We examine the execution quality of electronic stock traders who are geographically dispersed throughout the U.S. Traders who are located near market central computers in the New York City area experience faster order execution. Moreover, the time to execute orders rises as a trader’s actual distance (mileage) to NYC widens. In electronic market settings, data transfer limitations and transmission slowdowns result in geographically dispersed electronic traders having different access to trading speed. We find that speed advantaged traders experience lower transaction costs and engage in strategies that are more conducive to speed.

The cost of trading in securities markets is often estimated on the basis of: 1) a trade execution rather than an original order; and 2) a quote midpoint at the time of trade execution rather than at the time of order submission. In our paper, we obtain data from a U.S. brokerage firm to examine the severity of these two problems. We find that the quote midpoint and order size at submission differ from that at execution approximately 40% of the time. These differences are economically important and are more likely to occur when the market is less liquid. Our results highlight the need for caution when inferring trading costs from market center data sources.

We examine the determinants of U.S. equity traders’ choice of electronic versus intermediated execution. While traders exhibit a strong overall preference for automation, when the market is less liquid at order submission time, traders seek market maker automated and human order-matching services more often. Traders overall tendency to choose intermediaries is highly correlated with their demand for liquidity. Market maker participation rates are higher for more active and larger size traders. Traders who choose intermediaries more often trade more stocks, execute orders quicker, price orders more aggressively, and disperse their trading over longer periods of time. Although U.S. stock intermediaries continue to lose market share, our results highlight the important niche role these firms can play in an increasingly automated, electronically-driven marketplace.

此次金融危机过程中，国际社会开始反思单一利率政策的不足，货币政策“工具箱”似乎出现多元化的趋势。对于利率尚未完全市场化的中国，目前利率究竟能在宏观经济中发挥什么样的作用？本文采用典型事实的研究方法，本着“用数据事实说话”的基本经济学研究理念，尝试从众多的历史宏观数据中提取一些规律性的典型事实特征，找寻实际利率与宏观经济重要变量之间的有机联系，并试图得到一些启示或政策建议。

与上世纪30年代“大萧条”明显不同的是，目前全球经济似乎已较快地摆脱了持续低迷的威胁。与此同时，流动性的大量注入和经济的较快反弹反而增加了各界对未来通货膨胀的担心。在这种宏观经济背景下，深入分析M2较快增长的具体成因及其M2调控目标的可实现性等问题是摆在宏观决策者面前的重要现实课题。本文结合经典的货币银行学理论，试图通过对历史经验数据的洞察，从内部结构层面对1998年取消贷款规模控制后特别是1999年亚洲金融危机后中国的货币供给的决定因素进行剖析。

母国监管已经成为在设计和建构大部分跨国金融机构监管制度中的核心原则。在采用此原则的欧盟跨国银行监管机制中，监管权力与监管责任、监管成本的错位，使得金融监管风险以及损失承担的分配不当。这场危机暴露了在这一原则下，东道国金融体系对于那些跨国经营金融集团的母国监管节制的脆弱性。所以，在现行欧盟金融监管制度的基础之上，应当引入注重影响效果的监管机制作为原有的以实体为基础的监管机制的必要补充。

本专刊将关注全球金融危机对中国以及中国经济发展的影响。讨论的主要问题之一是中国银行系统和资本市场的发展状况。

本文研究了我国上市公司整体上市的模式，分析了整体上市带来的问题，并提出了相应政策建议。通过研究，得到以下结论：整体上市有增发反向收购、换股IPO、换股吸收合并及自有资金反向收购等四种模式，其中增发反向收购模式是主要模式；整体上市公司存在盈利预测未实现、强化了一股独大等问题；提出了改革资产评估机制、建立补偿机制等政策建议。

在经济对外开放程度不断成熟的今天，中国与国际化水平接轨的脚步声已是越来越近，各项转型工作正处于迫在眉睫的关头。而对于激活各项事业顺利发展的银行系统却还未完全走向市场化，尤其是各商业银行贷款定价能力较弱，多数按照央行规定的基准利率定价，导致商业银行及其他事业不能与国外类似行业在同等水平上竞争。本文通过分析比较国内外商业银行贷款利率的现状，旨在强调国内商业银行还有很大潜力与动力来加快贷款利率走向完全市场化的步伐。

市场摩擦一直是市场有效性研究的重点.物理摩擦产生用熵值表达的不稳定状态。在市场模型中，市场摩擦产生一种不稳定市场状态。我们建立市场模型，对模型进行多因素分析，一方面，模型可以有效的反映市场摩擦方面已有的研究成果；另一方面，通过模型的复杂化，我们得到有关市场摩擦的可能性结论：市场摩擦可能促进局部的最优化交易；无市场摩擦情况下股票等同于货币以及确定市场摩擦将使个人消费产生有序化排列。最后，我们提出了相关的实证研究实验模型，希望可以进一步的对此问题进行深入研究。