The no-surcharge rule and surcharging behaviours in credit card markets

We investigate the welfare implications of banning the no-surcharge rule (NSR) in credit card markets. In particular, we introduce a governance mechanism alteration and merchants' heterogeneity into the model of Wright (2003). In doing so, we find two market forces exist in the transition of lifting the NSR. The first force is the classical double marginalisation because of merchants being able to deliberately impose a surcharge. The second force arises from a market structure change that merchants, who did not accept credit cards payments, do accept afterwards. Our model shows that the welfare implication hinges on the relative magnitudes of both market forces. More importantly, this article provides an explanation for the surcharging behaviours of merchants in Australia after the removal of the NSR in 2003, which have not been explained in the literature.     

地方政府预算平衡规则的破产：各国的经历和教训

地方政府预算平衡规则,是一系列规则的集合,但不包括那些年度调整的数字工具。在表层,规则的破产表现为结构性赤字兴起、隐匿性赤字膨胀和地方债务危机。在根源上,规则的破产是体制、规范、规则三个层面的破产。以此为鉴,中国应当以公共产权界定、公共部门改革为基础,选择适合本土需要的平衡预算控制模式,采用可信的、有效的操作工具。     

质量管理体系定量评价方法研究

提出了质量管理体系的定量评价方法和判定规则。此方法可以对企业质量管理体系进行科学、公平、统一的定量评价和判定，大大减少人为因素造成的不一致现象。     

基于和谐管理理论的日本型经营体系再探讨

21世纪的今天，曾经辉煌的日本型经营的发展与变化，引起了研究日本社会变化的广大学者的关注．笔者认为，现代日本型经营体系，是以日本企业和管理者的管理哲学一一“和谐”管理思想基础上构建的。在国际化浪潮涌向世界每一角落的今天，“面向复杂性，和谐管理理论的概念、原则及框架”的构建，是21世纪经济模型建立的基础之一，基于“和谐”管理理论的日本型经营体系的再探讨，是和谐管理理论在实践中的尝试．     

浅谈清单计价的编制方法、推广、普及及相关问题

随着工程建设领域的工程量清单计价规则在中国的推广和应用,这种国际上被广泛推崇的计价方法将会逐渐取代原有的定额计价方法。这是时代发展的必然结果。工程量清单计价的编制规则及方法也成为概预算工作者所应该掌握的必要技能,但是随之也带来了不适应的问题,需要广大的工程建设领域的概预算工作者尽快掌握其规律、熟悉其规则,以便迎接国际化大潮的冲击。     

A NOTE ON SELECTION EFFECTS OF THE HAND RULE

The famous Hand rule weighs the burden of precaution against the reduction in expected harm. The burden may be type‐specific, implying different standards of care for different injurer types. We show that this fact may be exploited by principals in their search for minimized individual costs. Principals may hire agents with high cost of care‐taking although other agents are available. This is shown in a unilateral‐care setting either with perfect or with asymmetric information. We therefore highlight a neglected downside of the negligence rule.     

On the Magnet Effect of Price Limits

The ‘magnet’ or ‘gravitational’ effect hypothesis asserts that, when trading halts are rule‐based, investors concerned with a likely impediment to trade advance trades in time. This behaviour actually pushes prices further towards the limit. Empirical studies about the magnet effect are scarce, most likely because of the unavailability of data on rule‐based halts. In this paper, we use a large database from the Spanish Stock Exchange (SSE), which combines intraday stock specific price limits and short‐lived rule‐based call auctions to stabilise prices, to test this hypothesis. The SSE is particularly well suited to test the magnet effect hypothesis since trading halts are price‐triggered and, therefore, predictable to some extent. Still, the SSE microstructure presents two particularities: (i) a limit‐hit triggers an automatic switch to an alternative trading mechanism, a call auction, rather than a pure halt; (ii) the trading halt only lasts 5 minutes. We find that, even when prices are within a very short distance to the price limits, the probability of observing a limit‐hit is unexpectedly low. Additionally, prices either initiate reversion (non limit‐hit days) or slow down gradually (limit‐hit days) as they come near the intraday limits. Finally, the most aggressive traders progressively become more patient as prices approach the limits. Therefore, both the price patterns and the trading behaviour reported near the limits do not agree with the price limits acting as magnetic fields. Consequently, we conclude that the switching mechanism implemented in the SSE does not induce traders to advance their trading programs in time.     

浅论民主、法治与宪政的关系——从“洛阳玉米种子案”引发的思考

在河南洛阳玉米种子案中，中国现阶段的民主、法治与宪政之间的张力暴露无疑，其实三者之间关系并非只有冲突与抵牾。首先，民主与法治是互为内容与形式的，两者之间有着相互依存、相互促进的关系。其次，法治与宪政之间属于上下位的关系，宪政是对法治缺陷的修正，最后，民主与宪政关系表现在：宪政不仅是对法治的制约，而且也是对民主缺陷的修正，二者是形式上（主观上）的冲突、而实质上（客观上）的相互制约但同时具有彼此促进的关系。     

银行业市场进入与退出分析:统一的市场角度

市场进入与市场退出是组成市场的两个必不可少的方面,两者之间存在着密切的联系。市场进出制度的建立,是建立、完善社会主义市场制度的重要组成部分。本文分析了银行业市场进入与市场退出之间的关系,认为在我国应尽快建立完善的银行市场进出入制度,以形成一个既可以保证银行体系安全、又具备竞争力的银行业市场结构。     

统计规律与马克思主义基本原理方法的选择

统计规律是社会学中常常运用到的逻辑概念,将社会学中的逻辑概念借鉴到对马克思主义的研究中,并借此来探讨研究马克思主义基本原理是思辨还是实证的过程有助于我们更深入地把握马克思主义理论中的基本原理,把握正确的世界观和方法论,更好地指导我们走中国特色社会主义的道路。