一种多属性的多物品拍卖方法研究

通常意义的多物品拍卖中,卖方只对买方的竞标价格和数量感兴趣,而不考虑竞标的其他属性。而在实际交易时,卖方往往需要考虑买方竞标更多的属性,如买方的企业信誉、付款方式、合作关系等,卖方对不同属性的买方竞标评价值不同。为此采用一种多属性的多物品拍卖模型,并用基于效用理论的多属性决策方法PROMETHEE-Ⅱ且属性的优先值与属性值成非线性关系正弦准则的优先函数进行实证分析。     

企业应收账款的实例分析及解决之道

一、应收账款问题实例剖析 应收账款首先是从商品销售收入确认的实现开始。实际工作中最重要的是三个方面：一是商品所有权由谁掌握，在买方还是卖方手里，而与交易相关的利益没有或只有一部分流入企业，即没有收到或只收到一部分货款，都实际存在着应收账款，因为买方已经可以独立地处置这些商品，而卖方已将商品所有权上的主要风险和报酬转移给了买方；二是企业的信用政策和客户的信用状况（等级），     

制造企业发展第三方物流的思路探讨

第三方物流独立于买方和卖方之外,不拥有商品,而是为拥有产品的客户提供商品运输、储存、配送以及增值等服务。本文通过对我国制造业企业对第三方物流商服务的质疑,有针对性的提出了发展我国第三方物流的新思路。     

CISG 第48 条卖方补救权研究

买卖合同各方当事人均应严格按合同及法律之规定履行各自义务。一旦卖方未能按合同及法律规定履行义务,买方有权追究卖方违约责任。然而,基于诚信原则、鼓励交易与合同维持等精神,CISG赋予卖方在不履行时补救其履行的权利。但为维持买卖双方利益之平衡,CISG根据法定补救权与意定补救权之不同而分别设定了行使条件。在卖方补救不履行期间,买方有权中止履行对应义务,但不得行使与卖方补救权相悖之救济措施。补救期限内卖方未能补救违约的,买方可行使法律所规定之救济措施。补救期限内即使卖方已做出补救,也不影响买方就其所遭受之损失请求损害赔偿。买方非法拒绝卖方补救时,买方丧失相应法律救济权利。当卖方补救权与买方合同解除权、实际履行请求权及宽限期通知制度相冲突时,哪一种权利优先应视法定补救权与意定补救权之不同而定。     

第三方物流企业会计结算管理中的风险防范

本文认为,第三方物流企业是独立于买方和卖方之外的特殊服务类企业,在目前金融市场和交易环境不够规范的条件下,信用销售存在着较大的风险。第三方物流企业要加强会计结算管理中的风险防范,在微观上,应从内部控制管理实际出发,重视信息系统建设,优化会计结算流程,打造自身物流品牌;在宏观上,要关注社会金融环境和交易环境的运行安全,使会计结算管理在企业管理系统中真正发挥核算、监督、预测、控制的职能。第一,建立有效的结算流程管理,防范信息不畅的销售风险;第二,利用保理和出口信用保险,防范资金结算风险;第三,建立客户信用信息管理系统,防范少数客户恶意拖欠货款而形成的呆账坏账风险。     

进出口贸易纠纷案例答疑(三)

十六、有一份出售茶叶的仓库交货的合同,数量为10000公斤,总值25000美元。合同规定买方应于10月份以内提走货物,卖方已将提货单于10月1日提交给买方,买方也付清了货款。事后买方直至10月31日尚未前来提走货物,于是卖方将货物搬移至不适合存放茶叶的另一个仓库,致使茶叶与牛皮混存在同一地点。当买方于11月15日提货时,经检查发现,有1000公斤茶叶因与牛皮串味而失去商销价值,而其余9000公斤因距离牛皮较远,其品质未受影响。试问在上述情况下,买方能否主张索赔的权利?双方各应负何种责任?为什么?     

CISG中卖方知识产权担保责任探究

《联合国国际货物销售合同公约》第42条规定了国际贸易中卖方应承担的知识产权担保责任,中国学界尚未对其进行深入探讨。结合该公约第42条的规定,本文首先对知识产权担保责任的内涵进行了界定,提出并论述了卖方承担知识产权担保责任的前提,即"第三方对货物基于知识产权而拥有权利和要求"、"第三方提出的权利和要求仅限于特定的国家"和"卖方知情"。在"买方知情"和"遵从买方指示"的情况下可以免除卖方担保责任。中国企业可以在国际贸易中加入"由买方承担查询义务"的合同条款规避知识产权风险。     

陷入漏保盲区遭拒赔

案例再现有一份FOB合同,货物在装船后,卖方向买方发出装船通知,买方已向保险公司投保“仓至仓条款的一切险”。但货物在从卖方仓库运往码头的途中,因意外而致10％货物受损。事后卖方以保险单含有仓至仓条款,要求保险公司理赔,但遭保险公司拒绝。后来卖方又请求买方以买方的名义凭保险单向保险公司提赔,但同样遭保险公司拒绝。案例分析首先,是这个案例所涉及到的贸易条     

中间商如何利用信用证进行贸易融资

<正>信用证交易中买方申请开证,卖方交单得到货款。中间商介入让交易环节更复杂:买方开立以中间商为受益人的信用证,中间商再开立以卖方为受益人的信用证。一般买方开证时需缴纳开     

强化信用管理 提高经济效益

信用是指在商品交换过程中,交易一方以将来偿还的方式获得另一方的财务或服务的能力。信用风险是指在以信用关系规定的交易过程中,交易的一方不能履行给付承诺而给另一方造成损失的可能性。在信用结算方式中,信用风险是指买方拖欠卖方货款的可能性。 随着我国市场经济的不断深入发展及买方市场的逐步形成,     

Differential pricing, parallel trade, and the incentive to invest

I consider the case for imposing uniform pricing on a monopolist in a setting where markets can be segmented according to differences in marginal costs and/or consumer demand. I also analyze the ex ante impact on incentives to invest in R&D. I show how two opposite trade-offs arise. When differential pricing is demand-based, uniform pricing has good ex-post welfare properties but leads to lower investment ex ante. Conversely, when differential pricing is cost-based, uniform pricing has bad ex-post welfare properties but leads to higher investment ex ante.     

Application of production standards in complex organizations under uncertainty

This article explores the optimal determination of production (quantitative) standards under alternative assumptions concerning the ability of complex organizations to adjust variable inputs as the price of output becomes known.The model allows for transaction costs associated with ex ante and ex post input acquisitions (e.g., contracting for labor services). When such input transaction costs are not observable by top management, pecuniary incentive schemes based on ex post performance are considered. We show that standard-based compensation schemes can be built into the ex post optimization model so that the profit-maximizing production standards and the incentive designs are simultaneously determined.     

Risk and ex ante cost of equity estimates of emerging market firms

We examine the empirical relationship between estimates of ex ante cost of equity and risk for a sample of individual emerging market equities for the period 1990–2000. The ex ante cost of equity estimates are obtained using the residual income valuation model. As in studies that use mean realized returns on emerging market indexes, a measure of total risk (return volatility) is the most significant risk factor in explaining ex ante expected return estimates. For emerging market equities with substantial investability to global investors, global beta adds some explanatory power.     

Does Post‐ante Investment Experience Matter? Lessons from FDI in China

Ample efforts of FDI literature have researched on the motives and determinants of FDI flows based on ex‐ante conditions. Little has been studied with regard to the effects of post‐ante behaviour in determining future investment decisions. Post‐ante experience of FDI decisions with regard to foreign investors’ satisfaction or dissatisfaction and future profit expectations on recurrent decisions are critical. This paper, thus, attempts to investigate FDI in the context of an emerging market environment with emphasis on how environmental and institutional factors and the micro‐firm effects of how investors’ post‐ante views on profits expectations and investment experience would affect MNCs’ decisions on recurrent investment and firm relocation. Empirical results show that decisions in the short and long run were affected differently by the factors under study. Specifically, the short‐run decisions were more affected by profit expectations while the long run by post‐ante experience on investment satisfaction/dissatisfaction and environmental and institutional determinants.     

Pricing dynamics of index options and index futures in Hong Kong before and during the Asian financial crisis

This article studies the impact of the Asian financial crisis on index options and index futures markets in Hong Kong. We employed a time‐stamped transaction data set of the Hang Seng Index options and futures contracts that were traded on the Hong Kong Futures Exchange. The results show that during the crisis period, the arbitrage profits, and the standard deviations of these profits increased in both ex‐post and ex‐ante analyses. In a market turbulent time, market volatility brings a higher arbitrage profit level. However, despite the increased market volatility, the profitability of the arbitrage trades declined substantially with longer execution time lags in the ex‐ante analysis. This suggests that the HSI futures and options markets are mature and resilient. A multiple regression analysis on the ex‐post arbitrage profit also suggests that there were structural changes during the Asian financial crisis and the Hong Kong government intervention periods. © 2000 John Wiley & Sons, Inc. Jrl Fut Mark 20: 145–166, 2000     

Manufacturer marketing initiatives and retailer information sharing

This research examines a retailer’s incentive to share information with its supplier when the supplier can also undertake initiatives to increase retail demand. It is well known that a retailer is averse to sharing market information with a manufacturer due to concern for a manufacturer’s strategic use of such information. This research shows that despite such strategic exploitation of market information, a retailer may want to establish information sharing channels with its supplier. Information sharing essentially shifts power upstream which, in turn, enhances the manufacturer’s incentive to bear costs to boost retail demand: the manufacturer is induced to invest merely by knowing that information is on its way. Hence, the retailer benefits from information sharing ex ante despite the costly ex post exploitation by the manufacturer. This finding is a stark contrast to the most of previous results which consistently point out how bad it is for the manufacturer to have the retailer’s demand information before setting prices. In fact, due to the investment effect, information sharing can lead to gains for the retailer, manufacturer, and consumers alike.     

Lower‐boundary violations and market efficiency: Evidence from the German DAX‐index options market

The informational efficiency of the market for options on the German stock index DAX is examined using intraday transactions data. Problems of previous studies on options‐market efficiency, arising from dividend estimation and the early‐exercise effect, are avoided, because the DAX is a performance index and DAX options are European options. Ex‐post and ex‐ante tests are carried out to simulate trading strategies that exploit irrational lower‐boundary violations of observed option prices. Because the lower‐boundary conditions are solely based on arbitrage considerations, the test results do not depend on the assumption that investors use a particular option‐pricing model. The investigation shows that ex‐post profits are, in general, dramatically reduced when the execution of arbitrage strategies is delayed and/or transaction costs are accounted for. However, arbitrage restrictions, which rely on short selling of the component stocks of the index, tend to be violated more often and with higher persistence. An analysis of consecutive subsamples suggests that, over time, traders have been subjected to a learning process when pricing this relatively new instrument. © 2000 John Wiley & Sons, Inc. Jrl Fut Mark 20: 405–424, 2000     

上市公司为什么会连续并购：生来不同吗？

基于组织印记理论和资源基础理论，文章探究成立时期的环境印记对上市公司连续并购行为的影响。通过对2003-2020年间A股上市公司并购数据进行回归，研究发现：上市公司间的并购选择生来不同，后续的连续并购行为会受到“出身环境”的影响，成立时期环境越景气，其后续越可能成为连续并购公司，且并购强度越高、并购节奏也越快；公司的资源禀赋会缓解环境印记对连续并购的影响，充足的先天禀赋会降低公司对成立环境的依赖进而抑制环境印记的形成；丰裕的后天资源会覆盖公司成立时期印记进而抑制环境印记的延续。文章为连续并购行为提供了组织印记视角的解释，并区分先天禀赋和后天资源，从不同时期分析资源禀赋如何影响组织印记的形成和延续，同时也为企业理解连续并购、如何更好地促进并购行为提供了参考。     

Trade‐related Job Loss,Wage Insurance and Externalities: An Ex Ante Efficiency Rationale for Wage Insurance

The extension of adjustment assistance to those who have suffered trade‐related job displacement is widely supported on both sides of the economics of globalisation debate. The form that such assistance should take, namely wage insurance, is also the subject of wide agreement. Nevertheless, the formal economic rationales offered for such a policy are varied, including political economy arguments, equity arguments and market failure/ex post efficiency arguments. This note proposes an ex ante efficiency‐based rationale for the provision of adjustment assistance in the specific form of wage insurance. Job displacement imposes pecuniary externalities on displaced workers, which, in a complete markets setting, induce only shifts along the ex ante Pareto‐efficient frontier. However, when markets are incomplete, pecuniary externalities become welfare‐relevant. Without the possibility of diversifying or hedging the risk of pecuniary external diseconomies of job displacement using contingent claims, welfare is reduced ex ante. Wage insurance – whether publicly underwritten, privately underwritten (as in Shiller's (2003 ) ‘livelihood insurance’), or supplied on a mixed public/private basis – completes the market for contingent claims, allowing workers to diversify or hedge the risk of trade‐related pecuniary external diseconomies. By facilitating risk sharing, wage insurance removes an impediment to ex ante Pareto efficiency. Moreover, wage insurance affects not only post‐displacement behaviour by increasing the incentive to reacquire employment quickly, but it also affects pre‐displacement consumption and investment behaviour, in particular, lowering the threshold at which workers will be willing to undertake irreversible investment in industry‐specific skills.     

A Markowitz Optimization of Commodity Futures Portfolios

We examine the diversification benefits of using individual futures contracts instead of simply a commodity index. We determine the ex‐ante, ex‐post, and stability results for optimal Markowitz portfolios, investigate the instability between the ex‐ante and ex‐post results, and compare our results to traditional and naïve portfolios. The ex‐ante complete futures portfolio dominates the traditional and naive portfolios and the ex‐post portfolio outperforms the naïve portfolio. The instability between the ex‐ante and ex‐post results is primarily driven by the time‐varying returns of the individual assets rather than by risk. Finally, the Sharpe portfolio results are essentially identical to the Markowitz results. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 33:343‐368, 2013