The Dynamics of REIT Pricing Efficiency

We study the dynamics of pricing efficiency in the equity REIT market from 1993 to 2014. We measure pricing efficiency at the firm level using variance ratios calculated from quote midpoints in the TAQ database. We find four main results. First, on average, the market is efficient, with variance ratios close to one. However, in any given year, there is considerable cross‐sectional variation in variance ratios, suggesting at least some firms are priced inefficiently. Second, higher institutional ownership by active institutional investors is related to better pricing efficiency, while passive ownership does not reduce pricing efficiency. Third, REITs that are included in the S&P 500 and S&P 400 are priced more efficiently than other REITs. For the S&P 500 firms, we find evidence that this was purely driven by sample selection, while for S&P 400 firms, we find evidence that it is inclusion in the index that drives efficiency. Finally, we find evidence that firm investment, analyst coverage and debt capital raising activity can influence pricing efficiency.     

The Ex–Dividend Pricing of REITs

Past studies have shown that ex–dividend stock prices are not fully reflective of dividend payments. A tax–induced clientele effect and micromarket limitations in stock pricing have been used to explain this pricing anomaly. This study focuses on the ex–dividend behavior of real estate investment trusts (REITs). Due to a low correlation between dividend size and dividend yield, REITs permit a cleaner examination of a tax–induced clientele effect. The results indicate that tick constraints in pricing ex–dividend stocks create the appearance of a tax–induced clientele effect in REITs when none should exist.     

廉租住房租金定价模型探讨

本借鉴美国和日本等国政府在解决低收入家庭住房问题的做法，结合我国国情，提出应当逐渐放宽廉租住房受益范围，并对低收入家庭进一步细分，采取差别式廉租住房租金；提出廉租住房租金定价原则和租金定价模型。     

Connecting the dots: The nexus between transport and telecommunication in Ghana

This paper examines the relationship between transport and telecommunication in developing countries within the broader concept of Smart Cities. Using Ghana as a case study, and drawing mainly on secondary data and few institutional surveys, the paper establishes that telegraph and telephone facilities, as well as new fiber optic networks are heavily dependent on rights-of-way of roads and railways in Ghana, as was observed in the advanced countries. In addition, the paper observed that at the macro level, the nature of the relationship between telecommunication and transport tends to support the complementary role of telecommunication rather than a substitution role. The paper concludes by recommending further studies at the micro level to untie the dilemma in the nexus between telecommunication and transport to inform public policy.     

主制造商供应商合作协商定价让步博弈研究

本文针对由单一主制造商和单一供应商组成的供应链系统,基于主制造商供应商的战略合作模式和双方的利益追求,制定了主制造商供应商的谈判协商规则,建立了以价格谈判为切入点的战略谈判协商定价模型,并研究了主制造商和供应商分别为第一出标者下的让步均衡,求出了实现双方利益最大化下的最优出标量。最后通过算例分析,验证了本文所构建的主制造商供应商协商谈判模型的可行性,并对比分析了双方合作的纳什博弈结果与让步博弈结果。研究表明主制造商和供应商通过谈判制定让步规则,双方主体分别作为主导者和跟随者,确定各自价格的削减量,相对于低效的纳什均衡时的合作结果,能够实现双方的利益增加。     

实施差别电价政策的影响及对策

目前,"差别电价"政策已成为政府遏制高耗能产业盲目发展和低水平重复建设、淘汰落后生产能力、推进产业结构调整和技术升级、缓解能源供应紧张局面的重要政策工具.而严格执行对高能耗行业、限制类、淘汰类企业实施"高差别电价",将是完成"十一五"计划提出的"节能20%左右"的约束性目标的有效举措.     

The Pricing of Seasoned Equity Offerings: Evidence from REITs

Real estate investment trusts (REITs) have been a very active sector in the capital market over the last few years. This paper examines the pricing of seasoned equity offers by equity REITs during 1991–1996. Consistent with Parsons and Raviv's model, we find that SEOs by REITs are underpriced with respect to both the closing price on the day before and the closing price on the day of the offer. Underpricing depends on the institutional ownership of the firm's common stock. Issues by firms with higher institutional ownership are more underpriced for post-1990 REITs. Further, consistent with the notion that theories of IPO pricing apply to SEOs as well, the underpricing of SEOs is a function of the issue size and of the underwriter's reputation.     

Pricing the default option of international sovereign borrowers

When a country in debt encounters serious difficulties servicing that debt, the option to default begins to look attractive. Yet, barring major political upheavals, default has rarely occurred in the post-war era. The reason is that countries in trouble are able to capture (through renegotiations) some of the value of their option to default. We model this process in a manner which allows us to estimate the value of the default option which lenders issue to sovereign borrowers.We wish to thank our discussant, Malick Ousmane Sy, and the chair of our session, Lester W. Johnson, for their helpful comments.     

信用债券定价中的基准利率选择

银行间债券市场定价基础的不统一导致信用债券误定价现象时有发生。采用Granger因果关系检验方法分析了央行票据与同业拆借利率之间的相互引导关系,研究发现央行票据是引起同业拆借利率变化的Granger原因．由此可以推断央行票据利率具有更强的价格发现功能,是当前市场条件下信用债券定价的基准利率。     

Predatory Pricing and the Speed of Antitrust Enforcement

A common complaint is that in certain industries antitrust action against predation istoo slow to ensure that a true victim can survive until the antitrust process has beenconcluded. This paper discusses, in the context of two recent antitrust cases, the sources of delay in the antitrust process, and different policy reforms aimed at speeding up the process or otherwise protecting a true victim.     

The Determinants of Pricing in the Mexican Domestic Airline Sector: The Impact of Competition and Airport Congestion

Low-cost airlines in Mexico affect the lowest-quoted fares of one of the two principal incumbent carriers, but have no effect on the lowest-quoted fares of the other incumbent carrier. The same conclusion holds for competition between incumbent carriers where the lowest-quoted fares of one of the incumbent carriers is lower when incumbents compete. Congestion at the Mexico City airport is limiting potential competition, with carriers being able to charge a significant price premium. This suggests that the societal costs of airport congestion can go well beyond the negative congestion externality and should also include the effects of reduced competition. These findings raise important public policy issues.     

型号静力学试验项目收费标准研究

型号研制过程中需要进行大量试验,试验项目的费用支出在型号研制费用中占有较大的比重,但由于以往价格管理大多侧重于产品计价,对试验项目及课题的价格管理缺乏科学、量化的研究,导致其在型号研制经费概算、预算中基础薄弱、依据不充分。     

国际工程施工合同的计价方式及其风险管理

从国际工程施工合同的计价方式选择的角度,分析了业主和承包商所承担的风险,提出了双方应采取的风险管理措施。     

产品定价中的需求价格弹性分析

在大多数情况下 ,产品定价时需求价格弹性的计算多使用点弹性公式 ,这在营销学中是有缺陷的。本文对其进行了分析 ,并提出应使用弧弹性公式指导产品定价     

关于军品定价策略的博弈分析

近年来,我国国防科技工业逐步打破军品行业部门界限,引入竞争机制,支持非军工企业和高技术民营企业进入军品市场,采办方式由过去的定点采办加速向公开招标、邀请招标、竞争性谈判和询价采办等多种方式转变,政府、军方、企业三方博弈的利益格局已经出现,军品适度竞争的态势已经来临,军品定价将发生什么样的变化？需要我们认真地研究。     

Pricing milk in Ecuador: the impact of transport costs

Economic regulation of the dairy industry in the Republic of Ecuador was imposed to assure consumers of an adequate supply of high quality milk at reasonable prices. Although prices were fixed at the producer and consumer levels, and various differentials were established to reflect the economic value of milk, no provision was made to reflect differences in the value of milk according to its geographical location. The implications of pricing milk according to its geographical location are examined.     

The Gordian Knot of Practicing Digital Transformation: Coping with Emergent Paradoxes in Ambidextrous Organizing Structures*

Despite increasing scholarly attention on digital transformation, there are only limited micro‐level insights into how incumbent firms organize and manage their digital transformation efforts on a daily basis. Through a longitudinal, exploratory qualitative case study of a large firm, this article investigates how organizational members respond to an ambidextrous organizing model designed to accelerate digital innovations. The firm relied on a hybrid model of separation and integration to organize and manage its digital transformation efforts. This study unfolds the implications and consequences of such a model at the micro‐level. By applying a paradox lens, it shows how the coping actions of organizational members affected the digital transformation. The article illustrates how the hybrid organizing model led to the emergence of three paradoxes at the organizational level (paradoxes of organizing, attention, and knowledge sharing) that organizational members had to cope with. It shows how organizational members, through their coping with these paradoxes, indirectly affected the organizing model by altering its original design; and how the management, influenced by these learnings, subsequently adapted the model to enable a better sustainability over time. Overall, the findings show and explain why organizing for digital transformation is a particularly complex and paradoxical endeavor. They also provide important insights to managers and organizational developers, helping them to become aware of possible tensions in their organizing efforts as well as of coping strategies and practices to tackle these tensions. Finally, the article suggests different paths for further research in digital transformation and digital innovation from a micro‐level perspective.     

The Effect of Refinancing Costs and Market Imperfections on the Optimal Call Strategy and the Pricing of Debt Contracts

This article, which was originally written in 1986, develops a methodology for valuing mortgage-backed securities with refinancing costs. We solve simultaneously for the valuation of the mortgage-backed security (loan) and the borrower's refinancing strategy, pricing all coupon levels simultaneously. Because the borrower may refinance his or her loan and incur costs at many times in the future, the optimal refinancing decisions arise from an optimal dynamic strategy that reflects the costs of all potential future refinancings. Though the borrower faces multiple rounds of refinancing costs, the market value of the loan cannot exceed the call price plus a single round of refinancing costs.     

The Informational Role of Product Trade‐Ins for Pricing Durable Goods

This research theorizes that sellers of durable goods can utilize inferences about the buyer's willingness to pay based not only on her decision to trade in the old good but also on its characteristics. We find empirical support for this theory using transaction data for new car purchases. The results support the notion that dealers infer a higher willingness to pay and charge higher prices to consumers who trade in a used vehicle than to those who do not. We also find that dealers charge even higher prices to those consumers who trade in used cars that are similar to the new one.     

非甾体抗炎药(NSAIDs)的新进展

NO是细胞间重要的信使物质,具有多种生理作用;将释放NO的物质与传统的非甾体的抗炎药连接起来,在保证疗效的情况下有可能克服传统的非甾体抗炎药的胃肠道副作用,因此有可能成为高效低毒的新非甾体抗炎药。20世纪90年代以来,NO释放型的非甾体抗炎药研究取得了很大进展,现就这方面的研究情况作一简要综述。