Foreign dependence of individual stock prices: The role of aggregate product market developments

In this paper, we analyze the role of aggregate variables in the transmission from international stock price developments to individual domestic stock prices in a small open stock market. In particular, a theoretical and econometric model is used to determine whether international aggregate product market developments explain observed differences in foreign dependence among individual Belgian stocks. The results suggest that, except for the stocks of some internationally oriented companies, expected international production is not the most important explanatory variable and that an estimation model of aggregate fundamentals explains only part of individual stock price adjustments.     

The influence of business strategy on new product activity: The role of market orientation

In this paper, we propose that business strategy influences new product activity both directly and indirectly via its influence on market orientation. Accordingly, we develop a framework linking firms' relative emphasis on cost leadership, product differentiation and focus strategies to firms' customer and competitor orientation as well as their new product development and introduction activity. We use this framework to develop a simultaneous equations model that is tested on survey data from 175 Dutch firms of varying size and across different industries in the manufacturing sector. The surprising findings are that a greater emphasis on a focus strategy results in a decreased emphasis on customer orientation and that competitor orientation has a negative direct influence on new product activity and an indirect positive effect via customer orientation. We discuss the implications of these findings for theory and practice.     

Day trading and stock price volatility

When an investor buys and sells the same stock on the same day, he is said to have made a day trade. Using the trading records of Finnish traders, this paper examines whether day trading is related to volatility of stock prices. I find a strong positive time-series relation between the number of day trades by individual investors and intraday volatility among heavily day traded stocks. This effect is robust after controlling for a previously documented volume–volatility relation. The result suggests that the joint hypothesis of price pressure and volatility induced day trading dominates the liquidity effects of day trading.     

试论债权代位权对保险法的补充作用

在我国,机动车第三者责任保险是作为强制保险全面实施的,而受害人请求权的实现则需要靠被保险人这个环节来衔接,一旦被保险人不知所终(这种情况常常发生),已受到保险合同保障的受害人就会索偿无门,这不仅对受害人不公平,也违背了开设这个险种的初衷。在现有的保险法没有规定、     

脉冲辐射源时差定位的新方法

脉冲辐射源定位系统主要用于对空基、地基和海基目标的时短信号辐射源进行检测和定位。现有的脉冲辐射源定位系统大都属于长基线系统。本文提出在有限空间环境下进行时差定位的新方法,并对系统的定位精度进行了仿真,提出了实现系统所需的关键技术。     

供应链绩效的敏感性分析：长期视角

首先分析了供应链系统相对有效率和相对无效率情况下,供应链子系统的绩效变化对供应链系统绩效的影响机制和影响程度,得出一些有益的结论。同时提出测量供应链子系统重要性的基本指标和判断方法,帮助供应链管理者诊断供应链运营中的薄弱环节,提高供应链管理的效率。     

Relative export prices and firm size in imperfect markets

This paper contributes to the rising field in international trade and industrial organization. A vast sample of Italian micro data is used to study the behavior of relative export prices in imperfect markets. It is shown that relative export prices, the relation of prices a firm charges on export and domestic markets, are, in general, downward biased. Moreover, relative export prices depend negatively on firm size and market concentration, but positively on the average export share of the industry. This indicates that markets are segmented and firms are able to discriminate prices.     

Similarity of differential information with subjective prior beliefs

We present a complete, separable and metrizable topology on the product space of information and (subjective) beliefs. Such a topology formalizes similarity of differential information without the assumption of a common prior, but under the assumption that objectively impossible events are considered impossible by subjective beliefs. As an application to the theory of the consumer, we provide results on the continuity of expected utility and demand functions. We also provide continuity results for the value of information and the insurance premium as defined in the literature.     

培育长三角中小货代集群的可行性分析

通过分析长三角地区中小货代企业特点及现状,从区域位置、企业合作、网络平台、人才资源等方面对长三角中小货代企业集群进行可行性的论证,并在此基础上提出构建货代集群的意义。