美国动画产业资本循环机制研究

本文通过分析美国动画产业资本循环过程中各阶段的运行机制,得出美国动画产业能够创造高额利润的主要原因是其在资本循环的各个阶段都始终贯彻"以市场需求为导向"的原则。同时,在资本循环的相应阶段结合我国动画产业的实际情况提出改进对策。     

Weighing asset pricing factors: a least squares model averaging approach

Empirical evidence has demonstrated that certain factors in asset pricing models are more important than others for explaining specific portfolio returns. We propose a technique that evaluates the factors included in popular linear asset pricing models. Our method has the advantage of simultaneously ranking the relative importance of those pricing factors through comparing their model weights. As an empirical verification, we apply our method to portfolios formed following Fama and French [A five-factor asset pricing model. J. Financ. Econ., 2015, 116, 1–22] and demonstrate that models accommodated to our factor rankings do improve their explanatory power in both in-sample and out-of-sample analyses.     

基于销售定额的信息甄别模型和差别工资

根据不同能力类型的销售人员具有不同形状的效用曲线这一假设．建立了信息甄别模型来研究销售人员的报酬激励机制，证明了分离均衡是该模型唯一的均衡，并且优于混同均衡，得出以差别工资制取代统一工资制可以提高管理效率，减少了雇佣双方由于信息不对称带来的无谓损失，其结果具有一定的理论和实际意义。     

The role of mutual funds in the sustainable energy sector

The integration of renewable energy criteria in mutual fund investment decisions could channel private resources into the funding of environmentally related projects implemented by firms contributing to sustainable development. This paper examines the performance of European renewable energy funds that invest globally by comparing their risk‐adjusted returns with those achieved by black energy and conventional mutual funds. It uses Carhart's model on a sample of 81 renewable energy funds, 125 black energy funds, and 4,337 conventional mutual funds. The results indicate that 32.1% of renewable mutual funds—most of which adopt energy producers, renewable energy technology, and energy efficiency‐focused criteria—perform significantly better than the S&P Clean Energy market benchmark, this percentage being affected by the different states of the economy. However, none of them are able to beat the fossil fuel energy (S&P Global 1200 Energy Index) or conventional market benchmarks (S&P Global 1200 Index). Furthermore, 37.04% of renewable energy funds significantly underperform the S&P Global 1200 benchmark. Therefore, the investment in renewable energy funds has a financial cost for investors in relation to conventional fund investors.     

基于乘同余伪随机算法的调频加网效率研究

调频网点的生成体现随机性，其加网效率与多种因素相关。本文重点讨论乘同余伪随机算法生成调频网点的效率问题。首先介绍了伪随机算法用于调频加网生成网点的基本原理，在此基础上讨论了乘同余伪随机算法实现调频加网的方法机制，同时提出5种可用于调频网点生成的随机函数，并通过定量实验对5组乘同余伪随机函数生成随机数效率进行了讨论和研究。通过分析数据和曲线走势图，得出不同条件对加网效率的影响趋势，为调频加网用于印刷生产提供了理论参考。     

热断层（TTM）技术作为口岸传染病自动筛查手段的探讨

目的探讨TTM扫描成像在口岸传染病监测工作中的适用价值。方法总结口岸现行以红外测温为基础的传染病筛查模式存在的不足,深入分析TTM技术的优势,结合北京检验检疫局应用TTM技术筛查口岸常见传染病的研究成果,探讨TTM技术作为口岸一种传染病自动筛查手段的可行性。结果经对比现场红外测温筛查手段和TTM技术手段,结合北京检验检疫局的探索性研究和初步应用,TTM技术口岸常见传染病具有很高的阳性检出率并完全满足疾病筛查的要求。结论热断层技术在作为口岸传染病一种自动筛查手段具有较高的推广应用价值。     

继电保护二次回路抗干扰措施浅析

文章探讨了继电保护二次回路中存在的各种干扰,列出了现今在继电保护二次回路上实行的几种有效的抗干扰措施,以达到抑制干扰保证微机保护安全稳定运行的目的。     

逆向选择下的VMI最优合同设计

讨论了在基于VMI的供应链中,作为核心企业的零售商如何应用信息甄别模型解决逆向选择的问题。通过建立信息甄别模型并分析了信息对称和不对称两种情况下的最优合同,为零售商制定有效的激励合同提供依据。     

The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Credit Market

Credit underwriting is a dynamic process involving multiple interactions between borrower and lender. During this process, lenders have the opportunity to obtain hard and soft information from the borrower. We analyze more than 108,000 home equity loans and lines‐of‐credit applications to study the role of soft and hard information during underwriting. Our data set allows us to distinguish lender actions that are based strictly on hard information from decisions that involve the collection of soft information. Our analysis confirms the importance of soft information and suggests that its use can be effective in reducing overall portfolio credit losses ex post.     

Some Challenges of Social Screening

The ultimate challenge with which we are presented in connection with social investing is no more and no less than this: enhancing the function of conscience in the modern global business corporation. As with individual conscience, however, corporate conscience can be influenced in two ways: from the inside and from the outside. Investment decisions provide external influences, while management values provide influence from the inside.