On the bi-dimensionality of liquidity

Variations in overall liquidity can be measured by simultaneous changes in both immediacy costs and depth. Liquidity changes, however, are ambiguous whenever both liquidity dimensions do not reinforce each other. In this paper, ambiguity is characterized using an instantaneous time-varying elasticity concept. Several bi-dimensional liquidity measures that cope with the ambiguity problem are constructed. First, it is shown that bi-dimensional measures are superior since commonalities in overall liquidity cannot be fully explained by the common factors in one-dimensional proxies of liquidity. Second, it is shown that an infinitesimal variation in either market volatility or trading activity augments the probability of observing an unambiguous liquidity adjustment. Ambiguity strongly depends on the expected (deterministic) component of volatility.     

Assessing the Risk of Liquidity Suppliers on the Basis of Excess Demand Intensities

In this article we introduce the concept of excess volume durations,which are defined as the time until a given amount of buy orsell excess volume is traded on the market. Excess volume durationsindicate the one-sided intensity of liquidity demand and characterizethe risk of a market maker with respect to asymmetric informationand inventory problems. By modeling excess volume durationsbased on Box–Cox-type autoregressive conditional duration(ACD) models, it is shown that market microstructure variablesare predictors for the expected liquidity demand intensity.Moreover, the length of excess volume durations is found tobe positively correlated with the magnitude of the correspondingprice impact and thus the market depth.     

Regional multinationals and the Korean cosmetics industry

This paper analyzes the market penetration and expansion strategy of cosmetics and toiletries multinational enterprises (MNEs) in South Korea from the perspective of regional strategy as developed recently by Rugman. We find that MNEs have different market entry and expansion strategies in the home region and in the foreign region. Home region MNEs (Japanese MNEs in this case), in general, utilize their firm-specific advantages (FSAs) better than foreign region MNEs (European and MNEs from the Americas in this case). Due to differences in transaction costs, home region MNEs exploit downstream FSAs while foreign region MNEs develop upstream FSAs. Market similarity also leads to a greater incentive to operate in the home region rather than in foreign regions. The home region effect significantly increases the likelihood of entry into foreign markets as the host country's “diamond” significantly affects the market entry strategies of MNEs.

竞争性国有企业混合所有制改革对企业盈利能力的影响研究

基于2015—2021国企数据,采用双向固定效应模型,研究混改后企业股权结构对盈利的影响,为竞争性国企混改提供参考。结果显示,提高股权深入度与盈利正相关,适度股权集中度也积极影响盈利。异质性分析指出东部地区混改效果较佳。稳健性检验支持结论,总体而言,混改通过提高股权深入度和适度股权集中度,对企业盈利有积极影响。研究为混改提供理论和实证支持,同时为企业提升盈利能力提供有益借鉴。     

Power,social exchanges and tourism in Langkawi: rethinking resident perceptions

A study was undertaken among the residents on Langkawi Island, Malaysia to explore the utility of a combination of social exchange and power theories to explain residents' attitudes toward tourism and to examine how residents' evaluation of the impact of tourism influences their attitudes. In‐depth, semi‐structured interviews were conducted with 46 residents. The study concludes that the combination of social exchange and power theories is more useful than social exchange theory alone in understanding residents' attitudes concerning the impact of tourism. However, residents' general values, dependence on tourism, and ability and willingness to adapt moderate the influence of power on residents' evaluation of the impact of tourism. Copyright © 2002 John Wiley & Sons, Ltd.     

Social media and happiness nexus in the millennial generation

The current paper empirically examines the relationship between social media and happiness. Unlike existing works, we study this nexus from a global perspective using a cross-sectional model consisting of 140 countries on data from 2012 to 2017. Assuming that this effect may differ according to the average level of perception of happiness in each country, we use the quantile regression framework to yield more accurate inferences. The findings show that social media measured by Facebook penetration has a positive and significant relationship with happiness, and this positive nexus differs in terms of amplitude and significance throughout the conditional distribution of the happiness index. However, analysis in different samples reveal that this positive nexus is not universal and differs with the level of economic development of the countries and from one region to another. We put forward mental illness approximated by anxiety as the main transmission channel.     

Evolution of the internet gender gaps in Spain and effects of the Covid-19 pandemic

There is a widely accepted belief in new technologies that the digital divide in using a service will disappear as the service reaches an advanced level of maturity. The work presented here shows that this idea is debatable. Data from Spain, a country where daily internet users are 75.9 percent of the population, prove that the gender gap still exists. The paper explores if this gap can be entirely explained by the socioeconomic differences between men and women. We build a micro panel model and incorporate a set of socioeconomic variables (age, education, income, employment status, digital skills, and resident population) that allow us to isolate the effects of gender on the decision to become a daily Internet user. The results conclude that the Internet gap is a phenomenon with a specific gender component. Other things being equal a woman negatively affects the probability of using the Internet. Applying a similar model to 15 Internet services, we obtain that gender is always significant to explain the likelihood of being a user of each service. However, in some services (7 out of 15), the effect is favorable to women, and for other services (8), the gender effect favors men. The work concludes by analyzing the impact of the first wave of the Covid-19 pandemic on the use of Internet services, paying particular attention to its possible implications for the gender gap.     

Impact of a tick size reduction on liquidity: evidence from the Sydney Futures Exchange

This paper examines the impact of a reduction in the minimum price increment on liquidity and execution costs in a futures market setting. In 2006, the Sydney Futures Exchange halved the minimum tick in the 3 Year Commonwealth Treasury Bond Futures. Results indicate that bid‐ask spreads are significantly reduced after the change. Quoted depth, both at the best quotes and visible in the limit order book, is significantly lower after the tick reduction. Further analysis reveals that execution costs are significantly reduced after the change. We conclude that a tick size reduction improves liquidity and reduces execution costs in a futures market setting.     

一种考虑锤击冲击波的钢管桩静承载力分析方法

为了简化现有静承载力的评估测算过程,提高实际工程中的施工效率和可靠性,提出了一种简单实用的桩基静承载力分析方法。通过测定现场钢管桩打入过程中桩头加速度以及整体应变波形的数据,得到最大锤击能量和最大桩头贯入度;利用准静态分析法计算得到钢管桩的静承载力,并将此计算结果与实际测定值进行对比验证。结果表明：1)通过锤击钢桩激发冲击波求得的最大静承载力与设计容许承载力基本一致;2)桩先端部到达坚实层时,所受最大冲击力约为设计容许承载力的1.9倍;3)通过控制打桩时的锤击次数可以对钢管桩的贯入度进行施工管理。研究提出的静承载力分析方法是可行的,能够为钢管桩的打桩施工提供更多的选择,为桩基施工技术管理优化提供参考。     

Estimation of innovation diffusion models with application to a consumer durable

A class of birth processes having a variety of practical applications in penetration of new services and products is considered. Typically, statistical inferences on these models are performed by means of simple error structures placed on the deterministic analogs of the underlying stochastic processes. Motivated by the poor performance of conventional estimation methods, the problem of estimating the parameters of these models is readdressed. We develop necessary formulae for performing the maximum likelihood estimation and weighted least squares estimation methods, and demonstrate their superiority through analyses of some real data and simulation studies.