基金业绩排名与泡沫资产配置

基金在业绩排名压力下的泡沫资产配置行为会加剧市场波动、推升市场泡沫。本文基于事件研究法与固定效应模型研究了2013―2020年基金的重仓持股,发现:(1)基金在泡沫膨胀阶段显著超配了泡沫资产,而在泡沫破裂前后显著减配,展现了“泡沫骑乘者”的特征;(2)2015年前后,泡沫资产主要为小市值股票,2019―2020年,泡沫资产逐渐转为大市值“白马股”,且基金超配的程度显著提高,呈现抱团大盘白马股的特征;(3)排名前5%的赢家基金,以及1/3和1/10关键排名处的基金更激进地超配泡沫资产;(4)相邻排名基金的业绩差异越大,基金的泡沫资产配置行为越明显。综上表明,基金公司并不一定是天然的市场稳定器,监管层应密切关注业绩压力下基金超配泡沫资产的行为,投资者则应理性选择长期声誉较高的基金。     

王船山廉政思想述略

王船山在分析封建官吏腐败原因的同时，提出了“省官以清吏治，增俸以责官廉”的主张，提出反腐倡廉要抓住问题的关键，即严惩上官，主张设立谏官，建立完善的监督机制。王船山的廉政思想对于我们今天的廉政建设，仍有着深刻的启迪作用。     

Productivity and profitability analysis of large Italian companies: 1998–2002

The determinants of profitability and productivity for large Italian companies operating in industrial sectors are investigated in this paper. Data were taken from one of the most important Italian business surveys, and furthermore two cross-section surveys for the years 1998 and 2002 are compared. The results highlight the importance of financial management and organisational complexity in order to explain the development of profitability and productivity ranking during 1998–2002. This paper identifies the important enterprise behaviour in terms of the variables considered. Large Italian companies remain competitive in the more traditional sectors (e.g. mechanics, textiles, etc.). In general, the Italian enterprises are not dynamic enough to compete in the most technological and innovative sectors. Moreover, there is the necessity for greater investments in order to foster the national economy.

Policy-sensitive selection and phasing of road investments with a goal program

A goal program to select and schedule road projects can include policy considerations in addition to those covered by cost-benefit evaluation. Five economic benefits and twelve environmental, developmental and accessibility objectives constitute the goals in a rural application in Western Australia. A plan and construction schedule can be generated for any set of priorities, each satisfying the budget constraint. Government can choose from them to match current policy concerns and meet the needs of affected residents. The method is particularly valuable when there are linkages between projects.     

Author Affiliation Index, finance journal ranking, and the pattern of authorship

In this paper we use a new method to rank finance journals and study the pattern of authorship/co-authorship across journals. Defined as the ratio of articles authored by faculty at the world's top 80 finance programs to the total number of articles by all authors, the Author Affiliation Index is a cost-effective and intuitively easy-to-understand approach to journal rankings. Forty-one finance journals are ranked according to this index. If properly constructed, the Author Affiliation Index provides an easy and credible way to supplement the existing journal ranking methods. Our ranking system reveals the journal–researcher clientele, and we find that collaboration (co-authoring) between faculty within elite programs exists only in top-tier and near-top-tier journals. Publications in lower-tier journals by researchers of elite programs are driven by their co-authors. Collaboration between faculty in elite and non-elite programs, however, is more prevalent than that within elite programs across all tiers of journals. Co-authorship among top 80 programs, nevertheless, is more common in top-tier journals, while co-authorship between top 80 and other programs is more dominant in lower-ranked journals.     

我国省域食品制造业竞争力评价

综合评价我国各省食品制造业的竞争力状况是国家调整食品制造业空间分布和改善管理的基础。本文在研究我国省域食品制造业评价指标体系和评价方法的基础上,基于全国31个省市2002～2006年各省食品制造业的统计数据,运用层次分析法、G1-法对我国省域食品制造业的规模竞争力、获利竞争力、经营管理竞争力、风险抵御竞争力、社会贡献率以及综合竞争力进行评价分析,并运用系统协调模型和双激励控制线动态信息集结法对各省食品制造业竞争力发展均衡度与轨迹进行分析,揭示我国各省食品制造业竞争力的变化状况及趋势。研究结果显示,我国各省食品制造业竞争力各维度差异显著且发展均衡度较差,除少数省份外各省相对竞争力水平波动较大。但是,从过去五年食品制造业的发展轨迹来看,我国各省食品制造业竞争力均衡度总体上有一定的提高,并逐渐向山东、广东和河南等食品制造业强省集聚,食品制造业区域集聚日益明显,竞争力差距进一步扩大。     

One-and-a-half decades of global research output in Finance: 1990–2004

We provide a ranking of world finance research output by countries and institutions. Based upon 21 finance journals, the top five most productive countries are in the following order: U.S., U.K., Canada, Hong Kong, and Australia. We find that higher per capita GNP, English-speaking countries, and a capital market that offers her investors more protections are associated with higher level of finance literature production. New York University, the University of Pennsylvania, Harvard University, the University of Chicago, and UCLA take the top five spots among the 1,126 academic institutions with most JF-pages appeared in 21 finance journals during the 15-year period from 1990 to 2004. The share of U.S. in the top-100 institutions is overwhelming; 78 out of the top-100 institutions come from U.S. We also show some factors that help to explain the cross-institutional variations among a sub-sample of the institutions. Specifically, faculty size, catalyst effect, and per capita budget are positively associated with research output.

高效液相色谱-串联质谱法测定动物肌肉中硝基呋喃类抗生素代谢物

用高效液相色谱-串联质谱(LC-MS-MS)同时测定动物肌肉中呋喃唑酮、呋喃它酮、呋喃西林和呋喃妥因的代谢物.盐酸水解组织中蛋白结合代谢物,同时加入2-硝基苯甲醛(2-NBA),37℃过夜衍生.上清液调pH值7.0后,用Oasis HLB固相萃取(SPE)柱净化.采用电喷雾电离(ESI),正离子,选择反应监测(SRM)模式检测.三离子原则,外标法定量.定量限(LOQ)5-甲基吗啉-3-氨基-2-唑烷基酮(AMOZ)、3-氨基-2-唑烷基酮(AOZ)均为0.1ng/g,氨基脲(SEM)、1-氨基-乙内酰脲(AHD)均为0.5nng/g;检测限(LOD)AMOZ、AOZ均为0.05ng/g,SEM、AHD均为0.1 ng/g.在添加浓度0.5～10ng/g范围内,AMOZ回收率为65.4%～91.3%,SEM回收率为62.7%～94.6%,AHD回收率为63.9%～89.4%,AOZ回收率为67.8%～90.9%.相对标准偏差(RSD)均小于4.8%.     

Business ethics research at the world's leading universities and business schools

This paper explores the role of the leading universities and best-ranked business schools in the evolution of the academic field of business ethics. An advanced bibliometric methodology is applied to publications in business ethics from the major universities of the Shanghai ARWU ranking and from the FT-ranked business schools. The comprehensive bibliometric study encompasses multiple indicators and examines the evolution of business ethics publications over time. Business ethics research is built on two complementary interdisciplinary streams of research, philosophy, and management. The study indicates that it were not the top universities that contributed most to research advancements in the field of business ethics but second and third tier universities. This finding suggests that academic research in new subfields constitutes a niche strategy for universities and business schools to differentiate themselves. The study furthermore highlights the prominent role of the product champion or ‘idea champion’ in management research at universities. The diffusion of business ethics research illustrates the possibilities for lower ranked business schools with lower budget to excel in specialised subfields and interdisciplinary subthemes.     

基于概率分布的犹豫模糊集多属性群决策法及应用

因决策者本身对每个术语有不同的偏好，其做决策时可能会犹豫，决策结果会因人而异。针对智能物流实验室设备供应商选择过程进行决策分析,首先收集专家的犹豫模糊语言术语评价信息；其次综合评价专家的共识度和犹豫度确定其权重；再改进排序位置法，优化决策方法，提出一种鲁棒性很强的基于概率分布的犹豫模糊MULTIMOORA群决策方法。最后，通过对比分析验证该方法的有效性。