Herding behavior in the Pakistan stock exchange: Some new insights

This study attempts to examine the presence of herding behavior in the Pakistan Stock Exchange (PSX). The novel contribution of this paper is that it investigates the herding phenomenon from a large number of facets such as herding of firms towards market, herding of firms towards industry portfolios, herding of industry portfolios towards market, herding in mostly traded stocks and in large and small stocks, and herding in the crisis period. For this purpose, we use the herding behavior model of Christie and Huang (1995) on the daily closing prices data of 609 firms listed on the PSX from January 2004 to December 2013. Results show that individual firms do not herd towards market index, except when the market experiences a negative return of 5%. However, when we sort firms into small and large groups based on median market capitalization, results indicate that large firms show herding behavior in extreme market movements. Further, we find that firms in several industries herd towards their industry portfolios. However, we find weak evidence of industry portfolios herding towards the market. We also segregate the impact of financial crisis of 2008 from normal times. These findings support results of our baseline estimation.     

Capital account flows,consumption ratios and the middle‐income trap

The existing literature suggests that it is important to understand the factors that may slow the transition of an economy from middle to high income. Many factors have been suggested as promoting or retarding economic growth, but little attention has been paid to the roles of the capital account and consumption ratio. Using panel regressions involving 48 countries over the 1950–2013 period as well as employing extreme bounds analysis, we find that foreign investment outflows are associated with a mature economy and that there is an optimal consumption ratio that must be surpassed to break out of middle‐income status. These findings are robust to an extreme bounds analysis incorporating a wide range of variables potentially related to growth performance.     

Beyond a Liberal Critique of ‘Trickle Down': Urban Planning in the City of Malmö

This article scrutinizes the much used, but less examined, concept of ‘trickle down' in an urban setting. We make a distinction between the production of and distribution in the city, and argue that trickle down in contemporary urban policy could be regarded as the liberal link between production and distribution. Based on interviews with key figures and document analyses, we look at the transformation of the Swedish city of Malmö from an industrial to a post‐industrial city, where, during the last two decades, we have found three concurrent components: the ideology of trickle down; several urban policy programs and governmental policies to ‘make' money and resources trickle down; as well as increased economic polarization and segregation. A liberal critique of trickle down would argue that market mechanisms cannot by themselves solve distribution, and that government policies therefore are needed. We argue for the need to go beyond a liberal critique of trickle down and stress how unequal distribution is built into the unequal production of the city.     

P2P网络借贷平台倒闭原因的实证分析

自2013年以来,P2P网络借贷平台倒闭趋势持续蔓延。本文基于中国111个问题P2P网络借贷平台数据,探讨这些平台的地域分布、注册资本和生存时间等方面的特征,并对P2P网络借贷平台出现问题的原因进行了实证分析,研究发现：平台经营经验、地区行业竞争程度对问题平台生存时间有显著正向影响,而平台注册资本对问题平台生存时间无显著影响。     

数字中频接收机的设计与实现

数字中频接收机(DIFR)是对中频信号直接采样，其信道化功能由数字正交下变频器和数字滤波器来实现。因此，DIFR适用于接收和处理多载波、多模式信号，可解决很多种信号之间的互通互连问题。本文基于DIFR对动态范围、带宽、自动增益控制和高速信号采集等技术需求，优化设计了一种大动态宽带DIFR，给出了该系统的实现方案、各部分的参数分配及系统设计指标；给出了一种新型的数字自动增益控制(DAGC)实现电路，并提出了其控制算法。     

基于GC5016的短波收发机数字上下变频设计

鉴于传统中频数字化短波收发机性能及复杂度受模拟前端电路制 约，介绍了射频直接低通采样的数字化处理方案，其中GC5016用于数字上下变频，重点对GC 5016中的级联积分梳状滤波器（CIC）和可编程有限冲激响应滤波器（PFIR）的联合设计进 行了仿真研究和硬件验证。该数字上下变频的带外抑制达100 dB，带内平坦度控制在 0.1 dB，完全满足射频数字化收发机的设计要求。     

郑煤集团白坪煤矿大断面岩石下山快速施工技术

以郑煤集团白坪矿轨道下山快速施工为例,简要介绍了大断面岩石下山快速施工方法、施工工艺、劳动组织及管理措施,为类似工程施工积累了一定的经验。     

抗拔锚杆桩技术解决地下室抗浮

介绍地下室结构抗浮问题解决方法:采用抗拔锚杆桩施工技术的成功施工经验。     

RECOVERING PORTFOLIO DEFAULT INTENSITIES IMPLIED BY CDO QUOTES

We propose a stable nonparametric algorithm for the calibration of “top‐down” pricing models for portfolio credit derivatives: given a set of observations of market spreads for collateralized debt obligation (CDO) tranches, we construct a risk‐neutral default intensity process for the portfolio underlying the CDO which matches these observations, by looking for the risk‐neutral loss process “closest” to a prior loss process, verifying the calibration constraints. We formalize the problem in terms of minimization of relative entropy with respect to the prior under calibration constraints and use convex duality methods to solve the problem: the dual problem is shown to be an intensity control problem, characterized in terms of a Hamilton–Jacobi system of differential equations, for which we present an analytical solution. Given a set of observed CDO tranche spreads, our method allows to construct a default intensity process which leads to tranche spreads consistent with the observations. We illustrate our method on ITRAXX index data: our results reveal strong evidence for the dependence of loss transitions rates on the previous number of defaults, and offer quantitative evidence for contagion effects in the (risk‐neutral) loss process.     

浅谈建筑装饰材料在室内设计中的应用

装饰材料的种类繁多,性质丰富,质感多样,形成了效果各异的色彩视觉与情感效应,不同性质的材料在室内设计中的应用有着不同的效果,在设计中应注意对比与和谐的统一,和谐体现永恒的美,对比产生生命的灵气。文章对各种不同材料属性在室内设计中的应用做了一个较为全面的论述。