Purpose:The article focuses on the emergence of a private tutoring industry in Denmark over the last decade. Specifically, it explores how private tutoring companies legitimize themselves in a social and cultural cont...Purpose:The article focuses on the emergence of a private tutoring industry in Denmark over the last decade. Specifically, it explores how private tutoring companies legitimize themselves in a social and cultural context where education has for long predominantly been understood in egalitarian terms.Design/Approach/Methods:The article takes inspiration from Viviana Zelizer’s work on morally controversial markets. It explores the “moral labor” performed by private tutoring companies to redefine the exchange of private tutoring services as a socially wholesome activity. It does so through a close analysis of business information, company websites, and news media articles on private tutoring.Findings:The article argues that, generally, the marketing material of tutoring companies focuses more on social equality and student well-being than on academic success. Thus, the companies predominantly legitimize themselves in terms of long-standing Scandinavian ideals of education. Increasingly, these are also the terms in which the companies criticize mainstream schooling.Originality/Value:The article contributes new knowledge of private tutoring in a Scandinavian context where very little research on the issue has so far been conducted. Theoretically, it relates previous research on “legitimation projects” of private tutoring companies to broader sociological theories on market making.展开更多
Market making （MM） strategies have played an important role in the electronic stock market. However, the MM strategies without any forecasting power are not safe while trading. In this paper, we design and implement...Market making （MM） strategies have played an important role in the electronic stock market. However, the MM strategies without any forecasting power are not safe while trading. In this paper, we design and implement a twotier framework, which includes a trading signal generator based on a supervised learning approach and an event-driven MM strategy. The proposed generator incorporates the information within order book microstructure and market news to provide directional predictions. The MM strategy in the second tier trades on the signals and prevents itself from profit loss led by market trending. Using half a year price tick data from Tokyo Stock Exchange （TSE） and Shanghai Stock Exchange （SSE）, and corresponding Thomson Reuters news of the same time period, we conduct the back-testing and simulation on an industrial near-to-reality simulator. From the empirical results, we find that 1） strategies with signals perform better than strategies without any signal in terms of average daily profit and loss （PnL） and sharpe ratio （SR）, and 2） correct predictions do help MM strategies readjust their quoting along with market trending, which avoids the strategies triggering stop loss procedure that further realizes the paper loss.展开更多
Star River(or Star Bay), an elite works of Hong Yu Group, is located in Sijixinghe Road, Chaoyang Beilu,Beijing. It is a distinguished residence area, occupyingland of 300 thousand sq. meters. The north side is a for-...Star River(or Star Bay), an elite works of Hong Yu Group, is located in Sijixinghe Road, Chaoyang Beilu,Beijing. It is a distinguished residence area, occupyingland of 300 thousand sq. meters. The north side is a for-est garden with 1600 or more mu, the eastern side is agreen belt with 2000-more mu.With an investment of RMB1.5 billion, Beijing StarRiver provides a beautiful landscape and high-qualityresidence. In order to realize a high harmony of con-struction and environment, Beijing Star River has in-vested millions into environmental construction.Star River has won a reputation of Detailed Qualityby Milton Kotler, a world famous marketing master. "Iwould start marketing the apartments in Los Angles, inNew York city, in Chicago, London, " Milton said.One day in September, brothers Kotler(Milton Kotlerand Philip Kotler), world famous marketing masters wereinvited to Star River as noble guests. Their praise forStar River were so high that people would prefer to takeit as an artistic job rather than a residence.展开更多
文摘Purpose:The article focuses on the emergence of a private tutoring industry in Denmark over the last decade. Specifically, it explores how private tutoring companies legitimize themselves in a social and cultural context where education has for long predominantly been understood in egalitarian terms.Design/Approach/Methods:The article takes inspiration from Viviana Zelizer’s work on morally controversial markets. It explores the “moral labor” performed by private tutoring companies to redefine the exchange of private tutoring services as a socially wholesome activity. It does so through a close analysis of business information, company websites, and news media articles on private tutoring.Findings:The article argues that, generally, the marketing material of tutoring companies focuses more on social equality and student well-being than on academic success. Thus, the companies predominantly legitimize themselves in terms of long-standing Scandinavian ideals of education. Increasingly, these are also the terms in which the companies criticize mainstream schooling.Originality/Value:The article contributes new knowledge of private tutoring in a Scandinavian context where very little research on the issue has so far been conducted. Theoretically, it relates previous research on “legitimation projects” of private tutoring companies to broader sociological theories on market making.
基金This work was supported by the National Natural Science Foundation of China （Grant Nos. 61173011, 61103125）. Thanks for Charles River Advisors Ltd. who provide their commercial exchange simulator for research use. Xiaotie Deng is supported by the National Natural Science Foundation of China （Grant No. 61173011） and a 985 project of Shanghai Jiaotong University, China.
文摘Market making （MM） strategies have played an important role in the electronic stock market. However, the MM strategies without any forecasting power are not safe while trading. In this paper, we design and implement a twotier framework, which includes a trading signal generator based on a supervised learning approach and an event-driven MM strategy. The proposed generator incorporates the information within order book microstructure and market news to provide directional predictions. The MM strategy in the second tier trades on the signals and prevents itself from profit loss led by market trending. Using half a year price tick data from Tokyo Stock Exchange （TSE） and Shanghai Stock Exchange （SSE）, and corresponding Thomson Reuters news of the same time period, we conduct the back-testing and simulation on an industrial near-to-reality simulator. From the empirical results, we find that 1） strategies with signals perform better than strategies without any signal in terms of average daily profit and loss （PnL） and sharpe ratio （SR）, and 2） correct predictions do help MM strategies readjust their quoting along with market trending, which avoids the strategies triggering stop loss procedure that further realizes the paper loss.
文摘Star River(or Star Bay), an elite works of Hong Yu Group, is located in Sijixinghe Road, Chaoyang Beilu,Beijing. It is a distinguished residence area, occupyingland of 300 thousand sq. meters. The north side is a for-est garden with 1600 or more mu, the eastern side is agreen belt with 2000-more mu.With an investment of RMB1.5 billion, Beijing StarRiver provides a beautiful landscape and high-qualityresidence. In order to realize a high harmony of con-struction and environment, Beijing Star River has in-vested millions into environmental construction.Star River has won a reputation of Detailed Qualityby Milton Kotler, a world famous marketing master. "Iwould start marketing the apartments in Los Angles, inNew York city, in Chicago, London, " Milton said.One day in September, brothers Kotler(Milton Kotlerand Philip Kotler), world famous marketing masters wereinvited to Star River as noble guests. Their praise forStar River were so high that people would prefer to takeit as an artistic job rather than a residence.
