Sino-Taiwan and Sino-Korea trade through Hong Kong has been growing steadily since early 1980's. Direct trade is impossible because of the lack of diplomatic relations between China and Taiwan and China and S. Korea, Thus, an intermediary is essential to carry out the transactions. Then, there is the issue of why Hong Kong is chosen as the major intermediary. This relates to the transportation costs and transaction costs advantages that Hong Kong possesses as an entrepot. As the major intermediary in Sino-Taiwan and Sino-Korea trade, Hong Kong is playing multiple roles. It is serving as an entrepot in commodity trade; as an agent in the export of technology from Taiwan and S. Korea to China; as a mediator in trade disputes; and as the middle-man in some trade related issues such as the application of patent protection and the establishment of trade offices. Above all it is observed that Hong Kong has major roles to play not only in the case of indirect trade, but also in the case of direct trade. In the future, there might not be much chance for the legalization of direct trade. Nevertheless, the recent change in the trade and investment policies of Taiwan and S. Korea has shown that the future prospect of indirect trade is very bright. 相似文献
Dufour and Engle (J. Finance (2000) 2467) find evidence of increased presence of informed traders when the NYSE markets are most active. No such evidence, however, can be found by Manganelli (J. Financial Markets (2005) 377) for the infrequently traded stocks. This article investigates the issue of informed trading and its relation to liquidity in Shanghai Stock Exchange. Consistent with the hypothesis that information-based trade exists for all stocks, our findings suggest an increased presence of informed trading in both liquid and illiquid stocks when markets are active. Moreover, for the actively traded stocks, our results support the price formation model of Foster and Viswanathan (Rev. Financial Studies (1990) 593) that activities of informed traders deter uninformed investors from trading, thereby reducing market liquidity. 相似文献
While many studies of knowledge exchange have been undertaken in private and service organizations, government and R&D enterprises, few have studied scientific inter‐organizational collaborations. Furthermore, in the literature on international networks there has been a tendency to assume that knowledge exchange will be inevitably enhanced by global dispersion. Two linked dynamics deserving further study are the role of geographic proximity and the role of information and communication technologies in facilitating knowledge flow across international networks. Studies of intra‐ and inter‐firm knowledge transfer, managerial work values and cultural norms all point to China as being a fascinating counterpoint for the way knowledge exchange might occur in Europe. So in this study of the ATLAS collaboration, a ‘big science’ global network of 3,500 physicists, we explore the perceptions of two subgroups: UK physicists working in Europe and Chinese scientists based in Beijing and HeFei. Findings from 24 interviews and non‐participant observation reveal that face‐to‐face working at European Organization for Nuclear Research (Geneva) is not without its difficulties, but for a variety of sociocultural reasons, it is primarily the Chinese scientists who perceive themselves to be inhibited from full participation in effective knowledge exchange. 相似文献
For many professional services, advice adherence is a necessary condition for achieving service success for both customers and service providers. Despite their pivotal roles in value co-creation, typical conversational interactions often lead to low adherence. We propose that enabling a “dominance transition,” from provider dominance in the pre-advice stage to customer dominance in the post-advice stage, enhances advice adherence because it increases customers’ perceived common ground. Furthermore, providers’ consultation focus, customers’ prior knowledge, and customers’ perceived adherence effort moderate this process. Using mixed methods, including both empirical modeling and controlled and field experiments, we validate the proposed model in various contexts (healthcare, financial services, and fitness and wellness counseling). The findings establish several theoretical contributions and offer managerial implications for improving advice adherence by managing dominance transitions in conversational interactions more effectively through training service providers or even programming AI chatbots.
Surveys can increase market transparency when information asymmetries are present—but this will only happen when respondents answer questions truthfully. Sometimes, however, it might not be in the respondents’ best interest to provide truthful information on their firm or market. This will be especially true when other firms can exploit any information they provide. Understanding when, and under what conditions, respondents answer questions truthfully is important to researchers studying these markets and to policymakers using firm surveys to identify ways of improving the business environment. Using data from two countries in South Asia, this paper uses a random response technique to identify respondents that do not answer truthfully. We label these respondents as ‘reticent’. We show that respondents become more reticent when their firms face intense price competition. We argue that this is because intense competition gives respondents a greater incentive to misreport information to reduce market transparency. 相似文献
We study exchange that is bilateral but indirect—it involves chains of intermediaries, or middlemen—in markets with frictions. These frictions include search and bargaining problems. We show how, and how many, intermediaries might get involved in a chain, and how bargaining with one depends on upcoming negotiations with those downstream. The roles of buyers, sellers, money, and prices are discussed, allowing us to clarify some neglected connections between different branches of search theory. Pursuing one such connection, with monetary economics, we show how bubbles can emerge in intermediation, even with fully rational agents and perfect foresight. 相似文献
We posit that the benefits and costs of multiple directorships are conditional on firm characteristics. We find firm valuation is positively associated with multiple directorships in (i) firms with high advising needs and (ii) firms with high external financing needs. These beneficial effects of multiple directorships are generally stronger in countries with weak shareholder rights and in firms that are widely held. However, when controlling shareholder hold high voting‐rights to cash‐flow rights, multiple directorships reduce firm valuation, especially in countries with weak shareholder rights and in closely held firms. As multiple directorships increases, cash holdings (capital expenditures) contribute less to shareholder value. The negative association between value of cash (capital expenditure) and busy boards is mitigated in firms with (i) high advising needs, (ii) high external financing needs and (iii) less entrenched ownership structures. 相似文献
Regulations are often thought to be impediments to collaboration between governments and businesses; however, governments and businesses are increasingly forming partnerships to help them negotiate regulation issues and more broadly work together. This study argues that governments, by exercising transformational leadership, lay the foundation for the cooperative approach, in contrast to the competitive and avoiding approaches, to conflict management that in turn results in effective partnerships. Findings from 146 pairs of government regulators and business support the hypothesis, though the evidence for the ineffectiveness of avoiding conflict was not statistically significant. Specifically, structural equation analysis results support the model that transformational leadership fosters cooperative approach to conflict and reduces competitive conflict management that in turn result in respectful, effective partnerships that develop industries. 相似文献