金融危机对湖北省经济发展的影响探析

在全球金融危机对我国经济发展影响逐步加大的同时,我国中西部地区的发展也受到了或多或少的影响。湖北省作为中部重省,对于金融危机带来的影响是不可忽视的。本文从湖北省受到的影响出发,分析了湖北省在金融危机下面临的挑战,同时也看到了其发展存在的机遇,最后根据湖北省的发展现状从四个角度提出了应对金融危机的措施。     

Trading activity and price discovery in Bitcoin futures markets

This study examines the impact of trading activities on price discovery in the Bitcoin futures markets. We find that trades of hedgers are positively correlated with the modified information shares in both CME and CBOE futures markets, suggesting that their trading promotes futures market efficiency. Retailers’ trading activity relates negatively to the price discovery of the CME Bitcoin futures and thus destabilizes the market. Speculators exert positive (negative) impact on the price discovery in the CME (CBOE) Bitcoin futures. Our finding that CME’s Bitcoin futures exhibit superior price discovery than CBOE’s provides plausible justification for CBOE’s decision in March 2019 to suspend further listings of Bitcoin futures contracts.     

The rise of Mexican entrepreneurial migration to the United States: A mixed‐embeddedness approach

Although many studies have analyzed the behavior of high‐skilled migration to the United States, few have focused on the escalating migration of Mexican entrepreneurs, and particularly on the determinants of this kind of high‐skilled migration. This article addresses this gap through a qualitative approach conforming to quantitative procedures, based on 20 in‐depth interviews applied to Mexican entrepreneurs working and/or living in the United States. Theoretically, a mixed‐embeddedness approach guides this research because it allows examining both the individual characteristics of Mexican entrepreneurs, and the influence of the home and host countries' institutional contexts on their business endeavors. Findings revealed Mexico's institutional weaknesses, such as insecurity, corruption, and bureaucracy, are important drivers of migration but so are the perception of a friendly U.S. fiscal system, the search for a better quality of life, and the appeal of a more transparent business environment.     

The price discovery role of day traders in futures market: Evidence from different types of day traders

Using proprietary account-level transaction data in the futures market where day traders are self-declared ex ante, this study investigates whether day traders enhance price discovery at the market level. From a natural classification of day traders, we find that heterogeneous day traders have differential effects on price discovery. Self-declared day traders, who benefit from low margin requirement, do not improve price discovery measured by information share. In contrast, non-declared traders, who are not self-declared as day traders, improve price discovery. Their positive impacts on price discovery are particularly significant during periods of high volatility and arrival of new information. Overall, a margin stimulating policy may encourage more day trading, but may also attract overconfident investors, especially inexperienced ones, and who do not enhance price discovery.     

How entrepreneurs recognise entrepreneurial opportunity and its gaps: a cognitive theory perspective

ABSTRACT

Previous studies have verified the relationship between entrepreneurial opportunity recognition and performance. However, the influences of a perceived gap between entrepreneurial opportunities before and after launching a new venture have been neglected. This study applied the partial least square method to analyse the entrepreneurial behaviours and performance of 214 Taiwanese new ventures, and adapted the bootstrap re-sampling method for estimating the variables. The empirical results showed that entrepreneurial resource and entrepreneurial alertness significantly influence the perceived opportunity, while the entrepreneurial resource significantly affects the actual opportunity. The results further demonstrated that both the perceived opportunity and actual opportunity considerably influence new venture performance. This study offered a research framework to better understand the cognition path of entrepreneurial opportunity, and suggested the factors affecting the recognition of perceived opportunity by longitudinal method can be further evaluated. To improve performance, entrepreneurs should enrich entrepreneurial resources and allocate them appropriately, and heighten and maintain their alertness to reduce the perceived gap arising from recognising entrepreneurial opportunities.     

The Effect of Political Uprisings on the Location of Price Discovery: Evidence from Egyptian Cross-Listed Equities

In this study, we aim to determine the location of price discovery for Egyptian cross-listed stocks around the political uprising that started on January 25, 2011, and resulted in a two-month stock market closure. We measure price discovery using Gonzalo and Granger's component share and Hasbrouck's information shares and find that, for some stocks, the contribution of the foreign market in pricing cross-listed equities increases in the period directly following the reopening of the Egyptian stock market. We discuss the factors that could explain the more pronounced shifts in the location of price discovery for some companies in the post-uprising period.     

Response to Vuori and Vuori's commentary on “Heuristics in the strategy context”

We recently introduced a research program on how firms can effectively capture fleeting opportunities using heuristics. Heuristics, we advocate, are the essence of strategy, especially in unpredictable markets where opportunities are often numerous, fast moving, and uncertain. Our emphasis on heuristics invites comparison with prominent research programs in cognitive psychology. We address this opportunity by comparing our “simple rules” heuristics approach with “heuristics‐and‐biases” and “fast‐and‐frugal” heuristics research. Collectively, the three approaches offer a rich understanding of heuristics. Copyright © 2014 John Wiley & Sons, Ltd.     

Inequalities of opportunity in the access and use of telecommunication services in Togo

The liberalization of the telecommunications sector in Togo aimed at ensuring access to a better quality of telecommunication services at affordable prices to everyone. While the liberalization policy has increased competition in the sector and reduced significantly telecommunication services prices charged to costumers, statistics on the access and use of telecommunication services in Togo reveal disparities with respect to individuals' socio-economic characteristics which could be an indication of the existence of inequalities of opportunities in the access and use of these services.This paper investigates the inequalities of opportunity in the access and use of telecommunication services in Togo using a parametric approach. The results of estimations indicate that, inequalities of opportunities are larger for men and the elderly than respectively women and youths and are more pronounced in urban areas and regions such as the Plateaux and Savanna regions. Moreover, the circumstance variables such as the ‘place of residence’ and the ‘region’ are the key variables in explaining the inequalities of opportunities in the access and use of telecommunication services in Togo. So, policies toward reducing inequalities of opportunity in the access and use of telecommunication services in Togo should be designed with regards to men, the elderly, and people living in urban areas and regions such as the Plateaux and Savanna regions.     

公司创业新事业投资决策成败案例对比

聚焦于公司创业过程中的新事业投资决策过程,试图通过对比成败案例,揭示其决策过程的规律,尤其注重刻画创业决策者主体的决策表现及其特征。以口语回溯法和半结构化访谈相结合的手段,调研了13家企业负责人,遴选出两家成功企业与两家失败企业,作为案例采写的主要对象。通过详细的案例描述与对比,研究结果发现:①创业警觉性、以往知识和创新性认知风格是机会识别的关键性要素;②成功决策需兼顾创业机会的可行性和盈利性,决策者应更多采用变革式的新事业投资机会;③成功决策有赖于决策者高度内化的、富有洞察力的预见性,一旦有效识别机会,便会快速付诸于执行,果断排斥外在情境的干扰。