A hybrid information approach to predict corporate credit risk

This study proposes a hybrid information approach to predict corporate credit risk. In contrast to the previous literature that debates which credit risk model is the best, we pool information from a diverse set of structural and reduced‐form models to produce a model combination based on credit risk prediction. Compared with each single model, the pooled strategies yield consistently lower average risk prediction errors over time. We also find that while the reduced‐form models contribute more in the pooled strategies for speculative‐grade names and longer maturities, the structural models have higher weights for shorter maturities and investment grade names.     

基于效应的随机灰规划模型和应用

为了解决同时含有随机因素和灰色因素的不确定规划问题,通过结合区间灰数所属区间两个端点的随机性,给出随机区间灰数和随机区间灰函数的定义,提出了随机灰规划模型。通过综合效应函数理论用随机变量期望值和方差综合量化表示灰数所属区间的两个端点值。应用该理论对综合量化后的两个端点值继续进行综合量化,从而将随机灰规划转化为确定型规划问题。应用遗传算法进行求解。通过综合效应函数的理念,综合随机变量的期望和方差,同时综合区间灰数的区间因素,将随机灰规划数学模型转化为确定型规划模型即基于效应的随机灰规划模型。通过选取不同的综合效应函数,得到了关于不同决策意识下的随机灰规划的最优解。这个方法可为决策者进行不确定决策提供参考。     

水文序列相依变异识别的RIC定阶准则——以自回归模型为例

水文过程相依性是水文变异的主要表现形式之一,应用自回归模型对其进行拟合时合理确定模型阶数是一个难点问题。本文在分析AIC和BIC准则的基础上,提出了一种以原序列与其相依成分的相关系数作为拟合度指标,同时借用信息熵形式的函数式,作为模型不确定性度量指标的自回归模型定阶准则(简称RIC准则)。以AR(1)、AR(2)、AR(3)和AR(4)模型为例进行统计试验,将不同序列长度下该准则的定阶准确率与其他定阶准则进行比较,试验结果表明,RIC准则对于上述模型均具有较好的适应性,且定阶准确率远高于AIC准则,其中对于前三阶模型RIC准则优于BIC准则,但四阶模型略低于BIC准则。RIC准则的优势是可以同时满足模型定阶、相依程度分级与模型检验的需求,将其应用于实测水文序列分析,结果显示,该准则能较准确地识别自回归模型的阶数,且符合提出的"相依有变异而残差无变异的最小阶数"的检验标准。     

The sweet smell of advertising: the essence of matching scents with other ad cues

New technologies enable practitioners to communicate scents in advertisements on various media. The current research examines the importance of matching scent cues to the advertised product, and the joint effect of scent and other cues such as colour on consumer responses to advertising. A 4 × 2 experimental design was conducted, where participants (N = 603) were presented with scented colour print advertisements. Three hierarchical responses were measured: emotional response, attitude, and purchase intention. Findings reveal that higher congruence between scent and the advertised product heightens positive consumer response. Furthermore, this research stresses the significant joint effect of scent and colour cues, and supports the incongruence approach, suggesting that combining scents that are poorly congruent with other sensory cues enhance consumer response. Practical and theoretical implications are discussed.     

ECONOMIC TRANSITION AND LABOUR MARKET DYNAMICS IN CHINA: AN INTERPRETATIVE SURVEY OF THE ‘TURNING POINT’ DEBATE

Has the Chinese economy approached the ‘Lewisian turning point’ that marks the ending of the initial phase of industrial transformation fuelled by surplus labour? In this paper we undertake an interpretative survey of the literature on this issue, in the context of China's labour market conditions prior to the reforms and structural change of the past three decades. The available evidence is mixed, and our assessment makes a strong case for probing institutional constraints to labour mobility from an economy‐wide perspective, going beyond the confines of the rural economy.     

张峰水库溢洪道体型优化设计

本文对已设计的张峰水库溢洪道进行了模型试验,根据对试验结果分析,认为原方案设计存在一些问题,并针对问题进行了优化设计。通过对修改方案模型试验结果分析,得出修改方案改进了原方案中存在的不足,优化合理,是可以采用的。     

多裂纹混凝土等效断裂模型研究

根据混凝土材料断裂过程区存在尺寸效应这一特点,结合混凝土断裂韧度的尺寸效应规律,对混凝土有效裂缝扩展量进行了研究,得到反映尺寸效应规律的有效裂缝扩展量表达式,进而得到与试件尺寸相关的混凝土多裂纹等效断裂模型,使得多裂纹等效断裂模型更符合断裂过程区的尺寸效应规律。同时,通过与在实际工程中已用的其他模型的计算结果相比较,得出此模型比较可靠的结论。     

重力坝模型的尺寸效应

利用两个不同比尺预制缝重力坝模型的试验成果，以有限元富集技术进行非线性断裂分析，建立了极限承载力和长度比尺的确定性尺寸效应公式。混凝土重力坝的断裂尺寸效应满足指数衰减关系，用三次指数衰减公式可以准确地预测原型的极限承载力。断裂过程区的相对长度是引起模型试验尺寸效应的主要原因。数值计算结果表明，断裂过程区相对长度不仅是与材料有关的参数，能否充分发展还取决于结构尺寸和几何形状；断裂过程区相对长度的尺寸效应不同于统计尺寸效应和断裂参数尺寸效应，具有尺寸范围效应。断裂过程区相对长度在小试件、大试件和相对无穷大试件的发展程度不同。     

复杂土坝的渗流安全分析评价

根据福华山土坝的渗流观测资料,建立了测压管水位的回归统计模型,定量分析了各影响量(水位分量、时效分量)对测压管水位的影响效应。在此基础上,结合观测资料,采用有限元法反演了大坝各填筑区的渗透系数,并综合评价了大坝的渗流性态。     

有植被的河道水流紊动特性模型试验研究

通过物理模型试验,研究了有植被的河道水流紊动特性.试验结果表明,在复式断面河道滩地种植柔性植被后,滩地糙率增大,水流紊动更为剧烈,河道水流紊动强度峰值由原先的滩槽交界区转移到滩地区.滩地的水流紊动强度沿程递减;滩槽交界区的水流紊动强度沿程不断增大;主槽的水流紊动强度主要与床面糙率有关,滩地植被影响了滩地水流的归槽时间,使主槽水流流速沿程增大.