初次分配也要贯彻公平原则

在我国国民收入初次分配中,实行了劳动力低成本政策,劳动分配率偏低.这既牺牲了劳动者的合法权益,直接造成了"收入差距悬殊"的现实;又导致低水平竞争和落后生产方式盛行.文章主张将"效率优先,兼顾公平"的原则贯彻到国民收入初次分配中去,既要解决初次分配中劳动者利益受损的问题,又要从初次分配环节先行减少过大的收入差距,为再分配最后解决公平问题创造条件.     

Liquidity risk and arbitrage pricing theory

Classical theories of financial markets assume an infinitely liquid market and that all traders act as price takers. This theory is a good approximation for highly liquid stocks, although even there it does not apply well for large traders or for modelling transaction costs. We extend the classical approach by formulating a new model that takes into account illiquidities. Our approach hypothesizes a stochastic supply curve for a securitys price as a function of trade size. This leads to a new definition of a self-financing trading strategy, additional restrictions on hedging strategies, and some interesting mathematical issues.Received: 1 November 2003, Mathematics Subject Classification: 60G44, 60H05, 90A09JEL Classification: G11, G12, G13Umut Çetin: This work was performed while Dr. Çetin was at the Center for Applied Mathematics, Cornell UniversityPhilip Protter: Supported in part by NSF grant DMS-0202958 and NSA grant MDA-904-03-1-0092 The authors wish to thank M. Warachka and Kiseop Lee for helpful comments, as well as the anonymous referee and Associate Editor for numerous helpful suggestions, which have made this a much improved paper.     

Lagrange插值多项式平均算子的逼近

本文引入以第二类 Chebyshev 多项式 U_n(x)的零点为基点的 Lagrange 插值多项式平均算子 F_n(f,x),研究用 F_n(f,x)逼近连续函数 f(x)的阶。     

基于实物期权的石油项目投资决策研究

论文结合石油项目的具体特征,在价格不确定条件下研究石油开发投资决策背后的内在机制与路径。运用实物期权方法构建石油项目投资评估与决策模型,详细讨论各种不确定因素对石油项目投资价值与油价阈值的影响。在此基础上讨论了对石油价格首次达到阈值的期望时间与概率,对于企业把握投资时机具有重要的参考价值。     

年报与第一季报披露时间间隔异常上市公司盈利状况研究——来自上市公司2004年至2008年第一季度的经验证据

我国上市公司年报与第一季报的披露时间底线同为4月30号,存在上市公司年报与第一季报披露时间间隔异常的现象,本文以2004年至2008年第一季度连续存在的上市公司为样本,比较分析了年报与第一季报披露时间间隔在一周之内的上市公司,与披露时间间隔在一周之外的上市公司的盈利水平和盈利质量。结果表明,年报与第一季报披露时间间隔异常的上市公司的盈利水平和盈利质量都显著低于其他上市公司,并对这类上市公司的监管和投资策略提出了建议。     

An assessment on the quality of China’s preliminary data of quarterly GDP announcements

This article examines the quality of China’s preliminary announcements of the quarterly GDP. We modify the tests for unbiasedness and efficiency by incorporating the Fourier approximation to capture the effect of the state of the economy, and employing the Kiefer, Vogelsang and Bunzel (KVB) approach, developed by KVB in 2000 to reconstruct the tests to improve the finite sample properties. The results show that: (1) there is no enough evidence to support that the preliminary and first revised data are unbiased and efficient; (2) there exist systematic errors related to the state of the economy, and hence information about the state of the economy was not incorporated into the GDP data. Furthermore, we find that there is a possibility that these systematic errors associated with the stages of the business cycle may offset each other, and there is also a possibility that there exist offsetting errors in the underlying components of GDP.     

Lognormal Approximation of Complex Path-Dependent Pension Scheme Payoffs

Abstract

This paper analyzes an explicit return smoothing mechanism which has recently been introduced as part of a new type of pension savings contract that has been offered by Danish life insurers. We establish the payoff function implied by the return smoothing mechanism and show that its probabilistic properties are accurately approximated by a suitably adapted lognormal distribution. The quality of the lognormal approximation is explored via a range of simulation-based numerical experiments, and we point to several other potential practical applications of the paper's theoretical results.     

数理经济方法中跨期因子的推导及应用

本文给出了时间序列的离散和连续两种情形的跨期调整关系和增长率计算公式的推导过程,以及进一步利用等价无穷小关系阐明了离散与连续形式的近似关系,并显示了连续型跨期调整因子在构建理论与计量模型过程中更有优势,相对来说更为常用.     

谈“以人为本与加强运行发电管理”实践

针对影响科学运行发电存在的问题,提出通过“两个巩固、两个增强、三个突出”等主要措施．强化大唐岩滩水力发电有限责任公司发电运行管理,深化6S管理载体,提高基础管理水平,齐心协力做好“水文章”．全力以赴完成“攻坚年”的各项任务,为集团公司进军世界500强而努力。