ROBUST ASSET ALLOCATION WITH BENCHMARKED OBJECTIVES

In this paper, we introduce a new approach for finding robust portfolios when there is model uncertainty. It differs from the usual worst‐case approach in that a (dynamic) portfolio is evaluated not only by its performance when there is an adversarial opponent (“nature”), but also by its performance relative to a stochastic benchmark. The benchmark corresponds to the wealth of a fictitious benchmark investor who invests optimally given knowledge of the model chosen by nature, so in this regard, our objective has the flavor of min–max regret. This relative performance approach has several important properties: (i) optimal portfolios seek to perform well over the entire range of models and not just the worst case, and hence are less pessimistic than those obtained from the usual worst‐case approach; (ii) the dynamic problem reduces to a convex static optimization problem under reasonable choices of the benchmark portfolio for important classes of models including ambiguous jump‐diffusions; and (iii) this static problem is dual to a Bayesian version of a single period asset allocation problem where the prior on the unknown parameters (for the dual problem) correspond to the Lagrange multipliers in this duality relationship. This dual static problem can be interpreted as a less pessimistic alternative to the single period worst‐case Markowitz problem. More generally, this duality suggests that learning and robustness are closely related when benchmarked objectives are used.     

顾客参与新产品开发的绩效影响:产品创新类型的调节效应

顾客参与企业新产品开发对新产品开发绩效有着重要影响,在处于转型经济背景下的中国进行相关研究更有着极为重要的战略意义。文章以B-B市场中的制造企业为研究对象,构建了以产品创新类型为调节变量的顾客参与对新产品开发绩效差异化影响的调节效应模型。研究表明,顾客参与对新产品开发时间绩效与创新绩效的积极影响会受到产品创新类型的调节作用;但产品创新类型对顾客参与和财务绩效关系的调节影响不显著。     

标准文献馆藏绩效评估指标体系构建初探

标准文献馆藏建设是实施标准化战略的重要环节。研究构建标准文献馆藏绩效评估指标体系将使得标准文献馆藏评估可量化、系统化。文章在分析国内外馆藏绩效评估趋势的基础上，结合标准文献特点，应用系统科学的理论和方法，提出了构建标准文献馆藏绩效评估指标体系的设想，并给出指标定义与计算公式。     

我国地方政府绩效管理的行政生态学分析

我国地方政府开展的政府绩效管理实践存在着理论范式的形式完美主义、评估体系的＂官本主义＂、实践过程的简单主义的问题。运用行政生态学理论来分析,可以发现我国政府绩效管理处于独特的内外生态系统中,只有深入认识和揭示内外生态系统内涵及其关系,才能有效推动地方政府绩效管理改革。     

Profiling Computer Predispositions

ABSTRACT

An exploratory study was undertaken to measure undergraduate student attitudes toward computers. A revised version of the Bath County Computer Scale (BCCAS) developed by George Bear, Herbert Richards, and Paul Lancaster was administered to a proportionality sample of 310 undergraduate students whose demographic make-up was very dissimilar to those who had participated in the original BCCAS instrument validation study.

A thirty-six item instrument was personally administered to 310 learners pursuing undergraduate studies, yielding a total of 11,160 individual responses. The data so obtained were subjected to several statistical tests of significance such as ANOVA. Through cross-classification numerous tables were generated and analyzed.

The findings indicate that demographic variables such as gender, status, GPA average, major, prior computer experience and anticipated future use of computers show significant differences in how Students feel about computers.     

Weak Disposability in Nonparametric Production Analysis: Reply to Färe and Grosskopf

Färe and Grosskopf (this issue) claim that a single abatement factor suffices for modeling weak disposability in nonparametric production models, and that the Kuosmanen (2005) technology that uses multiple abatement factors is larger than necessary. This article demonstrates by a numerical example that a single abatement factor does not suffice to capture all feasible production plans, and that its use leads to the violation of convexity, one of the maintained assumptions of the model. We also prove that the Kuosmanen technology is the correct minimum extrapolation technology under the stated axioms.     

矩阵管理在现代企业管理中的应用分析

矩阵管理在企业管理中大量被采用。分析了矩阵管理的优势劣势,并对矩阵结构的分类进行说明,提出在运用矩阵管理中需要注意的问题,以供运用者借鉴。     

成功企业的先进管理方法——卓越绩效模式

介绍了GB/Z19580—2004《卓越绩效评价准则》和先进的管理方法——卓越绩效模式,分析了卓越绩效模式七个类目的相互关系,探讨了卓越绩效模式的几个关键理念。     

Bank Growth Choices and Changes in Market Performance

Changes in bank market performance are compared for banks that choose not to grow, to branch, bank acquire, product expand, or some combination. Using the change in market value‐to‐book value ratios, banks that include acquiring other banks as part of their growth strategy have significant positive changes in performance. Positive performance by bank acquirers is in contrast to many studies, but prior research has not reviewed other growth activities in a single model, nor used market‐based measures to review performance over longer time periods following bank expansion.