信息披露质量与市场流动性

本文以深交所A股上市公司为样本．研究上市公司的信息披露整体质量是否影响公司股票在市场上的流动性。基于分笔高频交易数据．检验集中于流动性的两个关键方面：市场宽度和市场深度。采用稳健的非线性两阶段最小二乘法来克服信息披露的自选择特点所引起的内生性问题。实证结果显示，公司高质量的信息披露能有效提高其股票的市场流动性，这种影响主要是通过缩小市场宽度来达到．而对市场深度的影响不显著。利用市场微观结构的价差分解方法的研究发现．高质量的信息披露提高市场流动性的机制在于有效减轻市场上信息不对称程度。     

打破人力资源市场的二元结构,统一城乡人力资源市场

我国人力资源市场的二元结构严重阻碍了人力资源的市场化,成为人力资源合理有序流动的主要障碍。本文认为二元结构的人力资源市场扭曲了人力资源市场的运行机制,导致人力资源市场效率低下,必须改变人力资源市场的二元结构现状,统一城乡人力资源市场,促进就业。     

我国零售业市场结构发展趋势分析

目前,我国零售业市场结构正处在一个演变的时期,传统的散、乱、差的结构将会得到改变,我国零售业面临着一次新的整合。我国零售企业应该扩大规模、培育自己的竞争力,政府也应该给与相关政策的引导。     

基于中国股市微观结构的流动性与执行成本分析

运用市场微观结构理论来分析中国股市的交易制度、流动性和执行成本后发现:(1)在佣金和交易税相等的条件下,B股的知情交易者执行成本普遍大于A股,导致B股的流动性小于A股,买卖价差显著大于A股,表明投资者对B股交易要求较高的风险报酬;(2)一旦控制住执行成本中普通交易者对知情交易者所要求的风险补偿,A、B股买卖价差的区别就消失了。因此,证券管理部门应在B股市场引入做市商制度并在微观结构理论的指导下,加强交易监管系统,从而提高B股的流动性并降低其执行成本。     

The Role of Market Orientation in Managing Crises During the Post-Crisis Phase

SUMMARY

The tourism business around the world, as one of the most susceptible and vulnerable sectors, must often manage and survive global crises. In recent years the global tourism industry has experienced major crises, such as terrorist attacks, political instability, economic recession, biosecurity threats and natural disasters. The most well-known cases bear testimony to the fact that crises are not new to the tourism industry. However, tourism management capabilities and abilities to deal with complex and critical situations are limited. The time has come to develop an understanding of factors that can help tourism businesses prepare a way of getting through such crises by examining the role of market orientation and its antecedents during a post-crisis phase. This paper is concerned with the effects of several organizational factors on market orientation in airlines during the post-crisis phase of the terrorist attacks of “9/11.” The results indicate that top management factors, interdepartmental factors and organizational systems have a positive effect on market orientation after a crisis has occurred.     

Market Segmentation in Time of Crisis

SUMMARY

The MICE sector (meetings, incentives, conventions, and exhibitions), has generated high foreign exchange revenue for the economy worldwide. In Thailand, MICE tourists are recognized as 'quality' visitors, mainly because of their high-spending potential. Nonetheless, Thailand's MICE sector has been influenced by a number of crises in the past since September 11, 2001. While a number of researchers have discussed the tourism market segmentation strategies during a crisis situation, less effort has focused on the MICE sector. Using Thailand as a case study, this research has adopted Seaton and Bennett's (1996, p. 31) concept of tourism market segmentation in order to understand the market segmentation strategy implemented by organizations in the MICE sector in time of crisis.     

Students' summer tourism: Determinants of length of stay (LOS)

Studies scrutinizing the economic aspects of student tourism at the micro-level are rare in the literature. Set against this background, the present study examines the variation in a sample of Norwegian students' length of stay at summer vacation destinations in 2014. Three estimation methods – an OLS regression model, a Weibull survival model and a zero-truncated negative binomial regression model – provide qualitatively similar results regarding how a number of determinants affect length of stay. In particular, the results show that daily trip costs, booking time, tourism and trip motives, trip month and gender explain much of the variation in length of stay. Of special interest is the comparison of two segments differing on when trip duration is determined: the “pre-fixed” returners (75% of the sample) and the “open” returners (25%). In this regard, the results suggest that the “open” returners stay longer on their trips than the “pre-fixed” ones. Finally, the study provides some implications for future length of stay research.     

农业保险理论研究述评及展望

农业保险问题一直是保险学和农业经济学领域关注的热点问题,国内外学者对此做了大量研究。国外文献研究了农业保险市场失灵、政府介入农业保险市场的原因和农业保险需求,国内文献主要研究了农业保险的政策属性、财政补贴、农业保险需求和供给。这表明农业保险研究仍局限于新古典经济学的研究范式,把农业保险组织视为黑箱。本文在梳理国内外文献的基础上提出了一个新的研究视角——组织视角,并构建了农业保险组织研究的理论框架。     

欧盟否认中国市场经济地位对中国及世界经济影响的剖析

研究目标：探究欧盟否认中国市场经济地位,对中国、欧盟及世界经济的宏观、产业以及贸易的影响。研究方法：将“非市场经济地位”折算为“反倾销等值税”,利用全球贸易分析模型针对欧盟对中国征收的进口关税进行计算。研究发现：欧盟否认中国市场经济地位不会缓解欧盟就业压力,反而使欧盟出口在中国总进口占比下降0.01个百分点;同时,全世界资源配置效率下降,进一步导致全世界整体福利下降;虽然欧盟否认中国市场经济地位使中国对欧盟出口减少约50.6亿美元,但中国向世界其他地区的出口量均有所上升;而且有利于中国产业结构优化,对供给侧改革有一定的激励作用。研究创新：将“非市场经济地位”折算为“反倾销等值税”。研究价值：在研究非数值变量时（如市场经济地位）,可利用其直接影响的变量（反倾销）造成的直接经济损失,折算为适当的指标变量（等值关税）。中国对世界经济的贡献和影响巨大,市场经济地位不容否认。     

Local network externalities and market segmentation

This paper models interaction between groups of agents by means of a graph where each node represents a group of agents and an arc represents bilateral interaction. It departs from the standard Katz–Shapiro framework by assuming that network benefits are restricted only amongst groups of linked agents. It shows that even if rival firms engage in Bertrand competition, this form of network externalities permits strong market segmentation in which firms divide up the market and earn positive profits. The analysis also shows that some graphs or network structures do not permit such segmentation, while for others, there are easy to interpret conditions under which market segmentation obtains in equilibrium.