Measuring the liquidity part of volume

Based on the concept that the presence of liquidity frictions can increase the daily traded volume, we develop an extended version of the mixture of distribution hypothesis model (MDH) along the lines of Tauchen and Pitts (1983) to measure the liquidity portion of volume. Our approach relies on a structural definition of liquidity frictions arising from the theoretical framework of Grossman and Miller (1988), which explains how liquidity shocks affect the way in which information is incorporated into daily trading characteristics. In addition, we propose an econometric setup exploiting the volatility–volume relationship to filter the liquidity portion of volume and infer the presence of liquidity frictions using daily data. Finally, based on FTSE 100 stocks, we show that the extended MDH model proposed here outperforms that of Andersen (1996) and that the liquidity frictions are priced in the cross-section of stock returns.     

地方人大重大事项决定权工作机制探索

党的十八大对坚持和完善人民代表大会制度提出了新的更高要求,十八届三中全会作出的《中共中央关于全面深化改革若干重大问题的决定》,特别明确了人大重大事项决定权。鉴于目前地方人大及其常委会的决定权基本虚置的状况,本文探讨了地方人大重大事项决定权的涵义及工作机制,以期健全人大讨论、决定重大事项制度,推进人民代表大会制度理论和实践创新。     

浅析北京四合院与中华文化之联系

北京四合院是中国民居的代表,同时也蕴含中华文化的博大精深,本文从多个方面阐述四合院的文化价值以及对四合院与中华文化互相影响进行探讨。     

Internet-Based Relationship Marketing: A Sub-Saharan African Perspective

Establishing, maintaining, and enhancing relationships over the Internet have progressively gained global attention. Nevertheless, the dawn of this modernization draws many theoretical debates and practical concerns, some of which have received little research attention, especially within the Sub-Saharan region of Africa. On this premise, we explored the contemporary practice, challenges, and benefits of Internet-based relationship marketing (RM) within the Ghanaian telecommunication industry. Expert interviews with 12 employees from four telecommunication firms elicited a wealth of experiential data analyzed thematically to understand the practice, challenges, and emerging benefits of Internet-based RM. Our findings suggest that issues of privacy concerns, erosion of face-to-face communication, and the tendency of unsolicited communication do not necessarily militate Internet-based RM within the Ghanaian telecommunication industry. We also identified emerging benefits, including online “virality,” a discovery environment, and improved firm reputation. We suggest enhancing online personalization through empathy, creating value with analytic information and managerial openness, and supporting enhanced knowledge development within the area. Directions for future studies include the possibility of comparative studies across service industries and examining the role of content marketing in Internet-based relationships. The challenge of exploring Internet-based RM was similar to hitting a moving target, as the use of the Internet for relationship marketing activities is constantly evolving. Additionally, our findings and conclusion are confined to the knowledge contribution of the experts interviewed. As one of the few studies within the Sub-Saharan region, we expand contributions from the Sub-Saharan domain. The findings of this study also bring to light new insights for establishing, maintaining, and enhancing Internet-based relationships.     

《运输作业》课程内容设计与实施

《运输作业》是物流服务与管理专业系列课程中的重要内容之一,该课程体现企业工作岗位与课程任务相对接,工作过程与教学过程相对接,以任务驱动为手段,力争把学生培养为技能型物流人才。     

CDIO工程模式的实施要素分析

CDIO工程教育模式是工程教育改革的新成果,在CDIO工程教育模式中要求教师具有良好的工作实践能力、教学能力和职业道德,依托课程微项目的实践活动可以帮助学生进行良好的工作实践建构,达到自主学习,从而提高课堂教学效果。     

Is working capital management value-enhancing through alleviating financial constraints? Evidence from Chinese non-listed firms

Financial factors have been found highly important in influencing firms’ real activities and in promoting aggregate growth. Yet, the linkage between finance and firm-level total factor productivity (TFP) has been overlooked in the literature. I fill this gap using 147,310 non-listed Chinese firms over the period 1999–2007 to estimate a TFP model augmented with working capital. I find that TFP is strongly and significantly associated with working capital for private and foreign firms, but not for SOEs. More specifically, an increase in working capital has a negative (positive) effect on TFP in firms with positive (negative) working capital. Furthermore, highly external financial constrained, highly internal financial constrained, under-developed institutional regions and small size private and foreign firms are more sensitive to working capital.     

Decomposing Impression from Attitude in Relationship Management Outcomes

This study expands relationship management theory by testing the linkages between perceived relational quality, organizational impression, and attitude in affecting the behavioral intention of customer public of five major banks. A survey of 1,178 banking customers showed that perceived relational quality, organizational impression, and individual attitude, significantly affected supportive behaviors. Organizational impression was found to be almost three times more determinant than perceived relational quality in affecting individuals' attitudes, and subsequently, their supportive behaviors. By highlighting the role of organizational impression, linkages between the relationship management perspective and other theoretical frameworks, such as image repair, become apparent; bearing implications for scholarship and practice.     

The relationship between multinationality and performance: Knowledge-intensive vs. capital-intensive service micro-multinational enterprises

This research explores the relationship between multinationality and firm performance (M-P) in the context of micro-multinational enterprises (mMNEs) within the service sector. We examine the moderating effects of industry characteristics using a data set of 1082 Spanish service mMNEs over an eight-year period. The empirical results provide statistical evidence that knowledge-intensive service mMNEs exhibit an inverted U-shaped M-P relationship, while capital-intensive service mMNEs present a U-shaped relationship. Our findings demonstrate that knowledge-intensive service mMNEs increase their performance in the initial stage of multinationality, encounter a threshold of internationalization at relatively low levels of multinationality and have a propensity to over-internationalize. By comparison, capital-intensive service mMNEs experience negative performance effects at low levels of multinationality and positive ones as they further internationalize. Given that their operations are scale-sensitive, they tend to expand internationally by concentrating their operations in few foreign markets as a means to overcome the liabilities of internationalization and smallness. We contribute to the literatures on multinationality research in the service sector and on SME internationalization by showing that the effects of multinationality on the performance of mMNEs depend on industry characteristics and that such contextual factors provide a better understanding of the M-P relationship.     

“安倍经济学”与“李克强经济学”孰优孰劣

在外界看来,"安倍经济学"喜迎东风,"李究竟哪一种发展模式能够真正实现经济持续健康发展的神话?然而,哪一种发展模式更加适应本国国情,真正能实现国富民强?