Foreign Institutional Investment,Ownership, and Liquidity: Real and Informational Frictions

The literature widely documents the negative liquidity impact of foreign participation in firms that permit high foreign institutional ownership. This paper employs a unique setting for the limited participation of qualified foreign institutional investors (QFIIs) in China's A-share market and examines how this impacts on stock liquidity in emerging markets. Contrary to the findings in the literature, foreign investor participation helps enhance the liquidity of affected stocks by promoting trade activities and price discovery. The improvement in liquidity does not occur through the information friction channel, but rather the real friction channel. Our results are robust to endogeneity issue and the possible influence of the global financial crisis, industry effects and the stock exchange. Further, the liquidity improving effects of QFII are even stronger when the analysis is performed on a subsample of QFII firms.     

全球视角下农产品反倾销摩擦的成因和解决途径研究

世界农产品农产品贸易发展到今天,经历了各种不同的发展阶段,几乎每个阶段都存在不同形式的贸易摩擦.研究农产品反倾销摩擦的诸多案例,可以挖掘出潜藏在农产品反倾销摩擦背后深层次的原因.针对这些原因,我们可以研究出相关的一些解决途径来应对农产品反倾销摩擦,促进农产品贸易的正常发展.     

磨床砂轮架装配用切削刀具——手动端面刮刀的设计

某厂在生产磨床时遇到了砂轮轴承温升超差问题,严重影响了磨床的正常工作。本文针对这一问题进行了深入分析,发现轴承与砂轮架端面之间的摩擦是重要原因。设计出一种专用的刮刀圆满解决了此难题。     

中国遭遇贸易摩擦的原因及其防范对策

我国现阶段面临的贸易摩擦具有频繁遭受反倾销、技术性贸易壁垒影响加大、遭遇贸易摩擦产品多为低端产品的特点,主要是由国际贸易的不平衡及我国出口商品结构的不均衡造成的,需要从发挥政府的宏观调控作用、加强行业协会的协调作用和提高外贸经营企业自身能力等方面来解决。     

河北省居民储蓄消费行为的实证研究——基于金融摩擦条件下

河北省消费需求不足一直是制约河北省经济发展和经济结构调整的主要因素，居民的储蓄消费行为与消费需求息息相关，而居民的储蓄消费行为如何主要取决于金融市场的发展状况，金融摩擦的存在，使得金融市场的运行影响参与到其中的居民行为。本文研究金融摩擦条件下河北省居民的储蓄消费行为，得出相关结论，提出政策建议。     

后危机时代我国外贸发展方式转变的方向与路径

后危机时代外贸发展方式转变成为中国经济成功转型的关键。要培育出口企业核心价值体系,构建新型出口导向产业体系;以劳动力、金融等要素市场的进一步开放弥补转变过程中的劳动力、技术缺口;以中性化汇率政策加快外贸发展方式转变的节奏;构建外贸企业社会责任评估体系,消除相关领域的贸易摩擦隐患;中长期来看,可以采取非温和手段打破外贸发展的路径依赖。     

后危机时代中国应对贸易摩擦的战略体系构建

文章认为,在后危机时代,贸易摩擦已成为中国进一步融入世界经济过程中的一个难以回避而需要谨慎处理的重要问题。文章首先描述了中国对外贸易摩擦的主要特点,提出应从政府、行业协会和企业三个层面入手,不断构建和完善＂三位一体＂联动机制,以应对中国频频遭遇的贸易摩擦,进而实现中国对外贸易的健康和持续发展。     

中美纺织品贸易摩擦及解决机制研究

2005年1月1日纺织品配额取消后中美纺织品贸易摩擦不断升级。中美纺织品贸易磨擦根本原因是中美贸易的不平衡,深层次原因是产业结构不相配。要想扭转纺织品出口的被动局面,必须改变以往以量取胜的理念,提高产品质量和自主品牌价值,通过产业升级、出口市场多元化等分散贸易风险。     

建立现代企业营销渠道管理有效运行机制研究

针对当前市场营销渠道系统存在的主要问题及原因,论述其系统管理方式和渠道系统成员的管理行为,提出建立营销渠道管理有效运行机制的主要措施。其成果为现代工商企业营销渠道管理提供科学的决策依据,具有重要的现实指导意义。     

Trading Frictions and Market Structure: An Empirical Analysis

Abstract:  Market structure affects the informational and real frictions faced by traders in equity markets. Using bid-ask spreads, we present evidence which suggests that while real frictions associated with the costs of supplying immediacy are less in order-driven systems, informational frictions resulting from increased adverse selection risk are considerably higher in these markets. Firm value, transaction size and order location are all major determinants of the trading costs borne by investors. Consistent with the stealth trading hypothesis of Barclay and Warner (1993) , we report that informational frictions are at their highest for medium size trades that go through the order book. Finally, while there is no doubt that the total costs of trading on order-driven systems are lower for very liquid securities, the inherent informational inefficiencies of the trading format should not be ignored. This is particularly true for the vast majority of small to mid-size stocks that experience infrequent trading and low transaction volume.