新亚欧大陆桥沿线地区（中国段）现代物流发展研究

现代物流的发展对新亚欧大陆桥沿线地区（中国段）社会经济的发展具有重大的促进作用,本文简要介绍了沿线物流发展现状,在对沿线物流发展格局分析的基础上,对沿线地区现代物流发展的基本思路进行了初步的探讨,提出了沿线地区现代物流发展的战略目标和总体定位。     

现货市场与期货交易行为对期货市场波动的影响——来自中国农产品期货市场的证据

期货交易对波动性的影响一直以来都是一个备受争议的课题。建立了包含预期风险收益、现货市场和期货市场非对称信息冲击效应的EC-TARCH-M模型,对大豆、豆粕、玉米和强麦等期货的交易行为、现货市场信息冲击与期货市场内在波动性之间的关系进行深入研究。结果表明,期货交易行为均对波动性有着显著影响,但影响的方向和程度不一致,投机交易会加剧期货市场波动性,而市场深度却有助于降低期货市场波动性。不同期货市场波动性对来自现货市场的信息冲击反应不一,但对来自期货市场中的信息冲击具有"杠杆效应"。     

Comparing robust generalized variances and comments on efficiency

Numerous papers have considered the problem of comparing univariate measures of dispersion corresponding to two independent groups. This paper considers a multivariate generalization of this problem where the goal is to compare robust generalized variances. For reasons given in the paper, attention is focused on a particular W-estimator where multivariate outliers are downweighted via a projection-type outlier detection method. Included are results on the small-sample efficiency of several estimators plus comments on using the usual generalized variance.     

内幕交易民事责任及诉讼机制探讨

不同类型的内幕交易受害人取诉权的条件和方式不尽相同。内幕交易民事责任的各个构成要件都有其特定内涵。内幕交易民事诉讼机制由代表人诉讼和股东派生诉讼所构成。     

可编程控制器在洁净空调自动控制系统中的应用

介绍了可编程控制器(PLC)在洁净空调控制系统中应用的实例，对应用中遇到的问题提出了解决方案，并对PLC在洁净空调系统中推广使用的前景进行了分析。     

论我国罚金刑数额立法的弊端及其完善

根据罚金刑数额立法应当遵循的五个原则 ,我国罚金刑数额立法存在很多弊端 ,主要表现为 :规定了大量无限额罚金的罪名 ,倍比罚金制导致罚金数额过高 ,限额罚金幅度没有与自由刑形成比值关系 ,单位犯罪的罚金没有数额幅度。完善我国罚金刑数额立法的途径是 :对自然人犯罪应当规定最低劳动报酬或月收入或其他收入的罚金制 ,对贪利性单位犯罪 ,应当以涉罪数额为基准 ,规定倍比罚金制 ;对非贪利性或无涉罪数额的单位犯罪 ,应当规定等级点数制罚金。     

中国风险投资发展:国外经验借鉴与国内政策措施

国外风险投资发展的成功经验为中国发展风险投资提供了很好的借鉴。我国发展风险投资的措施,主要包括:引导和探索多种形式的风险投资组织形式;加大对高新技术产业和风险投资的优惠政策;制定和完善风险投资相关法规;建立多层次股权交易市场疏通退出渠道;对风险投资直接监管与间接监管相结合。     

有关股评价值的实证研究

以2000年股评家推荐的2052只股票作为样本,并根据推荐的持有策略将其分成短线和中线两组来分析股评的投资价值.研究结果对我国股评家属于信息驱动型提出了质疑,并指出,即使考虑交易费用,被推荐的短、中线个股(组合)仍然具有一定的投资价值.从长期来看,个股(组合)可以显著获得超常收益或赢利;与中线相比,短线个股(组合)的期望收益较高、风险较小.     

Mass Customization in the Automotive Industry: Comparing Interdealer Trading and Reconfiguration Flexibilities in Order Fulfillment

Mass customization has been viewed as desirable but difficult to achieve in the volume automotive sector. Here we consider flexibility in automotive order fulfillment systems to enhance the ability to satisfy customers with their desired vehicle variants within acceptable delivery lead times. Two types of flexibility are compared in a Virtual‐Build‐to‐Order system—reconfiguration in the planning pipeline and interdealer trading. A representative simulation model is used to investigate the impact of the two types of flexibility across a wide spectrum of product variety levels. The impacts on major stakeholders in the system—the producer, dealers, and customers—are considered. The study shows that both types of flexibilities can bring significant benefits in terms of reductions in lead time and inventory holding. The level of product variety strongly influences the observed effects—an important finding in the mass customization context. Upstream reconfiguration flexibility brings greater benefits than downstream trading flexibility. Reconfiguration tends to dominate trading as a fulfillment mechanism when both are in operation. The findings have implications for the design and management of automotive order fulfillment systems in improving their ability to offer mass customization. The study has relevance for companies in other sectors with high levels of variety that seek to combine efficiency, speed, and flexibility in order fulfillment.     

Strategic Liquidity Provision in Limit Order Markets

We characterize and prove the existence of Nash equilibrium in a limit order market with a finite number of risk‐neutral liquidity providers. We show that if there is sufficient adverse selection, then pointwise optimization (maximizing in p for each q) in a certain nonlinear pricing game produces a Nash equilibrium in the limit order market. The need for a sufficient degree of adverse selection does not vanish as the number of liquidity providers increases. Our formulation of the nonlinear pricing game encompasses various specifications of informed and liquidity trading, including the case in which nature chooses whether the market‐order trader is informed or a liquidity trader. We solve for an equilibrium analytically in various examples and also present examples in which the first‐order condition for pointwise optimization does not define an equilibrium, because the amount of adverse selection is insufficient.