Quote-based competition and trade execution costs in NYSE-listed stocks

This study examines quotations, order routing, and trade execution costs for seven markets that compete for orders in large-capitalization NYSE-listed stocks. The competitiveness of quote updates from each market varies with measures of the profitability of attracting additional order and with volatility and inventory measures. The probability of a trade executing on each market increases when the market posts competitive quotes. Execution costs for non-NYSE trades when the local market posts competitive (non-competitive) quotes are virtually the same (substantially exceed) costs for matched NYSE trades. Collectively, these results imply a significant degree of quote-based competition for order flow and are consistent with off-NYSE liquidity providers using competitive quotations to signal when they are prepared to give better-than-normal trade executions.     

股份制商业银行发展策略探析

随着世界经济一体化、金融国际化的发展以及国内金融市场竞争格局的变化，我国银行业面临着巨大的挑战。如何在激烈的竞争中得以优质发展，是摆在股份制商业银行面前的一个重要问题。有鉴于此，本就银行业的竞争新格局对股份制商业银行发展的影响以及市场定位、金融创新、国际化等发展策略问题进行了初步的探讨。     

英语教学与研究性学习的思考

研究性学习是适应E时代社会发展而出现的一种新型的教育理念，是自20世纪80年代末以来国际教育界比较普遍推崇和实施的一种培养“关键能力”的重大教育改革。根据笔者教学实践和研究，本文拟对研究性学习发表几点浅见。     

Agency theory and the influence of equity ownership structure on corporate diversification strategies

We articulate the agency theory view of managerial decision making and its implications for corporate diversification strategies. From agency theory, we generate testable predictions for the relation between equity ownership structure and diversification strategies and review the existing evidence on this relation. On balance, the evidence strongly supports the view that ownership structure influences corporate strategy. Copyright © 1999 John Wiley & Sons, Ltd.     

脱贫摘帽第三方评估的地方逆向因应实证研究——基于纳什均衡理论视角

在2016—2020五年间,832个国家级贫困县中共有780个通过第三方机构实施的专项评估而脱贫摘帽。在实地评估中,第三方评估机构与地方多元参评主体的良性互动很多。但一些地方利益主体对评估工作的逆向因应并不是一种良性互动。逆向因应是指在贫困县退出的第三方评估中,受评估地方通过虚假配合、不配合甚至人为设置障碍等方式对第三方评估工作的消极响应。这种消极响应使第三方评估机构步入“低效率陷阱”和“双重利益博弈陷阱”,也使中央通过第三方评估机构来弥补中央与地方贫困治理信息不对称的愿望落空。本文基于纳什均衡理论框架分析了第三方评估机构、地方政府、贫困户三者间的博弈,并结合某贫困县退出评估的田野调查资料,研究发现：贫困县退出评估的运行过程中,有部分贫困户和地方政府干部倾向于采用反评估的因应第三方策略。本文通过对地方政府与第三方评估机构非良性互动的原因分析,提出了“抑制地方政府逆向因应、促进正向因应”的政策建议,从而建立在乡村振兴战略下对贫困治理成效验收的有效机制。     

对地方普通高校非英语专业本科生进行元认知训练的实验

本文是一篇英语学习元认知策略培训的实证研究。通过英语阅读教学对大学二年级非英语专业本科生进行了元认知策略的培训。本研究采用了把元认知知识与元认知策略结合起来的三阶段训练模式,旨在通过该培训过程促进学生英语学习水平的提高,减少地方普通院校中学生英语学习的依赖性和被动性,提高学生自主学习的意识,成为管理和支配学习的主人。训练的结果表明,这种把元认知训练与教学结合起来的明晰式训练是有效的。     

浅谈食品质量安全管理中存在的问题和解决策略

随着我国食品质量安全相关法规政策、标准制度的颁布,以及政府监管力度的加强,我国食品质量安全管理水平得到了有效的提升,但仍有食品质量安全事件发生。因此,本文在综述了我国当前食品质量安全现状的基础上,从制度、监管体系、生产技术和风险预警能力4个方面分析了当前我国食品质量安全管理中存在的问题,并提出相应的解决策略,旨在为我国食品质量安全管理的完善提供客观的参考。     

人民币汇率制度改革与发展战略及相关政策调整

文章首先回顾了建国以来人民币汇率制度改革进程;然后考察了人民币汇率的现状,认为人民币在汇率制度改革后仍然存在一定的升值压力,并从经济基本面、制度层面、政策层面和外部因素等四方面对分析升值压力成因的有关文献进行综述,得出人民币升值压力分近期升值压力和长期升值趋势的结论;进而提出纾缓人民币近期升值压力的思路和对策.     

从供应链看中小企业的战略合作

本文提出了从供应链角度考虑中小企业的战略合作问题,提出了解决如何在新竞争环境下提高中小企业的竞争能力的一些建议和方法。     

The determinants of whistleblowing in public administrations: an analysis conducted in Italian health organizations,universities, and municipalities

The aim of this paper is to examine which variables are most important in encouraging whistleblowing in Italian public administrations, as a result of the compulsory application of the anti-corruption Law No. 190/2012. Our research is based on an empirical analysis of 365 public administrations: 86 hospitals, 137 health agencies, 39 universities, and 103 major Italian municipalities.

The results show that whistleblowing seems to occur more frequently in large public administrations, to be associated with formal procedures and an organizational proceduralization that encourages individuals to actually blow the whistle, and that it is only partially correlated to training and education.