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.     

关于“一房多卖”的法律问题探析

近年来,我国的商品房和二手房交易市场日趋活跃,但随之而来的大量商品房买卖纠纷也逐渐成为社会关注的焦点,"一房多卖"便是焦点之一。对各种情形下房屋的所有权归属和法律责任等相关问题进行简要分析,并对登记的效力、优先权等相关问题进行探索具有重要意义。     

基于结构方程模型的经销商低碳行为能力评价

低碳经济背景下,新的经营环境和社会责任给企业的生存与发展带来了重大的影响。经销商作为闭环供应链上的渠道主体,实施低碳行为是实现资源长远利用的必然选择,也是企业能够保持长久竞争优势的重要手段。基于此,在问卷调查的基础上,运用结构方程模型对经销商低碳行为能力进行评价,通过SPSS 13.0和LISREL 8.80等软件处理指标数据,进而完成模型的运行、检验与修正,筛选出有关键作用的影响因素,并针对性地加以改进,为经销商能够长期实现“经济与环境”的综合效益提供理论指导与技术参考。     

证券商行为规范及法律责任探讨

规范证券商的行为是维护和发展证券市场的重要环节。我国《证券法》强化了对证券商行为的规范及行政责任之规定 ,但弱化了相应的民事责任制度 ,导致法律责任的失衡。建议完善证券商违规的民事责任制度 ,以维护交易秩序和安全。     

试论"三个代表"对企业管理者的启示

江泽民同志的"三个代表"重要思想是指导党的建设的伟大纲领.在市场经济条件下,企业经营管理者应根据"三个代表"重要思想的要求,树立正确的经营观念,努力塑造企业,不断完善社会主义市场经济.文章就"三个代表"重要思想对企业经营管理者的重要启示进行了阐述.     

关于拓展我国券商融资渠道的分析与思考

在对我国券商8种融资主渠道(增资扩股、发行中长期债券、上市发行股票、国债回购、股票质押贷款、银行间同业拆借、短期金融券和资产管理业务等)进行分析的基础上,提出从提高券商信用、创新金融工具、建立证券金融公司、推动券商间战略重组等4个方面消除券商融资障碍、进一步拓展融资渠道的对策建议。     

两淮盐商与清代社会公益事业

两淮盐商是清代最大的商业资本集团之一,拥有巨额商业利润的两淮盐商,其资本流向是多方面的,捐助社会公益事业就是其中之一.他们在获取巨额利润后,积极回馈社会,将大量财富投资于修路造桥、救灾济荒、抚孤恤贫及捐资助学等,为清代民间社会公益事业的发展做出了贡献.     

Factors related to casino dealer burnout and turnover intention in Macau: Implications for casino management

This study examined 172 casino dealers in Macau in order to understand dealers' feelings and attitudes about working in a casino. Several personality variables (emotional suppression, neuroticism, and need for achievement), organizational variables, i.e., organizational socialization (training, understanding, coworker support, future prospects), and distributive justice, were assessed in relation to casino dealers' job burnout, and work and pay satisfaction. All variables were tested as correlates of work and pay satisfaction, burnout, and turnover intention. Regressions found emotional suppression (a behaviour required of casino dealers) to be a strong negative predictor of work satisfaction; while training, distributive justice, and need for achievement were positive predictors. Emotional suppression and neuroticism were positive predictors of burnout; while future prospects and work satisfaction were negative predictors. Also, the future prospects and understanding dimensions of organizational socialization negatively predicted turnover intention. Results are interpreted in relation to casino administration and the management of casino dealers.     

安岐与扬州——记中韩交往史上的一位扬州盐商

安岐是中韩交往史上的重要人物 ,清代中叶在扬州经商 ,曾任两淮盐商商总。他不仅精于盐务 ,而且对中国书画艺术有很深造诣 ,所著《墨缘汇观》一书影响深远。今扬州安家巷 ,是其故居所在地。     

Gangster,victim or both? The interdiscursive construction of sameness and difference in self‐presentations

The paper conceptualizes two contradictory discourses, both used by ethnic minority drug dealers in a street drug market in Oslo, Norway. Oppression discourse includes personal narratives of unemployment, racism and psycho-social problems, often combined with stories about the government and city council being unwilling to help. Drug dealers use the discourse to justify drug dealing and violence, both for themselves and in meetings with welfare organizations. Gangster discourse , on the other hand, includes a series of personal narratives emphasizing how hard, smart, and sexually alluring the young men are. Drug dealers use this discourse to gain self-respect and respect from others, and it dominates interactions on the street. An important argument in this paper is that the discursive practice of criminals inspires theoretical perspectives on criminal practice. Oppression and gangster discourses have inspired, respectively, neutralization and subculture theory. When the same people use both discourses, however, the picture becomes more complicated. The 'bilingual' discursive practice of the street drug dealers reflects the ambivalent role of the researcher, and a Scandinavian institutional and social context where street drug dealers have extensive contact with a welfare state apparatus. The paper still suggests that similar interdiscursivity may have been sacrificed in previous research to produce more coherent theoretical frameworks.