Irreversible investment,ambiguity and equity default swaps

We study the impact of ambiguity on the pricing and timing of the option to invest. There is a funding gap to undertake the investment, which is covered by entering into an equity-for-guarantee swap. Our model predicts that the more ambiguity-averse the agents, the less the option value, the later the investment and the higher the guarantee cost and the leverage. If the entrepreneur is more ambiguity-averse than the insurer, the investment threshold slightly rises as the perceived ambiguity increases, and on the contrary, if the entrepreneur is less ambiguity-averse than the insurer, the investment threshold increases sharply as the perceived ambiguity rises.     

Migration decisions under ambiguity: Migration distance effects revisited

There is ample evidence that distance has a strong negative effect on migration. Despite its significance in migration decisions, scholars rarely explore the migration distance effect deeper than the first level of interpretation derived from the simple neoclassical theory of migration. This study revisits the migration distance effect in the spirit of Knightian distinction between risk and uncertainty. To this end, this study attempts to construct estimates of the risk premium migrants are willing to pay to avoid the risk associated with migration distance. The results show that the magnitude of the distance effect is not rationalized by risk aversion in the Arrow–Pratt sense (Arrow, 1965, The theory of risk aversion, Yrjo Jahnssonin Saatio, Helsinki, Finland, 90; Pratt, 1964, Econometrica, 32, 122). In particular, the risk premium demanded by distant rural residents is unjustifiably higher compared with that of those living closer to urban areas in their migration decisions. The results suggest that the migration distance effect is analogous to the equity home bias puzzle and the Ellsberg paradox in that the assumption of subjective expected utility can lead to seemingly irrational human behaviors. Some of the findings in this study shed light on the role of subjective aspects such as perception, confidence, and pessimism in migration decisions, which have been neglected in the literature.     

New employee orientation,role-related stressors and conflict at work: Consequences for work attitudes and performance of hospitality employees

Combining role theory with theories on hindrance stressors and intragroup conflict, we develop a model of the attitudinal and behavioral consequences of new employee orientation in hospitality organizations. We test hypotheses about main and mediated effects in this model, using data from a sample of 156 recently hired hospitality interns and applying a longitudinal approach, with data collection shortly after organizational entry and several months later. Results suggest that employee orientation is negatively related to two hindrance stressors: role ambiguity and role conflict. Role ambiguity predicts a range of attitudinal outcomes and the relationship is partially mediated by relationship conflict. In addition, role ambiguity is negatively related to task performance. Role conflict predicts hospitality employees’ job attitudes and this relationship is fully mediated by relationship conflict. We discuss important theoretical and practical implications of these findings for human resource management in hospitality firms.     

Accounting for personal disposition and organizational context: connecting role ambiguity,public service motivation,and whistle-blowing in federal agencies

Abstract

Organizational psychologists and HRM scholars have long argued that prosocial organizational behaviors enhance organizational performance. However, prosocial behaviors are motivated by both self-interested and altruistic intent. Moreover, some have recognized that the factors that encourage shifts between egoistically and altruistically motivated prosocial behaviors may result from inherent tensions between individual disposition and situational contexts. As such, this study draws from literature examining prosocial behavior to evaluate whether work situations with clear task expectations dampen the extent to which prosocial personal dispositions diminish egoistically motivated prosocial behavior. Findings from a series of structural equation models reveal that altruistic dispositional traits diminish egoistic motives for engaging in one specific prosocial behavior, whistle-blowing. However, findings also reveal that work situations characterized by clear task expectations dampen the negative effect of altruistic dispositions on egoistically motivated whistle-blowing. Our findings imply that managers can adjust organizational contexts to capitalize on the enhanced benefits resulting from altruistically motivated prosocial behaviors.     

基于软件无线电平台的1090ES扩容信号收发处理

随着空中交通的信息传输与新应用拓展需求不断增加，1090ES信号容量有限问题日益显现，对1090ES信号进行容量扩充是一种有效解决途径。针对一种基于脉内调相的1090ES信号扩容技术，给出了叠加调制的信号模型，研究了1090ES信号的解调解码算法；在GNU Radio+ USRP软件无线电平台上，实现了1090ES扩容信号的产生和接收处理，包括脉冲位置调制（Pulse Position Modulation，PPM）与8PSK叠加调制、低通滤波、报头检测、载波同步、PPM解码和相位解调等，并利用Matlab对实验的解码错误率和信号的频谱特性做了统计分析与仿真，结果表明了该扩容技术的可行性。     

一种适用于遥测测距信号的新型码跟踪环

遥测测距技术采用再生伪码作为上行链路信号。针对飞行器现有码跟踪环结构复杂、低信噪比条件下环路跟踪性能差的问题，提出了一种新的基于锁相环的码跟踪环结构，推导了环路的信号处理流程。该结构降低了环路实现的复杂度，改善了低信噪比条件下的相位测量精度，仿真进一步验证了方法的有效性和稳定性，较现有方法在信噪比为-10 dB时能提高1.5×10－3个码片的精度，适合遥测测距技术。     

相关信噪比对天线组阵相位估计性能的影响

传统天线组阵理论为了简化分析，均假设反正切相位鉴别器是一种最大似然估计器，其估计方差能够达到克拉美-罗下界。然而当相关信噪比在中等值以下时，这一假设条件不再适用。为此，分析了相关信噪比对相位估计性能的影响。针对传统天线组阵合成性能分析方法在描述低相关信噪比条件下相位估计性能方面存在的问题，通过引入修正因子，得到了相位估计方差的理论公式，实现了对低相关信噪比条件下相位估计性能的准确描述。     

利用相位差变化趋势的多源信号关联

针对多源信号关联难度大、关联准确率低的问题，利用同一目标平台上搭载的多个辐射源信号具有一致的动态变化趋势这一特点，提出一种利用相位差特征的多源信号关联方法。已知阵列形式和侦测点位置，通过对侦收到的多个辐射源信号进行处理，获取相位差信息并累积形成相位差变化趋势；对比提取疑似相似段，根据相似性判决策略进行有效关联。该方法能有效避免不同传感器对位置测量的误差影响，相比传统基于位置信息关联的方法，能有效提升关联准确率。仿真和实测数据分析证明了该方法的有效性，在阵列形式和侦测点位置已知的条件下该方法具有重要工程意义。     

Policy tolerance of economic crime? An empirical analysis of the effect of counterfeiting on Italian trade

Some governments seem ambivalent towards economic crime because, on the one hand, there are adverse effects on competition and legal businesses; on the other hand, there are benefits through (shadow) employment and income in less-developed areas, as well as benefits through relations of political clientage. We focus on counterfeiting and its economic effects on trade in Italy during the economic crisis. Using a newly built regional dataset and a dynamic panel model, we find evidence of the dual impact of counterfeiting. The production (and exchange) of fake goods depresses the legal market that relies on intellectual property rights but supports shadow-economic activities for the benefit of illegal workers, criminal organisations, and political clientele. We show that the negative effects outweigh the positive effects.     

英汉动词短语省略的共性

比较英汉动词短语省略,既有个性,但更多的是共性。其共性突出表现在严格与松散释义歧义、局部性效应、淘汰效应等方面。