Order imbalance and stock returns: Evidence from China

We investigate the relation between daily order imbalance and return in the Chinese stock markets of Shenzhen and Shanghai. Prior studies have found that daily order imbalance is predictive of subsequent returns. On the two Chinese exchanges we find the autocorrelation in order imbalances is similar to that of the New York Stock Exchange as reported by Chordia and Subrahmanyam [Chordia, T., & Subrahmanyam, A. (2004). Order imbalance and individual stock returns: Theory and evidence. Journal of Financial Economics, 72, 485–518]. We also find a strong contemporaneous relation between daily order imbalances and returns. However, we do not find evidence that order imbalances predict subsequent returns. We attribute the difference in predicative power to differences in trading mechanisms on the two exchanges and to differences in the share turnover rates.     

论金融开放条件下我国金融业的发展与监管

在经济金融全球化浪潮下,我国金融管理当局正努力消除因金融管制造成的“金融压抑”,通过制度调整扩大金融开放。WTO的加入,标志着我国金融开放迈出了实质性的一步,在此背景下改革和调整金融制度,加强金融监管,促进金融发展,具有重要的经济意义。     

Are There Differential Effects of Price and Policy on College Students’Drinking Intensity?

This article investigates the impact of campus bans on alcohol use and the price of alcohol on college students'drinking intensity. The impact of a campus ban on drinking appears to depend on the ability of students to substitute off-campus access to alcohol for on-campus access. Where few off-campus alternatives exist, campus bans reduce the odds that a student becomes a heavy drinker but have no impact on the odds of transitioning from abstainer to drinker. Where off-campus alternatives are more plentiful, campus bans are less effective. Increasing the price of alcohol appears to be equally effective at reducing the likelihood of drinking and heavy drinking. (JEL)     

GENDER EARNINGS DIFFERENTIALS AND REGIONAL ECONOMIC DEVELOPMENT IN URBAN CHINA, 1988–97

Gender earnings differentials in urban China by region and their changes during the first decade of economic reform are examined. It is found that the female–male earnings ratio increased during the early stage of reform. The male earnings premium, overall, showed an increasing trend in the later stage of reform. Decomposition of the gender earnings differential reveals that a relatively lower percentage of the differential could be explained by gender differences in productive characteristics in the fast growing regions and in regions with a rapid pace of reform. The cross-sectional results highlight the possible existence of gender discrimination, particularly in the later stages of economic reform and development. Both market competition and the effects of wage decentralization play a role in shaping the gender earnings differentials. Gender earnings differentials varied by region and over time, generally in tandem with the pace of economic reform and development. The decomposition of the over time changes in the earnings gap indicated that improvement in the productive characteristics of females during the reform period constantly enhanced the earnings of females relative to those of males. The changes over time in the return to female characteristics, however, work to counter any narrowing of the gender earnings gap.     

Abstracts

Quality & Quantity -     

社会事业家理论评析

1980年代末以来,关注民间组织卓越领导人的社会事业家理论开始建构.领袖-特质理论认为社会事业家是以其对社会使命的不懈追求和强烈的伦理整合性来促成社会价值的最大化.建构主义理论认为社会事业家嵌入特定的组织结构和规则当中,并致力于创造新的制度或改造既有制度.社会事业家有四种理想形态:传统的创业型社会事业家、传统的拓展型社会事业家、自给创业型社会事业家和自给拓展型社会事业家.我国应从理念到制度层面培育社会事业家.     

物流配送中心业务流程设计探讨

如何使配送中心的作业流程均衡、协调地运转,关键是做好物流量的分析和预测,依据配送网络、客户服务标准、营运成本来分析和确认合理的物流流程非常重要。下面就物流配送中心业务流程中各环节的设计进行讨论。1进货根据进货单接货,从货车上将其货物卸下,并核对该货品的数量及状态(数量检查、品质检查、开箱等),然后记录必要信息或录入计算机。1.1R F方式进货R F方式为信息系统全程管理,实时数据交换,无纸化。1.1.1进货信息下达。根据客户指令,市场部向物流部下达“进货计划”。见表1、表2。1.1.2车辆及站台管理。驾驶员携进货计划至门卫处…     

上市公司控制权转移的财富效应分析

上市公司控制权的转移会改变投资者对目标公司的预期,从而引起目标公司股价的变化,进而使得目标公司股东的财富发生变化。本文采用事件研究法,分行业对2002年我国资本市场上第一大股东发生变更的目标方公司股东财富进行了实证研究。结果表明:对于整个资本市场而言,控制权转移能为目标公司带来显著的财富增加;而对于不同行业控制权转移的财富效应存在着较大的差别,只有原材料企业在公告日前可以获得显著的正财富效应,而工业企业和消费企业的财富效应并不明显。