How Do Retailers Price Beer During Periods of Peak Demand? Evidence from Game Weeks of the German Bundesliga

This article considers retail beer pricing during game weeks of the German Bundesliga. German consumers exhibit a high degree of brand‐loyalty in their preference for regionally crafted beers, and we exploit the regional brand‐loyalty of German beer consumers to identify brand‐level demand shocks for beers preferred by the home team's fans and visiting team's fans during Bundesliga game weeks. We find retailer price adjustments at the category level mask a considerably more nuanced pricing behavior at the brand level. Retailers in regions hosting Bundesliga games significantly increase beer prices at the category level during game weeks; however, at the brand level, we find retailers selectively discount prices on the home team's sponsored beers and systematically raise prices on the visiting team's sponsored beers. Our findings are consistent with a “tourist–natives” model of retail pricing during periods of increased demand in the German beer market.     

Reexamining the effect of packet pricing in the wireless internet

In this paper, we compare the market performances of circuit pricing whereby users are charged based on their length of usage time with packet pricing whereby users are charged based on the amount of information received. We show that, if packet pricing is introduced, the market price rises contrary to a widely held belief, but that the overall social welfare is unambiguously increased. Also, we show that a move to packet pricing lowers the price of multimedia transmission which requires a much higher speed, thereby increasing the usage of multimedia data in the absence of congestion, although this may not be the case in the presence of congestion.     

从债券市场定价效率看利率市场化程度

利率市场化改革的最终目的是让市场最终决定资金的价格,相关市场主体成为市场的参与者和市场秩序的遵守者。市场对风险的定价能力是衡量利率市场化程度的重要参考指标。本文以银行间债券市场的中期票据为研究对象,考察债券市场风险定价的合理性。研究结果显示,银行间债券市场已经具备合理的风险定价能力,同时发现债券风险定价的能力与其流动性相关。流动性不足是制约风险定价能力的重要原因。     

关于我国3G业务的定价策略研究

我国第三代移动通信（3G）牌照正式发放,在3G市场形成了中国移动、中国联通和中国电信三寡头垄断的市场格局。通信公司运营商都根据未来的3G市场和竞争需要制订了业务策略、用户定位、渠道规划、价格体系、促销方案和服务标准。其中,在激烈的3G市场竞争中,合理的价格策略是取得市场成功的重要因素。文章对我国通信公司3G业务价格战略进行博弈选择分析,认为差异化价格战略是制定3G业务定价策略的前提条件,因此,我国通信公司要对不同时期、不同客户和不同的业务制定差异化价格策略。     

市场分割下中国双重上市公司资产定价效率问题研究

文章对双重上市公司在不同市场首次公开发行定价、上市首日抑价和二级市场交易价格差异三个层次对资产定价效率进行了经验数据分析,结果表明,内资股相对外资股具有发行定价高、首目抑价高的“双高”现象;在定价效率方面,对于“A＋H”公司,A股的发行定价受到发行时H股二级市场价格的显著影响,而与H股的发行价格之间没有显著关系,但“A＋B”公司A股和B股的发行价格之间存在显著的正相关,同时在二级市场上,“A＋H”公司的市场价差波动相对于“A＋B”公司小。这意味着“A＋H”公司的资产定价效率要高于“A＋B”公司,H股的价格较能反映公司的真实估值,对A股的定价具有指导作用。     

成品油定价机制完善前后政策变化的实证考察

2013年3月国家发改委发布了新的成品油价格形成机制完善调整办法,新机制政策指向性明显,即在缩短调价周期的同时降低定价办法执行过程中的人为影响和随意性,保证机制和规则自身效用的最大化发挥。为考察成品油定价机制完善前后政策执行上的变化和差异,从实证角度出发,针对成品油定价机制调整以后在价格响应滞后性、规则透明度以及政策执行严谨性三个方面进行分析。分析结果表明,成品油定价机制调整后,国内成品油价格调整对于国际原油价格变化响应的滞后性明显缩短,定价政策执行的严谨性得到加强,价格调整触发和调价幅度计算的规则透明性有所下降。     

Regulation and the Valuation Relevance of Book Value and Earnings: Evidence from the United States*

Electric utilities in the United States are subject to a cost-plus normal profits pricing that is designed to align the market value of equity with the balance sheet book value. Perfect alignment implies the equality of the market and book values. Extant empirical evidence suggests that, for these utilities, actual cost/profit recovery does not follow a pure cost-plus pricing, raising the prospect that income statement items contribute to the determination of market value. What is not obvious is the extent to which the noted departure from pure cost-plus pricing results in misalignment of the market and book values, or the relative contribution of income statement items to the valuation of electric utility shares. This study pursues this question, using benchmark results for a sample of manufacturing firms to highlight the degree of market-to-book alignment for regulated and competitive firms. The results show a considerable alignment of the market and book values for utilities. In examining the relevance of book value and income statement items in the determination of market value, it is found that the contribution of earnings level to explaining market value diminishes markedly in the presence of book value for electric utilities, and the contribution of earnings change to explaining returns diminishes markedly in the presence of earnings levels. Earnings level complements book value in explaining market value for manufacturing firms, while earnings change complements earnings level in explaining returns. The results further show that the market and accounting values exhibit pronounced misalignments in returns-earnings models, especially for utilities.     

基于习惯形成的资产定价模型的稳态分析

习惯形成对资产定价有重要的影响，但是以往的研究几乎没有对基于习惯形成的资产定价模型进行稳态分析。本文将经济学中的稳态分析引入资产定价中。对传统的基于习惯形成的资产定价模型进行了改进。我们的研究表明，当金融市场处于一般均衡状态的时候可能存在多个均衡解：当金融市场处于稳态时。随机折现因子和的乘积一定小于1;剩余消费比率是股票市场内部波动性的一个来源．剩余消费比率的变动可以导致资产价格的波动。这些结果可以帮助我们理解金融市场的内在波动性以及习惯形成对资产定价的影响。     

待积累型人力资本估值方法——基于分成制教育金融合约中供资方的视角

分成制教育金融合约订立的前提是人力资本积累投融资双方对积累者未来价值的估算。由于待积累型人力资本估值要牵涉到“积累”和“实现”两个阶段，期间要面对积累当事人是否努力、客观能力，以及市场对人才的认可等几方面的风险。其复杂性和不确定性有甚于现存的“物型”资产估值、“混合型资产”估值，以及传统的“成品型人力资本”估值。寻找目标估值方法的法门在于比较前后两者内在规定性的异同。并对具有相类似估值基础所采用的基因性估值方法加以恰当吸收。在估值研究的初级阶段，剔除不确定性太强的估值因素，尽力借助能够量化的指标进行模拟，有利于尽快展示“待积累型人力资本”估值问题的独特性。     

CEV模型下有交易成本的期权定价

Black ＆ Scholes和Merton的两篇开创性论文对完全市场下无摩擦的期权定价进行了研究，而不完全市场下的期权定价一直是学界和业界都很关注的问题。假定股票价格遵循CEV过程，研究存在比例交易成本时欧式看涨期权的定价，给出了在股价遵循CEV过程时有交易成本的期权价格的数值计算方法，并显示了数值结果。     

Fluctuation and reform: A tale of two RMB markets

The framework of “one currency, two markets” makes China’s currency market quite unique compared to its Western counterparts. In this study, we characterize the linkage between the onshore and offshore Renminbi exchange rates, and estimate the effect of the recent Renminbi market reforms against the backdrop of Renminbi internationalization. Using GARCH-type models, we find robust evidence of the volatility clustering phenomenon and the leverage effect in the pricing differential between the onshore and offshore exchange rates. We also find that the recent Renminbi currency market reforms all increase the volatility of the pricing differential between the two Renminbi markets, while these reforms are proved to either enlarge or shrink the pricing differential.     

市场化发行方式与我国IPO定价效率的关系研究

利用衡量IPO(Initial Public Offering)定价效率的绝对效率标准,选用1999～2008年沪深市场的IPO数据,研究我国两次新股发行方式的市场化改革与IPO定价效率的关系。结果发现:第一次市场化改革不仅没有提高我国的IPO定价效率,反而降低了IPO定价效率;第二次市场化改革取得了一定的效果,新股询价发行的方向是正确的。     

中国股票的差别化定价、引起的后果及解决思路

在中国证券市场上,股票有流通股和非流通股之分,对不同的股票实行的是不同的定价方法。这种定价方法有悖于股市正道,不利于股市的健康稳定发展。本文在论述中国股票差别化定价的基础上,分析了这种定价方法产生的后果,并提出了解决的思路。     

Connections between the Market Pricing of Accruals Quality and Accounting-Based Anomalies*

We examine whether prior findings on the market pricing of accruals quality (AQ) can be attributed to other forms of accounting-based anomalies. Using hedge portfolio analysis and cross-sectional regressions, we find that the return predictive power of AQ overlaps with several other accounting signals. We also find that, similar to other accounting-based anomalies, especially the accruals anomaly, the AQ pricing effect (i) is likely due to mispricing instead of risk pricing, (ii) is attenuated in recent years, and (iii) disappears among firms with cash flow forecasts or long-term growth forecasts. Our findings highlight the importance of controlling for existing return predictive signals when evaluating the market pricing of AQ.     

中小企业融资约束对R&D投入的影响分析——基于门限效应模型

在对国内外IPO定价有效性相关理论和文献进行梳理和归纳基础上,确定IPO抑价程度作为衡量新股定价有效性评价标准,并将其设为模型的被解释变量;另外,选取新股IPO中的募集资金净额、首发市盈率、上市市盈率、上市换手率、发行至上市期间市场回报率等作为解释变量。运用多元线性回归方法构建模型,样本数据来自于2005年-2016年A股市场IPO企业。实证检验结果表明,IPO抑价率与募集资金净额、发行市盈率和发行至上市期间市场回报率呈负相关关系,与上市市盈率、上市换手率呈正相关关系,揭示出我国A股市场IPO抑价现象是由一级市场与二级市场综合影响所致的。据此,提出相应的政策建议。     

股份回购与资本市场定价偏误——基于上市公司的经验证据

通过选取2014-2021年上市公司实际进行股份回购的样本数据，实证检验了股份回购对于资本市场定价偏误的影响机制。研究发现，上市公司实施股份回购能够有效缓解资本市场定价偏误现象，其影响机制在内外部治理水平较高的企业中更显著，并且通过提高信息透明度和降低投资者异质信念水平两个渠道发挥作用。积极进行股份回购的企业在不同回购特征下均能有效缓解定价偏误，当回购股份被用于市值管理计划和股权激励计划时有效降低误定价水平。     

Economic tactics: Commercial policy and the socialization of African agriculture

Commercial policies in some African countries have come under considerable criticism in recent years and it has become necessary to resolve the problems of existing agricultural marketing forms. An alternative approach to the market liberalization commonly recommended is to intervene in the market so as to achieve its regulation and control and a pricing system which can and will support the socialization of agricultural production in collective farms, maintain incentives for individual producers and encourage state procurement of basic crops. Such market control cannot be achieved without an active commercial policy based on the transformation of marketing institutions, effective forms of market intervention and the devolution of considerable power over pricing and marketing from the national to the local levels.     

工程保险无标底招标报价基准研究

在工程项目保险招投标时,标底在评标过程中对业主项目预算管理和中标者的利益有着直接影响。目前为止,保险招标中,站在第三方立场上,既考虑客观的市场反应又考虑投标人投标报价的整体水平的报价基准研究较少,研究保险招标中具有切实可行、易操作、较客观的报价基准确定方法成为在项目操作过程中亟待解决的问题。     

首次公开发行股票抑价的原因探讨

证券市场上IPO抑价过高,股票价格与价值相背离,造成新股在市场上长期表现不佳、效率低下。我国IPO抑价程度相比较其它国家更为严重,这一问题受到了众多学者的关注。因此,只有具体分析出我国存在IPO高抑价的原因,才能制定出相应的对策,完善我国新股发行定价的政策。     

Re-examination of wage, employment, and hours adjustments: what is crucial for differences in the adjustments?

Manufacturing wage, employment, and hours adjustments are significantly different among developed countries, typically between Japan and the US. The problem of explaining the differences is closely related to that of what effect the extent of wage flexibility has on labor market adjustments. However, prevailing theories are invalid or incomplete for explaining the differences. The differences in the adjustments cannot be unrelated with institutional features of the labor market. Indeed, the extent of wage flexibility depends on the differences in the institutional features. Using a new model with such an idea, this paper theoretically re-examines the cause of the differences in the adjustments. The crucial causes are the characteristics of wage flexibility as well as the differences of the institutional features. The characteristics are that wage adjustment is discontinuous, infrequent, and has a lower limit in comparison with changes in demand.