The contribution of a satellite market to price discovery: Evidence from the Singapore exchange

The Singapore Exchange (SGX), a small satellite market, successfully competes with a large home market, the Osaka Securities Exchange (OSE), in trading the Nikkei 225 futures index. In this paper, we investigate the contribution of the SGX to price discovery and shed light on the reasons for its continued success. Evidence is provided from information revelation and price discovery of three competing but informationally linked markets of the Nikkei 225 index—domestic spot (Tokyo Stock Exchange), domestic futures (OSE), and foreign futures (SGX), which represents the satellite market. Overall, the futures market contributes 77% to price discovery, with the satellite market contributing 42% of the futures and 33% of the total price discovery. These figures, surprisingly, far exceed the satellite market's share of trading volume. Support is provided for the extended trading hours on the SGX for three of the four non‐overlapping trading sub‐periods. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:981–1004, 2004     

Bid‐ask spreads,volatility, quote revisions,and trades of thinly traded futures contracts

We investigate intraday bid‐ask spreads (BAS), volatility, and trading activity of thinly traded equity index futures contracts on the Singapore Exchange. Contrary to previous findings, we find a rather flat BAS pattern during the trading day. However, consistent with past findings, an increase in risk widens the spread and a higher trading activity reduces it. When trading occurs in a day, spreads are reduced. No significant difference in volatility between days with and without trades was detected. When trades occur, quote revisions increase, and it is positively related to the number of trades. An increase in the number of quote revisions increases the likelihood of a transaction, and when quotes are current, revisions that are accompanied by trades carry new information. We provide evidence that contracts that are thinly traded may possess liquidity attributes as long as their price quotes remain current. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:455–486, 2003     

浅谈文化性在国林种植中的重要性

本文从文化角度出发,强在园林种植中的重要性,并为继承与扩展园林种植文化,提升当代景观艺术的文化性提出对策,并对园林种植中的文化性进行阐述.     

省际人力资本存量的估算——以江苏省为例

知识经济时代,人力资本对经济发展的作用越来越被人们重视,但对人力资本的如何度量的研究却相对薄弱,本文以江苏省为例,通过估算江苏省各级受教育程度人员总数、各级受教育程度人员的从业率,计算出各级受教育程度的从业人员数,再用受教育年限法估算出了江苏省人力资本存量,并对江苏省人力资本的发展状况和人力资本结构等进行了简要的分析。     

英汉文化翻译的不对应性

翻译是在一定文化背景条件下进行的语言形式的转换,它涉及的不仅是两种语言,也是两种文化。处理好文化差异在形式和功能上的对等是文化翻译的关键所在。从文化差异的角度阐述翻译过程中词汇的不对应性,并就此提出了一些翻译策略。     

What constrains firms from divesting their legacy business?

This study focuses on a unique business phenomenon, legacy divestitures, which refers to the sale or spinoff of a firm's original business. I argue that firms may be prevented from engaging in legacy divestiture by organizational inertia, which become increasingly stronger as the legacy business gets older. I also examine factors that help firms overcome the constraints of inertial forces on firms' legacy divestitures. Hypotheses are tested using a sample of 108 diversified American companies, 27 of which divested legacy businesses between 1980 and 2017. Firms are less likely to divest their legacy businesses as the legacy units get older. The negative relationship is weakened by two factors, performance–aspiration gaps and R&D intensity.     

Crypto quanto and inverse options

Over 90% of exchange trading on crypto options has always been on the Deribit platform. This centralized crypto exchange only lists inverse products because they do not accept fiat currency. Likewise, other major crypto options platforms only list crypto–stablecoin trading pairs in so-called direct options, which are similar to the standard crypto options listed by the CME except the US dollar is replaced by a stablecoin version. Until now a clear mathematical exposition of these products has been lacking. We discuss the sources of market incompleteness in direct and inverse options and compare their pricing and hedging characteristics. Then we discuss the useful applications of currency protected “quanto” direct and inverse options for fiat-based traders and describe their pricing and hedging characteristics, all in the Black–Scholes setting.     

经济学视域下的公共政策分析:批判与反思

当前主流经济理论对公共政策的分析主要是基于其广泛适用的规则和假设,在进行演绎式分析推理过程中,其所使用的抽象效率标准将公平分析几乎完全排除在外,从而使公共政策在很大程度上失去了其应有的价值判断。现实中,社会性个体基于契约理性追求角色意义上的目标及其协调,因此,公共政策首先应考虑的是目标定位与一致认可,这必然要兼顾公平与效率,并全面考虑人类行为的伦理、经济和法律方面,这是人作为一切社会关系的总和的必然产物和要求。政府公共政策及其引导下的集体行动是对个体角色目标的协调一致的表现和结果,因此公共政策只有能够满足诸多个体实现不同的个人目标,才有被认可并得到执行的可能。由此可见,公共政策首先应当有其价值判断,该价值判断建立在共识判断的基础之上。     

公司选聘关系型独董仅是任人唯亲吗?—基于商业关系维护视角的分析

在我国人情交织的商业背景下,许多公司聘请了与高管存在社会关联的独立董事,由此产生了拖累企业治理效果的担忧.然而,企业聘请这类独立董事仅仅是关系作用下任人唯亲的行为吗?文章通过收集我国上市公司独立董事与董事长或总经理的社会关系数据,以2008-2015年上市公司作为研究样本,发现较多地与商业伙伴进行关系型交易的企业更倾向于聘请关系型独董.其原因在于,社会关系带来的信任使关系型独董能够为企业保守交易过程中的商业信息,并且支持企业为稳固商业关系而做出的相关决策.这一现象在企业处于激烈的行业竞争及较差的地区商业环境时更加明显.经济后果分析表明,这类企业聘请关系型独董后进行了更多的专有资产投资,并获得了更快的销售增长.文章研究表明,企业选择关系型独董不仅仅是关系使然,很可能是企业权衡自身特质后的一种理性选择.     

层式创新团队结构效率评价内涵与方法研究

为有效刻画层式创新团队管理效率评价结构化投入产出参数,引入团队能力视角的能力本体与功能对应分析策略,形成了针对其角色倾向、技能匹配、任务协作的效率评价要素解析维度。在此基础上,通过挖掘效率形成、交互与转化过程中衍生的角色、技能与任务维度投入产出要素需求差异,提炼出3个结构效率评价概念,并融合DEMATEL方法和AR-DEA方法,构建了能够整合要素复杂作用关联、反映偏好约束的结构效率综合评价模型。案例应用结果表明,以上理论方法有效、可行,对于提升结构化归纳层式创新组织管理效率内涵、梳理投入产出要素关联、增强评价结论参考价值等具有一定的实践指导意义。