另类交易系统的法律界定

作为一种新型证券交易场所，另类交易系统是一种以互联网为基础的，依据一定规则自动聚集并撮合投资者委托买卖证券指令的电子交易系统。它属于场外交易场所的范畴，与传统交易所相比，其交易对象更广，交易流程更为便捷，交易规则特殊，同投资者之间的法律关系也不同。它的出现，不仅对传统交易所和中介机构的地位产生了强烈冲击，而且对传统的证券监管体制和证券诉讼也产生了深刻影响。本文在国外对另类交易系统概念界定的基础上，论述了其基本概念和特征，以期为将来我国另类交易系统的立法和监管提供理论参考。     

美元贬值下的人民币汇率制度选择

2002年以来，美元汇率持续贬值，对世界经济及我国经济产生了重大影响。对人民币实质汇率水平也产生了重大影响，人民币实质汇率水平的决定除了取决于美元趋势外，主要还受国内宏观经济的变化趋势、国际收支的变化趋势的影响。为此，我国应在保持人民币汇率稳定前提下，尽快培育和完善人民币汇率市场，形成机制，增强汇率杠杆对经济的调节作用，推动外汇市场的管理创新，增强交易主体的竞争力。     

加强国际学术交流,促进基础学科建设

"十一五"以来,基础部不断强化外事工作过程管理,注重提高国际学术交流质量,积极鼓励多种形式、不同层次的对外学术交流,更新了理念,活跃了氛围,提升了学科在生命科学国际舞台中的前沿地位。文章总结了第三军医大学基础部近年来在国际学术合作交流中的工作实践,旨在提供一些借鉴。     

Social exchange: Empirical examination of form and focus

We investigate similarities and differences among prominent types of social exchange (psychological contract fulfillment, perceived organizational support, trust in the organization, leader-member exchange, and trust in the supervisor) and propose that two higher-order factors represent social exchanges with the organization and with the supervisor. We investigate their prediction of important employee work attitudes, citizenship behaviors, and performance. Based on data from 448 employees, empirical tests support the existence of organization- and supervisor-directed social exchanges. Tests using structural equation modeling support unique predictions of attitudinal and behavioral work outcomes.     

Explaining the accounting disclosure index of stock exchanges by foreign exchange market activity

In this article, researcher-created accounting disclosure index of 23 stock exchanges for the year 1992 and its relationship with variables including foreign exchange turnover, economic and financial indicators were investigated. The accounting disclosure index of global stock exchanges crafted by Adhikari and Tondkar (1992) was regressed on foreign market turnover which was utilized as a proxy for foreign exchange market activity. The OLS results supported that along with the activity of foreign exchange market; GNI per capita, market capitalization, energy and electric consumption, number of listed companies were significantly related with the accounting disclosure index. The foreign market turnover was found to be positively influencing the accounting disclosure index. The models explained about 73% of the variation in the index with an F-ratio of 26.56 indicating the overall significance of the model.     

Why are African commodity exchanges languishing? A case study of the Zambian Agricultural Commodity Exchange

Food price volatility and high transactions costs remain major problems in African food markets. These persistent problems provide a strong theoretical justification for the development of commodity exchanges. However, the majority of African commodity exchanges remain underdeveloped. Through a case study of the Zambian Agricultural Commodity Exchange (ZAMACE), this article explores why agricultural commodity exchanges in the region have thus far failed to develop into sustainable trading platforms and identifies the most important changes needed to enhance their performance.     

Accounting standards, disclosure requirements and foreign company listings on stock exchanges

Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards （IFRS） instead of American generally accepted accounting principles （GAAP） and could be exempted from some of the disclosure requirements of the Securities and Exchange Commission and of the Sarbanes-Oxley Act. In spite of these requirements, as of December 31, 2007, there are approximately 421 non-U.S, companies valued at $11.4 trillion listed on the New York Stock Exchange （NYSE）. Of these 421 companies, 41 companies are from China. This study examines the reasons for Chinese companies choosing to list on the New York Stock Exchange and their experiences with incremental disclosure and listing requirements on the Shanghai, Hong Kong, London, and New York stock exchanges. The lesson for foreign companies everywhere should be that foreign companies should search for those cross listings adding value and not be searching for countries and stock exchanges with weak disclosure and listing requirements.     

主体间性视阈中的网络交往

主体间性是20世纪哲学领域中凸现的一个概念.主体间性是指在作为主体的人与人之间在语言和行动上相互作用、相互沟通、相互理解、双向互动、主动对话的交往中体现出的相关性.研究主体间性为进一步思考网络交往提供了新的视阈.     

Adoption Dynamics in Buyer-Side Exchanges

The purpose of this paper is to understand buyer/seller adoption dynamics in independent, buyer-side B2B exchanges. In a stylized model, we assume that the main role of the exchange is to reduce search costs for buyers. Buyers and sellers enter or exit the exchange based on the relative economic surplus (loss) they receive inside vs. outside the exchange. We contrast two situations: one where participants' switching cost to join the institution is negligible and another, in which it is significant. In an extension, we also explore the impact of buyer/seller heterogeneity on adoption dynamics. We have three key findings with relevant implications for practice. First, we find that the general view that demand and supply (so-called liquidity) either grows or shrinks in the marketplace may not hold. In the presence of switching costs, the exchange can evolve to a stable state with only partial market participation. Second, our results suggest that the exchange is better off subsidizing buyers as opposed to sellers in order to achieve the so-called critical mass, beyond which there is full participation. Finally, we find that while in general, minor buyers of the industry have more incentive joining the exchange, when the fixed participation fee of the exchange is high, it is major buyers who are likely to join first. For sellers, this is not the case: minor sellers are always more keen in participating in a buyer-side exchange.     

Emerging Securities Exchanges in Africa

ABSTRACT

African securities markets have not received the academic attention of those in Latin America and Southeast Asia. Historically, capital markets have not played a significant role in financing the development of the African economy. Today, however, African governments are focusing on the importance of moving toward more market-oriented economies and developing the financial market infrastructure to mobilize funds from both the private and public sectors. This paper describes the institutional characteristics of a newly revitalized stock exchange in Nairobi, Kenya. The study concludes that historical and cultural factors play a significant role in the characteristics of the Nairobi Stock Exchange.