The Impact of Short Selling Disclosure Regulatory Constraint on the Lending Market and Stock Ownership

We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.

Fuzzy Inventory Model under Selling Price Dependent Demand and Variable Deterioration with Fully Backlogged Shortages

The objective is to develop a model considering demand dependent on selling price and deterioration occurs after a certain period of time, which follows two-parameter Weibull distribution. Shortages are allowed and fully backlogged. Fuzzy optimal solution is obtained by considering hexagonal fuzzy numbers and for defuzzification Graded Mean Integration Representation Method. A numerical example is provided for the illustration of crisp and fuzzy, both models. To observe the effect of changes in parameters, sensitivity analysis is carried out.

Smart Contract to Traceability of Food Social Selling

Traditionally,food sustainability has been considered solely in the stage of agricultural production.However,globalization,the expansion of the food production industry,and the emergence of supermarket chains that control the retail food market require specific significant changes in supply chains in the food sector and,therefore,we need to address the economic,social,and environmental impacts of these events.On the other hand,social selling has increased rapidly in recent years,with a further boom,following current events related to the coronavirus disease(COVID-19).This explosion of social sales,where there are usually no control and regulation entities,can bring problems associated with mishandling items.In this paper,we expose how Blockchain technology supports the traceability of social sales by validating the data provided by the chain participants such as digital health passports,production and transport data in the sale process;the proposed solution generates recommendations on productmanagement considering the agreements previously made by the network actors.To evaluate the proposed smart contracts,we useHyperledger Caliper,obtaining an average throughput of 12.6 transactions per second and an average latency of 0.3 s for the asset update process.We also use a study case to evaluate the proposed project platform’s selling-transport stage using Internet of Things(IoT)sensors.

How to Effectively Promote Online Selling by E-mail--Permission Based E-mail Marketing as An Example

Electronic mail is perhaps one of the greatest inventions of our lifetime.It is having a phenomenal effect on the way we communicate.E-mail is not just a quick and relatively cheap way to keep in touch with family and friends,it has also become an essential tool in business,a fundamental part of the way in which we work.E-mail with fast speed and low cost can reach global audience and become a useful tool to promote online selling.This paper will mainly discuss e-mail marketing and its good functions on communication with potential or existing customers and other characteristics.Permission based marketing,which has common point with e-mail marketing,is regarded as e-mail marketing to some extend.This paper will further discuss the effective format,effective subject lines and words that can't be used in e-mail marketing.At last,the problems and prospect of permission based e-mail marketing will also be stated.

Nonverbal Communication in Commercial Housing Selling

Nonverbal communication is the process of sending and receiving messages from another person through nonverbal channels.On the ground of importance and main codes of nonverbal communication,skills of which are proposed to grasp in commercial housing selling,serving well for the successful transaction.

Fuzzy Inventory Model with Variable Production and Selling Price Dependent Demand under Inflation for Deteriorating Items

The main purpose of this paper is to develop an inventory model under fuzzy approach by considering the effect of inflation and time value of money, to determine the optimal time period for inventory cycle and minimum total average costs. The model is integrated production inventory model developed where;the Demand has a direct linear impact on production rate. The model can be divided into four stages. In the first two stages with original production rate and subsequent change in production rate, inventory level rises. Third stage is time after the accumulation of inventory and before the deterioration starts, where demand which selling price dependent is depreciating the inventory level, while in the fourth stage deterioration occurs, which is considered to follow two parameter Weibull distribution. The back-order is not considered. Hexagonal fuzzy numbers are used to derive optimum solution and defuzzification by graded mean integration representation method. A numerical example is given to demonstrate the applicability of the purposed model and sensitivity analysis is carried out to reveal the impact of change in parameter values.

Probability Criterion for a Dynamic Financial Model with Short-Selling Allowed

Probability criterion has its practical significance, and its investment decision-making is determined by the expected discounted wealth. In a complete, standard financial market with short-selling allowed, this paper probes into the investment decision-making with probability criterion. The upper limit of criterion function is obtained. The corresponding discounted wealth process and hedging portfolio process are provided. Finally, an illustrative example of one-dimensional constant-coefficient financial market is given.

Selling Chinese Films Abroad

THE story of Wudang swordsman Li Mubai is one that resonated with moviegoers across the globe. The thrilling martial arts sequences, sumptuous costumes and sweeping musical score of Ang Lee＇s four-time Academy Award-winning Crouching Tiger, Hidden Dragon （2000） ensured its position as one of the greatest non-Hollywood films of the new millennium and the highest-grossing foreign language film in Hollywood history.

机构投资者退出威胁能有效抑制高管机会主义减持吗?

本文以2007—2020年中国A股上市公司为研究样本,考察机构投资者退出威胁对高管机会主义减持行为的影响及作用机制。研究发现,机构投资者退出威胁能够有效抑制高管机会主义减持行为,具有显著的治理效应。机构投资者退出威胁有效降低了股价波动和股票错误定价,从而显著抑制了高管机会主义减持。环境不确定性和管理层自利性越强,则机构投资者退出威胁对高管机会主义减持的抑制效应越弱。进一步分析发现,上市公司机构投资者为交易型、发生股权质押以及产权性质为非国有企业时,机构投资者退出威胁对高管机会主义减持的影响更强;而且机构投资者退出威胁治理效应产生了积极的后果,显著抑制了高管减持寻租,提升了企业价值,降低了高管减持时的择机性。

面向SELL语料库的AI虚拟英语口语训练系统研究

基于当前教育的发展形势下,为改善学生英语口语学习环境,提升学生学习效率,学校及教师要从根本上提高思想觉悟,转变教学理念,创新教学方法,切实发挥现代教育技术和设备的优势,通过科学手段激发学生英语口语学习兴趣,逐步提升学生口语水平与综合能力。本文以 SELL 语料库为载体,探索通过 AI 虚拟技术培养学生英语口语能力、构建英语口语训练系统的思路和方法。在保证学生学习效果的同时逐渐带领学生走进深度学习领域,提升学生口语使用的准确率和熟练度。

乡村振兴视域下农村电商高质量发展面临的主要问题及对策

乡村振兴视域下,农村电商高质量发展对于推动农村经济发展和提高农民收入具有重要意义。农村电商的高质量发展,需要从完善农村交通和网络基础设施、打造特色品牌、建立和完善农村物流服务体系等方面着手,充分挖掘和有效整合农村潜在资源,促进农村一、二、三产业融合发展,推动农村经济结构调整和升级,从而使农村电商成为拉动农村经济增长的新动能,保证农村经济提质增效和农民增产增收,不让农民既流汗又流泪,实现“惠农、富农、强农”目标,为全面实施乡村振兴战略助力。

预售模式下电商平台订货时间与定金决策研究

预售模式延长了产品整体销售周期,这为电商平台的产品订货时间决策带来了新问题。为研究对比提前与延后两种订货时间策略影响下的产品定金、产品价格与电商平台利润,建立两阶段主从博弈模型,分析定金敏感度、尾款敏感度和制造成本对订货时间选择与产品定金决策的影响。结果表明:在延后订货模式中,定金、尾款敏感度对产品订货价格影响相反;在提前订货模式中,只有定金敏感度影响产品订货价格。电商平台预售券/定金策略受消费者尾款敏感度影响。

传销范围的重新界定及查处职权配置的优化——基于《禁止传销条例》修改的思考

传销作为舶来品在我国历经了允许、限制到禁止的演进历程。面对当下传销与直销的纠缠及其多层级直销、不同类型分销经营模式的复杂,尤其是数字经济下新型网络微商的出现,修改《禁止传销条例》《直销管理条例》被立法部门提到日程。基于经济政策和社会结构的变化、发展新质生产力的要求,《禁止传销条例》修改有必要通过刑法及其相关规定、解释来重新厘定传销的边界范围,确保行政立法与刑事立法在实体和程序上的衔接,保持法秩序统一下对传销治理的市场化、法治化。在传销性质界定上,应限定其范围,保持与直销新营销模式的协调;在治理方式上,实行由刑事治罪与行政治理并重向倚重行政治理转变,赋予行政执法足够的治理措施,改变现有冻结等措施向司法机关申请的规定,赋予其紧急止付等新的行政措施;在职权配置上,对诈骗型传销、经营型传销以及网络传销等新类型优化公安机关和市场监督部门以及其他部门的查处职权,构建重罚传销组织、领导者和约束积极参加者的梯度性规制体系,保持刑法的谦抑性,推进协同治理传销有效机制的建设。

考虑用户碳配额的售电公司新能源电力购售策略研究

随着碳配额制度改革的深入,高排放企业日益增加的新能源电力需求给售电公司传统运营模式带来了新的机遇和挑战。针对高排放企业日益提升的绿色用电需求难以满足的问题,提出主从博弈框架下考虑用户碳配额的售电公司新能源电力购售策略模型。研究通过运用Copula函数、拉丁超立方抽样及K-means聚类生成风光出力典型场景,构建了考虑中长期市场、现货市场、储能、碳交易、绿证交易及差异化售电合同的多市场主从博弈双层优化模型。最后,通过算例分析验证了模型的有效性。

零售商促销努力驱动下供应商入侵决策

引入由单个供应商和单个零售商组成的两级供应链,考虑供应商拥有入侵能力和供应商没有入侵能力两种情形,构建了供应商与零售商之间的价格竞争模型,分析了零售商促销努力驱动下供应商的入侵决策方案.研究发现:供应商形成入侵能力所需的固定成本会对供应商的入侵决策产生影响,有入侵能力的供应商会在一定条件下向零售商承诺不入侵;零售商的促销策略会受供应商入侵能力的影响,选择促销对零售商来说并不总是有利的;零售商促销带来高收益的区域随着促销效率的增加而增加,零售商的促销效率越大,零售商利润也越高.

技术经纪人谏言对创业者创业警觉的影响机理——基于扎根理论的多案例研究

技术经纪人日益成为科研成果转化服务领域的主力军,但目前对于技术经纪人促进早期科创项目孵化的研究较少。基于议题营销理论和创业警觉理论,运用扎根理论多案例研究法,深入探究技术经纪人谏言对创业者创业警觉的影响机理。研究发现:(1)技术经纪人谏言通过议题感知策略、议题选择策略和议题提出策略促进创业者创业警觉;(2)技术经纪人情绪体验(积极和消极)在技术经纪人谏言与创业者创业警觉之间发挥中介作用;(3)技术经纪人知识基础在技术经纪人谏言与技术经纪人情绪体验之间发挥调节作用。研究结论有助于丰富技术经纪人现有研究,对于进一步选择技术经纪人培训策略、加速科研成果商业化具有积极指导意义。

中小企业融资难背景下的商业银行信用风险缓释行为研究:信用风险转移or贷款出售?

在面临高风险的中小企业贷款时,商业银行如何签订信用衍生产品合约来缓解自身信用风险,进而在支持中小企业和民营企业融资时实现自身的最大效用,成为商业银行支持中小企业融资需要重点考虑的问题。本文将信用风险转移工具与贷款出售相结合,比较了存在道德风险与不存在道德风险情况下商业银行的效用差异。理论模型分析表明,当不存在道德风险时,贷款出售市场会保证商业银行实现贷款的期望收益;但监管成本的存在使得信用风险转移工具的使用效用低于贷款的预期收益,且合约支付没有呈现出状态分离特征,商业银行会倾向于使用贷款出售来转移信用风险。在存在道德风险时,贷款出售市场并没有完全对冲商业银行的信用风险;而对于信用风险转移工具而言,当信用风险缓释工具卖方资产管理能力非常强,且大于监管惩罚的期望值时,商业银行能够获得高于贷款预期收益的效用,信用风险转移工具是更优的选择。

考虑顾客转移的供应商侵入策略

考虑跨境电商背景下的供应商侵入问题,分别构建顾客转移时的独立站、平台寄售策略模型以及无顾客转移时的独立站、平台寄售策略模型,分析顾客转移对渠道侵入策略的影响。研究表明:在考虑顾客转移情形下,当批发价格较高时,随着非忠诚顾客比例增加,供应商最优渠道策略会从独立站策略转向寄售策略再转向独立站策略;当批发价格较低时,供应商始终偏好独立站策略。此外,顾客转移行为会促进供应商选择独立站策略并促使供应商和平台差异化定价,缓解二者价格竞争;且只有当供应商和平台差异化定价时,供应商的最优渠道策略才会让供应商和平台双赢。

机构投资者分心与高管机会主义减持

文章以投资组合中不相关行业发生的极端收益为冲击,考察机构投资者因注意力分配差异而产生的分心现象对高管机会主义减持的影响。研究发现,高管在机构投资者因分心而弱化监督时会实施更多的机会主义减持行为。作用机制分析发现,机构投资者分心通过降低股价信息含量,从而加剧了高管机会主义减持行为。异质性分析发现,完善的公司内外部治理环境、国有企业性质、减持成本以及高管激励能够发挥一定程度的监督作用,抑制了机构投资者分心背景下高管机会主义减持动机。进一步研究发现,机构投资者的分心效应具有较长的持续性,机构投资者自身监督水平越高,其分心程度对高管机会主义减持影响越大,高管越能够在机会主义减持中获取更大的超额收益或规避更多的财富损失。文章不仅丰富了机构投资者分心的经济后果,为研究机构投资者治理效应提供了新的思路,也为监管部门强化对高管机会主义减持监管提供了重要启示。

独立董事辞职如何影响内部人减持——兼议公司治理的新机制

独立董事制度是我国公司治理体系的重要组成部分,旨在保护中小股东合法权益。近些年一些企业内部人通过减持套现损害了中小股东权益且独立董事辞职现象时有发生。本文利用沪深交易所上市公司的数据,实证分析了独立董事辞职对内部人减持的具体影响。研究结果表明,独立董事辞职显著抑制了内部人减持,且独立董事主动辞职对内部人减持的影响更强。机制检验发现,独立董事辞职通过缓解信息不对称、抑制股价高估以及降低投资者信心影响了内部人减持。进一步研究表明,行业专长独董和董监高责任保险强化了两者间的影响;而减持管制和官员独董辞职政策弱化了两者间的关系。研究结论对投资者有效利用独董辞职进行信息解读、监管部门完善独立董事、内部人减持和公司治理机制具有重要的启示意义。