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由于连续竞价交易机制的广泛应用和交易过程的随机性,其交易策略的研究一直是人们关注的热点和难点问题,经历了从简单到复杂、从脱离现实到逐渐贴近现实的过程。从博弈论和经济学的视角,把连续竞价市场交易策略的研究分为博弈分析学派、实验经济学派和计算经济学派3种理论,系统阐述了每个学派的研究特点和主要成果,并指出了今后的研究方向。 相似文献
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后MBO上市公司的股利分配现象是公司股利政策和MBo研究的一个交叉点.本文的实证分析发现,后MBO上市公司偏好现金股利.支付现金股利的公司家数占比、现金股利支付水平都高于上市公司总体.股票股利支付水平平均也高于总体.后MBO公司现金股利支付率与公司现金流量、资本公积金累积、资产规模等正相关,与资产负债率负相关.而第一大股东持股比例并未显著影响公司的股利发放.本文的主要贡献在于否定了MBO会导致公司高现金分红或称"恶性分红"的命题,认为MBO公司一直实行高于市场平均水平的股息分配,并未因股权变更而改变股利政策.这对进一步研究该类公司的治理问题具有重要意义. 相似文献
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This paper presents a theoretical framework for understanding the evolutionary dynamics of strategic alliances. Using an integrated process model, we analyze the conceptual characteristics and antecedents of the stability of strategic alliances. The primary purpose of this study is to (1) conceptualize and characterize alliance stability to fill the academic gap in the literature, and (2) identify a range of endogenous factors underlying alliance stability across four developmental stages — partner selection, structuring/negotiation, implementation and performance evaluation — so as to fill the managerial relevance gap. From the discussion, we develop a number of propositions to facilitate future empirical testing of our conceptual model. Finally, we indicate some key implications for theoretical research and managerial practice. 相似文献
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In the weighted link ring loading problem, we are given an n-node undirected ring network. Each of its links is associated with a weight. Traffic demands are given for each pair of nodes
in the ring. The load of a link is the sum of the flows routed through the link, and the weighted load of a link is the product
of its weight and the smallest integer not less than its load. The objective of the problem is to find a routing scheme such
that the maximum weighted load on the ring is minimized. In this paper we consider three variants: (i) demands may be split
into two parts, and then each part is sent in a different direction; (ii) demands are allowed to be split into two parts but
restricted to be integrally split; (iii) each demand must be entirely routed in either of the two directions, clockwise or
counterclockwise. We first prove that the first variant is polynomially solvable. We then present a pseudo-polynomial time
algorithm for the second one. Finally, for the third one, whose NP-hardness can be drawn from the result in the literature, we derive a polynomial-time approximation scheme (PTAS). 相似文献
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在随机误差项分别为正态、学生t及广义误差分布的假设下,用ARMA-GARCH、ARMA-EGARCH及ARMA-TARCH模型,对1995年12月至2008年3月沪深2市的A股指数的日收益率波动性进行实证分析.结果显示:沪深2市股指日收益率都存在着波动非对称性;在极大似然准则和AIC原则下,能最好地描述中国A股市场指数波动的模型为ARMA-EGARCH模型. 相似文献
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信用管理是现代企业管理的一个重要组成部分,完善的信用管理有助于企业降低交易风险,及时收回应收账款.缓解流动资金压力.而客户信用信息的完整性和准确性,很大程度上影响着企业信用管理的成效.本文就客户信用信息的来源和内容做了一些新的探索,希望能对企业的信用管理工作有一定的启发与借鉴. 相似文献
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公允价值的核心内容就是按市值给资产定价.但公允价值实施以来,恰巧碰上了这场次贷危机.在经济形势乐观的时候,公允价值起到了"推波助澜"的作用;一旦景气周期下滑,公允价值便成了"落井下石"的"帮凶".显然,在本次金融危机中,公允价值的公允性遭到了质疑,世界上叫停之声不止,但一时又无法找到"公允"的新方法.我国也实施了新会计准则,未来业界在继续推行公允价值时必将更为谨慎. 相似文献
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Kathy Yuan 《Journal of the European Economic Association》2005,3(5):1156-1180
We demonstrate that benchmark securities allow heterogeneously informed investors to create trading strategies that are perfectly aligned with their signals. Investors who are informed about security‐specific risks but uninformed about systematic risks can take an offsetting position in benchmark securities to eliminate exposure to adverse selection in systematic risks, while investors who are informed about systematic risks but uninformed about security‐specific risks can trade systematic risks exclusively using benchmark securities. We further show that introduction of benchmark securities encourages more investors to acquire both security‐specific and systematic‐factor information, which leads to increased liquidity and price informativeness for all individual securities. (JEL: G10, G12, G14) 相似文献