Optimal order display in limit order markets with liquidity competition

Order display is associated with benefits and costs. Benefits arise from increased execution-priority, while costs are due to adverse market impact. We analyze a structural model of optimal order placement that captures trade-off between the costs and benefits of order display. For a benchmark model of pure liquidity competition, we give a closed-form solution for optimal display sizes. We show that competition in liquidity supply incentivizes the use of hidden orders to prevent losses due to over-bidding. Thus, because aggressive liquidity competition is more prevalent in liquid stocks, our model predicts that the proportion of hidden liquidity is higher in liquid markets. Our theoretical considerations ares supported by an empirical analysis using high-frequency order-message data from NASDAQ. We find that there are no benefits in hiding orders in il-liquid stocks, whereas the performance gains can be significant in liquid stocks.     

基于国防工业市场形成有效竞争的政策思考

竞争是市场经济得以维持和运转不可或缺的重要因素,是改进商品生产最有效的激励机制,没有竞争就没有市场经济。国防工业作为国家的战略产业,引入竞争已成为大势所趋。正是基于国防工业引入竞争的需要及我国国防工业市场的现状,本文研究了政府促成国防工业推行有效竞争应采取的政策     

对洋快餐与中国餐饮竞争格局的思考——看中西文化的碰撞

当今中国社会,洋快餐大行其道,面对我们传统的中国餐饮受到的冲击,文章通过对中国传统饮食文化的认识,思考我们对洋快餐的消费是欣赏它"快"是消费它的"派"还是消费它的文化?并对洋快餐的竞争优势从它的企业文化,成熟的管理制度等方面进行了分析解答。     

The ‘old’ and ‘new’ competition and Malaysian manufacturing firms: a case study

The majority of empirical studies dealing with production processes, work organization and industrial relations practices have been conducted in advanced industrial nations. This article reports on a study of the changing nature of work organization and industrial relations policies in the developing economy of Malaysia. It explores the broad patterns of change in human resource management, technology and work organization among Malaysian manufacturing firms in the context of Best's ‘old’ and ‘new’ competition. The question that arises is: does the evidence reveal that Malaysia is embracing elements of the ‘new competition’, or is it still locked into a regime of mass production, or both? The article argues that the ‘old’ and the ‘new’ competition should not be treated as a simple, straightforward duality model of development. The distinction between the two approaches is sometimes blurred and not so clear-cut. The case study observes that both systems could be operating side by side at the same time within an organization. Since the Malaysian manufacturing sector is expected to shift from simple assembly and process-type operations using labour-intensive techniques to the more advanced and higher value-added industries, greater investment in HRD to upgrade the skills of the work-force and the adoption of appropriate industrial relations policies that emphasize decentralization, greater employee involvement and continuous innovation will become crucial. To be able to compete successfully in the global economy would require a change in focus in the adoption of industrial relations and human resource development policies. For Malaysia to realize its aspiration to become an industrialized and developed nation by the year 2020 would require radical changes in those policies within the context of an integrated approach to economic and industrial planning.     

Influence of the sector and the environment on human resource practices' effectiveness

The aim of this work is to examine the effect that human resource practice has on performance. From a database made up of 250 companies in Spain and by means of a regression analysis, we test empirically whether human resource practices generate positive results under any circumstance or if their effectiveness depends on certain contexts. In this respect, focusing the study on the activity sector and the environment, we analyse whether high levels of competition in the environment and service companies constitute more attractive contexts for the adoption of high involvement practices.     

Analysis of the practice of job evaluation in the metal industry in Turkey

Job evaluation's main aim is to establish a fair wage structure. Its main principle is ‘equal pay for equal work’. ‘Metal Industry Job Grouping System’ (MIDS) has been in the metal industry in Turkey for more than 20 years. The results of the practice of the system were measured by the Gini coefficient. By the findings, the average wages of the job groups are different enough from each other by their job groups in the way the wage of the bigger number job group is higher than the smaller except the job group two in the industry. However, the wages are far from the principle ‘equal wage for equal job’ within the same job itself. In addition, the workers make use of bonuses and social benefits. The effect of social benefits of them on the wage structure is positive within the same job group and negative between different job groups within the same company. Nevertheless, the effect of both bonuses and social benefits on the wage structure is negative between the companies because, between them they are different from each other. Job group and seniority affect the wage structure. Seniority has a socio-psychological self-producing dynamic. The distribution of seniorities within the same job group has negative effects on the wage structure. However, this fact for each worker disappears for the long term since the worker of today who has short-term seniority will be the one of tomorrow who has long-term seniority. Therefore, for each worker, the wage structure gets closer to the principle ‘equal wage for equal job’ within the same job group itself over time.     

民营第三方检测机构加入竞争的利与弊

文章从民营第三方检测机构的角度出发,针对于目前检测行业的现状,探析了民营第三方检验机构加入竞争的利与弊,对于其未来的发展方向进行了探析,希望可以以此帮助民营第三方检测机构认清自己的位置,以便实现未来更好更快的发展。     

Effect of credible quality investment with Bertrand and Cournot competition

We show how credible revelation and ability to commit to quality choice effect equilibrium qualities and welfare when product market is either Bertrand or Cournot competition. We show that results depend on the type of competition but not generally on the cost of quality function. We show that with Bertrand competition, the equilibrium qualities are lower with credible commitment. Competition is moderated and producer surplus is higher and consumer surplus lower. With Cournot competition, higher quality will be better but lower quality will be worse with credible commitment. Consumer surplus is always greater with credible commitment and if cost does not increase too quickly with quality, producer surplus will also increase. Thus credible commitment is a collusive device with Bertrand competition but it can improve social welfare with Cournot competition. Received: February 8, 2000; revised version: February 14, 2002 RID="*" ID="*" The idea of this paper originated in the weekly workshops of Mordecai Kurz at Stanford. I am forever in debted to Mordecai and fellow students – Luis Cabral, Peter DeMarzo, John Hillas, Michihiro Kandori, Steve Langois, Patrick McAllister, Steve Sharpe, Peter Streufert, Steve Turnbull and Gyu-Ho Wang – for their criticism and encouragement. I also benefited from comments from Yi-Heng Chen, Jin-Li Hu, Kala Krishna, Jinji Naoto, Thomas J. Prusa, and Shyh-Fang Ueng at various later stages of this work. Last but not least, I am grateful for the detailed comments of the referee.     

六西格玛管理——企业竞争制胜的利器

激烈的市场竞争要求企业具备低成本、高质量。六西格玛管理能有效识别并消除变异、提高质量、持续改进,是企业增强竞争优势的有效途径。本文通过分析六西格玛管理模式的内涵,提出当前金融危机环境下实施六西格玛管理的必要性。通过分析我国实施六西格玛的现状,阐述了当前我国企业实施六西格玛的重要现实意义。作为一种有效的质量管理模式,六西格玛不是单纯的技术方法的引用,它代表了先进的质量管理发展方向。此研究将有助于我国企业管理层科学地认识六西格玛,也有助于该方法在我国企业的推广。     

Competition and public high school performance

Increasing the level of school competition has been suggested as a way to improve school performance. This study examines one of the most extreme examples of such reform using data from New Zealand public high schools. In the 1990s school zoning was abolished in New Zealand and public schools competed for students, not just with private schools, but also with each other. A categorical Data Envelopment Analysis model using data on school resources and student academic performance, stratified using student socio-economic characteristics, is used to calculate efficiency scores for schools. A regression model is then used to analyse differences in these efficiency scores and their relationship to different levels of competition.