B2B电商平台供应链金融典型模式及其比较分析

在对电商平台供应链金融模式进行总结的基础上,聚焦B2B电商平台的供应链金融业务,对9家典型B2B电商平台开展的供应链金融业务及其产品进行了描述,并从平台涉及领域、供应链金融开始时间、金融产品模式等六个方面进行了对比分析。结果表明:B2B电商平台往往是采取与金融机构合作的方式获取供应链金融资金需求;开展大宗物资交易的B2B电商平台开展供应链金融业务相对较早;与传统线下供应链金融业务相比,B2B电商平台供应链金融在信用融资和订单融资方面更有优势;B2B电商平台供应链金融产品可以根据不同平台以及买卖双方的特点进行创新设计,最后为电商供应链融资业务的发展提出建议。     

物流管理专业建设与改革实践

《物流业调整和振兴规划》使物流业成为我国十大振兴产业之一,加快物流人才培养成为物流业振兴与发展的九大保证措施之一。物流专业涉及范围广泛,各学校办学模式差异巨大。文中就唐山职业学院依托区域经济与行业特点,统分结合,订单培养的物流管理人才培养模式改革,突出校企合作、多证合一的办学特色进行简要论述,并就教学改革与实践过程中的关键环节进行了概括总结。     

Do aggressive orders affect liquidity? An evidence from an emerging market

This paper investigates how aggressive orders affect spreads and trading activity measures on the stock market. Based on a sample of stocks listed on the Warsaw Stock Exchange this study finds that spreads and trading activity measures increase significantly when aggressive orders are executed, but quickly revert to initial levels. The reaction to these orders on the bid and ask side of the market is similar. The effect of aggressive orders differ depending on the size of the firms. Trading activity measures such as volumes or number of transactions increase stronger for bigger than for smaller stocks, while spreads increase more for smaller firms than for bigger ones. These findings enrich the understanding of liquidity dynamics especially on the emerging markets where liquidity is an important price formation factor.     

Competition to provide liquidity on the New York Stock Exchange

In order to be successful in attracting trading volume and generate revenue from trading fees, exchanges must allow potential traders to transact quickly at a known price. This is known as providing liquidity. On the New York Stock Exchange, liquidity comes from two sources: traders conducting business on the floor of the exchange and those who electronically send orders to the exchange from off-floor locations. On-floor traders have traditionally been alleged to have advantages over off-floor traders. If that is the case, then this might discourage off-floor traders from providing liquidity and reduce the efficiency of security markets. We find that on-floor traders do seem to enjoy some advantages in providing liquidity, although the differences are not great. This suggests that the New York Stock Exchange is warranted in several of its recent initiatives designed to level the playing field between on- and off-floor traders.     

Individuals’ Trading Prior to Earnings Announcements

This paper investigates the relationship between individuals’ net trading and stock price movements before and after annual earnings announcements for the Taiwan Stock Exchange. We conduct an event study on the effects of pre‐event individual trade imbalances on pre‐ and post‐announcement abnormal returns. With a unique and comprehensive dataset, we accurately classify executed orders by aggressiveness of order price. The evidence indicates that while individuals, as a group, are not informed about impending earnings announcements, individuals who place aggressive orders are informed as their net trading coincides with contemporaneous and future stock returns. Aggressive individuals lose their edge during the financial crisis. More importantly, the advantage (disadvantage) for individuals who adopt aggressive (passive) orders weakens when foreign institutions own concentrated equity in firms. We also find that net individual trading contains information about abnormal returns that either past returns or volume does not subsume. Controlling for past returns, trading volume and volatility, or using an alternative measure of net individual trading does not change our conclusions.     

对邓小平政治交代的若干思考

邓小平的政治交代以中央领导集体为中心议题,强调必须建设…个具有足够权威与核心的中央领导集体,以保证党的领导地位.新一代中央领导集体必须坚持党的基本路线,着眼大局,严惩腐败.邓小平的政治交代对党的领导班子建设,对稳定党的方针政策,以及对中央领导集体顺利交接都具有重要意义.     

The impact of reduced pre-trade transparency regimes on market quality

This paper studies the effects of pre-trade quote transparency on spread, price discovery and liquidity in an artificial limit order market with heterogeneous trading rules. Our agent-based numerical experiments suggest that full quote transparency incurs substantial transaction costs to traders and dampens trading activity in an order-driven market. Our finding reveals that exogenous restriction of displayed depth, up to several best quotes, does not benefit market performance. On the contrary, endogenous restriction of displayed quote depth, by means of iceberg orders, improves market quality in multiple dimensions: it reduces average transaction costs, maintains higher liquidity and moderate volatility, balances the limit order book, and enhances price discovery.     

基于限价指令的最优变现策略

最优变现策略是投资者指在一定时间内变现给定数量的头寸,并使其收益最大化的交易策略。以投资者最优卖价（限价单报价）高于市场实时一档买价的价差为变量,以收益最大化为目标建立随机控制模型,并采用HJB方程转换成一组常微分方程的求解,给出限价单的最优报价策略,利用蒙特卡洛模拟出限价指令策略的交易曲线。该模型同时考虑价格波动风险和未执行风险,并将买卖价差标准化后带入模型,避免了绝对价格的不同所带来的差异。     

Intermarket sweep order trade size clustering around corporate announcements

Investors have different trade size preferences depending on their information advantage. Using intermarket sweep orders (ISOs), we find that investors appear to prefer using small, round lot trades around corporate events with higher announcement frequency and more predictable timing, such as earnings announcements. Around these corporate events, information is revealed, and analyst estimates are confirmed or rejected. Conversely, share repurchase announcements happen less frequently and the timing of these announcements are unpredictable. Relative to earnings announcements, share repurchase announcements create more uncertainty than they resolve. We find that when investors have less information, they tend to use costlier, larger trade size multiples. We further support the extant finding that trade sizes are smaller with the advent of high-frequency trading.