Price Discovery in Interrelated Markets

In this study, we generalize the information share (IS) proposed by Hasbrouck (1995) and extended by Lien and Shrestha (2009). The new generalized information share (GIS) can be used to analyze the price discovery process in interrelated securities markets, whereas the previous two measures can only be applied to almost identical markets. Thus, using the GIS, we can analyze broader markets thereby improving our understanding of the price discovery process as well as the efficiency of securities markets. As an empirical demonstration of the proposed method, we apply the GIS to credit default swap (CDS) and bond markets, and find that for the majority of cases price discovery mostly takes place in the CDS markets. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 34:203–219, 2014     

在线市场的价格离散现象研究

由于信息不完全,现实市场中价格总是离散的。在线市场中,信息搜寻成本大大下降了,并且出现了可以自动搜寻各种信息包括价格信息的自动软件主体。然而实证研究表明,由于在线市场的交易行为与离线市场相比更加复杂,价格并不是消费者关注的唯一或最主要变量,因此在线市场的价格离散仍然持续存在,而且其中蕴含着更加丰富的顾客价值内涵。     

Slower Price Rises in Commodity Markets

The rise in commodity prices continues due to strong demand from emerging economies in Asia. But not all prices are going up. Several industrial raw materials seem to have peaked earlier this year. Is this the beginning of a general change in price direction?     

论电子商务市场中的"价格歧视"

本文分析了电子商务市场上价格歧视的形式与内容 ,并运用信息经济学的方法分析了电子商务市场中价格歧视的实施障碍、形成原因及所造成的后果 ,最后提出了解决此问题的对策建议。     

Offline and Online Search in Used Durables Markets

This study examines how different information sources are used by consumers prior to their purchase of used durable goods, specifically used cars. We examine how online and offline search are related. Categories of online sources are dealer websites and resale websites, and of offline sources are print media and dealer visits. Prior research on new car purchases finds that online sources substitute for traditional, offline sources such as dealer visits. We examine whether this theory extends to used-car purchases and distinguish between dealer websites and resale websites (a distinction relevant to used-goods markets) by collecting data from a sample of used-car buyers. Because search in different sources can be interrelated, and due to data censoring, we build and estimate a simultaneous equations Tobit model. In contrast to existing research, we find that online search on dealer websites is complementary to and not a substitute for dealer visits. This complementary effect highlights the importance of dealers’ web presence in used markets.     

电商异质性与线上价格离散

线上价格没有如预期一般走向收敛,反而普遍存在价格离散的情况。文章利用京东、国美、苏宁、天猫经营的六大类家电的价格数据来衡量线上价格离散度,并从电商异质性角度探讨其对于线上市场效率的影响。结果发现：首先,差异化的电商经营模式会通过调价行为、价格黏性以及消费者搜寻活动来加大价格离散程度。其次,电商平台通过其行业占有率以及市场渗透率来提高细分市场的可能性,从而加剧价格离散、降低市场效率。最后,相比平台式电商,自营式电商并没有通过增加调价频次和价格黏性来促进价格离散,反而有可能削弱自营电商的正向加剧效应。文章为线上统一市场的研究提供了新的研究思路,也为政府在电商平台监管和治理方面上提供了有益的借鉴。     

Market Efficiency and Price Discovery in Cocoa Markets

ABSTRACT

This paper tests the efficiency and price discovery mechanism in the cocoa cash and futures markets over the period March 1981–August 2009. The results indicate that the price discovery is done in the cash market and spreads to the futures markets and that the futures price can be seen as an unbiased predictor of future cash prices. There is no sign of a risk premium in the futures price. Since the cash behaves like a random walk we cannot reject market efficiency.     

中国当前消费品市场的价格波动及其运行机制

2005年以来,中国消费品市场在内外经济环境全面拉动之下,需求、供给和销售状况保持了稳步快速的发展势头。在供求总体大致平衡的市场格局下,我国居民消费价格指数(CPI)仅比去年同期上涨了1.8%,远低于2004年4%的增幅。纵观当前中国消费品市场的价格波动,平静中蕴含了一些异乎往常的特点和运行机制。本文分析了当前中国消费品市场价格波动的主要特点,考察了价格止涨回调的动力机制、价格变动的传导机制和价格下滑的制约机制,并在预测推动CPI下滑和上升的因素基础上,提出了近期的价格政策建议。     

Price Differences in Consumer Goods in Retail Markets

Abstract

This study analyses the effects that competition causes on the dispersion of prices in the mass market products. Therefore, a model is proposed that integrates the vertical, spatial and market environment factors that make up the competitive structure of the retail trade distribution sector. The results obtained, after processing a database of more than 19,000 records, indicate that various indicators of these three levels of competition exercise a decisive influence on determining the final prices of the analysed products. Likewise, the research allows verifying that there are significant differences in the effect caused by the analysed factors on the dispersion of prices, thereby depending on the considered product category (packaged goods versus fresh food).     

论新兴市场当地企业的知识管理

新兴市场的成就令人瞩目,然而当地企业的发展却受到了跨国公司的严峻挑战。本文从知识管理的角度出发,论述了面对挑战,当地企业要认识到企业核心竞争力的形成是在知识管理的促成下取得的,因此,当地企业要搞好五个方面的活动,取得知识管理的综合效益。     

电子商务市场价格离散现象及其实证分析

价格离散是某一市场中相同时间点上,同质商品在不同卖家处售价不同的现象,信息不对称是价格离散形成的主要原因。传统市场中影响价格离散的往往只是商品成本、运输成本等少量因素,而在新兴的电子商务市场上,影响价格离散的因素比较复杂,包括配送与支付、购物便利性、交易可靠性、网站速度、信息提供方式、退货说明、进入市场时间等。     

上证50指数与衍生品市场价格的发现能力

目前,上证50是我国唯一同时拥有期货、ETF、期权等衍生品的指数。本文采用Granger因果检验和协整检验,分析上证50指数、上证50股指期货、上证50ETF、上证50ETF期权价格序列之间的引导关系和长期均衡状况,并运用广义脉冲响应函数分析各个市场的冲击响应速度和强度;通过滞后项的显著性分析4个市场价格序列的领先滞后关系,采用四维IS模型测度各个市场的价格发现信息份额。结果发现:4个市场间的价格相互引导且存在长期均衡,期货市场在价格领先滞后关系中引领其他市场5分钟以上;期货市场的信息份额为47. 76%,指数市场的信息份额为23. 05%,ETF市场的信息份额为15. 37%,期权市场的信息份额为13. 82%。上述研究结果表明期权、期货和ETF的市场功能在市场价格发现过程中起到重要作用,期货在同标的衍生品市场中的价格发现能力最强,在价格发现过程中起主导作用;上证50ETF期权在价格领先滞后关系中落后于其他同标的市场,且在价格发现中所占的信息份额最小,虽然具有一定的价格发现功能,但在价格发现过程中没有起到主导作用;作为追踪上证50指数的基金,ETF在价格领先滞后关系中落后于指数,且在价格发现中所占的信息份额也小于指数。因此,衍生品市场的活跃有利于提升其市场价格的发现能力。     

On-the-job Search in Italian Labor Markets: An Empirical Analysis

This paper analyzes the determinants of on-the-job search activities of Italian workers. Using several waves of the Bank of Italy Survey on Household Income and Wealth (SHIW), a Probit model is used to estimate how individual socio-demographic characteristics and economic variables affect the probability of on-the-job search. We find that the probability of being engaged in job search activities is higher for low wage earners, for workers with low tenure and higher levels of education, for males, and for residents in large cities. Moreover, we find significant differences in the determinants of on-the-job search activities across sectors. Public sector employees show a considerably lower probability of on-the-job search compared to private sector workers. White collar workers and teachers search much less than blue collar workers. Results suggest that, even controlling for wage levels, the attractiveness of jobs varies considerably.     

餐饮连锁企业同城差价的价格策略研究

近年来,我国餐饮连锁企业发展势头强劲,但市场竞争也越来越激烈。在阐述餐饮行业、餐饮连锁企业经营概念的基础上,分析了我国餐饮连锁企业的经营现状及发展中存在的主要问题,并就如何实现餐饮连锁企业同城差价最高经济效益价格策略问题进行了研究。