The link between intraday signals and call warrant mispricing

This study proposes a linkage between intraday variables (signal amounts and signal duration) and the mispricing of Taiwan call warrant prices, based on the lower boundary condition of Merton [1973. Theory of rational option pricing. Bell Journal of Economics and Management Science, 4(1), 141–183] as modified by Galai [1978. Empirical tests of boundary conditions for CBOE options. Journal of Financial Economics, 9(2), 321–346]. Trading mispriced call warrants associated with a riskless hedging strategy over the period January 2004–December 2005 on average produces abnormal profits after taking into account transaction costs, as indicative of an inefficient market.     

The FTA Music Is Playing in Asia: After ECFA,Will Taiwan Join the Dance?

In the context of stalled multilateral trade negotiations, major trading economies are seeking free trade agreements (FTAs) to secure their market access objectives. Nowhere is this dynamic stronger than in East Asia, where a web of bilateral and plurilateral agreements is stitching together piecewise an Asian free trade area that could plausibly rival the EU and NAFTA trade blocs and where the possibility of a formal pan-Asian agreement has been raised. Taiwan has been largely excluded from this dynamic. However, with the June 29, 2010 signing of the Economic Cooperation Framework Agreement (ECFA) with China, the possibility of Taiwan joining the FTA dance in East Asia would appear to have been greatly strengthened as the advocates had anticipated. This article considers the economic and trade implications of Taiwan's participation versus non-participation in an emerging East Asian trade bloc. We support our analysis with simulations using the GTAP computable general equilibrium model. The article finds that the benefits to Taiwan of participating in such a bloc have increased, as have the opportunity costs of exclusion, since the share of East Asian partners in its trade has risen.     

Boundary spanner turnover in professional services: Exploring the outcomes of client retention strategies

Abstract

Studies suggest that the termination of the interpersonal relationship between boundary spanners at buyer and seller firms can have a damaging effect on the inter organisational relationship. Few studies have addressed this issue in detail, but those that do, advise supplier firms to implement strategies such as service teams and boundary spanner rotation to lessen the negative effects of boundary spanner turnover. By creating multiple bonds between the two firms, dispersing client-specific knowledge widely throughout the supplier firm, and preventing the development of a close bond between buyer and seller boundary spanners, individual interpersonal relationships become less important. However, a review of relationship literature on trust, commitment, social bonds, and knowledge suggests the potential for negative outcomes from the implementation of the strategies. Using case studies and one-to-one interviews with design buyers and their agencies, this paper explores the outcomes of the two strategies, and the contexts in which these outcomes occur. Adopting a critical realist approach, findings are presented in the form of context–mechanism–outcome models. Agency size, agency culture, client experience, and boundary-spanner autonomy are amongst the contexts that influence the outcome of strategy implementation.     

CUSFTA effects: A joint consideration of trade and multinational activities

This paper estimates the effects of the Canada–US Free Trade Agreement (CUSFTA) on trade, sales of foreign affiliates of multinational enterprises, and total bilateral commerce (aggregate of both trade ands sales of foreign affiliates) in the manufacturing sector. The empirical investigation is carried out over a panel dataset covering the US bilateral transactions with the Organization for Economic Cooperation and Development (OECD) countries for the period 1983–1998. The empirical specification is guided by a gravity-based model that accounts for trade and the operation of foreign affiliates as alternative modes of accessing foreign markets. The results show that the CUSFTA induced an increase in inward and outward trade between the US and Canada, but also led to a significant reduction in sales of their foreign affiliates in the corresponding CUSFTA partner country. This outcome implies that the trade-generating effect of the CUSFTA is overstated.     

Trade effects of the Europe agreements: A theory-based gravity approach

We analyze normalized productivity differences for 15 developing Latin American countries and four firm types: National Domestic, National Exporter, Foreign Domestic, and Foreign Exporter. There are no productivity thresholds for viability, export activity, or multinational activity, but we do find a clear size productivity premium and development productivity premium in the manufacturing sectors. We also find a clear foreign-ownership productivity premium, both for domestic firms and for exporting firms and both for manufacturing sectors and services sectors. In contrast, we only find an export productivity premium for national firms in the manufacturing sectors.     

都市区空间范围的划分方法

都市区已成为中国城市化快速发展的重要载体,但其地域空间范围划分标准尚不明晰,从而影响到空间规划的科学性和空间管治的可操作性。在对国内外都市区定义及划分方法的简要评述基础上,考虑到我国都市区发展所处的阶段,提出产业经济空间和人口经济空间两种划分方法。研究认为由于城市产业经济活动的多样性及其产业活动影响范围的差异性会导致产业经济空间的划分方法难以具体实施,推荐以核心城市人口经济活动的空间范围来划分都市区。在此讨论基础上,对全国尺度上的大都市区空间范围进行了大致匡算和划分,目前全国共有30个大都市区;并以北京市作为案例点,利用GIS技术,考虑道路交通系统,更为具体详细地对北京市都市区范围进行了界定,都市区地域空间形态表现为明显的锯齿状。     

城市增长边界的理论探讨与应用

城市增长边界(UGB)是当前美国等西方国家在城市可持续发展及空间扩张管理等方面研究的热点之一。文章旨在诠释UGB的内涵、特征以及效能的基础上,对国内的相关研究进行了回顾与评价,并对中国设定UGB的必要性进行了阐述。结果表明:设立城市发展边界(UGB)对于中国的城市空间扩张管理有着十分重要的指导意义,但UGB管理模式并不能够简单地"复制"到中国,需要从正确定位、划定方法、整合管理及弹性控制等方面进行创新。     

村民投资村级公共物品的实践与理性思考

村民投资村级公共物品的前提是具有共同的利益,但共同利益的实现依赖于集体行动困境的有效破解.即克服搭便车问题。良好的村庄社会资本为投资行为提供了社会环境和基础,尤其是村庄精英及以其为中心形成的网络为村民投资的形成有积极的组织和动员作用;内部激励机制是村民投资的社会基础,能有效克服集体行动中的搭便车行为。     

降税后中国对东盟纺织品服装贸易的前景分析

中国—东盟自由贸易区成立后,双边纺织品服装贸易发展非常迅速。自贸区"降税计划"的启动,为我国开辟东盟及国外市场带来了非常大的机遇。我国应充分利用自贸区内的区域性分工来加强与东盟的合作,以规避该行业的外贸风险,最终达到双赢的目的。     

基于核心能力半径的企业规模边界

企业规模边界的扩张是企业实现增长的一种重要方式,实质是企业能力半径的构建和强化。以核心能力为视角,分析决定企业核心能力半径的因素发现,在不同核心能力半径下,企业规模边界的变动存在规律性变化,企业的能力半径决定了企业规模边界的上限,而核心能力半径决定了企业规模边界的下限。