LIQUIDATION IN LIMIT ORDER BOOKS WITH CONTROLLED INTENSITY

We consider a framework for solving optimal liquidation problems in limit order books. In particular, order arrivals are modeled as a point process whose intensity depends on the liquidation price. We set up a stochastic control problem in which the goal is to maximize the expected revenue from liquidating the entire position held. We solve this optimal liquidation problem for power‐law and exponential‐decay order book models explicitly and discuss several extensions. We also consider the continuous selling (or fluid) limit when the trading units are ever smaller and the intensity is ever larger. This limit provides an analytical approximation to the value function and the optimal solution. Using techniques from viscosity solutions we show that the discrete state problem and its optimal solution converge to the corresponding quantities in the continuous selling limit uniformly on compacts.     

应用辅助器械确定篮圈中心为瞄准点的教学实验研究

投篮瞄准点的定义一直存在着争论,本文从理论与实践上确定篮圈中心为投篮瞄准点。篮圈中心是一个抽象的点。在篮球教学中,笔者应用简单的辅助器械确定篮圈中心为投篮瞄准点,以辅助器械作为参照物,进行原地单手肩上投篮教学实验。实验结果分析,大大的提高了投篮命中率,取得了很好的教学效果。     

高职《Photoshop图形图像处理》课程案例教学实践

Photoshop教学在提高高职院校教学水平方面发挥着极其重要的理论意义和现实意义。在实践中,我们既要清晰地认识高职院校Photoshop教学的出发点,又要科学分析高职院校Photoshop教学内容的改革,还要正确把握高职院校Photoshop教学方法的创新。     

高校固定资产投资项目储备库建设与管理探究

哈尔滨工程大学＂十一五＂期间固定资产投资项目储备库开始建设,项目库是对项目进行规范化、程序化管理的数据系统。主要在项目储备、申报、争取资金支持等方面发挥重要作用。几年来成效显著,应用价值突出,项目库建设的重点要与国家相关规划紧密联系,要积极开展初期论证,要强调信息总体反映学校的建设需求。     

PORTFOLIO CHOICE VIA QUANTILES

A portfolio choice model in continuous time is formulated for both complete and incomplete markets, where the quantile function of the terminal cash flow, instead of the cash flow itself, is taken as the decision variable. This formulation covers a wide body of existing and new models with law‐invariant preference measures, including expected utility maximization, mean–variance, goal reaching, Yaari's dual model, Lopes' SP/A model, behavioral model under prospect theory, as well as those explicitly involving VaR and CVaR in objectives and/or constraints. A solution scheme to this quantile model is proposed, and then demonstrated by solving analytically the goal‐reaching model and Yaari's dual model. A general property derived for the quantile model is that the optimal terminal payment is anticomonotonic with the pricing kernel (or with the minimal pricing kernel in the case of an incomplete market if the investment opportunity set is deterministic). As a consequence, the mutual fund theorem still holds in a market where rational and irrational agents co‐exist.     

论后方交会测量方法和内业电算程序的应用

后方交会测量方法是测绘基础技术之一。文章简述后方交会测量方法、待定点的取舍、测量资料的收集，并运用电算程序解决后方交会测量内业计算公式复杂的问题，提高内业运算的可靠性，使测量方法更加简便快捷。     

THE DYNAMIC PROPERTIES OF ALTERNATIVE ASSUMPTIONS ON PRICE ADJUSTMENT IN NEW KEYNESIAN MODELS

This paper presents a classification of the different new Phillips curves existing in the literature as a set of choices based on three assumptions: the choice of the structure of price adjustments (Calvo or Taylor), the presence of backward indexation and the type of price contracts (fixed prices or predetermined prices). The paper suggests study of the dynamic properties of each specification, following different monetary shocks on the growth rate of the money stock. We develop the analytical form of the price dynamics, and we display graphics for the responses of prices, output and inflation. We show that the choice made for each of the three assumptions has a strong influence on the dynamic properties. Notably, the choice of the price structure, while often considered as unimportant, is indeed the most influential choice concerning the dynamic responses of output and inflation.     

我国煤炭类上市公司折旧政策的选择——基于企业所得税效率

本文探讨了固定资产折旧政策选择与企业所得税效率之间的关系。并在此基础上,以我国煤炭类上市公司为例,分析了这些企业无一例外地选择年限平均法计提折旧背后的动机,并为如何使企业选择适合的固定资产折旧政策提出了相关建议。     

点载荷作用下夹芯板局部压入响应的理论分析

夹芯结构具有质量轻、高比强度、比刚度、抗震性能好等优点,在航空航天、船舶、交通运输、建筑等行业都有着广泛的应用。在受到集中荷载作用时,夹芯结构易于产生较大的局部压入变形。本研究了夹芯板在点荷载作用下的结构响应,根据虚速度原理,得到压入载荷及结构变形随压头位移的变化关系。该研究成果可用于夹芯结构的结构设计,并为夹芯结构其它更为复杂的力学行为的研究提供参考。     

A many-to-many ‘rural hospital theorem’

We show that the full version of the so-called ‘rural hospital theorem’ generalizes to many-to-many matching problems where agents on both sides of the problem have substitutable and weakly separable preferences. We reinforce our result by showing that when agents’ preferences satisfy substitutability, the domain of weakly separable preferences is also maximal for the rural hospital theorem to hold.