Measuring the liquidity part of volume

Based on the concept that the presence of liquidity frictions can increase the daily traded volume, we develop an extended version of the mixture of distribution hypothesis model (MDH) along the lines of Tauchen and Pitts (1983) to measure the liquidity portion of volume. Our approach relies on a structural definition of liquidity frictions arising from the theoretical framework of Grossman and Miller (1988), which explains how liquidity shocks affect the way in which information is incorporated into daily trading characteristics. In addition, we propose an econometric setup exploiting the volatility–volume relationship to filter the liquidity portion of volume and infer the presence of liquidity frictions using daily data. Finally, based on FTSE 100 stocks, we show that the extended MDH model proposed here outperforms that of Andersen (1996) and that the liquidity frictions are priced in the cross-section of stock returns.     

第三方支付相关基础法律问题探讨

第三方支付不是单纯的货币转移支付,而是与商业交易密切相关。互联网支付是典型的"担保支付",第三方为付款人的货币支付和收款人的货物交付进行了担保,有效保证了交易合同的全面履行,付款人支付的货币资金具有反担保保证金性质;预付卡支付和银行卡收单支付都是委托代理支付,预付卡支付第三方收到付款人的货币资金属于保管行为。     

浅析“价值”的哲学内涵

本文认为"价值"的哲学内涵主要体现在:价值具有实践基础,价值是一种关系,价值是一个系统。     

中国农业与农村工业关系的研究

本文以典型调查与统计资料分析相结合的方法．对农业与农村工业的关系进行了探讨，得出农业与农村工业的关系具阶段性和地区性（即：不同地区、不同农村工业发展阶段，农业与农村工业的关系不同）。所表现的关系特征也不同．具体表现为农为主工萌芽、农工互争互利、以工补农和工为主农分化四个阶段或类型。可见，绝对肯定或绝对否定农村工业的看法都是片面的、不正确的。农村工业虽然是中国农村持续发展的方向，但若处理不好与农业的关系，农村工业的发展将会导致农业萎缩。建议根据不同地区、不同的农村工业发展阶段，采取不同的措施对农村工业和农业的关系进行及时的调整。还提出了各阶段、各地区具体的调整措施。     

THREE SOLITUDES IN CONTRACT: LAW, DATA, AND THEORY

This note discusses and contrasts the different perspectives that the law, empirical labor economics and contract theory bring to the study of the employment relationship. Understanding the reasons for these different perspectives should give rise to a better understanding of the employment relationship and more effective labor market policy.     

The Relationships among Theatrical Components,Experiential Value,Relationship Quality,and Relationship Marketing Outcomes

Both marketing practitioners and academic researchers have traditionally recognized the major influence that relationship quality (RQ) has on relationship marketing outcomes. Differing from previous studies, this study proposes a more integrated model by including theatrical components and experiential value in the “RQ-relationship marketing outcomes” paradigm. The structural relationships among the variables are examined by adopting a structural equation modeling (SEM) approach in the context of a theme park. The results confirm the existence of the path “theatrical components → experiential value → RQ → relationship marketing outcomes”.     

Expectations of Working Relationships in International Buyer–Seller Relationships: Development of a Relationship Continuum Scale

This study is an attempt to develop a scale to measure expectations of buyer–seller working relationships on a cross-cultural basis in the hospitality industry. The focus is on North American and Asian hotel salespeople. The scale development drew from previous research in guanxi relationships, purchasing, and selling strategies. While the results did not support a reliable unidimensional scale that could distinguish between transactional and collaborative working relationships, the methodology did create a framework for further scale development.     

Diverging expectations in buyer-seller relationships: Institutional contexts and relationship norms

Many firms assume that outsourcing partnerships may allow them to strengthen their overall competitiveness. Lured by its intuitive appeal, several enter into such partnerships, only to realize that they represent a marginal rather than a magical solution to their quest for increasing market performance. An important reason for this is the diverging beliefs and expectations held by both parties in the buyer-seller dyad. The purpose of this contribution is to develop a framework for understanding the divergences in expectations and relationship norms in cross-cultural business relationships among SMEs. We discuss four relational expectations derived from the B2B literature on relational norms for addressing these divergences: Quality, frequency and scope of communication, role specifications and coordination of work nature of planning horizons, and trustworthiness and link these to relationship performance. We explore the proposed impact of diverging relationship norms on relationship expectations using data from an ongoing field study of Danish buyers and Chinese suppliers. We link these diverging expectations to the business practices of Danish buyers and Chinese and their institutional contexts. In the concluding part of the paper, we discuss our findings and outline implications for management and academia.     

Twists and turns of triadic business relationship recovery

This study focuses on triadic business relationship recovery processes through a single case study. We address the question of what kind of process takes place when a business relationship on the verge of ending is recovered and what roles a third actor can play in the process. As a result, we model a process through which a triadic business relationship is recovered and attraction, trust, and commitment are restored.     

产学研间的信任关系与合作模式选择——基于多案例的比较研究

为了克服新进入缺陷和青春期缺陷,新创企业倾向于选择产学研合作,作为其进入市场和获取竞争优势的重要途径。从产学研多元主体间的信任关系与合作模式的匹配角度入手,本文提出了基于算计型信任的点对点式合作模式、基于知识型信任的双向链式互动合作模式和基于认同型信任的协同共生网络化合作模式。并以菁茂生态、长征药业和阳明化工3家典型企业为案例研究对象,比较分析了三种匹配模式在实践应用中的差异性,最后,就新创企业产学研合作模式匹配的动态性提出了三大关注点,包括从经济契约到信任嵌入的演化方向、从个体信任到团队信任的扩散效应、从认知型信任到情感型信任的升华过程。