The index futures markets: Is screen trading more efficient?

This article uses a nonparametric test based on the arc‐sine law (see, e.g., Feller, 1965 ), which involves comparing the theoretical distribution implied by an intraday random walk with the empirical frequency distribution of the daily high/low times, in order to address the question of whether the abandonment of pit trading has been associated with greater market efficiency. If market inefficiencies result from flaws in the market microstructure of pit trading, they ought to have been eliminated by the introduction of screen trading. If, on the other hand, the inefficiencies are a reflection of investor psychology, they are likely to have survived, unaffected by the changeover. We focus here on four cases. Both the FTSE‐100 and CAC‐40 index futures contracts were originally traded by open outcry and have moved over to electronic trading in recent years, so that we are able to compare pricing behavior before and after the changeover. The equivalent contracts in Germany and Korea, on the other hand, have been traded electronically ever since their inception. Our results overwhelmingly reject the random‐walk hypothesis both for open‐outcry and electronic‐trading data sets, suggesting there has been no increase in efficiency as a result of the introduction of screen trading. One possible explanation consistent with our results would be that the index futures market is characterized by intraday overreaction. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:337–357, 2004     

An empirical analysis of the relationship between the hedge ratio and hedging horizon: A simultaneous estimation of the short‐ and long‐run hedge ratios

This article analyzes the effects of the length of hedging horizon on the optimal hedge ratio and hedging effectiveness using 9 different hedging horizons and 25 different commodities. We discuss the concept of short‐ and long‐run hedge ratios and propose a technique to simultaneously estimate them. The empirical results indicate that the short‐run hedge ratios are significantly less than 1 and increase with the length of hedging horizon. We also find that hedging effectiveness increases with the length of hedging horizon. However, the long‐run hedge ratio is found to be close to the naïve hedge ratio of unity. This implies that, if the hedging horizon is long, then the naïve hedge ratio is close to the optimum hedge ratio. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:359–386, 2004     

浅议我国股票发行制度改革及对券商的影响

本文论述了我国股票发行制度从额度审批制到核准制,又到保荐人制的演变过程及其影响。同时阐述了券商投行在新的保荐制度下的应对策略。     

青岛，爱上你的N个理由

一月,青岛收到了2006年的第一份快乐和喜悦。在全国主流网络媒体新浪网的网络评选中,青岛,以绝对性的优势赢得广大网民心目中的“2005年度中国最具风情城市”。非官方的评比,没有专家团参与论证,甚至,没有严格的评选标准明细…… 100多万网民投票评选,足以证明它的分量。不靠宣传、不靠造势、不靠吹捧,一个城市用它的魅力感染着越来越多的人。不能不说这是一个城市最好的成绩单。青岛,有着让人们深深爱恋的N个理由。     

重大突发事件风险管理研究

当前，国际社会重大突发事件的风险性质正在发生剧烈的变化，只有了解和把握这些变化及其制约因素，才能够对此有一个准确、科学的认识。本文对国际社会重大突发事件风险性质的变化进行了概要性介绍，并从社会流动性和系统复杂性的提高，人类居所、活动或资产规模的增大和集中化，突发事件风险因素的变化，公共和私人机构处理风险职责的漂移，以及社会变化和对风险的理解等5个方面对重大突发事件的风险管理进行了探讨。     

IT基础设施定价问题透视

一、Internet定价的基本原则 网络服务定价的基本原则是既要充分考虑到网络服务成本,又要能通过服务定价提高网络资源利用率。而且,服务定价系统必须尽可能地具有通用性和开放性,以支持各种不同类型的Internet应用。 1、反映成本构成。Internet网络服务的成本构成如下:(1)提供网络基础设施的成本。包括网络的线路租金(包括国际联网费用,国内主干网费用和电话中继线费用)、节点(包括构成ISP所     

防污涂料的应用和技术进展

本文对防污涂料的发展历史进行了介绍,综述了近代防污涂料的种类,重点论述了各种低毒和无毒防污涂料的研究进展,对我国防污涂料的发展现状和目前存在的问题进行了总结,并对防污涂料的发展趋势作了概括。     

入世前后中国制成品产业内贸易发展的对比分析

中国加入世界贸易组织以后,制成品贸易取得了突飞猛进的发展。然而,制成品产业内贸易指数从中国入世以后开始出现下降趋势,主要是由于资本和技术密集型的机械与运输设备产品的产业内贸易指数下降所引起的。本文在国际贸易标准类的基础上,从制成品产业内贸易指数在中国入世前后的发展变化入手,对两个阶段的产业内贸易发展进行了分产业和增长贡献的对比分析,并提出相关的政策建议。     

寄语《市场研究》

当全球迈入新世纪以来,政经变化、信息发达,往往也使得市场环境更加快速变迁,加上不确定性因素的提高,企业经营者纷纷面临市场饱和、产品加速淘汰、消费者嗜好善变及竞争者涌现等问题.面对多变的市场,单凭直觉反应和主观判断已无法应对营销决策上的需要,如何能化被动的适应防御为主动评估市场趋势已是现今社会的重要课题.     

人在江湖飘

在《功夫》一片中，周星星暗害包租婆不成，反中蛇毒加刀伤，于是跑到交通灯里，一套如来神掌下来，没事人一般。人在江湖飘，哪有不挨刀。身在广告这一行浸淫得久了，从哼哼哈哈的花拳绣腿到金钟罩、铁布衫，自我修炼的本领长了不少，任泰山崩于眼前面不改色。