this has on information dissemination between various markets. Specifically, using both the Hasbrouck and Gonzalo–Granger methodologies for extracting the information content held in each market, a comparison of information efficiencies between the Singapore Exchange and the Taiwan Futures Exchange is examined for Taiwan Index Futures listed in both markets. The results show not only a common stochastic trend between index futures and their underlying indices, but also provide strong evidence to suggest price discovery primarily originates from the Singapore futures market. There are direct implications of this result for both financial exchanges and traders—in particular, that traders realize price determination can arise from both futures markets, and the need for exchanges to maintain a reputation as an information center for these similarly traded financial instruments. © 2002 John Wiley & Sons, Inc. Jrl Fut Mark 22: 219–240, 2002