国际石油期货市场发展态势及其对我国的启示

随着全球市场化进程的加快,石油期货作为一种有效的管理和规避石油价格风险的工具开始引起人们的重视,石油期货交易场所和交易品种不断增加,国际石油期货市场快速发展.欧美老牌交易所强化石油定价优势地位,加快向亚太石油期货市场扩张,并在客观上对亚太地区形成独立的石油交易机制产生了一定牵制;亚太新兴交易市场角逐区域定价中心,力图建立对自己更为有利的石油市场交易规则.我国应在政府的推动下,加快我国石油期货市场建设步伐,尽快推出多品种的石油期货.     

Entry,donor market size,and competitive conduct among nonprofit firms

This paper empirically characterizes competitive behavior among charitable nonprofits where prices and output are difficult to observe. Using a model tailored to donative nonprofits and an empirical methodology that exploits cross-sectional variation in market size and various measurable demographic and cost characteristics applicable for nonprofits, this paper estimates the threshold number of potential donors required for nonprofit economic viability in five major charitable sectors. We find that our sample markets generally reach competitive levels once five or more nonprofits in a given nonprofit sector are observed. The paper offers several possible interpretations of these findings and directions for future research.     

Entry mode irreversibility,host market uncertainty,and foreign subsidiary exits

We examine how the exits of multinational companies’ foreign subsidiaries from host countries are foreshadowed by the irreversibility intrinsic to firms’ entry modes and the environmental uncertainty in host countries. For empirical testing, we run a Cox proportional hazard rate model on STATA 10 and deploy a dataset of Korean foreign direct investments (FDIs) for the period 1990–2007. We find a negative association between the greater irreversibility typical of wholly owned Greenfield investments or full acquisitions and subsidiary exits. We also note that host market uncertainty strengthens the impact of irreversible entry modes on subsidiary exits. Our findings support the argument that irreversible investments and uncertain environments are closely related to the probability of a subsidiary exiting.     

上海燃料油期货上市三周年回顾与我国石油期货市场展望

自2004年8月25日上市至2007年8月1日,上海期货交易所燃料油期货合约累计成交已达6.3亿吨,总成交金额为1.9万亿元.上海燃料油期货价格与新加坡燃料油现货价格、美国WTI原油期货价格的走势保持了较强的相关性,但并不完全跟踪国际市场,而是表现出一定的独立性,更多地反映了中国市场的供需关系,与黄埔燃料油现货价格保持了更强的相关性.上海燃料油期货市场经济功能逐步发挥:形成了反映中国市场的燃料油价格,形成了市场普遍认可的燃料油的"中国标准",推动石油仓储设施建设,提供套期保值规避价格风险的平台,规模化培养石油金融专业人才.在总结燃料油期货成功经验的基础上,上海期货交易所正在研究推出原油、成品油等石油期货品种,已经完成了原油、成品油期货市场运作模式、交易标的选择、合约设计、交易规则等主要的前期工作.     

Innovation and competition: The role of the product market

We study how competition impacts innovation (and welfare) when firms compete both in the product market and in innovation development. This relationship is complex and may lead to scenarios in which a lessening of competition increases R&D and consumer welfare in the long run. We provide conditions for when competition increases or decreases industry innovation and welfare. These conditions are based on properties of the product market payoffs. Implications for applied work and policy are discussed.     

Timing of technology adoption and product market competition

This paper examines how product market competition affects firms' timing of adopting a new technology, as well as whether the market provides sufficient adoption incentives. It demonstrates that adoption dates differ, not only among symmetric firms, but also among markets with different market features. More specifically, technology adoption can occur earlier in a market with Cournot competition than in a market with Bertrand competition. It can also occur earlier in a market in which goods are not too close substitutes. Therefore, this paper shows that competition toughness does not always reinforce adoption incentives. When goods are sufficiently differentiated, adoption occurs later than is socially optimal.     

Entry deterrence and dynamic competition : The role of capacity reconsidered

We study a model with sequential capacity choice and entry by firms into an industry. Post-entry competition is long term and firms compete by choosing prices. The complex role played by the capacity choice of the first mover is highlighted. In contrast to the conclusions derived from static or reduced form specifications, entry may be deterred only by choosing a low capacity level and charging a very high price. The arguments are used to provide an explanation of events in the U.S. phosphorus industry.     

上海燃料油期货市场运行效率实证研究

应用协整检验、Granger因果检验、套保比率计算和套保绩效检验等方法,对上海燃料油期货与现货的长期相关关系以及价格发现和套期保值功能的发挥情况进行了定量研究。结果表明,上海燃料油期货与黄埔现货之间具有长期均衡关系,二者之间是相互引导的;上海燃料油期货市场具有良好的价格发现和套期保值功能,可以为企业利用期货市场进行套期保值规避风险提供有效的支持。     

Symbiotic competition: future trends of the open know-how market

The question of whether or not to buy in scientific know-how is an important one for many organizations. Japan has done so in many areas and to good effect. Japan is also willing and able to sell as well as buy. It is argued that there are considerable advantages to be gained from an increased level of trade in scientific and technological knowledge and it is suggested that the development of an open know-how market is of value to many parties.     

Antitrust and regulation: Forestalling competition in the telecommunications terminal equipment market

This article examines how AT&T responded to competition in the terminal equipment market by requiring a telephone company provided connecting arrangement. We test the hypotheses of whether connecting arrangements were used to protect the integrity of the system or to forestall competition. Through analysis of various antitrust cases, we conclude that AT&T attempted to monopolize the market through the connecting arrangement requirement. This conclusion is important because it suggests that a regulated firm has the ability to use its market power to thwart competition in non-regulated markets.     

Strategy in the telecommunications market: The effects of liberalization and competition

This article identifies some of the ways in which firms in the telecommunications industry have attempted to cope with deregulation, drawing upon the experience already evident since liberalization began a few years ago. The author argues that certain types of market conditions provide particular problems for firms, to which they must respond if they are to remain prosperous. A matrix describing four market types is offered as a facsimile of the competitive conditions now found in the telecommunications industry, and examples are given from the UK. Economic, technological and political factors affect the strategic behaviour which firms must follow, but in different ways and at different times.     

中国纸包装市场:在竞争和变革中求发展

英国人发明“瓦楞”已有百年历史；美国人发明“蜂窝”，也近半个世纪；中国人发明的“凹凸”才一年有余；这是我国现代纸包装的“三大门类”。由此派生出来的纸包装千姿百态：纸浆模塑、纸板桶、纸管、纸角、纸托盘、纸板家具、纸板玩具、纸板衬垫、纸餐具、纸杯、纸袋及纸芯等多和复合制品，，与纸包装相关的还有纸包装技术、设计、标准、制造等专业，加上众多派生产品，成为纸包装的支持群体。大宅门要重视，小户也不能小觑。中国纸包装市场必须在竞争和变革中求发展。[编者按]     

闪存市场酝酿新一波大战

日前,Spansion宣布在苏州设立研发部,同时其新的生产线也正在建设之中。2005年内存大战NAND和NOR闪存市场一场新的变局正在酝酿之中。2004年,NAND老大三星电子推出了OneNAND型闪存,将NAND和NOR闪存的优势集中起来向NOR闪存业者挑战。2005年NAND和NOR的闪存大战中,由于产能的限制,尽管在2005年最后一个季度的市场份     

An assessment of the liberalization and the evolution of competition in the Moroccan mobile market

This paper analyses the liberalization process of the Moroccan mobile market since the beginning of the 21 st century. Our database ranges from 2004 to the end of 2020. First, operators’ market shares are presented and analysed. Second, we build concentration indexes and other indicators of competitiveness. Finally, we conduct an econometric analysis to determine the extent to which regulatory measures, privatization, market structure and the population dimension determine market shares. Overall, we can argue that, although concentration remains high, the market has become more competitive since the liberalization process began. The statistical analysis and the econometric assessment show that the entrance of the third operator made the market more competitive. Indeed, there is evidence that operator companies competed to capture customers from each other during the period under study. These features suggest that mobile operators did not follow anticompetitive practices in order to restrain competition.