The liquidity effects associated with addition of a stock to the S&P 500 index: evidence from bid/ask spreads

This study examines changes in stock liquidity, as measured by the bid/ask spread, when a stock is added to the S&P 500 Index. The paper presents evidence of a significant decrease in the bid/ask spread upon S&P 500 addition, however, this effect is limited to only those stocks that were not trading listed options. Further, the decrease in the bid/ask spread for nonoptioned stocks is accompanied by a significant and permanent increase in share price and trading volume. While optioned stocks experience a permanent increase in trading volume, they experience only a temporary increase in share price. The findings for optioned stocks support the hypothesis that the price and volume effects associated with S&P 500 addition derive from temporary price pressure. Findings pertaining to the nonoptioned stocks indicate that the price and volume effects associated with S&P addition reflect enhanced stock liquidity. The decrease in the bid/ask spread for nonoptioned stocks is attributed to informational efficiencies achieved via index arbitrage trading, and it is argued that this effect is mitigated for optioned stocks due to the pre-existence of arbitrage trading between the option and the underlying stock.     

建设工程招标的最低价中标法及其保证措施的理论研究

最低价中标法是国际通行的建设工程招标方法，过去我国政府一直限制这种方法的使用，2000年1月1日我国政府颁布并开始实施的《中华人民共和国招标投标法》首次允许招标人可以选择最低报价者，中标，从而为该方法在我国的应用提供了法律制度保障，本文从业主与承包商之间的委托代理关系视角，在理论上剖析了建设工程招投标中最低价中标法的本质与功能；并通过对中外工程建设行业管理状况的的比较研究，提出了最低价中标法在我国未来工程建设行业中应用的客观必然性及其相匹配的政策与措施建议等。     

工程评标问题研究

本人是贵州电视台基建管理人员,多次组织电视台工程的招标、评标工作,期间发现招标评标中容易产生的问题已经对招标投标工作,造成了不良的影响。本文作者以当前工程投标中存在的问题为切入点,对问题产生的原因做了深入的探讨,同时,也进一步提出了改进的措施。     

浅议如何进行园林工程投标

园林企业通过参与投标成为承揽工程的主要手段。但是园林工程的投标竞争非常激烈。本文就园林企业在参与园林工程投标时,在投标一些关键时期应做的工作及其工作要点进行一些探讨。     

工程量清单计价模式下不平衡报价的风险控制

工程量清单计价模式下,投标单位经常采用不平衡报价方法进行投标报价,直接阻碍了工程项目合同的制定和工程的造价管理。本文主要论述了工程量清单计价模式下不平衡报价的含义、分类,分析了不平衡报价存在的风险,提出了不平衡报价的风险控制策略。     

论施工企业投标报价策略与技巧

施工企业要想在投标中获胜,需要采取合适的投标报价策略和技巧.文章从全新的角度论述了施工企业投标报价的策略与技巧.     

政府招标采购中的寻租行为分析

从政府招标采购中发生的寻租行为入手,采用博弈论的方法,探讨采购人员和供应商相互选择的条件,分析了寻租行为频发的原因。     

Disclosure policies in all-pay auctions with bid caps and stochastic entry: The impact of risk aversion

We investigate how risk aversion affects the organizer's disclosing the actual number of bidders in an all-pay auction with an exogenous bid cap and stochastic entry. With an exogenous probability of participation, the organizer prefers fully concealing the number of participating bidders when bidders are risk neutral. However, this result does not hold with risk aversion. Specifically, whether the organizer prefers fully concealing or fully revealing information depends on the number of potential bidders, the probability of participation, and the size of bid caps. A special case of endogenous entry shows that the organizer's preference is similar to the risk-neutral case.     

基于建筑工程工程量清单计价模式的报价模型研究

鉴于目前《建设工程工程量清单计价规范》实施以来，多数承包商在没有胄己的企业定额情况下，无法合理地投标报价，本文利用模糊数学和灰色理论等数学方法建立了相应的投标报价模型，以便于投标参与者和决策者快速、准确、客观地确定工程造价。     

特大型桥梁工程投标报价的编制

在特大桥投标中,报价并不是中标的唯一因素,但报价是中标因素中一个极其重要的因素,因此有必要研究报价编制、报价策略和方法,以期多中标,中好标。文中结合工程实例,从特大桥投标报价编制应关注的细节入手,探讨报价技巧和报价策略,提出投标报价应注意的问题,利于提高投标报价的效益和效率。