Passive Investment Strategies and Efficient Markets

This paper presents the case for and the evidence in favour of passive investment strategies and examines the major criticisms of the technique. I conclude that the evidence strongly supports passive investment management in all markets—small–capitalisation stocks as well as large–capitalisation equities, US markets as well as international markets, and bonds as well as stocks. Recent attacks on the efficient market hypothesis do not weaken the case for indexing.     

Operations of a Pension Fund after the Asian Crisis: The Thai Experience*

During and after the Asian crisis, institutional investors and pension funds in Asian financial markets have been confronted with a number of difficulties effecting their performance and the way they carry out their role within the national pension system. We analyze these problems by comparing the actual investment policy of an institutional investor with an optimal investment strategy derived from the insights of modern portfolio theory. We also analyze whether the organizational set‐up of a pension fund allows it to adequately perform its role within the pension system. As an example, we examine the operations of the Thai Government Pension Fund (GPF). We find that allowing international investments and reducing restrictions on equity investments while lowering the implicit requirements for investments in government debt would allow the GPF to further diversify its investment risk and to increase its risk‐adjusted return. We also show that some changes in the governance structure of the GPF would lower the occurrence of conflicts of interest for the management and increase the efficiency of the GPF operations.     

一种新的OFDM同步跟踪技术及其在VHF/UHF通信系统中的应用

本文主要研究了我国加工贸易领域信息化管理的系统组成和发展状况,通过深入分析加工贸易的业务流程、信息化管理特点、发展困惑等内容,提出了优化加工贸易信息化管理的相关举措。     

美国空军卫星控制网的现状与发展趋势

近几年的几场局部战争部分表明了现代军事航天系统的重要性。本文主要介绍了美国最重要的一个军事航天测控网－－空军卫星控制网的情况，希望能对了解美国军事航天测控体制有所帮助。     

1999-2005年中国地区工业结构调整和增长活力实证分析

缩小我国沿海和内地的差距,是我国区域发展中要解决的重要问题,自西部大开发以来,我国又相继实施了振兴东北和中部崛起战略,但这些战略的实施,始终无法使内地的经济赶超东部。借鉴国外学者的研究成果,本文认为,沿海地区工业结构调整的主动性是其工业快速增长的重要原因,而内地由于工业结构调整的被动性以及不适当的专业化,限制了其工业的增长。内地经济要赶超沿海,必须采取新的思路,变被动调整为主动调整,实现产业结构高度化,这是振兴内地经济的关键。     

多源置信综合的雷达与ESM协同跟踪方法

跟踪空间邻近目标时,仅依靠运动学信息不足以实现可靠的数据关联,而基于动目标指示器（Moving Target Indicator,MTI）雷达和电子支援措施（Electronic Support Measurement,ESM）的多源异类传感器数据融合可以通过提升数据关联性能达到改善跟踪性能的目的。通过构建基于五种成比例再分配规则（Five Proportional Conflict Redistribution Rules,PCR5）置信度量的数据关联策略,将目标运动学信息和属性信息结合做多特征推理,解决异类传感器数据的不确定性和不一致性;利用Dempster-Shafer（DS）证据理论方法进行属性融合更新,完成属性信息在时间序列上的相干积累,实现空间邻近目标的可靠跟踪。该方法从数据关联和状态估计两方面联合进行改进,通过引入属性信息提升数据关联的正确性,从而提升跟踪性能,实现多源异类信息下的协同跟踪。仿真表明,相比于仅雷达跟踪、雷达和ESM序惯跟踪等方案,该方法可有效提升跟踪精度和关联性能。     

面向卫星导航信号的外辐射源雷达软件化模拟器设计

面向全球导航卫星系统(Global Navigation Satellite System,GNSS)信号的外辐射源雷达,是一种利用环境中GNSS信号作为非合作照射源进行探测的雷达。为满足基于GNSS信号的外辐射源雷达系统仿真和信号处理算法设计评估的需要,通过对该雷达系统组成与工作原理的分析,完成了面向GNSS信号的外辐射源雷达软件化信号模拟器的设计与实现。给定仿真场景下软件化模拟器输出信号处理和分析的结果验证了该模拟器可根据输入参数与模型正确完成信号仿真。     

Perceptions of older consumers regarding food packaging as a prerequisite for its improvement: A case study of Polish market

In many societies, the scale of demographic change associated with increased longevity has the potential to influence the market for consumer goods. As a result, continuous improvement in packaging design that takes into account the needs of older people should become an important challenge for both packaging producers and product manufacturers. Due to the fact that there is limited research concerning the design of food packaging for older people, the aim of the study was to identify the expectations of this group of consumers in this respect. Milk packaging was selected as a model subject of study. Factors influencing older consumers and their buying patterns when purchasing milk have been thoroughly examined. The research was conducted among people over the age of 60 with the use of three methods: a questionnaire (600 subjects), an in‐depth interview (60 subjects) and eye tracking (30 subjects). The results of the study show that older consumers have specific preferences regarding packaging type and design. When considering milk packaging, for example, they prefer glass bottles, simple graphics and font and subdued colours. They most frequently look for information concerning the product's expiration date, its producer's name and its composition. Eye tracking revealed that the older the consumers are, the more problems with finding expiration date they have. The time required to find such information, however, strongly depends on where exactly the expiration date is printed on the packaging. The preferred place in this case is the top of the bottle. Older consumers identify product's brand with the name of the producer. Moreover, the absence of the term ‘ingredients’: on the milk packaging oftentimes causes confusion among older people, who are concerned about potential food additive content.     

双通道跟踪接收机对地校相技术

为了解决新建地面测控站的无塔标校技术难题,提出了一种抛物面天线近场对地校 相新方法,在径向距离大于0.3倍远场距离的条件下可实现对地校相功能,通过外场专题试 验研究进行了验证,对靶场测控系统的工程建设具有较高的参考价值。