Research notes and communications first-mover effects in multiple dynamic markets

A study of first-mover effects in semi-submersible oil-drilling suggests that first-entrants in international markets maintain higher market share after controlling for market localization and life cycle. Examining only surviving entrants at a point in time inflates this pioneering-market share relationship. Pioneering has an inter-market effect on market share, greater than the intra-market effect. Multinational firms may use market pioneering to resist localization pressures and enhance survival in foreign markets. The study suggests the importance of careful first-mover identification and market definition, a wider examination of first-mover effects over multiple markets, and control for measurement timing.     

企业竞争策略中的成本效益分析方法

企业每一项经营决策都应该进行成本效益分析，市场竞争中可以根据本企业的成本曲线和需求曲线，预测出竞争策略实施后对内部成本和外部需求可能产生的影响，从而计算出某项决策的经济效果。     

The liquidity effects of foreign exchange intervention

This paper examines the effectiveness of foreign exchange intervention in a two-country, two-currency, general equilibrium model that allows for liquidity effects. Both sterilized and non-sterilized intervention operations have significant impacts on the allocation of liquidity in international financial markets. Whether intervention is successful in moving the exchange rate in the desirable direction depends upon the degree of sterilization of intervention and the intratemporal elasticity of substitution of the consumption goods. The model shows that there exist circumstances in which the response of exchange rate to intervention is ‘perverse’ as documented in the empirical literature.     

Awareness of Distributed Denial of Service Attacks' Dangers: Role of Internet Pricing Mechanisms

Denial of Service (DoS) attacks consist of overwhelming a server, a network or a Web site in order to paralyze its normal activity. The additional parameter in Distributed Denial of Service (DdoS) attacks is the distributing strategy. It means that DDoS attacks do not come from a single computer but stem from all accessible channels and servers. Consequences are multiple, ranging from system errors, temporary inability to access the Web site for normal users to challenging the actual reliability of the Internet. Despite this, Internet users show carelessness. The explanation lies in the specificities of DDoS attacks. We explore possibilities to raise users' awareness about the actual amplitude of problems caused by DDoS attacks. We suggest a careful examination of Internet pricing mechanisms and switching from flat to usage-constraining pricing schemes.     

Does an Industry Effect Exist for Initial Public Offerings?

We examine the impact of initial public offerings (IPOs) on rival firms and find that the valuation effects are insignificant. This insignificant reaction can be explained by offsetting information and competitive effects. Significant positive information effects are associated with IPOs in regulated industries and the first IPO in an industry following a period of dormancy. Significant negative competitive effects are associated with larger IPOs in competitive industries, those in relatively risky industries, those in high‐performing industries, and those in the technology sector. IPO firms that use the proceeds for debt repayment appear to represent a more significant competitive threat to rival firms relative to IPO firms that use their proceeds for other purposes.     

China＇s Social Security： Case Studies of the Interest Groups and Policy Monopoly

This section introduces an asymmetric information model to analyze the interest groups and policy monopoly in social security management, mainly focusing on the relation between the interest groups in the social security products market and the social security government institutions at the central level, namely the major social security policy makers.     

On Sraffa's Standard commodity: is its price invariant with respect to changes in income distribution?

In his 1960 book, Sraffa suggested using a composite commodity,which he called the ‘Standard commodity’, to solveRicardo's search for an invariable measure of value, i.e., astandard capable of isolating the price movements of any othercommodity induced by changes in income distribution. The absencein Sraffa's book of an explicit proof of the invariance propertyof this standard gave rise to many misunderstandings about itsmeaning and its role as an invariable measure of value. In orderto clear up these questions, Bellino (On Sraffa's Standard commodity,Cambridge Journal of Economics, vol. 28, 121–32, 2004)has proposed a ‘proper’ definition of an ‘invariablemeasure of value’, showing that Sraffa's Standard commoditydoes fulfil the requirements of this definition. He claims thatthe fulfilment of this property (but not the constancy of its‘nominal’ price) qualifies the Standard commodityas an invariable measure of value. In this paper, a proof ofthe invariance of the price of the Standard commodity with respectto changes in income distribution is given, and the equivalenceof this property with Bellino's definition of invariance isshown.     

Stock Price and Volume Effects Associated with Compositional Changes in European Stock Indices

This paper provides further evidence of price and volume effects associated with index compositional changes by analysing the inclusions (exclusions) from the French CAC40 and SBF120 indices, as well as the FTSE100. I find evidence supporting the price pressure hypothesis associated with index fund rebalancing, but weak or no evidence for the imperfect substitution, liquidity and information hypotheses. The results improve on recent evidence from the S&P500 index. The evidence for the FTSE100 additions shows, in particular, that markets learn about an imminent inclusion and incorporate this information into prices, even before the announcement date.     

中国进口与经济增长关系的区域差异分析

利用面板数据对中国东、中、西部的进口额和GDP增长关系进行的实证研究。在短期内，GDP增长对进口额影响最小是中部地区，在长期，西部GDP增长对进口额影响最大。中国经济增长对拉动世界经济增长起了十分重要的作用，中国经济增长减速也会影响全球经济。     

英国养老保险制度浅析

英国是世界上最早建立社会保障制度的国家之一。英国建立的多层次养老体系以及一直贯彻的“普遍性”原则、“最低”原则和“个人责任”原则，值得我们这样一个发展中的经济转型国家研究和借鉴。