The role of transaction costs and risk aversion when selecting between one and two regimes for portfolio models

Estimation of the inputs is the main problem when applying portfolio analysis, and Markov regime-switching models have been shown to improve these estimates. We investigate whether the use of two-regime models remains superior across a range of values of risk aversion and transaction costs, in the presence of skewness and kurtosis and no short sales. Our results for US data suggest that, due to differences in their risk preferences and transactions costs, most retail investors may prefer to use one-regime models, while investment banks may prefer to use two-regime models.     

一种适用于强脉冲噪声下的对数型恒模盲均衡算法

针对脉冲噪声下恒模算法(Constant Modulus Algorithm,CMA)失败的问题，通过分析脉冲噪声的影响，提出了一种基于最小均方（Least Mean Square,LMS）准则的对数型恒模算法（Logarithmic-type CMA,LT-CMA）。LT-CMA利用对数函数的非线性变换特性自适应地抑制强脉冲噪声对误差函数的影响，并且利用l2-范数进行信号归一化处理以增强算法的稳健性。仿真结果表明，所提出的LT-CMA可以适应于高斯噪声环境和脉冲噪声环境；与经典自适应均衡算法相比，在收敛速度和稳健性两方面上，所提出的LT-CMA都有显著的提升。     

Memoryless Reigns of the “Sons of Heaven”

Human lifetimes have increasing failure rates; as people age (beyond early childhood) they are more likely to die. Viewing the succession of Chinese Emperors as a statistical ensemble we show that, unlike lifetimes, their reigns ceased at a constant rate for over two millennia, unaffected by elapsed time. In fact reign lengths of the “Sons of Heaven”, as the Chinese Emperors were known, followed a memoryless exponential distribution with a 10-year half-life. Becoming emperor not only influenced the duration of remaining life, but length of rule was independent of age at ascent. We propose an explanation for the observed exponentiality using asymptotic results from the theory of stationary stochastic processes.     

The Ruin Probability of a Discrete Time Risk Model under Constant Interest Rate with Heavy Tails

This paper investigates the ultimate ruin probability of a discrete time risk model with a positive constant interest rate. Under the assumption that the gross loss of the company within one year is subexponentially distributed, a simple asymptotic relation for the ruin probability is derived and compared to existing results.     

On the Differential Effects of European Patents

Since the invention of the European Patent System, national patent systems have continued to co-exist, although they did lose appeal. How have the different national systems been affected in view of their characteristics? In order to answer this question a constant-market-share (CMS) analysis is carried out. While on a theoretical level, the different elements adding to the appeal of each patent system are discussed, the CMS-analysis reveals the importance of country size in that the national systems of smaller countries lose.     

我国煤电价格联动机制实施困境分析及其前景构想——美国电力自动调节条款的经验与启示

我国煤电价格联动机制的推出与实施过程遭遇了很多障碍与反复。文章借鉴美国电力行业的自动调节条款的实施背景、本质、条件、作用机理和保障,分析了当前我国煤电联动过程中遇到的困境,找出了缺乏规制起点、承载多重目标、条款模糊等症结所在,并描绘了对该机制的前景构想。     

论解放思想无止境

本文阐述了解放思想是马克思主义的基本原则,是马列主义、毛泽东思想、邓小平理论的精髓问题,指出了解放思想的原则性、重要性、必要性和紧迫性,提出了继续解放思想的基本要求.     

中国水产品对日本出口变动因素分析

论文利用日本财务省贸易统计提供的1990～2009年日本水产品贸易数据，在总结中国水产品对日本出口贸易特点的基础上，利用恒定市场模型，分析了中国对日本水产品出口贸易的变动情况。研究结果表明，需求效应和竞争力效应是影响中国水产品对日出口额变动的主要因素，近年来中国水产品对日本出口额急剧缩减主要是由于日本水产品进口市场需求萎缩和中国水产品竞争力下降造成的。在此基础上，根据实证分析结果，论文提出了扩大中国水产品对日本出口的建议。     

谈手动涂胶泵系统在低成本、高价值企业中的应用

文章通过对手动涂胶泵系统与传统的支装胶手动涂胶系统进行对比,阐述了在车身制造过程中手动涂胶泵系统的运用给企业所带来的经济效益。     

配合物组成及稳定常数的测定

利用分光光度法测定配合物的组成及稳定常数,介绍了2种背景吸光度的误差近似计算方法与2种测定稳定常数的数据处理方法,并以Cu(Ⅱ)-磺基水杨酸配合物为例,详细介绍了实验过程,对比了不同的处理方法与误差近似计算方法对于结果的影响。