坚持马克思主义在意识形态指导地位的根本制度思考

马克思主义为什么行?为什么要坚持马克思主义在意识形态指导地位的根本制度?这是一个非常重大、非常严肃的问题,需要认真回答。在当今世界,马克思主义是世界范围的真实存在,没有任何一种学说能像马克思主义那样深刻地影响并改变世界,没有任何一种理论能像马克思主义那样深刻的影响并改变中国。历史充分证明,马克思主义是中国共产党赢得胜利的"看家本领"。在新时代以习近平为核心的党中央坚强领导下,我们依然要加强马克思主义理论引领和思想武装,依然要坚持运用这个强大的思想武器克服发展中的一系列难题,不断开辟当代中国马克思主义、21世纪马克思主义新境界,不断推进中国特色社会主义的伟大事业奋勇前行。     

美国联邦宪法基本人权保障的发展路径

从中世纪英格兰开始，再延续至北美殖民时代，对普通法体系建立和权力法案的形成沿革进行详细的阐述，以美国独立宣言、宪法前言及人权典章所构筑的宪法优先原则，透过美国联邦最高法院的审查，形成限制国家权力的框架，具体落实宪法规范之最高性及权力分立，借此保障基本人权。     

浅析大学物理微积分思想与矢量思想

本文探讨了微积分思想和矢量思想在大学物理教学中的应用,致力于总结出一个可靠的应用模式用于提高大学物理教学的质量。     

The contribution of granular and fundamental comparative advantage to European Union countries' export specialisation

This paper analyses the contribution of fundamental comparative advantage (a country-specific component) and granular comparative advantage (a firm-specific component) to European Union countries' export specialisation. We find that, on average, granular comparative advantage may explain export specialisation in 29% of industries, which account for 47% of total exports. We also show that 60% of the variation in export specialisation across countries and industries may be explained by granular comparative advantage. These results highlight that some outstanding firms may play a very important role in explaining European Union countries' export specialisation.     

独立学院大学物理教学方法研究与探索

大学物理是理论和实践结合极为紧密的一门基础课程,本文针对独立学院大学物理教学现状,从加强微元法、理论联系实际和分层次教学等5方面来研究提高独立学院大学物理教学质量的方法和途径。     

ARBITRAGE BOUNDS FOR PRICES OF WEIGHTED VARIANCE SWAPS

We develop a theory of robust pricing and hedging of a weighted variance swap given market prices for a finite number of co‐maturing put options. We assume the put option prices do not admit arbitrage and deduce no‐arbitrage bounds on the weighted variance swap along with super‐ and sub‐replicating strategies that enforce them. We find that market quotes for variance swaps are surprisingly close to the model‐free lower bounds we determine. We solve the problem by transforming it into an analogous question for a European option with a convex payoff. The lower bound becomes a problem in semi‐infinite linear programming which we solve in detail. The upper bound is explicit. We work in a model‐independent and probability‐free setup. In particular, we use and extend Föllmer's pathwise stochastic calculus. Appropriate notions of arbitrage and admissibility are introduced. This allows us to establish the usual hedging relation between the variance swap and the “log contract” and similar connections for weighted variance swaps. Our results take the form of a FTAP: we show that the absence of (weak) arbitrage is equivalent to the existence of a classical model which reproduces the observed prices via risk‐neutral expectations of discounted payoffs.     

CONVEX RISK MEASURES FOR GOOD DEAL BOUNDS

We study convex risk measures describing the upper and lower bounds of a good deal bound, which is a subinterval of a no‐arbitrage pricing bound. We call such a convex risk measure a good deal valuation and give a set of equivalent conditions for its existence in terms of market. A good deal valuation is characterized by several equivalent properties and in particular, we see that a convex risk measure is a good deal valuation only if it is given as a risk indifference price. An application to shortfall risk measure is given. In addition, we show that the no‐free‐lunch (NFL) condition is equivalent to the existence of a relevant convex risk measure, which is a good deal valuation. The relevance turns out to be a condition for a good deal valuation to be reasonable. Further, we investigate conditions under which any good deal valuation is relevant.     

The Fundamental Theorem of Asset Pricing under Proportional Transaction Costs in Finite Discrete Time

We prove a version of the Fundamental Theorem of Asset Pricing, which applies to Kabanov's modeling of foreign exchange markets under transaction costs. The financial market is described by a   d × d   matrix-valued stochastic process  (Π _t ) ^T _{t =0}  specifying the mutual bid and ask prices between d assets. We introduce the notion of "robust no arbitrage," which is a version of the no-arbitrage concept, robust with respect to small changes of the bid-ask spreads of  (Π _t ) ^T _{t =0}  . The main theorem states that the bid-ask process  (Π _t ) ^T _{t =0}  satisfies the robust no-arbitrage condition iff it admits a strictly consistent pricing system. This result extends the theorems of Harrison-Pliska and Kabanov-Stricker pertaining to the case of finite Ω, as well as the theorem of Dalang, Morton, and Willinger and Kabanov, Rásonyi, and Stricker, pertaining to the case of general Ω. An example of a  5 × 5  -dimensional process  (Π _t )² _{t =0}  shows that, in this theorem, the robust no-arbitrage condition cannot be replaced by the so-called strict no-arbitrage condition, thus answering negatively a question raised by Kabanov, Rásonyi, and Stricker.     

近中期金融改革值得关注的几个问题

当前,国际金融危机影响依然存在,发达经济体、新兴经济体均面临结构调整,全球金融监管体制将全面改革。结合国内金融运行及金融业发展中存在的一些突出问题,文章以确立推进近中期金融改革的基本原则为出发点,从建立金融宏观审慎管理制度、研究应对危机债务成本的分摊机制等层面,提出当前需重点推进的几项金融改革及相关政策建议。     

Earnings Metrics,Information Processing,and Price Efficiency in Laboratory Markets

An enduring issue in financial reporting is whether and how salient summary measures of firm performance (“earnings metrics”) affect market price efficiency. In laboratory markets, we test the effects of salient earnings metrics, which vary in how they combine persistent and transitory elements, on investor information search, beliefs about value, offers to trade, and market price efficiency. We find that including transitory elements in salient earnings metrics causes traders to search unnecessarily for further information about these elements and to overestimate their effect on fundamental value relative to a rational benchmark. In contrast, separately displaying persistent elements in earnings increases the accuracy of traders’ value estimates. Prices generally reflect traders’ beliefs about value, and prices are most efficient when transitory elements are excluded from earnings metrics entirely. Our study contributes to research on salience effects in financial reporting by showing that including transitory elements in salient earnings metrics causes inefficient information search and biased beliefs about value that can aggregate to affect market prices. We also contribute to research in experimental markets by showing that redundant disclosure is not always beneficial; redundant disclosure of transitory earnings elements, in particular, appears to have negative consequences for investor behavior and market efficiency.