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VINCENT BOGOUSSLAVSKY 《The Journal of Finance》2016,71(6):2967-3006
A model of infrequent rebalancing can explain specific predictability patterns in the time series and cross‐section of stock returns. First, infrequent rebalancing produces return autocorrelations that are consistent with empirical evidence from intraday returns and new evidence from daily returns. Autocorrelations can switch sign and become positive at the rebalancing horizon. Second, the cross‐sectional variance in expected returns is larger when more traders rebalance. This effect generates seasonality in the cross‐section of stock returns, which can help explain available empirical evidence. 相似文献
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Liquidity suppliers lean against the wind. We analyze whether high‐frequency traders (HFTs) lean against large institutional orders that execute through a series of child orders. The alternative is HFTs trading with the wind, that is, in the same direction. We find that HFTs initially lean against these orders but eventually change direction and take positions in the same direction for the most informed institutional orders. Our empirical findings are consistent with investors trading strategically on their information. When deciding trade intensity, they seem to trade off higher speculative profits against higher risk of being detected and preyed on by HFTs. 相似文献
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VINCENT G. HUTCHINSON 《International Journal of Consumer Studies》1978,2(1):55-66
A recurring theme amongst teachers of home economics has been their insistence on the necessity of relating the content of home economics and their teaching methods to the reality of the conditions in which children live. This paper considers the views of professional workers in the fields of health and education welfare concerning factors affecting competence in caring for a home and family and the contribution that home economics can make towards improving the quality of family life. 相似文献
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ANA MAULEON HUASHENG SONG VINCENT VANNETELBOSCH 《Journal of Public Economic Theory》2010,12(3):471-500
The paper examines the formation of free trade agreements as a network formation game. We consider an n‐country model in which international trade occurs between economies with imperfectly competitive product markets. In each country, the labor market is either unionized or non‐unionized. We show that, if all countries are non‐unionized, the global free trade network is both the unique pairwise stable network and the unique efficient network. If all countries are unionized, the global free trade network is pairwise stable and the unique efficient network among the class of symmetric networks. If some countries are unionized while others are non‐unionized, other networks apart from the global free trade network may be pairwise stable. However, the efficient network is still the global free trade network. Thus, a conflict between stability and efficiency may occur. Moreover, starting from the network in which no country has signed a free trade agreement, all sequences of networks due to continuously profitable deviations do not lead (in most cases) to the global free trade network, even when global free trade is stable. 相似文献
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GIANFRANCO WALSH VINCENT‐WAYNE MITCHELL THORSTEN HENNIG‐THURAU 《The Journal of consumer affairs》2001,35(1):73-95
The lack of previous relevant consumer research in Germany, together with the need to test the generalizability of consumer decision‐making styles in different countries and with non‐student samples, prompted an investigation of German shoppers. The original U.S. eight‐factor model could not be confirmed completely, but support was found for six factors: Brand Consciousness, Perfectionism, Recreational/Hedonism, Confused by Overchoice, Impulsiveness, and Novelty‐Fashion Consciousness. Variety Seeking was novel to Germany and replaced brand loyalty and price‐value consciousness factors found in previous countries. Explanations for the differences are discussed as well as the marketing implications. 相似文献