STATIC FUND SEPARATION OF LONG‐TERM INVESTMENTS

This paper proves a class of static fund separation theorems, valid for investors with a long horizon and constant relative risk aversion, and with stochastic investment opportunities. An optimal portfolio decomposes as a constant mix of a few preference‐free funds, which are common to all investors. The weight in each fund is a constant that may depend on an investor's risk aversion, but not on the state variable, which changes over time. Vice versa, the composition of each fund may depend on the state, but not on the risk aversion, since a fund appears in the portfolios of different investors. We prove these results for two classes of models with a single state variable, and several assets with constant correlations with the state. In the linear class, the state is an Ornstein–Uhlenbeck process, risk premia are affine in the state, while volatilities and the interest rate are constant. In the square root class, the state follows a square root diffusion, expected returns and the interest rate are affine in the state, while volatilities are linear in the square root of the state.     

卷材防水屋面常见问题及处理

屋面防水关系到人们居住的环境和卫生条件,是建筑物的主要使用功能之一,也对建筑物的耐久性和使用寿命起着重要作用。本文简述了卷材防水屋面几种常见的质量缺陷特点,分析了这些通病的产生原因,提出了预防处理措施。     

浅析城市水利设施养护管理体制

城市水利设施的养护管理是一项确保区域防汛安全和人民生命财产安全的重要工作。现就如何推动市场化、专业化、社会化的城市水利设施养护管理体制进行简要分析。     

某膜结构工程变更问题施工可行性研究分析

本文首先阐述了某膜结构工程的施工进展概况,通过对膜结构工程的实际问题在施工组织和施工技术方面的可行性额研究和分析,提出了某膜结构工程问题的施工优化技术措施。     

CONSISTENT MARKET EXTENSIONS UNDER THE BENCHMARK APPROACH

The existence of the growth optimal portfolio (GOP), also known as the Kelly portfolio, is vital for a financial market to be meaningful. The GOP, if it exists, is uniquely determined by the market parameters of the primary security accounts. However, markets may develop and new security accounts become tradable. What happens to the GOP if the original market is extended? In this paper we provide a complete characterization of market extensions which are consistent with the existence of a GOP. We show that a three fund separation theorem applies for the extended GOP. This includes, in particular, the introduction of a locally risk free security, the savings account. We give necessary and sufficient conditions for a consistent exogenous specification of the prevailing short rates.     

试论上海某10所医院管办分离及效益分析

目的:研究上海10所医院管办分离前后效益对比分析。方法:收集2004～2010年连续7年数据报表,以比率分析法和环比法进行数据分析。结果:投入产出及成本管理总值逐年持续增长,业务收支结余率年均增长0.43%;固定资产投入增长快速,年均增长率在20%以上;无形资产产出保持增长。门急诊次数、出院人数年均增长率分别为12.54%、12.47%;平均住院日、病死率逐年下降,诊疗费用、药占比逐年上涨,环比增长超过上海市人均生产总值。结论:加强资产运营效率,规范医院经营管理自主权,降低医院管理、医疗成本,提高医疗资源利用率,发挥社会效能。     

A unified framework for open access regulation of telecommunications infrastructure: Review of the economic literature and policy guidelines

The concept of open access (OA) plays a central role in the ongoing academic and political debate on the appropriate regulatory framework for next-generation access networks in Europe. However, clear policy conclusions on the effect of OA regulation were usually precluded by a fundamental lack in common understanding what actually defines an OA policy and along which dimensions of OA regulation can be structured. This paper attempts to reconcile these diverse views by offering a definition and a conceptual framework by which OA endeavors can be identified and uniquely classified. The framework encompasses, among others, mandated OA regulation of vertically integrated firms, public-sector participation, co-investments, and OA in the context of vertical separation. Along this framework, the extant economic literature is surveyed with regard to aspects of competition and social welfare, investment and innovation, as well as practical and legal issues. Based on these insights, a policy guideline is developed that shall assist policy makers in identifying the appropriate OA scenario for the regulation of telecommunications infrastructure.     

Common method bias in hospitality research: A critical review of literature and an empirical study

Common method variance has received much attention in the behavioral sciences. Nonetheless, scant scholarly effort has been invested in handling common method variance in hospitality research. This study investigates the current status of controlling for common method variance in hospitality research and assists researchers in taking appropriate actions. Study 1 shows hospitality researchers’ endeavors to control for common method bias through a critical review of literature published in four leading hospitality journals in the ten years from 2006 to 2015: International Journal of Hospitality Management, Journal of Hospitality & Tourism Research, Cornell Hospitality Quarterly and International Journal of Contemporary Hospitality Management. In Study 2, empirical investigations examine the effectiveness of a procedural remedy (temporal separation) and a statistical control (an unmeasured method factor approach) with two independent samples. The results of Study 1 reveal that most survey-related publications in the four journals fail to address or acknowledge common method variance. Moreover, only a limited number of techniques is found to be used to control for method variance. The findings of Study 2 suggest that temporal separation with a time lag of one day leads to a weak control for method variance; however, the use of an unmeasured method factor significantly helps control for method variance in the model.     

产权制度、管理体制与收入分配的内在机理

对权力结构与收入分配内在关系与机理的分析证明,改革开放至今,国家和社会资源(包括资产和资本)在所有权、管理权和使用权之间的二次分离是我国市场经济的主导经济体制和管理模式。在这样的制度结构下,国家和社会公民的公权力与所有权被演变转化为政府行政管理权和资本控制权,即社会和市场经济活动的实际控制权。它们决定着国家资源和社会权利的初始分配,也决定着生产和社会收入的再分配。权力结构决定着分配结构,经济权利的分配是最根本的分配;强化国家公权和确定全体社会成员的民权是解决收入分配问题和实现社会稳定的必要条件;没有权力结构的平衡就不可能有收入分配的均衡。     

选煤厂破碎及破碎机械的性能分析

本文主要阐述了选煤厂物料进行破碎的作用、破碎的基本形式、破碎效果及破碎机的类型。分析了齿辊式破碎机、额式破碎机、冲击式破碎机和滚筒式破碎机的性能状况。