Some Properties of Past Entropy and their Applications

In the context of information theory, measure of uncertainty in past lifetime distribution has been proposed by Di Crescenzo and Longobardi (J Appl Probab 39:434–440, 2002). In this paper, we study some ordering and aging properties in terms of past entropy (based on past lifetime) and develop some characterization results. Some discrete distribution results are also addressed here.     

A Benchmark Approach to Filtering in Finance

The paper proposes the use of the growth optimal portfolio for pricing and hedging in incomplete markets when there are unobserved factors that have to be filtered. The proposed filtering framework is applicable also in cases when there does not exist an equivalent risk neutral martingale measure. The reduction of the variance of derivative prices for increasing degrees of available information is measured. 1991 Mathematics Subject Classification: primary 90A09; secondary 60G99; 62P20 JEL Classification: G10, G13     

Wall Street's contribution to management accounting: the Stern Stewart EVAfinancial management system

EVA^®is a variant of residual income marketed byStern Stewart & Co., a New York consulting firm, with the purpose of promoting value–maximizing behaviour in corporate managers. This paper reviews the EVA system in the light of this purpose. First, it outlines the rationale for the use of residual income in ‘value-based management’, highlighting the potential shortcomings of residual income as a single-period performance indicator. Second, it considers the adjustments to GAAP-based accounting advocated by Stern Stewart in order to produce a more economically meaningful version of residual income (EVA) which might serve as an effective indicator of single-period performance. Third, it examines the Stern Stewart approach to the setting of EVA benchmarks. Finally, it reviews the logic behind the use of the ‘bonus bank’ to separate the award of EVA–based bonuses from the payment of such bonuses.     

市场导向下的催化裂化技术发展

介绍根据市场的需求变化,在原馏分油催化裂化的基础上,陆续开发出的渣油催化裂化,多产气体烯烃的DCC、MIO、CPP技术,适合多产液化气和汽油的MGG、ARGG技术,生产高辛烷值汽油、多产柴油的催化裂化技术,以及同时多产液化气和柴油的MGD等技术,指出催化裂化已经发展成一个技术家族,较好地满足了市场的需求,随着市场需求的变化,催化裂化技术将有新的发展。     

结合像素域JND阈值空间相关性与图像块类型的残差滤波算法

为了更好地将人眼视觉感知特性应用于视频压缩系统,从而去除视频的视觉冗余成分,在利用像素域的恰可察失真(Just Noticeable Distortion,JND)阈值的基础上,结合JND阈值的空间相关性与图像块类型,提出了一种改进的残差滤波算法。该算法首先在像素域计算出每个像素的JND阈值,然后在变换单元(Transform Unit,TU)中挖掘每个像素JND阈值与其周围邻近像素JND阈值之间的空间相关性,再利用索贝儿(Sobel)边缘检测算子将TU分成不同类型的图像块,并且计算出对应的复杂度因子,最后结合上述像素JND阈值的空间相关性和TU复杂度因子对TU残差进行滤波。提出的算法模型可以嵌入到高效率视频编码(High Efficiency Video Coding,HEVC)框架。实验结果表明,在全I帧配置下,提出的算法与标准算法HM16.0相比,在人眼主观感知质量基本一致的情况下,平均可节省16.1%的码率。     

基于灰色残差模型的中国税收收入预测

税收是国家财政收入的重要来源,准确的税收预测结果对于制定各项经济政策具有非常重要的意义。为提高中国税收收入的预测精度,适应资源配置、收入再分配和宏观经济调控的需求,在传统灰色预测技术的基础上,建立了残差灰色预测模型,并通过实例分析验证了该模型的实用性和精确性。     

Dynamic jump intensities and risk premiums: Evidence from S&P500 returns and options

We build a new class of discrete-time models that are relatively easy to estimate using returns and/or options. The distribution of returns is driven by two factors: dynamic volatility and dynamic jump intensity. Each factor has its own risk premium. The models significantly outperform standard models without jumps when estimated on S&P500 returns. We find very strong support for time-varying jump intensities. Compared to the risk premium on dynamic volatility, the risk premium on the dynamic jump intensity has a much larger impact on option prices. We confirm these findings using joint estimation on returns and large option samples.     

A case study of condition based maintenance modelling based upon the oil analysis data of marine diesel engines using stochastic filtering

This paper presents a case study of condition based maintenance modelling based on measured metal concentrations observed in oil samples of a fleet of marine diesel engines. The decision model for optimising the replacement time of the diesel engines conditional on observed measurements is derived and applied to the case discussed. We described the datasets, which were cleaned and re-organised according to the need of the research. The residual time distribution required in the decision model was formulated using a technique called stochastic filtering. Procedures for model parameter estimation are constructed and discussed in detail. The residual life model presented has been fitted to the case data, and the modelling outputs are discussed.     

会计规则制定权契约的合理安排——基于利益相关者视角

不同利益相关者对不同层面的企业会计规则制定权契约具有不同的参与特征,这些特征对企业会计规则制定权契约安排产生不同影响。有效的企业会计规则制定权契约安排应当以利益相关者价值最大化为目标,并设计有效机制,确保不同利益相关者对会计规则制定权的恰当行使。     

中国单一货币供给规则

中国货币供应量和经济目标相关程度高,具有较好的可测性、可控性;在中国实行有规则、透明度高、连贯性强的单一货币规则是可行的;严格执行货币供给量与相关经济目标挂钩的数量型货币政策,有助于确保物价稳定和经济平稳增长。