Algorithmic trading and block ownership initiation: An information perspective

This paper examines the impact of algorithmic trading (AT) on investors' incentives to initiate block ownership in U.S. public companies. We find that a one standard deviation change in AT activity reduces the block ownership initiation likelihood by 3.5%. Using the SEC's randomised tick size pilot experiment in 2016 as a negative shock to AT, we show that the effect of AT on block ownership initiation is causal. Further evidence supports the information-hindering explanation that AT discourages sophisticated investors from acquiring information, which results in a decrease in block ownership initiation. We find that the effect of AT is more pronounced among information-sensitive investors and that institutional investors reduce their information-gathering activities in AT-targeted stocks. Additional tests exploring information-based trading behaviour in the presence of AT provide strong evidence to support the explanation of information-hindering, and our results hold across a battery of robustness tests.     

Do High-technology Exports Cause More Technology Spillover in China？

The volume of China’s high-technology exports has grown sharply since the implementation of its export promotion strategy "Revitalizing Trade through Science and Technology" in 1999.This paper investigates whether technology spillover effects are greater for hightechnology exports than for primary manufactured goods exports.We present a generalized multi-sector spillover model to identify both between spillover effects from exports towards non-exporters and within-spillover effects among export sectors.Using panel data for 31 provinces in China over the period from 1998 to 2005,we find that although high-technology export sectors have higher productivity compared with other sectors,this productivity advantage does not lead to technology spillover to both domestic sectors and other export sectors,and export technology spillover mainly derives from traditional export sectors rather than high-technology export sectors.As such findings can be largely attributed to the fact that China’s high-technology exports depend significantly on processing trade by foreign- invested firms,policy implications are discussed in relation to how to best promote the role of China’s high-technology exports during economic expansion.     

转变浙江外贸增长方式的对策探讨

经过多年的快速增长,浙江已经成为我国的外贸大省.但是,浙江外贸增长具有明显的粗放式特征,外贸发展面临商品结构升级迟缓、出口低价竞争、贸易失衡、贸易摩擦频发和资源环境约束加剧等严峻形势.必须采取有效措施促进外贸增长方式的转变,保持浙江外贸的持续健康发展.     

Spatial Growth Regressions: Model Specification,Estimation and Interpretation

Abstract

We attempt to clarify a number of points regarding use of spatial regression models for regional growth analysis. We show that as in the case of non-spatial growth regressions, the effect of initial regional income levels wears off over time. Unlike the non-spatial case, long-run regional income levels depend on: own region as well as neighbouring region characteristics, the spatial connectivity structure of the regions, and the strength of spatial dependence. Given this, the search for regional characteristics that exert important influences on income levels or growth rates should take place using spatial econometric methods that account for spatial dependence as well as own and neighbouring region characteristics, the type of spatial regression model specification, and weight matrix. The framework adopted here illustrates a unified approach for dealing with these issues.     

我国商品结构与双边贸易流量关系——基于引力模型的实证研究

本文采用两个进出口相似性指数EIS及COS指数来衡量我国商品结构,分析基于SITC一位数和两位数分类商品的结构特点,结果显示我国与发达国家的进出口相似性普遍高于与发展中国家的进出口相似性,且商品分类越细化,相似性程度越低;同时,将EIS与COS指数分别引入引力模型考察我国商品结构与双边贸易流量的关系,实证结果显示,商品结构对双边贸易流量具有统计上显著为正的影响作用,成为仅次于出口国收入水平和人口规模的重要解释变量,而且对于我国而言,COS指数的解释能力比EIS指数更强。     

Research on Enterprise Strategic Information System on Design Principle and System Composition

This paper intends to describe how to design an optimized and effective strategic information system （SIS） by using the existing resources under the new market circumstances in China. Some feasible methods are thus proposed, which are about the design of SIS by detailed analysis of the principle requirements. The paper also puts forward the architecture and configuration of SIS in China in general.     

长期经济增长与中国财政支出结构优化研究

财政支出结构政策与总量政策相比具有更重要的一面,它可以在不改变财政支出规模的情况下,提高经济增长率.本文首先建立了一个简单的经济增长与财政支出结构优化理论模型,然后对我国改革开放以来经济增长与财政支出结构的关系进行了实证性分析,得出我国的财政投资已超过最优规模,生产性财政消费与非生产性财政消费均能促进经济增长,但对经济增长的贡献缺乏弹性.     

增值税改革、资本和资本有机构成:基于马克思主义政治经济学的视角*

本文在全面介绍马克思主义政治经济学中关于资本及资本有机构成分析框架及论断的基础上,利用我国2005—2015年地级市的面板数据,采用双重差分模型全面考察了增值税转型和“营改增”两次改革对地区资本及资本有机构成的影响。本文研究发现：增值税转型后固定资本投入增加,可变资本投入相对减少,资本有机构成进一步提高;而“营改增”后,固定资本和可变资本投入均有增长,但资本有机构成相对下降。本文检验了马克思主义政治经济学对资本及资本有机构成论断在我国的现实意义,对进一步加强应用马克思主义政治经济学指导我国财税制度改革进行了有益尝试。     

试析典型材料写作中典型形象的塑造方法

典型材料写作应该摆脱思维定势,摒弃人为拔高,反对机械地、线性地分析典型成长的环境和原因,进而缩小典型同生活与读者之间的距离,塑造立体典型。写作中应探究读者心理,有针对性地塑造典型,消除读者接受的心理壁垒,起到示范引路的作用。典型材料写作应做好前期调研,广泛调查、仔细核实、深入整理,挖掘"深刻"典型。应平易、生动地再现典型的事迹,运用接近策略,塑造感人典型,引起读者的认同和共鸣,进而影响和规范人们的思想和行为。     

我国城乡居民信息消费比较——基于2000～2007年的实证

从信息消费系数、信息消费倾向以及信息消费结构等方面对2000~2007年间我国城乡居民信息消费进行对比分析,通过研究21世纪初我国城乡居民信息消费的变动特点,得出城乡居民信息消费增长迅速、农村居民边际信息消费倾向高于城镇居民、在信息消费水平上农村居民与城镇居民差距较大等结论。