Trading frequency and volatility clustering

Volatility clustering, with autocorrelations of the hyperbolic decay rate, is unquestionably one of the most important stylized facts of financial time series. This paper presents a market microstructure model that is able to generate volatility clustering with hyperbolically decaying autocorrelations via traders with multiple trading frequencies, using Bayesian information updates in an incomplete market. The model illustrates that signal extraction, which is induced by multiple trading frequencies, can increase the persistence of the volatility of returns. Furthermore, we show that the volatility of the underlying time series of returns varies greatly with the number of traders in the market.     

沪通铁路建设背景下的南通区位形势及交通行业影响预测

沪通铁路建设的帷幕在南通提出加快沿江沿海开发和建设长三角北翼经济中心的背景下正式拉开。沪通铁路工程将对南通地方交通格局及交通运输行业形成重要影响。文章将首先对南通地方交通体系的历史和现状作简要陈述,在此基础上,围绕沪通铁路的建设对完善南通地方交通体系格局的作用展开分析,然后就该工程对南通地方交通行业的影响作综合分析和预测。     

以90后大学生为主体的高校职业生涯规划课程教学改革探索

针对90后大学生为主体的高校职业生涯规划课程，分析现阶段该课程的教学现状及存在的问题，对该课程从课程设置、教学方法、教学形式、社会实践、师资队伍、课程结合等方面进行了教学改革尝试。     

Unsafe sex,AIDS and development

The AIDS-fighting communities have spent their limited resource on improving people’s awareness of the risk of contracting AIDS, and yet these programs have not resulted in sustained behavior change. This paper offers a possible explanation of why agents in poor countries choose to engage in more unsafe sexual activities when they are perfectly cognizant of the risk involved. It is shown that agents may rationally choose to do so when they are poor, since future is not attractive due to poverty and agents care more about current-period utility. Our results indicate that safe sexual practice is essentially a “normal good” and that development may be key to reduce the HIV infectivity by modifying agents’ sexual behavior. The model is then extended to consider the role of public health expenditure. We find that the relationship between protected sexual activity and development is no longer monotonic: unsafe sexual activity may increase slightly after a critical level of development has been reached. Finally, we examine the impacts of AIDS on development by considering individual’s saving decision. It is shown that agents tend to save more and accumulate more capital when economy grows.     

文化语境在语词翻译中的重要作用

语词是语言中最活跃的因素，语言又是文化的载体，所以在进行语词翻译时，必须考虑到文化语境，这样才会忠实地传达本国文化的价值与灵魂，真正做到不同文化间的交流。要深入探讨文化语境中诸多因素对语词翻译的影响，以及相应的翻译方法。     

论存款机构的保密义务

存款机构对存款人负有保密义务，这种义务来源于存款合同中的默示条款理论，存款机构的保密义务不是绝对的，存在有例外情形，我国现行法律有关存款机构保密义务的规定缺乏系统性、操作性，亟待完善。     

人民币汇率调整与科学发展观的实现

本文立足国情分析了我国政策所要实现的目标,既要使就业率保持一定的水平,又要控制价格上涨的幅度。两者决定的经济增长率构成的闭区间就可定义为均衡经济增长,它是与科学发展观相适应的经济增长,因而是政策要实现的目标。由于汇率调整有助于矫正要素禀赋和要素价格之间的偏离,因而可以促进科学发展观的实现。汇率小幅升值不会影响我国经济的竞争力,但汇率波动对企业经营及成长的影响却很大,本文针对这一点给出了应对的建议。     

变动成本法的实际运用

变动成本法与完全成本法在理论上各有差异,变动成本法的优点是将成本与产量密切联系,但对外编制会计报表时,现行会计制度要求按完全成本法编制,本文着重探讨完全成本法和变动成本法的综合运用,达到既满足企业内部管理的需要,又满足对外编制会计报表的要求。     

住房抵押贷款证券化提前偿付风险探析

由于住房抵押贷款证券化过程中独有的内生性风险—提前偿付风险的存在,致使基础资产的预期现金流难以确定,从而导致对资产支持证券难以进行合理而准确的定价。为了能够准确预测现金流而对资产支持证券进行合理定价以保障住房抵押贷款证券化正常运行,本文从提前偿付风险的基本内涵出发,分析了提前偿付行为造成的不良影响及促使其发生的种种因素,提出了提前偿付风险管理的策略与方法。     

中小企业板股权分置改革合理对价的理论思考

“对价”是否合理是股权分置改革的核心。本文分析了中小板股改试点公司确定对价方法的缺陷。然后在引入非流通股权合理溢价因子的基础上,根据总价值不变法,建立了送股方式下的合理对价模型,并对试点公司股改方案做出评判。