China began its gradual economic reform in the late 1970s; Russia initiated radical reform in the early 1990s. During the course of reform, China has enjoyed rapid growth while Russia has contracted. This paper argues that one reason for this difference is that Chinese local governments enjoy...

This paper considers a supply chain consisting of a manufacturer constrained by capital and a retailer with abundant capital and discusses the manufacturer’s and the retailer’s optimization decisions in bank financing, zero-interest early payment financing and in-house factoring financing...

Several major changes in China's land policy, economic system, and development strategy have contributed to the continuous transformation of rural patterns and urban-rural relations. The deepening of urban-rural interaction has led to an increasing complexity of rural territorial functions, and...

Three guanidinium salts based on high-oxygen-balanced 1,4-dinitramino-3,5-dinitropyrazolate anion were synthesized. And the structures of these salts were characterized by NMR ( 1 H and 13 C), IR spectroscopy, and elemental analysis, and single crystal X-ray diffraction. Furthermore, their...

This study provides evidence that short selling influences the disclosure of bad news by firms. Managers have incentives to withhold or delay the release of bad news. As informed traders, short sellers enhance the informativeness of stock prices, especially related to bad news, potentially...

Traders differ in speed and their speed differences matter. I model strategic interactions induced when high frequency traders (HFTs) have different speeds in an extended Kyle (1985) framework. HFTs are assumed to anticipate incoming orders and trade rapidly to exploit normal-speed traders'...

We model the role of dealers in information diffusion in over-the-counter (OTC) markets. A dealer maintains relationships with a network of both informed customers who trade to profit from private information pertaining to asset values and risk-averse liquidity customers who trade to meet...