The empirical results show that stock returns are more volatile during exchange trading hours than during non - trading hours . french and roll consider three possible explanations for the observed variance pattern . ? high trading - time volatility is caused by public information which is more likely to be observed during normal business hours ; ? high trading - time volatility is caused by private information which is more likely to affect prices when the exchanges are open ; ? high trading - time volatility is caused by pricing errors that occur during trading 对于股票收益在交易时刻波动明显大于非交易时刻波动的现象， french与roll提出了三个可能的原因： ?在正常的工作日产生的公有信息导致高的交易时刻波动； ?私有信息导致高的交易时刻波动，并且只有在交易时刻影响价格； ?交易中产生的错误定价导致高的交易时刻波动。
The managers have a good opportunity coming to an agreement with the bidder firm to hold the position and the other wealth under a poor condition of supervising , which harm the interesting of the state wealth . this paper describes the course of the alienation of the state - owned listed companies , point the possibility and the way of the self - satisfied of the managers by lowering the price of the share to trade for a continuous managerial career , which low the threshold of the embezzling by the controlling shareholder . we chose 18 indexes including managerial power dimensionality , managerial independence dimensionality , managerial credit dimensionality and trade character dimensionality to describe the influenced price agreed by both sides 我们利用logistic回归建立主体模型,分别以董事长、总经理和全体高管人员留任比例为因变量,以交易价格的账面溢价和由市价和行业平均市净率推算出的市场溢价为主要考察对象,发现国有上市公司控股权交易溢价越低,董事长和总经理留任的机会就越大,全体高管人员留任的比例也就越大;高级管理人员影响价格的能力取决于在上市公司中已经任职的时间长,并受制于董事会中外部董事的比例大小。
Evaluating beforehand which has something to do with the factors of influencing the price competence is carried through in view of price competence , non - price competence and two countries " agricultural conditions . evaluating afterwards is compared and analyzed by revealing comparative advantage index , market share , farm produce trade structure for each other and produce import and export variety 事前评价与影响价格竞争力的因素有关，具体从价格竞争力、非价格竞争力、中韩两国农业条件等三个方面进行；事后评价是通过对显示比较优势指数( revealedcomparativeadvantageindex , rca ) 、市场占有率( marketshare , ms ) 、双方的农产品贸易结构及具体的农产品进出口品种进行比较分析。
Whether by influencing prices ( through taxation or fiscal incentives ) or setting absolute quantities ( via tradable permits ) , they improve price signals , allow industry greater flexibility in meeting objectives , and give firms a longer - term incentive to pursue technological innovations that further reduce adverse impacts on the environment 无论是通过影响价格（通过税收或财政激励）还是设定绝对数量（通过可交易许可证） ，均可改善价格信号，允许工业界以更大的灵活性去实现这些目标，给与公司长期激励机制追求技术革新，减少对环境的负面影响。
The text assays the market competing action of high - new - tech enterprise , and divides the market competing action into two parts , accordingly the action of making a price and the action of not making a price . the basic characteristic of the making a price is controlling and influencing the price , and the basic content of the action of not making a price is r & d , forming the product diversity and urging sell . the text separately discusses the two types action 对高新技术企业的市场竞争行为，本文把高新技术企业的市场竞争行为分为两大类，即以控制和影响价格为基本特征的定价行为和以研究与开发、形成产品差异、促销为基本内容的非价格行为，本文分别对这两类行为进行了讨论。
Based on grossman and stiglitz ( 1980 ) , we develop a simple model , incorporating both information asymmetry and market segmentation , and derive a relative pricing equation for a shares and b shares . our theoretical model supports the various arguments and factors . the 5th chapter of this paper focuses on the empirical study on china ' s a - share , b - share and h - share market from jan . 1994 to dec . 2000 本文第四章首先根据中国股市的特点建立了市场分割下的资产定价模型，并基于grossman和stiglitz （ 1980 ）的建模思路，将信息不对称问题引入模型，推出市场分割问题与信息不对称问题并存的扩展模型，得到不同市场股票定价的具体表达式，然后在该模型基础上找到各种可能影响价格差异的因素的支持证据。
Then we point out that market microstructure is the important factor affecting price forms , the price of security market form is decided by market participator ' s game process in asymmetrical information , and establish a price decision model of continuous auction market 然后从价格形成机制研究的发展历程出发，认为市场微观结构是影响价格形成的重要因素，证券市场的价格形成是市场参与者在非对称信息下的博弈活动决定的，并建立了一个连续竞价市场的价格确定模型。
