Export Performance of China: A Constant Market Share Analysis

In the light of the fact that there has been substantial growth in China's exports in last three decades, particularly after China joined the WTO in 2001, this article investigates the major sources of China's export performance during 2002-2014 by using the constant market share (CMS) model. In this study, exports are further decomposed in three categories based on their technological intensity using Lail (2000) classification on 3 digit SITC Revision-3 data provided by UN Comtrade via WITS database. The categories are high technology, medium technology and low technology. It is found that growth of China's exports has, moreover, remained above world exports growth in all three categories during the period of study. The analysis reveals that export performance is mainly attributed to 让s competitive strength in the global market, though decreasing trend has been observed in the competitiveness of all three categories. Increasing cost of labor and appreciating RMB could be the causes behind decreasing competitiveness of Chinese exports. Product structure effect, on an average, has turned out to be negative in all the categories which is the most disturbing aspect of China's export performance. On the other hand, geographical structure effect has positive impact on export performance of high-technology based exports whereas it has negative impact on export performance of low-technology and medium-technology based exports. China being the world's largest exporter, decreasing competitiveness and wrong product structure effect could adversely influence its export performance in particular and its growth in general.     

金融市场分割的成因及效率:信托视角的透析

货币市场与资本市场的长期隔离,造成了资本要素配置效率的损失,究其原因在于资本流动、配置的制度约束,信托制度的不健全,阻碍了信托业的发展,加剧了货币市场与资本市场的隔离程度。通过建立理论模型说明了这一点,并提出政策建议。     

Unionization and International Market Share Rivalry: A Paradox

Two exporting firms (domestic and foreign) are considered which are symmetric in all respects except that one is unionized while the other faces a competitive labor market. Under free trade the unionized firm has the lower market share. Paradoxically, in the policy equilibrium, the unionized firm has the larger market share. Consequently, the nation hosting the unionized firm has the higher welfare level.     

中国A股市场的月份效应研究

文章以1997年～2003年沪深两市的A股指数的日收益为研究样本,对中国股市是否存在显著的月份效应进行了实证分析,结论表明:相对于其它月份而言,中国股市三月份及一月份存在显著的高收益率,而七月份、九月份则表现出显著的低收益率。文章对此进行了充分的论证,并作出了解释。     

竞争优势:从市场份额到市场空间

市场份额优势的建立是基于产品锁定，由此形成的竞争优势是非持久性的；而市场空间竞争优势的建立则是基于顾客锁定而形成的，由此形成的竞争优势难以模仿，而且还将随着时间的推移而不断增强。企业可通过建立适合自身条件的市场空间建立持久性竞争优势。     

Analysis on the Strategy Choice of Market Share and Customer Share

Along with much attention increasingly to the customer share, the lifetime value of the customer and the customer loyalty become more and more important as the key factors for the perpetual development of business enterprises. This paper did a certain analysis on the comparative advantage of the customer share, and probed into the different strategy choice of business enterprises on each development stage, hoping to supply some suggestions on certain degree as reference value.     

Risk-Sensitive Dynamic Market Share Attraction Games

We present partial results showing that risk-sensitive oligopolists would spend less on advertising than would their risk-neutral counterparts. The model is an infinite-horizon stochastic game in which each firm's “goodwill” is a random function of both its own and its competitors' current and past advertising expenditures. Single-period firm profits have a market share attraction form. Each firm seeks to maximize its expected exponential utility of the sum of discounted profits. We analyze the impact that risk sensitivity and other parameters have on equilibrium advertising strategies by exploiting the special structure of the stochastic game model.Journal of Economic LiteratureClassification Number: C73.     

Market Share Quotas and Community Reinvestment

This notes explores some theoretical implications of the U.S. Department of Justice's policy requiring lenders to seek as much market share in protected neighborhoods as elsewhere. In the asymmetric Cournot case, the high-cost lender in the protected neighborhood responds in the expected way, but the low-cost lender's response depends on the curvature of the demand function. For concave demand, the low-cost lender's output decisions run counter to those of the high-cost lender, undermining the policy's effectiveness and inefficiently shifting production in the protected market from the low-cost provider to the high-cost provider.     

The Export Performance of the 2004 EU Enlargement Economies since the 1990s: a Constant Market Share Analysis

This study focuses on the export performance of the 2004 European Union (EU) enlargement economies to the EU15 between 1990 and 2013. The long time span analysed allows to capture different stages in the relationship of these new members with the EU before and after accession. The study is based on the constant market share methodology of decomposing an ex-post country’s export performance into different effects. Two constant market share analyses were selected in order to disentangle (i) the growth rate of exports and (ii) the growth rate of exports relatively to the world. Both approaches are applied to manufactured products grouping products in different classifications of sectors. Results provide information on export performance for the ten economies individually considered, including the importance of each EU15 destination market.     

Auctions for social lending: A theoretical analysis

Prosper, today the second largest social lending marketplace with nearly 1.5 million members and $380 million in funded loans, employed an auction mechanism amongst lenders to finance each borrower's loan until 2010. Given that a basic premise of social lending is cheap loans for borrowers, how does the Prosper auction do in terms of the borrower's payment, when lenders are strategic agents with private true interest rates? We first analyze the Prosper auction as a game of complete information and fully characterize its Nash equilibria, and show that the uniform-price Prosper mechanism, while simple, can lead to much larger payments for the borrower than the VCG mechanism. We next compare the Prosper mechanism against the borrower-optimal auction in an incomplete information setting, and conclude by examining the Prosper mechanism when modeled as a dynamic auction, and provide tight bounds on the price for a general class of bidding strategies.     

大小非解禁的市场反应

本文利用事件研究方法,研究截止2010年3月31日解禁的大小非样本对二级市场股票价格的影响。结果表明,大小非解禁对市场产生了显著负面影响。在此基础上,对大小非样本进行了分类研究,发现大小非解禁后真正对二级市场产生的实质性冲击主要集中在高估值、非控股股东和自由减持三类样本,而在解禁前中低估值、控股股东和大宗交易减持三类大小非样本对二级市场存在一定的心理冲击,但幅度有限,且在解禁后市场对解禁前的心理冲击有一定的矫正。另外,值得注意的是,高估值和非控股股东两类大小非样本在解禁前存在明显人为拉高股价的操纵迹象。     

The use of knowledge in technology entrepreneurship: A theoretical foundation

While technology entrepreneurship has been widely recognized as a driver of economic growth, there exists little in the way of a unified framework for understanding technology entrepreneurship and assessing its value proposition, particularly when network externalities and information are involved. In this paper we bring together several strands of literature and identify the components that form a foundation for understanding modern technology entrepreneurship. In particular, technology functions as a capital good that embodies knowledge about performing productive tasks, and the value of this knowledge depends on how well it is able to utilize decentralized local knowledge and spontaneous orders.     

控股系数与股票市场监管

为保护中小额投资者的利益，及时地发现股票市场的操纵行为并动态监控相关账户，是当前股票动态技术监管的迫切要求。利用有效交易信息与股份分布状况构造控股系数，可使市场监管人员进行事前监管和事中监督，使动态技术监管更富有操作性。     

中国A股与H股收益率波动的分形协整研究

长期记忆性的存在不仅是对市场有效性的违背,为投资利润的出现提供了可能性,而且对传统的实证研究方法也是一个冲击.本文对中国内地A股和香港H股两个分割市场分别建立能够反映其收益率波动的分形单整广义自回归条件异方差FIGARCH(1,d,1)模型,利用Teyssiere、Brunetti anf Gilbert所倡导的双变量FIGARCH(1,d,1)模型框架,检验内地A股与香港H股市场的分形参数是否相同,发现并不能拒绝两个市场具有相同分形参数的假设.最后,对A股和H股的绝对收益率和平方收益率的线性组合建立ARFIMA模型进行估计,分形参数并不显著区别于零,从而得出结论:两个市场拥有相同的分数单整阶数,其波动过程是分形协整的.     

中国A股市场截面回报率的决定因素--区分市场涨跌的考察

本文用Pettengill等(1995)对Fama-MacBath回归的修正方法区分市场涨跌对中国股市证券组合市场风险与回报率之间的关系进行了检验,同时用不同的组合构建方法考察了公司特征变量与回报率之间的关系.结果都表明,中国股市具有独特的风险-回报率关系,现在对中国股市截面回报率的决定因素做出结论为时尚早.     

The Semi-Strong Efficiency of the Australian Share Market*

This paper tests the weak and semi-strong forms of the Efficient-Markets Hypothesis (EMH) using data on the Australian skate market in the 1980s. The tests are based on aggregate share price indexes and the semi-strong efficiency tests use macroeconomic data The weak-form tests examine the autocorrelation structure of share returns and test for unit roots in share prices. The data are found to be consistent with the EMH.     

我国劳动收入比重偏低的成因分析——基于劳动力市场的视角

近年来我国劳动收入在初次分配中的比重呈下降趋势。劳动收入比重偏低会对收入分配公平、消费投资平衡和经济增长质量产生负面影响。文章基于劳动力市场的视角对我国劳动收入比重偏低的成因进行了理论研究,并采用我国2000-2011年省级面板数据,构建了一个劳动收入比重决定模型,实证检验了经济发展过程中,二元经济转型和劳动力市场分割对我国劳动收入比重变化的影响。研究结果表明,我国劳动收入比重偏低是二元经济转型的特定发展阶段和劳动力市场分割的制约力量协同作用的结果。在二元经济转型过程中,劳动收入比重的变化趋势呈U型规律。我国劳动收入比重偏低的原因在于,劳动力市场城乡分割和劳动力市场行政垄断行业分割延缓了二元经济转型进程,增加了劳动收入比重在下降阶段的停留时间。因此,稳定我国劳动收入比重的关键是削弱劳动力市场分割,加快二元经济转型。     

Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms

This paper examines the empirical relationship between technological innovations, market share and stock market value. New developments in the estimation of dynamic count data models are used to control for unobserved firm specific heterogeneity. We find a robust and positive effect of market share on observable headcounts of innovations and patents although increased product market competition in the industry tends to stimulate innovative activity. Furthermore, the impact of innovation on market value is larger for firms with higher market shares. We argue that our results are consistent with models where high market share firms have incentives to pre-emptively innovate.     

A theoretical analysis of resale price maintenance

Resale Price Maintenance has been defended as a tool to prevent free riding among retailers and condemned as a tool to protect price fixing schemes. This paper presents an economic model in which customers search for products from among those provided by manufacturers and competitive dealers who provide, at a cost, information useful in the customers' search. It is shown that competitive manufacturers will not maintain the resale price above the competitive dealer equilibrium but that the monopolist manufacturer will under certain elasticity conditions. Thus resale price maintenance is a sufficient but not necessary condition of monopoly.