Short Sales and Price Discovery in the Hong Kong Real Estate Market

Indirect real estate (IRE) returns are often shown to lead direct real estate (DRE) returns. Apart from differences in liquidity, transaction costs, and management skills, the DRE market is also less complete than the IRE market—when negative shocks arrive, one can only short IRE (e.g., real estate stocks or REITs), but not DRE. This study investigates if short sales in the IRE market convey any information to the DRE market. Based on high‐frequency (weekly) property price data in Hong Kong from 2000 to 2012, we find that short sales in the IRE market led DRE returns, even after controlling for the lagged IRE returns in a VAR model. This supports an information spillover mechanism in which the DRE market learns private information that is not reflected in IRE returns. The spillover effect, however, weakened after the recent global financial crisis because the increased uncertainty over the credibility of individual firms made short sales more reflective of firm‐specific information than real estate market fundamentals.     

有形建筑市场完善与规范运作的探讨

虽然在我国大多数城市已经建立了有形建筑市场．但是由于市场经济的不完善．有形建筑市场在其运作过程中仍存在一些问题。如评标办法不完善．业主行为不规范．投标方行为不规范．以及其它相关主体行为不规范等。解决这些问题的对策是改革现行工程计价体系．推行实物工程量招标投标，规范有形建筑市场的主体开工．完善建设工程交易市场的管理制度。建立简明的质疑程序等办法。     

基于买卖价差的我国股票市场流动性调整的风险价值研究

由于我国股票市场是一个典型的订单驱动型市场,存在报价深度不充分的问题,传统的买卖价差不能真正反映流动性风险,针对这一情形,文章以个股日最高价与最低价之间的价差为度量指标,结合经流动性调整的风险价值模型（BDSS）,考察了沪市25个行业的25只样本股票面临的流动性风险值。实证表明,我国股市存在较大的流动性风险,个股之间的流动性层次区分度不高,呈现出较大的趋同性,流通股本数与流动性风险值呈显著的负相关,而流通市值与流动性风险值呈显著的正相关关系。     

研发与市场结构:基于成本视角的分析

本文从成本入手，探讨了研发与市场结构的关系。通过对平均成本、固定成本及知识特性的综合分析，认为由于技术复杂度的不断提高及研发带来的规模经济，在多数产业研发会导致市场集中度逐渐提高。通过对研发沉没成本的分析表明，在专利保护与许可证制度下，当研发导致的沉没成本比较小时，厂商数量较多的竞争性市场的福利好于寡占或垄断市场，因为其研发速度更快；反之，寡占或垄断市场的福利更好，因为研发的沉没成本得到了节约。在理论分析的基础上，本文就如何通过优化市场结构，提升我国企业研发能力，应对经济全球化的挑战，提出了三点对策。     

聚乙烯醇的生产及市场前景分析

聚乙烯醇（PVA）是一种用途相当广泛的水溶性高分子聚合物，其制备方法有乙烯直接合成法、天然气裂解乙炔直接合成法。2000年全球的生产能力已达1100kt/a，我国PVAS生产能力为347kt/a，产量为325．8kt。加入WTO后，价格市场将受世界PVA市场影响，维持在9000－11000元。t。     

电力市场监管理论与实践的探讨

就市场成员市场力、串谋等问题分析了电力市场运营监管思路及其相关措施;在电力市场环境下。从电力系统安全运行导则、继电保护及安全控制原则、发电机组检修计划等方面分析了电力系统可靠性的监管思路及其相关措施;讨论了电力市场投机行为及其监管措施。     

Competition Policy under Laissez-Faireism: Market Power and its Treatment in Hong Kong

The paper describes the current competition policy framework in Hong Kong: how it came into existence, what business practices are prohibited, and how the enforcement system works. Recent cases in the telecommunications industry are used to illustrate the sectoral approach, a unique feature of Hong Kong's competition policy. We argue that a sectoral approach faces two fundamental drawbacks. First, due to having different ``rules of the game' for different sectors, the allocation of resources may be distorted in the long run. Second, since the relevant regulatory agencies perform dual roles both as competition policy enforcer and as traditional regulator of natural monopolies, the impartiality of their competition decisions may not be credibly conveyed to the public. We also address other specific problems associated with the sectoral approach, such as the exclusion of structural issues, narrow coverage of sectors, and the lack of public enforcement. We conclude that an overall competition law can better promote competition and economic efficiency in Hong Kong.     

Applications of quantitative techniques in Hong Kong: An empirical analysis

A survey was conducted to examine the usage of quantitative techniques among companies in Hong Kong. Results show that, although 74% of the respondents reported using one or more techniques, usage was confined to relatively few and simple techniques. These techniques, however, were used in a rather wide spectrum of application. The lack of understanding among top management of quantitative techniques was cited by respondents as the major barrier to their use. The results of this study are compared to a comparable survey in the United States, and the implications of the findings for the training of managers are discussed.     

我国电力行业发电侧市场结构变化实证分析

通过分析我国电力行业厂网分开改革的5年来五大发电集团的数据资料,以装机容量、发电量和销售收入作为市场集中度的衡量基准,对我国目前电力行业发电侧的市场结构进行测算与判定,分析其变动趋势,指出今后我国发电侧市场改革的重点是对优势发电企业的潜在垄断行为进行合理规制。     

Regime Effects of EU Market Integration Policies on the UK Financial Sector

Standard equity capital market methods are used to estimate the share price effects in the UK market of the recent change in regime implied by passage of key provisions implementing the European single banking market. Empirical results indicate that events associated with increasing the likelihood of passage of the new Merger Control Regulation and the Second Banking Directive had positive valuation effects for the portfolio of UK firms involved in banking services.     

电力市场中发电商市场力的博弈分析

电力市场中市场力的存在不利于电力市场的健康发展,本文从市场力的定义出发,对影响市场力的因素进行了分析,并介绍了博弈论在竞价上网决策和降低市场力方面的应用.     

烟台休闲装消费市场分析

该研究将烟台消费者作为研究对象,设计调查问卷,采用实证主义研究方法,对烟台休闲装消费市场进行研究,通过相关分析,得出相应的结论,找出烟台休闲装消费者和消费市场的特点,从而有效地帮助企业了解消费者和市场,实施合理的营销策略。     

质量规制有效性和消费者信任的市场均衡效应

产品质量规制有效性和消费者信任对市场均衡具有重要影响,引入预期产品质量水平和能够检测出假冒高质量产品概率两个变量,分别表示消费者对产品质量信任状况和产品质量规制有效性,研究产品质量规制有效性和消费者对产品质量信任对产品均衡价格和数量的影响.结果表明无论是国内市场还是出口市场,消费者对产品质量信任状况对高质量产品市场均衡价格和均衡数量都有正向影响;而质量规制有效性对高质量产品市场均衡价格有正向影响,对均衡数量有负向影响.     

基于资源和能力观的内部市场边界确定

内部市场作为一种组织运行调节机制,必须满足其必要条件:分权、竞争和在竞争基础上的价格形成机制。根据资源和能力观的战略管理理论,内部市场边界取决于市场机制引入企业内部后对企业竞争优势的贡献,主要影响因素是:内部市场主体是否拥有特殊资源和能力、特殊资源和能力的可转移性、内部企业的经营绩效、公司总部的资源整合能力等。这些因素的作用体现为内部企业生产经营自主权大小配置和竞争关系,不同的自主权大小和竞争程度形成了实践中权威机制与内部市场机制不同的边界模式。     

金融集聚、国内市场一体化与经济增长

本文构建了金融集聚、市场一体化与区域经济增长的分析框架,利用1995～2010年省际面板数,采用广义最小二乘法（FGLS ）,对金融集聚、市场一体化与区域经济增长进行了实证分析。结果表明,市场一体化对区域经济增长并不具有显著的正效应。然而,在金融集聚不断深化的制度条件下,市场一体化对经济增长的驱动作用得以显现,金融集聚程度越高的地方,能从市场一体化获得更多的收益。市场一体化程度高的地方,金融集聚对经济增长的推动作用也越明显,二者在推动经济增长过程中的协同效应已显现。值得注意的是,金融集聚对区域经济增长的促进作用主要体现在银行业的集聚。本文的研究结果对市场一体化改革和金融集聚政策制定具有借鉴意义。     

Networks, Transactions, and Resources: Hong Kong Trading Companies' Strategic Position in the China Market

The author draws on network perspective, transaction cost perspective and resource-based perspective to analyze Hong Kong trading companies' strategic position in Western manufacturers' exports into China. The study examines the strategic position at different stages of market entry and from the views of both manufacturers and trading companies. The discussion shows that under certain conditions Hong Kong trading companies will enjoy and maintain important position in the market.     

硝基氯苯生产现状与市场分析

近十年来我国硝基氯苯发展势头强劲,2006年我国硝基氯苯生产能力占全球总产能的65%左右, 2005年产量占全球总产最的近70%,我国已成为世界硝基氯苯主要生产和消费国。文章介绍了国内硝基氯苯生产现状,并重点介绍硝基氯苯衍生物及其市场情况与发展趋势,为我国今后的硝基氯苯生产提供了些发展建议。     

产业融合中的市场结构及其行为方式分析

在产业融合中 ,随着融合产品的替代性和互补性大大增强 ,市场边界发生重大游移。这不仅给市场界定带来了新的问题 ,并使以其为基础的产业集中度的衡量变得更为复杂 ,而且也在很大程度上改变了传统市场结构的形态 ,增强了竞争效应 ,并促使企业的市场行为有较大的改变。这对传统产业组织理论提出了新的挑战 ,需要我们加以认真的研究 ,提出新的解释和说明     

双环戊二烯市场分析及发展建议

双环戊二烯主要来源C5馏分分离，2001年世界双环戊二烯的生产能力约为450kt/a，国内总生产能力为7．6kt/a，产量为3．38kt。目前，国内85％的粗双环戊二烯价格为2800－3200元／t，96％以上的高纯度双环戊二烯价格为8000－8500元／t。文章还对国内双环戊二烯产业发展提出了建议。     

我国丁醇市场分析

2002年全球丁醇生产能力为2490kt／a,我国为160kt／a,占全球生产能力的5．2％。我国丁醇主要用于生产醋酸丁酯、丙烯酸丁酯、邻苯二甲酸二丁酯,分别占消费总量的32,7％、15．3％和9％。