Is faster or slower trading better? An examination of order type execution speed and costs

We examine order type execution speed and costs for US equity traders. Marketable orders that execute slower exhibit lower execution costs. Those who remove liquidity faster and pay higher trading costs transact in smaller size, spread trading across more venues, take more liquidity, and are better informed. Nonmarketable limit orders that execute slower exhibit greater adverse selection; and larger, uninformed traders who concentrate their trading in fewer venues submit them. Our findings suggest that slowing down the trading process, when faster options exist, can benefit certain market participants who seek to cross the bid–ask spread.     

跨文化背景下商业广告设计的视觉元素关注度研究——以餐饮类平面广告为例

本文以餐饮类平面广告为实验材料,研究了中国和美国被试者对平面广告中的图形、色彩、文字、编排及构图等视觉元素的关注度。本研究从文化认知理论出发,以文化认知差异为前提,探寻了东西方族群对商业广告中出现的视觉信息的不同处理方式。以商业广告中视觉设计的原则为标准,解构了平面广告设计中的视觉构成元素并进行一一比较,得出商业平面广告设计中中美两国被试者的视觉元素关注度差异。最终获取了各种视觉元素的评估结果和相对权重,形成了商业图形广告设计元素关注度的先后顺序。这一实验结果对跨文化认知心理理论在跨国广告设计中的应用有借鉴和启发作用,可以为跨国公司和设计师提供技术指导,设计出更符合消费者需求的商业广告。     

Firms’ performance following the initial resignation of independent directors: evidence from Taiwan

This study investigates the operating performance of firms listed on the Taiwan stock exchange following the initial resignation of independent directors. The results show that the firms’ operating performance following the resignation of these directors has not only deteriorated, but is also significantly below the industry average. In addition, firms with a relatively severe agency problem, including firms that have lower insider or institutional shareholdings, receive audit opinions other than unqualified opinions or change their auditors prior to the resignation of the independent directors, tend to perform more poorly following the resignation.     

辣木树不同部位γ-氨基丁酸的HPLC分析

用高效液相色谱法检测了辣木树不同部位γ-氨基丁酸的含量,结果表明:每100 g样品中,辣木果实、叶、果皮、花、根、籽及茎中的GABA含量分别为378.39、275.64、194.15、96.42、69.14、27.32 mg与0.00 mg。由此可见,辣木树中富含GABA,且幼嫩部位含量较高,本研究可为辣木产品的质量评价、开发利用以及辣木树中GABA的合成部位与运输情况研究提供理论参考。     

我国农村田园综合体产业扶贫模式探析——以湖南省邵阳市吴家村为例

田园综合体作为产业扶贫的新模式,为精准扶贫和乡村发展做出了积极的贡献。本文以湖南省邵阳市新邵县龙溪铺镇吴家村五郎文化田园综合体为例,通过调查了解该田园综合体项目信息,总结和探讨该田园综合体产业扶贫的模式、积极作用与存在的问题,试图提供具有一定借鉴作用的建议。     

Size and information revelation in securities trading

We examine differences in information content between order submission sizes and trade sizes by U.S. equity traders. Increasing (decreasing) order submission (trade) size is reflective of information. The result suggests that better-informed traders want to trade in a large size, but that they engage in stealth trading practices or break larger orders into smaller sizes in order to conceal information. While prior studies tend to narrowly focus on trade executions at the market-centre level, our findings indicate that order submission size varies significantly from trade size and that both sizes are informative about future prices, albeit in an inverse manner.     

大型金融机构室内定位系统高效中间件的设计

金融机构内的重要区域对安全性及金融人员监管有较高的要求。由于室内环境复杂和所处理数据庞大等因素,室内定位系统在定位过程中会出现数据丢失和处理结果滞后的情况,导致安全性下降。本文设计的中间件通过初始化阶段预处理数据,在结合并行模式的线程池管理基础上,通过添加环形队列缓存池,达到了提高系统运行效率、减少数据丢包率和增强系统抗压能力的目的。中间件架构的可行性通过了实验验证。     

Co-opted directors,gender diversity,and crash risk: evidence from China

Review of Quantitative Finance and Accounting - This study examines how the composition of the board of directors at Chinese firms affects crash risk. The results indicate that co-opted directors...     

京津冀新一代数字化资本市场构建

资本市场高质量发展是经济高质量发展的重要特征和金融支撑,加快京津冀资本市场改革势在必行、恰逢其时,建议在京津冀地区打造一个21世纪全球新型数字化、平台化资本市场.以"回归金融本质、链接民企民众、共创共享财富"为总体思路,以"六新"+"四化"+"三高三低"为主要设立原则,拟构建以北京证券交易所为核心的京津冀资本市场交易所集团.新的资本市场将以科技创新和平台战略为引领,以区块链、数字技术为基础,实现"让优质企业都能快捷低成本上市融资,让民众都能安全分享经济发展成果"的目标.