Lotus Domino/Notes的公开密钥加密机制

公开密钥加密技术在最近几年得到了极大的重视和发展。本文讨论了公钥加密技术的原理和实施技术，并结合公钥技术在Lotus Domino/Notes中的应用，着重探讨了Lotus系统内部用户校验和认证机制的建立和实施。     

基于成本的网间互联结算研究

目前,我国电信业网间互联结算存在的较大缺陷,造成了网间互联互通的不畅。本文分析了我国及国外目前网间互联结算的现状,指出应以成本为基础确定网间互联费用,提出了完善我国电信业网间互联结算的几点建议。     

荷兰：领军欧洲物流

就像性格决定命运一样,一个国家所处的地理位置常常决定了这个国家的内在气质和发展命运。荷兰作为欧洲门户的战略位置必然决定了它开放、自由、灵活、新鲜、充满理想的性格特征。而事过境迁之后的今天,这个国家依然以蔑视常规、热衷冒险,野心勃勃的心态努力开创新世界。     

岁月不改“红嫂”本色

“蒙山高,沂水长,我为亲人熬鸡汤。续一把蒙山柴炉火更旺,添一瓢沂河水情深意长”。这是舞剧《沂蒙颂》中的唱段。此剧曾被毛泽东主席称赞为军民鱼水情的生动体现,并指示要用它教育更多的人,做共和国的新“红嫂”。从此,“沂蒙红嫂”成为千千万万沂蒙老区女性支持革命、献身革命、爱党爱军的群体形象。     

CREDIT CYCLES REDUX*

Theoretical studies have shown that under unorthodox assumptions on preferences and production technologies, collateral constraints can act as a powerful amplification and propagation mechanism of exogenous shocks. We investigate whether or not this result holds under more standard assumptions. We find that collateral constraints typically generate small output amplification. Large amplification is obtained as a “knife‐edge” type of result.     

构建我国内部审计质量体系的几点思考

国内的一些重大集体舞弊案引发了众多学者对我国内部审计质量的关注。本文从分析我国内部审计质量的现状入手,试图寻找相应的对策,构建我国内部审计质量体系,以提高我国内部审计质量。     

左宗棠开发西北的思想和实践

晚清重臣左宗棠在经略西北期间，提出了一系列开发、建设西北的思想。他在因地制宜兴修水利，植树造林，农牧并举，发展少数民族地区经济和文化教育，推广近代工业和商业贸易等方面进行了积极实践。他的许多宝贵经验对我们今天的西部大开发仍具有启示作用。     

A theoretical framework to evaluate different margin‐setting methodologies

The margin system is the first line of defense against the default risk of a clearinghouse. From the perspectives of a clearinghouse, the utmost concern is to have a prudential system to control the default exposure. Once the level of prudentiality is set, the next concern will be the opportunity cost of the investors, because high opportunity cost discourages people from hedging futures, and thus defeats the function of a futures market. In this article, we first develop different measures of prudentiality and opportunity cost. We then formulate a statistical framework to evaluate different margin‐setting methodologies, all of which strike a balance between prudentiality and opportunity cost. Three margin‐setting methodologies, namely, (1) using simple moving averages; (2) using exponentially weighted moving averages; (3) using a GARCH approach, are applied to the Hang Seng Index futures. Keeping the same prudentiality level, it is shown that the one using a GARCH approach by and large gives the lowest average overcharge. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:117–145, 2004     

The index futures markets: Is screen trading more efficient?

This article uses a nonparametric test based on the arc‐sine law (see, e.g., Feller, 1965 ), which involves comparing the theoretical distribution implied by an intraday random walk with the empirical frequency distribution of the daily high/low times, in order to address the question of whether the abandonment of pit trading has been associated with greater market efficiency. If market inefficiencies result from flaws in the market microstructure of pit trading, they ought to have been eliminated by the introduction of screen trading. If, on the other hand, the inefficiencies are a reflection of investor psychology, they are likely to have survived, unaffected by the changeover. We focus here on four cases. Both the FTSE‐100 and CAC‐40 index futures contracts were originally traded by open outcry and have moved over to electronic trading in recent years, so that we are able to compare pricing behavior before and after the changeover. The equivalent contracts in Germany and Korea, on the other hand, have been traded electronically ever since their inception. Our results overwhelmingly reject the random‐walk hypothesis both for open‐outcry and electronic‐trading data sets, suggesting there has been no increase in efficiency as a result of the introduction of screen trading. One possible explanation consistent with our results would be that the index futures market is characterized by intraday overreaction. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:337–357, 2004     

An empirical analysis of the relationship between the hedge ratio and hedging horizon: A simultaneous estimation of the short‐ and long‐run hedge ratios

This article analyzes the effects of the length of hedging horizon on the optimal hedge ratio and hedging effectiveness using 9 different hedging horizons and 25 different commodities. We discuss the concept of short‐ and long‐run hedge ratios and propose a technique to simultaneously estimate them. The empirical results indicate that the short‐run hedge ratios are significantly less than 1 and increase with the length of hedging horizon. We also find that hedging effectiveness increases with the length of hedging horizon. However, the long‐run hedge ratio is found to be close to the naïve hedge ratio of unity. This implies that, if the hedging horizon is long, then the naïve hedge ratio is close to the optimum hedge ratio. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:359–386, 2004