Estimation of zero-intelligence models by L1 data

A unit volume zero-intelligence (ZI) model is defined and the distribution of its L1 process is recursively described. Further, a generalized ZI model allowing non-unit market orders, shifts of quotes and general in-spread events is proposed and a formula for the conditional distribution of its quotes is given, together with a formula for price impact. For both the models, MLE estimators are formulated and shown to be consistent and asymptotically normal. Consequently, the estimators are applied to data of six US stocks from nine electronic markets. It is found that more complex variants of the models, despite being significant, do not give considerably better predictions than their simple versions with constant intensities.     

美国金融监管改革的新框架与新趋势

针对金融危机中暴露的监管缺陷,美国正在进行"大萧条"以来最为全面的金融监管改革.本文在宏观和微观审慎监管相结合的框架下介绍了美国金融监管改革的主要内容,分析了围绕改革的主要争论,并对国际金融监管改革趋势进行总结比较,认为美国这次金融监管改革将从监管标准、方法、模式和理念等方面重构美国金融监管体系,有利于形成更加稳定有序的金融市场新秩序,防范金融危机重演.     

高职物流管理专业订单培养模式实践研究

自从教育部教高[2006]16号文件颁布以来,高职的订单培养问题一直是高职教育的一个热点,但针对物流管理这类经管专业在具体的实践过程中出现了不少的问题,如何解决这些问题一直是经管类专业的重要课题。通过多年的实践,我们在对物流管理专业的订单培养过程中灵活根据用人单位的需要不断地进行人才订单培养模式的研究与实践,目前已经形成了全过程订单培养、半过程订单培养、推荐式订单培养三种主要的订单培养模式。文中对这些实践经验进行了研究与总结。     

学科群与战略性新兴产业耦合度评价研究

基于系统论视角,运用自组织理论序参量原理选取序参量指标,构建学科群与战略性新兴产业有序度模型和耦合度评价模型。在此基础上,以陕西省电子信息科学学科群与电子信息产业为实例进行耦合度评价,检验序参量和耦合度模型的有效性,并提出提高学科群与战略性新兴产业耦合效果的针对性建议。     

Optimizing order policy and credit term for items with inventory-level-dependent demand under trade credit limit

Under the combined effects of inventory-level-dependent demand (ILDD) and trade credit, the retailer is able to order more quantities to stimulate market demand. However, from the supplier's perspective, two important issues are lacking sufficient attention. First, during the credit period, the retailer's higher order quantities imply increases in both the retailer's account payable and the supplier's opportunity cost of capital. Second, given the supplier's fixed production rate, the increased market demand may drive the capacity utilization to be variable. Thus, by formulating a supplier-dominated system, this paper incorporates trade credit limit (TCL) to address its effects on optimal policies vis-à-vis the item with ILDD. Specifically, three indicators can be proposed to reveal which type of financing policy the retailer should choose. Moreover, based on TCL, the supplier can effectively manage the retailer's order quantity and the corresponding account payable. Additionally, the retailer's maximum allowable order quantity is developed to ensure that the supplier can supply the retailer's order quantity on time. Furthermore, when the effects of ILDD become more significant, the manufacturer will reduce the maximum allowable order quantity to control the retailer's order incentive.     

校企合作“订单式”人才培养模式探索和实践

推进工学结合、校企合作,建构适应社会经济发展的职业教育人才培养模式已经成为当前高等职业教育改革与发展的突出问题。本文以我院开设的"苏宁物流订单班"作为研究个案,深度讨论分析了"订单班"的办学思路及实施方法,以及在实施"订单式"人才培养模式中政府、企业和学校三者的利益关系;最后,对如何完善校企合作、订单培养提出对策和建议。     

混凝土搅拌站属机械设备冬季使用保养探讨

混凝土搅拌站的良好运作和它自身的保养维护是密不可分的,混凝土搅拌站的设备需要精心呵护,进而才能够最大限度降低机器的故障发生率和提高设备使用寿命。本文主要论述了搅拌站正常使用与保养过程中的注意事项、使用搅拌站柴油机过程中的注意事项、混凝土输送泵、混凝土搅拌车及装载机的使用注意事项及混凝土搅拌站负责人员要注意的清理保养项目。     

Performance Implications of Online Entry Timing by Store-Based Retailers: A Longitudinal Investigation

This paper utilizes Time Series Cross-Sectional (TSCS) Regression techniques to investigate long-term performance effects of the timing of online sales adoption by incumbent bricks-and-mortar retailers. Its findings support the resource-based theory of competitive advantage by showing that firm-specific resource endowments (bricks-and-mortar experience, catalog experience and firm size) determine the success of the order of online entry strategy. The study contributes to the development of strategic theory in the areas of multi-channel retailing and electronic commerce and assists managers in formulating more informed strategic objectives for achieving multi-channel competitive advantage.     

Small Order Value, Delivery Home

China Direct Exports Inc.is a pioneer in the ever-evolving world of international trading.Unlike the traditional import/export method that involves multi-layers of middlemen,China Direct Exports brings a wide array of products to retailers and the frontline distributors directly from its partner factories in China.     

Exchange rates and order flow in the long run

Several recent papers have underlined the importance of microstructure effects in understanding exchange rate behavior by documenting stable long-run relationships between cumulated order flows and spot exchange rates. This stands in contrast to the widely-studied failure of exchange rates to conform to the long-run behavior implied by “conventional” macroeconomic models and is consistent with the prediction of micro-structure models. We re-examine the evidence for stable long-run relationships. We find that such evidence exists only for a small number of the major currencies we examine and that it is statistically fragile. We conclude that this implication of microstructure models does not fit the data as well as previous studies suggest.