On Limits of Uniquely Best Linear Estimators

In a general linear model, it is shown that all admissible linear estimators are limits of linear estimators that are uniquely best at some point in an extended parameter set. The principal result shows that a linear estimator that is uniquely best at a pointW ₂ among multiple linear estimators that are best at a pointW ₁ is the limit of uniquely best estimators at points approachingW ₁ along the line joiningW ₁ andW ₂. Research supported in part by U.S.A.F. Aerospace Research Laboratories under contract F33615-71-C-1463, summer 1973, and in part by Grant DMS-9104811 from the National Science Foundation.     

Security prices in a production economy with durable capital

Security prices and physical stocks of capital are determined jointly in a rational expectations economy as functions of a set of exogenous stochastic factors. Investors employ firm marginal productivity of capital to allocate savings across firms. Firm capital stocks adjust to exogenous shocks across many periods. Security price functions in period t are derived in the cases of constrained and unconstrained firm capital in t. The risk premia in security returns include two sets of terms. One set, corresponding to traditional asset pricing models, relates cash flows directly to the stochastic factors. The second set captures interfirm effects which arise because firm capital in each period t is durable.     

Possible explanations of no-synergy mergers and small firm effect by the Generalized Capital Asset Pricing Model

The Sharpe-Lintner Capital Asset Pricing Model (CAPM) and the General Capital Asset Pricing Model (GCAPM) suggested by Levy (1978), Merton (1987), and Markowitz (1989) are compared and analyzed. Under the GCAPM we obtain the following main results: 1) the value additivity principle breaks down, which explains mergers and acquisitions; 2) beyond a certain limit, the profit from additional merger is negative; and 3) in a GCAPM equilibrium, small firms earn an abnormal profit in comparison to what is predicted by the CAPM. These results, which are indeed observed in the market, are fully consistent with the GCAPM, but are in contradiction to the CAPM.     

常用信号处理芯片综述

本文对较常用的通用信号处理器件和专用信号处理器件系列，主要性能指标，特点及应用作了综合介绍。     

About some formalisms of interaction Phase transition models in economics?*

The aim of the present work is to scrutinise the economic use of phase transitions formalisms and to assess their relevance. The formal correspondence between the issue of micro-macro passage when agents are interacting and the physics problem of phase transition is first set out. The second section presents two formal tools likely to be associated with these problems and to exhibit the typical phenomena of phase transition. It is then possible to highlight the key points upon which the phase transition phenomena in these formal representations rely, and then to assess the relevance of their economic “counterparts” associated with these crucial characteristics. A more general appraisal of these formalisms for economics is finally sketched.     

日本倒产法制改革

日本倒产法制是对应近代经济结构在明治维新后确立的。随着经济的发展和变化,尤其是上世纪90年代的经济萧条,很多实体性和程序性制度规定暴露出陈旧、僵化、低效特征。经济复苏的要求成为推动日本倒产法制改革的契机和动力,日本从1999年开始实行倒产法制改革,其中包括创设民事再生制度,修改公司更生制度,实行新破产制度,引入新的特别清算制度。改革已经取得了较为明显的成效,但日本将倒产法制作为产业再生的工具,有可能触动倒产法自身存在的基础。因此对于日本倒产法制改革的长期效应仍需不断审视。     

告别"特零证"后云南烟草业品牌战略之路

步入2004年,中国烟草业的内、外部环境发生了深刻的变化.从外部看来,中国烟草市场的对外开放已进入了实质性阶段.根据中国加入WTO的有关承诺,今年一月起"特零证"已取消,进口卷烟的关税也将降到25%.从内部看来,中国烟草市场也已经形成了众多名优卷烟品牌群雄争霸的格局.面对国内外如此强大的实力,作为中国烟草行业龙头之一的云南烟草必须进一步加强制度创新,实施品牌战略,抓住市场先机.     

特别保障措施下中国出口企业面临的问题及对策

本文对世贸组织的特保措施条款及实施细则进行了详细的介绍,并将欧盟与美国的特保实施细则进行了一个简要的对比。通过分析近年来主要欧美国家对我国企业提出的特保调查事件,提出几点应对措施,认为只要中国适当利用特保规则,积极发挥中国政府的职责,我国的出口企业就将朝着积极的方向发展。     

任意两相交流电机的统一方程式

任意对称和不对称运行的两相交流电机,根据其电磁物理过程的统一性,应用双旋转磁场理论,分析导出了任意两相交流电机的统一计算方程式。     

西德航展见闻

本文概要介绍中国机械电子工业部代表团参观1990年汉诺威航空展览和几个电子厂家的见闻.