Liquidity Provision of Limit Order Trading in the Futures Market Under Bull and Bear Markets

Abstract:  This study investigates how limit orders affect liquidity in a purely order-driven futures market. Additionally, the possible asymmetric relationship between market depth and transitory volatility in bull and bear markets and the effect of institutional trading on liquidity provision behavior are examined as well. The empirical results demonstrate that subsequent market depth increases as transient volatility increases in bull markets. Market depth exhibits significantly positive relationship to subsequent transient volatility in bull markets. Additionally, although trading volume positively influences transient volatility in bull markets, no such relationship exists in bear markets. Liquidity provision decreases when institutional trading activity intensifies during bear markets. Thus, liquidity provision for limit orders differs between bull and bear markets.     

供应链委托代理问题的一阶有效性研究

供应链的最优契约设计经常可以归结为一个委托代理问题．该问题所涉及的模型是一个特殊形式的二层优化问题。目前对该问题的研究非常困难。在经济学领域，解决委托代理模型常用的方法是一阶条件方法，但该方法通常是无效的。文章的主要创新点在于给出了两类满足单调似然率（MLRP）和凸性条件（CDFC）概率分布函数，这两类函数是满足一阶条件的。文章的研究拓广了一阶条件方法有效性的应用范围。     

企业文化建设如何从“围绕”到“融入”“进入”的转变

文章阐述了企业文化的内涵及现阶段我国企业文化建设存在的缺陷，结合大唐岩滩水力发电有限责任公司（以下简称岩滩发电公司）企业文化建设现状，探讨了企业文化建设如何从“围绕”到“融入”“进入”的转变。     

Strategy antecedents of modes of entry into foreign markets

Although a firm's choice of mode of entry to a foreign market is central to the implementation of international strategy, we have only limited understanding of the effects of international strategy on the choice. This study explores the effects of business relatedness and corporate international experience. Data were collected on 173 ventures of Swedish manufacturing firms that were present on the German market, and multivariate techniques were applied to test hypotheses. It was found that product/market relatedness and intangible resource relatedness between the foreign business unit and the industrial firm's core business unit favored a full control entry mode based on sole ownership. This finding was also valid for importance of foreign markets. Further, market importance moderated the two relationships regarding business relatedness. Contributions to the literature are discussed.     

基于有效沟通的采购订单处理模式

采购订单是对外贸易的主线,采购订单的有效处理将直接影响贸易的顺利开展。随着电子商务的普遍应用,有效的沟通模式对采购订单的处理起了关键性的作用。     

一种新的超市门店需求预测方法与库存管理模型

探讨了VMI模式下如何确定连锁超市门店的订货点的问题。利用专家判定法改进了基于历史数据的零售商需求预测模型，并在此需求预测模型基础上提出一种具有时间和数量柔性的自动补货策略模型。最后通过实倒分析表明，研究结果有助于帮助企业在快速响应市场需求的同时。降低企业的成本，提高企业的竞争力。此模型将在某连锁百货的订货系统中得到应用。     

Entry into Banking Markets and the Early-Mover Advantage

Using a sample for 1972–2002 with over 10,000 bank entries into local markets, we find a market share advantage for early entrants. In particular, the earlier a bank enters, the larger is its market share relative to other banks, controlling for firm, market, and time effects, with a market share advantage for early movers between 1 and 15 percentage points, depending on the order of entry. The strongest early-mover advantage is for banks that were in our sample in 1972 and survive into the 1990s. Moreover, early entrants appear to have such hold in the market by strategically investing in larger branch networks. Even controlling for the potential survivorship bias, we find that a bank's share decreases by 0.1 percentage points for a change in its order of entry from n th to ( n + 1)th. High growth markets show a smaller difference between late and early movers, consistent with a larger fraction of consumers yet to be locked in with a bank in these markets.     

Corrigendum to “On randomized matching mechanisms” [Economic Theory 8(1996)377–381]

Ma (in Econ. Theory 8, 377–381, 1996) studied the random order mechanism, a matching mechanism suggested by Roth and Vande Vate (Econometrica 58, 1475–1480, 1990) for marriage markets. By means of an example he showed that the random order mechanism does not always reach all stable matchings. Although Ma's (1996) result is true, we show that the probability distribution he presented – and therefore the proof of his Claim 2 – is not correct. The mistake in the calculations by Ma (1996) is due to the fact that even though the example looks very symmetric, some of the calculations are not as “symmetric.” We thank two anonymous referees for their helpful comments. B. Klaus’s and F. Klijn’s research was supported by Ramón y Cajal contracts of the Spanish Ministerio de Ciencia y Tecnología. The work of the authors was also partially supported through the Spanish Plan Nacional I+D+I (BEC2002-02130 and SEJ2005-01690) and the Generalitat de Catalunya (SGR2005-00626 and the Barcelona Economics Program of CREA).     

基于层级结构的企业国外进入方式研究

国外进入方式决策是企业国际化战略的关键,企业的进入方式关系到能否取得海外经营的成功,决定着企业国际化战略的命运.文章基于层级,将一个复杂的决策分解,构建进入方式的层级结构模型,而且,在此基础上提出一些可运用的方式组合,如无关的方式组合、分割的方式组合和补充的方式组合.