Integrating auction and search markets: The slow Dutch auction

The issue of choosing to sell property by auction or by traditional negotiated search markets is addressed in this article. A general selling institution called the slow Dutch auction is introduced. This general selling mechanism reduces to either a conventional auction, a posted offer, or some time dependent mix of these selling institutions depending on the pricing rule chosen by the seller. We model search by having potential buyers whose private valuation for the property is unknown to the seller arrive randomly over time. With this general framework the seller's problem is to choose a selling mechanism that maximizes expected wealth. Surprisingly, we find that the optimal selling institution is always a posted offer market. The seller chooses an optimal posted price and waits until a buyer arrives who is willing to pay this price. Auctions are never optimal.     

Estimating bid-ask spread components: Specialist versus multiple market maker systems

This paper tests two competing hypotheses concerning the relationship between adverse selection costs on NASDAQ versus specialist-dominated exchanges. We reject the hypothesis that specialist-dominated exchanges have smaller adverse selection costs than exchanges with multiple market makers. We provide direct evidence on the timing differences between closing transactions and quotes as well as evidence on the extent of nontrading on the AMEX and NYSE but cannot reject the hypothesis that adverse selection costs are a function of average transaction size (which is generally larger on the AMEX and NYSE). We also provide insight into institutional differences across exchanges and the ISSM data base.     

Controls,service type and perceived supplier performance in interfirm service exchanges

Control offers a critical differentiator between successful and failed interfirm service exchanges. The application of informal control to improve supplier performance has been well established, but the effect of formal control appears profoundly equivocal. This study proposes that the actual effect of formal control depends on its mode (output vs. behavior) and its relationship with the service type (mass vs. professional) and informal control. With survey data from 252 service buying organizations, the results indicate that output control interacts with service type to determine perceived supplier performance (PSP). Buyers’ reliance on high output control has a positive effect on PSP in mass service exchanges; this effect becomes negative in professional service exchanges. The effect of the interaction of behavior control and service type also depends on the presence of informal control. Buyers’ reliance on high behavior control exerts a more positive effect on PSP in professional service exchanges than in mass service exchanges, but only in the presence of informal control. These findings have key implications for both theory and practice.     

The making of Beveridge's Unemployment (1909): three concepts blended

The aim of this paper is to re-examine William Henry Beveridge's (1879?–?1963) early ideas on unemployment. After developing through three phases (‘from the unemployable to the unemployed’, ‘from the unemployed to unemployment’, and ‘perfection of the labour market’), Beveridge finally accomplished a coherent package of remedies for unemployment: labour exchanges with National Insurance on the basis of the living wage principle (previously unexplored but evident through his work). These three concepts, perfectly blended, formed his original and unique standpoint. By analysing this development of ideas, we can position Beveridge's doctrine of unemployment more appropriately in the history of economic thought.     

农村土地养老现状的调查及思考——以松江区新镇村140户农民为例

随着改革开放的进程不断加快,农村保障问题受到社会关注。纵观全国,在农村养老保障方式上,社会各界将关注点聚焦在社会养老上,而忽略了土地养老的重要性,土地养老的保障功能逐渐弱化。然而,上海市松江区实行的土地流转政策下,集体承包土地的形式,使得土地重新具有了较高的保障功能,从而不仅有效减轻由农村养老保险所造成的社会养老财政压力,也提高农民养老保障水平,值得其他地区借鉴。     

Corporate governance and firm operating performance

Using a unique dataset provided by Institutional Shareholder Services (ISS), we relate 51 governance provisions to firm operating performance as proxied by return on assets and return on equity. We identify six corporate governance provisions that are significantly and positively linked to return on assets, return on equity or both using at least two of our six regressions. We examine nine governance provisions that have been recently mandated by the three major U.S. stock exchanges, and we find none of them to be significantly and positively related to firm operating performance. Our results reveal that the governance provisions recently mandated by the U.S. stock exchanges are less closely linked to firm operating performance than are those not so mandated.

Are expansions cost effective for stock exchanges? A global perspective

This paper investigates the existence and extent of economies of scale and scope among the stock exchanges. Evidence from 38 exchanges in 32 countries and 4 continents around the world for the years 1989–1998 portrays the existence of significant economies of scale and scope. The degree of such scale and scope however differs across size and regions. The largest exchanges show an increasing trend of cost effectiveness. The exchanges in North America and Europe report substantially higher economies of scale relative to the exchanges in the Asia-Pacific regions.     

WTO框架下海峡两岸经济交往及合作方式探讨

WTO下海峡两岸经济交往与合作方式创新是经济全球化深化发展的必然要求。WTO为两岸经济交往与合作方式创新提供了法律依据和空间。当前两岸经济交往与合作方式创新,应以政经暂时分离、平等互利和符合WTO规则的原则为前提,以超越WTO谈判内容原则为核心,在遵守WTO规则基础上探索超越WTO谈判内容的经济交往与合作新形式。     

汇率脱离之谜理论述评

汇率脱离之谜是国际经济学中至今尚未解决的谜团之一,进入21世纪以来越来越多的学者开始跳出传统的宏观经济理论框架,从新的角度对汇率脱离之谜做出了更切合实际的解释,比传统的汇率宏观经济理论在解释力上更进了一步,预示着今后汇率理论发展的新方向一着重对汇率宏观经济理论的微观基础的构建。     

Analyzing Relationships Using Macneil'S and Menger'S Approach to Exchanges

Abstract

Recent developments in understanding of the concept of “relationships ”have resulted in recognition that exchanges involve a range of complexity and duration. However much current work is at a rather macro-level dealing with “the relationship ”and/or “the exchange. ”A more micro-level approach indicates both a need to disaggregate what is exchanged into its component attributes and to recognize the role of individuals in the process of creating and maintaining a relationship. This paper summarizes both Menger'S insights into the nature of exchange and Macneil'S conceptualization of the norms within which exchanges operate. Then building on this, and using Day'S concept of value equations, the nature of exchanges will be considered.