Nonlinearities in CDS-Bond Basis

Theoretically, the risk premium captured by credit default swap (CDS) and bond yield spreads should be equal. However, data reveals a significant difference between the two spreads. The authors explore the presence of mean-reverting behavior in this difference (CDS-bond basis) in selected emerging markets, employing alternative threshold models (TAR, TAR-GARCH, and ESTAR). Their results indicate a positive relationship between the speed of adjustment and the trading frequency of sovereign CDSs and bonds.     

NO MARGINAL ARBITRAGE OF THE SECOND KIND FOR HIGH PRODUCTION REGIMES IN DISCRETE TIME PRODUCTION–INVESTMENT MODELS WITH PROPORTIONAL TRANSACTION COSTS

We consider a class of production–investment models in discrete time with proportional transaction costs. For linear production functions, we study a natural extension of the no‐arbitrage of the second kind condition introduced by Rásonyi. We show that this condition implies the closedness of the set of attainable claims and is equivalent to the existence of a strictly consistent price system under which the evaluation of future production profits is strictly negative. This allows us to discuss the closedness of the set of terminal wealth in models with nonlinear production, functions which may admit arbitrages of the second kind for low production regimes but not marginally for high production regimes.     

发挥长春优势 加快城市发展

本文重点介绍了长春经过 2 0年的改革开放和产业结构调整 ,在经济、文化、科技、教育、重要国际会展和国际交往等方面已经形成的优势和特色。     

Testing Alternative Models Of New Product Diffusion

This paper reports upon the testing of the comparative performance of eight epidemic based diffusion models on data describing the diffusion of camcorders and CD players in the UK and cars in West Germany. Standard epidemic models of new product diffusion are modified to allow for the influence of economic factors and compared to a recent model proposed by Karshenas and Stoneman. The performance of the Karshenas and Stoneman model is good, but so is that of an alternative model in the Marketing literature proposed by Easingwood, Mahajan and Muller.     

工程管理专业学生工程实践能力培养与强化途径研究

针对目前工程管理专业学生普遍存在实践能力缺乏的问题,建议合理设置工程管理专业基本课程体系,加强实践能力培养,提出综合培养学生实践能力的有效模式。     

Econometric modelling in the presence of evolutionary change

A methodology is offered which can be used to construct an econometricmodel in the presence of structural change of an evolutionarytype. The theoretical basis for such modelling is drawn fromthe self-organisation approach and operationalised in the contextof the logistic diffusion growth model. The latter is augmentedto allow for the impact of exogenous effects upon both the diffusionrate and boundary limit. We show how the hypothesis of augmentedlogistic diffusion can be falsified using econometric methods.An illustrative case study is used, namely the growth and declineof Australian Building Society Deposits. With the aid of thisexample, it is shown how the approach could be of use to botheconomic forecasters and regulators in conditions of structuralchange where conventional econometric methods are often inappropriate.     

解析“灰色童谣”

本文是在查阅大量关于童谣和“灰色童谣”的研究成果基础上，论述了童谣及其发展演变过程，着重分析了“灰色童谣”产生的背景及原因，最终就其可能产生的危害和影响进行解析。旨在通过对“灰色童谣”的解析能引起社会对童谣和儿童教育的广泛关注，还儿童绿色的、健康的童谣。     

An empirical investigation of the antecedents and performance outcomes of export innovativeness

The present study develops and empirically tests a conceptual model of the organizational, strategic, and environmental drivers of export innovativeness. The relationship between export innovativeness and export performance is also examined. Using data collected from 168 small- and medium-sized direct exporters, we find that decentralization in decision making, export market orientation, information exchange and export market dynamism have a significant influence on exporting firms’ degree of innovativeness. Furthermore, export innovativeness has a significant positive effect on export performance. Several theoretical and managerial implications are derived from these findings. Directions for future research are also provided.     

院校学生管理工作中常遇的问题及其解决对策

学校是向社会输送人才的重要基地,学生管理工作直接影响社会主义现代化建设人才的培养。学生管理工作的好坏,直接影响着学生的整体素质,同时也是影响高等学校办学质量,制约高等教育发展最为重要的因素。在新的形势下如何进行学生管理工作,是我们学生工作者应该不断探索与思考的课题。这就要求高职院校的学生管理工作,要从健全层级管理、建立科学管理队伍、思想品德教育突出职业教育的特点等方面解决新问题。     

Productivity growth decomposition with FE-IV approach: Rethinking Thai commercial banks after the financial crisis

To cope with the Asian Financial Crisis, Thai commercial banks have gone through a reconstructing period. This study aims to decompose the Total Factor Productivity growth (TFP) for Thai commercial banking industry with an output distance function. With an unbalanced panel dataset, we used the Fixed Effect (FE) model with Instrumental Variables (IV) to estimate the TFP growth empirically. We found the technical inefficiency change and scale effects were the two major contributors to the recent growth, while the input price effect of the premises and equipment was the major preventer of the growth. Moreover, the Thai commercial banking industry produced in decreasing return to scale, and the input–output allocation was not at the profit maximization optimum under the exogenous prices.