Competition and Information Production in Market Maker Models

Abstract:   The microstructure literature models the mechanisms through which fundamental information is incorporated into market prices. This paper extends previous models by endogenising information production and analysing incentives for costly information production. In contrast to the existing literature, increasing the number of informed traders can result in reduced price informativeness. When prices have an allocative role this has welfare consequences: the regulatory implications of a dichotomy between private and public incentives for information gathering are discussed.     

Differential reporting in Germany - A historical analysis

Based on a contingent perspective of accounting change, this paper reviews the historical development of differential reporting in Germany, by drawing on primary and secondary sources. The main objective of the paper is to shed light on the driving forces and main influential parameters that have shaped the existing differential reporting framework. This historical approach supplies interesting insights for the current discussion on differential reporting in Germany produced by the EU Regulation on the application of International Accounting Standards.     

Do Germans Save to Leave an Estate? An Examination of the Bequest Motive

I investigate whether a bequest motive for savings influences the post-retirement wealth trajectories of German households. Two measures of the bequest motive are studied: the existence of children as the main group of potential heirs and the respondents' declared intention to bequeath. While having children has no significant impact on households' wealth trajectories, stated bequest intentions are associated with considerable heterogeneity in wealth holdings. The main conclusion from this study is that both the pure life-cycle model and the life-cycle model with bequest motives provide a valid basis for a theory of household wealth accumulation once the heterogeneity of preferences is acknowledged.
JEL classification : D 91; J 14     

Analysing Materials and Energy Flows in an Industrial District using an Enterprise Input–Output Model

Recent approaches to sustainable development leave much room for policies at a local level. In fact, it is becoming evident that targets such as increasing resource productivity, preserving natural cycles, or extending the present level of welfare, are best pursued within the confines of a local area. In particular, environmental changes are best brought about by considering local systems of firms as cornerstones of cooperative strategies and using data on materials and energy use in physical terms. In this paper, an enterprise input–output model is developed for an industrial district, i.e. a local group of firms specialized in the production of a single final output. The model allows for a detailed quantitative analysis of materials and energy flows and the consequent generation of waste and pollution. As a planning tool, the model may be used to evaluate alternative scenarios, such as the possibility of re- using waste taking account of sustainability requirements. An empirical case study applies the model to an industrial district in Southern Italy producing leather sofas.     

试论我国证券投资基金稳定市场的功能

本文采用博弈分析方法 ,通过博弈模型 ,对虚假会计信息产生的条件、机制和影响因素等作了探讨。     

近10年日本宏观经济的理论分析与展望

近10年日本经济停滞不前，一方面对外经济状况不佳：日元对美元汇率技术下跌。且不断加剧；出口增长放缓，贸易顺差连续下滑，另一方面国内宏观经济状况严峻；失业率不断上升，内需不振；通货紧缩逐步加深；工业增长持续低迷，工业生产与效益下降，究其原因，用内外均衡模型理论分析得出，日本经济没有达到均衡的0点，内外均衡遭到了破坏，而展望今后的日本经济和日元走势，基于日本财政状况的恶化及货币政策的失效，估计还不会导致资本的大量外流。也不会对资本流动产生重要的影响，而结构改革也将可能引致日元升值。     

城市轨道交通开通运营阶段的溢价回收方法研究

城市轨道交通的外部性导致项目盈利困难,解决这种困难的方案之一是将轨道交通溢价返还给建设企业。然而,作为传统计算溢价大小的方法,地价函数模型缺乏时间序列分析。本文在传统土地溢价计算模型的基础上,引入时间维度,建立城市轨道交通开通运营阶段溢价的面板数据计量模型,使得溢价计算的精度得以提高。     

关于大学全校性选修课开设方法浅析

分析了高校任选课开设的现状及在教学管理上存在的问题,从满足学生个性发展及增强综合能力和创新意识的需要出发,提出解决问题的几种方法,并尝试建立合适数学模型,增加操作的合理性。     

社会流动对村庄信任模式的冲击

在社会化条件下的传统型中国乡村,生产、生活、乃至交往都被卷入了一个开放、流动、分工的社会化体系之中,以往那个封闭、保守、内敛的传统乡村社会中的乡村信任模式在新的社会环境下受到了不可避免的冲击与影响。本文从社会流动对于传统村庄信任模式的冲击的角度思考在社会转型期条件下构建村庄信任模式的理性道路。