A structural framework for modelling contingent capital

This paper develops a structural model of contingent capital. In contrast to existing approaches we explicitly link the firm’s total payout to its cost of debt, leading to a total payout that is linear in—as opposed to proportional to—asset value. In the special case that asset value evolves as affine geometric Brownian motion we derive closed-form expressions for limiting (i.e. perpetual) bond values. The proposed model is flexible, so that it can be used to gauge the relative merits of different variations of contingent capital, and parsimonious, so that it is relatively easy to implement in practice. An empirical example using data from the Canadian banking sector is provided that illustrates how the model can generate insights into problems that are of interest to both regulators and issuers of contingent capital (e.g. what range of conversion prices would be consistent with regulatory guidelines, and how expensive is contingent debt over this range).     

创新项目组合管理绩效关键影响因素的实证研究

为了维持长期的竞争优势,企业需要不断进行技术创新和产品创新。如何在有限的研发资源下使创新项目组合的绩效最大化是企业进行创新管理中面临的主要问题。本文从创新项目组合的战略一致性、平均项目绩效和业务协同3个指标来度量创新项目组合管理绩效,并从流程和管理者的视角研究其关键影响因素。通过实证研究发现,高管参与和项目组合管理流程的设计与实施对项目组合的战略一致性有显著的正向影响;高管参与、项目经理胜任力和项目终止质量对平均项目绩效有显著正向影响;项目经理胜任力、项目组合管理流程的设计与实施和项目中止质量对业务协同有显著正向影响。     

Extending multi-tenant architectures: a database model for a multi-target support in SaaS applications

Multi-tenant architectures (MTAs) are considered a cornerstone in the success of Software as a Service as a new application distribution formula. Multi-tenancy allows multiple customers (i.e. tenants) to be consolidated into the same operational system. This way, tenants run and share the same application instance as well as costs, which are significantly reduced. Functional needs vary from one tenant to another; either companies from different sectors run different types of applications or, although deploying the same functionality, they do differ in the extent of their complexity. In any case, MTA leaves one major concern regarding the companies’ data, their privacy and security, which requires special attention to the data layer. In this article, we propose an extended data model that enhances traditional MTAs in respect of this concern. This extension – called multi-target – allows MT applications to host, manage and serve multiple functionalities within the same multi-tenant (MT) environment. The practical deployment of this approach will allow SaaS vendors to target multiple markets or address different levels of functional complexity and yet commercialise just one single MT application. The applicability of the approach is demonstrated via a case study of a real multi-tenancy multi-target (MT²) implementation, called Globalgest.     

技术路线图方法设计研究回顾

通过回顾有关技术路线图的研究文献,探讨了当前技术路线图方法设计的研究状况,尤其是特定应用情境下产业技术路线图定制化方法设计的研究,归纳、总结了当前研究的方法、成果以及不足之处,指出目前尚未有文献提出适用于特定情境的产业技术路线图通用定制化方法以及相关研究较少,并提出了后续研究方向。     

考虑终止权的两阶段研发投资激励和合同设计

针对产品研发过程中的投资激励问题,分别建立了存在终止权和不存在终止权两种情况下的两阶段研发投资决策模型,并利用逆向归纳法讨论了委托方的偿付合同设计。研究结果表明:当第一阶段的研发结果为高质量时,代理人在第二阶段的投资积极性更高,代理人在第一阶段的投资水平和委托方支付的最优偿付都随着低质量时研发成功的比例系数而单调递减;研发活动的终止威胁导致代理人的投资积极性降低;在一定范围内,或有终止权偿付合同能够缓解信息不对称时的投资不足问题、提高双方的研发合作效率。     

Knowledge of campaign finance regulation reduces perceptions of corruption

We use an experimental survey design to measure how campaign finance regulation influences perceptions of political corruption and trust in politicians when citizens are exposed to information about regulation. Unlike most observational studies, results of this experimental study suggest that knowledge of campaign finance regulation substantially reduces citizens’ perceptions of corruption but has only limited effect on trust in politicians. Findings have crucial implications for public policy. At a time when public cynicism about politics is high, a significant reduction in perceptions of political corruption through successful dissemination of campaign finance regulation would be a boost to the legitimacy of democracies.     

Security design,market risk and round quotes in the treasury bond market

Prior literature finds that the tendency of price-endings to cluster on rounder fractions increases with price volatility. We estimate the separate influences and relative importance of the determinants of price volatility, security design and market risks. Our data is from a market setting that is ideal for isolating and studying the relations of interest. Results for both quote and trade prices indicate that the tendency to use round price-endings increases with both a security’s inherent risk, attributable to security design, and variation over time in market risks. Security design influences clustering more than market risks, but market risks are influential in determining clustering once security design is fixed. The estimated effects are strongest in the on-the-run market segment where liquidity facilitates the aggregation of information into price.     

基于城市空间规划设计视角的颗粒物空气污染控制策略研究综述

颗粒物空气污染是世界各国在快速城镇化过程中共同面临的严峻挑战。借助CNKI和Web of science,通过文献查阅整理城市空间在颗粒物污染方面的研究,系统性地总结该研究领域的整体特征与调节颗粒物污染的城市空间规划设计策略。结果显示：1)该研究属于一个新兴而前沿的学术领域,近年来呈持续上升趋势,相关文献主要来自中国、美国、英国与德国;2)绿色空间通过城市尺度的风道网络、绿地系统规划,街区尺度的公园绿地、湖泊湿地、道路绿带、城市森林对颗粒物污染产生消减作用;3)灰色空间通过城市尺度的城市形态优化、土地利用布局、街区尺度的街谷空间改造降低颗粒物污染;4)遥感反演与数值模拟技术(WRF、CFD)为规划设计策略提供技术支撑。最后对已有研究成果进行总结,并提出研究展望。     

要素导向的大尺度城市设计编制流程及控制方法研究——以天津滨海核心区西部城区实践为例

2017年实施的《城市设计管理办法》为中国城市设计带来了新的机遇,同时也因将研究重点转向更大的尺度而给相关实践带来了新的挑战。为此,以天津滨海核心区西部城区为例,提出了基于要素控制并结合城市发展时序的大尺度城市设计编制流程。首先编制区域控制性城市设计,重点塑造区域整体结构和空间秩序,形成理想化的设计蓝图;进而编制实施性方案,落实控制性方案的设计策略并面向区域现状和实际需求进行深化调整;最终面向近期开发地块,编制开发建设方案,指导具体建设。同时对城市设计的要素控制方法进行了探讨,结果显示,编制流程和要素控制机制可使大尺度城市设计的理想蓝图层层深入,逐渐走向对具体地块的开发引导,完成从整体结构控制到项目建设方案控制的过程。     

风景建筑五说

总结了笔者多年从事风景建筑设计的若干思考,讨论了风景建筑设计的相关问题。从建筑教育中对待城市及景观的态度论及建筑师的自然观,继而从风景建筑选址、场所感营造、地形地貌处理、建筑师对待遗存的态度、建筑的体量感及中心性控制、建筑风格与形式,以及风景建筑的材料选择与建构逻辑等方面展开论述,最后从方法论视角探讨了风景建筑设计的2种途径：哲学的途径和体验的途径。