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We propose and study a simple stochastic model for the dynamics of a limit order book, in which arrivals of market order, limit orders and order cancellations are described in terms of a Markovian queueing system. Through its analytical tractability, the model allows to obtain analytical...
Persistent link: https://www.econbiz.de/10010631316
We propose and study a simple stochastic model for the dynamics of a limit order book, in which arrivals of market order, limit orders and order cancellations are described in terms of a Markovian queueing system. Through its analytical tractability, the model allows to obtain analytical...
Persistent link: https://www.econbiz.de/10008794238
The objective of this article is to analyze the impact of capital structure on profitability. This impact can be explained by three essential theories: signaling theory, tax theory and the agency costs theory. From a sample of 9136 firms distributed on seven sectors taken over the period...
Persistent link: https://www.econbiz.de/10010821251
L'objectif de cet article est d'analyser l'impact de la structure du capital sur la profitabilité. Cet impact peut être expliqué par trois théories essentielles: la théorie du signal, l'influence de la fiscalité et la théorie de l'agence. Nous montrons, à partir d'un échantillon de 9136...
Persistent link: https://www.econbiz.de/10010618158
The main purpose of this study is to examine the validity of the static trade-off theory and the pecking order theory using a French panel data. Our empirical tests provide that we can not formally reject either of the two theories explaining financing behavior. However, they confirm the...
Persistent link: https://www.econbiz.de/10009148037
History provides numerous examples of incumbent market leaders being leapfrogged by newcomers that have exploited the opportunities offered by new technologies. In light of the growing number of ecological threats linked to the use of the internal combustion engine, can Chinese auto...
Persistent link: https://www.econbiz.de/10010820814
the BASIC countries (Brazil, South Africa, India and China) in this indeterminacy. Mobilising the analytical tools of …
Persistent link: https://www.econbiz.de/10010820964
This paper analyses the expansion of China's clothing industry in world textile value chains. Using data from … interviews and observations throughout factory visits in China and other countries we show how private Guangdong entrepreneurs … started China's clothing manufacturing. Lacking experience in consumer markets and designing, original equipment manufacturing …
Persistent link: https://www.econbiz.de/10010820997
has accelerated China's urbanisation. Other factors of this massive urbanisation include the improvement of transport … infrastructures and the transformation of China's industries. The reform of the tax system between central and local authorities in … introduces the possible strategies China may adopt for the development of its cities. The objective of these policies will be …
Persistent link: https://www.econbiz.de/10010821152
in a village of southwest China. By exploring a panel structure survey data collected in the village, we identify the …
Persistent link: https://www.econbiz.de/10010821192