从科学发展观高度来认识财政政策转型

从科学发展观的角度分析了积极财政政策是一种应急的政策，不宜长期执行，实践中也已经凸显出一系列不容忽视的问题。现在中央决定财政政策向稳健型转型，是又一次的科学抉择，是完全可行的，必将为我国经济新一轮稳定持续发展创造良好的条件。     

A measure of total factor productivity with biased technological change

The paper presents a new measure of total factor productivity (TFP) that also takes into account the effect of biased technological change. With this methodology, we can distinguish the effects resulting from the introduction of neutral or biased technological change on TFP, called neutral factor productivity and biased factor productivity (BFP), respectively. The new measure of TFP also holds in extreme cases where only the effect of neutral/biased technological change is presented. In particular, the BFP component increases (decreases) when the productivity of the cheaper (more expensive) factor increases. Moreover, the TFP holds up to the modification of both units of measure and to the costs of factors. Finally, the intensity of the BFP is independent of the direction of the technological change.     

近年来我国财政政策的回顾与未来走向分析

财政部长金人庆关于“中国将由实行积极和扩张的财政政策转向实行中立的财政政策以降低通货膨胀风险“的发言,使实施了6年的积极财政政策在总结和争论声中“相机“淡出了人们的视野.中性财政政策又成了关注的焦点,正确认识中性财政政策及未来我国财政政策的走向,必须从积极财政政策实施6年来的效绩分析及其二者间发生转化的内在原因分析着眼,才能更好地理解这种政策间转换的规律性,从而更好地理解和自觉地运用好这一政策工具,保证我国宏观经济的良性运行.     

The Legal, Ethical, and Managerial Implications of the Neutral Employment Reference Policy

The litigious environment surrounding employers today has caused them to be overly fearful of providing candid yet adverse employment references. Their attempts to minimize litigation risk created by the dismissal of a vindictive employee have clouded their judgment when asked to assist in the dissemination of employee information. This is alarmingly illustrated by the growing number of employers who have blindly adopted a neutral reference policy. Unfortunately, indiscriminate application of this policy will not necessarily preclude litigation, but, rather, foster it. It is imperative that employers carefully weigh the tangible and intangible costs of a reference defamation suit against their duty legally, ethically, and managerially to disclose vital information about a former employee.     

Bounds for option prices and expected payoffs

This article sharpens Lo's upper bounds for option prices using an alternative approach with the assumption that the underlying asset price is continuously distributed. The increased sharpness is obtained using additional information about the distribution of the underlying assets. It is shown in this article that a large portion of Lo's upper bounds is the maximum of our bounds over all possible distributions.     

浅谈我国电力系统中性点的运行方式

本文主要分析了我国电力系统几种中性点运行方式的优点和缺点,旨在为中性点运行方式的选择提供了一定的依据。     

森林经营者风险态度及其度量

风险态度影响个体对风险事件的认识及其对行动方案的选择,不同特性的个体,其风险态度应存在差异。在福建省建阳、建瓯、莆田、连城、上杭、武平、永安等地进行有关森林经营者风险态度问卷调查的基础上,分别利用"标准赌博"衡量法、调查问卷法和经济学试验这三种度量方法,对福建省三类森林经营者的风险态度分别进行度量的结果表明:除了"标准赌博"衡量法无法区分三类森林经营主体风险态度差异性外,调查问卷法和经济学试验均表明各个森林经营者风险态度存在着差异性。森林培育企业和森林培育专业户的风险态度属于风险厌恶,但企业的厌恶程度大于专业户,而兼业农户的风险态度则属于风险偏好。     

Is Petrobras Options Market Efficient? A Study Using the Delta-Gamma Neutral Strategy

This study aims to verify if the Petrobras options market is efficient in its weak form. For this purpose, this work tries to make profits on a systematic basis through delta-gamma neutral strategies using the firm’s stocks and options. In order to simulate the strategy as it would be used in the real world, we built order books every five minutes considering all buy and sell orders sent for both the underlying asset and its options. We apply the strategy when we observe distortions between implied volatilities extracted from the options. The results show evidence that the Petrobras options market is not efficient, since in 371 day-trade transactions (with an average investment of R$81,000 and an average holding time of one hour and thirteen minutes), 85% of the options strategies were profitable and the average return was 0.49%, which corresponds to more than 1600% of the highest interbank interest rate for the period.     

The Valuation of Interest Rate Digital Options and Range Notes Revisited

The aim of this paper is to value interest rate structured products in a simpler and more intuitive way than Turnbull (1995). Considering some assumptions with respect to the evolution of the term structure of interest rates, the price of a European interest rate digital call option is given. Recall it is a contract designed to pay one dollar at maturity if a reference interest rate is above a prespecified level (the strike), and zero in all the others cases. Combining two options of this type enables us to value a European range digital option. Then using a one factor linear gaussian model and the new well‐known change of numeraire approach, a closed‐form formula is found to value range notes which pay at the end of each defined period, a sum equal to a prespecified interest rate times the number of days the reference interest rate lies inside a corridor.     

酶解技术在无添加糖类婴幼儿米粉中的应用

本文研究了无添加糖类婴幼儿米粉酶解后的DE值及其对辊筒干燥工艺产品的影响,选取α-淀粉酶4000 SG、常温、底物浓度50％、酶添加量0.0056％和酶解时间30 min作为最佳的酶解条件,并在此酶解条件下确定辊筒干燥工艺参数为蒸汽压力0.6 MPa,转速1000 r·min-1,验证了无添加糖类的婴幼儿米粉生产可行性...