EFFECT OF FED POLICY ACTIONS ON THE DEFAULT LIKELIHOOD OF COMMERCIAL BANKS

Using a measure of default likelihood based on an option pricing method, we provide evidence that Fed policy actions affect the financial distress of commercial banks. When the Fed increases (decreases) interest rates, the measure of default likelihood increases (decreases). We show that when the Fed uses a tight money policy, the increase in default likelihood is more pronounced for banks that have less capital, have greater financial leverage, are smaller, have fewer growth opportunities, and have lower asset quality. Additionally, the effects on bank default likelihood are more pronounced when the Fed's policy signals less concern about economic growth, as indicated by its bias toward further tightening, and when there is a market expectation of higher short‐term market rates in the future.     

1000MW机组塔式锅炉水冷壁垂直段组合安装方案浅析

本文以某电厂1000MW机组塔式锅炉水冷壁垂直段组合、安装为例,介绍塔式锅炉水冷壁垂直段组合、安装方案的确定过程,以其成功安装经验,对于同类型锅炉水冷壁安装具有一定借鉴意义。     

300MW循环流化床锅炉NO_x控制分析

本文从300MW循环流化床锅炉燃烧控制和烟气排放现状出发,对300MW循环流化床锅炉NOx排放超标的原因、现状进行深入分析,探讨了控制NOx达标排放的措施,从而为300MW循环流化床锅炉的安全运行、环保达标排放控制提供参考和积累经验。     

东汽660MW超临界空冷汽轮机安装要点及实践

本文对东方汽轮机厂引进日立公司技术生产的660MW超临空冷汽轮机结构特点进行了简要分析,并对华电蒲城发电厂三期2×660MW工程6#机组汽轮机安装中出现的问题、采取的措施以及实施效果进行了总结。     

Early Mortality Declines at the Dawn of Modern Growth*

We explore the hypothesis that demographic changes which began in the seventeenth and eighteenth centuries are at the root of the acceleration in growth rates at the dawn of the modern age. During this period, life tables for Geneva and Venice show a decline in adult mortality; French marriage registers reveal an important increase in literacy; historians measure an acceleration of economic growth. We develop an endogenous growth model with a realistic survival law in which rising longevity increases individual incentives to invest in education and fosters growth. We quantitatively estimate that the observed improvements in adult mortality account for 70% of the growth acceleration in the pre‐industrial age.     

Product development in the chemical industry: A description of a maturing business

To help us understand the massive complexity of the chemical industry, Robert A. Linn breaks it down into product/market sectors that show differing business requirements, and hence, differing new product development requirements. This is an important industry that has struggled through the 1970s with sharp changes in external pressures and very little technological excitement. Where are the new product opportunities in an industry such as this? How do you pursue them? On the basis of his years of experience in the industry, Linn offers some suggestions and some challenges for managers.     

引进先进技术,推动我国风能发展突飞猛进——广东明阳风电产业集团有限公司国际合作成果调研

风能是理想的清洁新能源，风靡全球。但风力发电在国内起步较晚，与国外成熟技术相差很大。2005年开始，明阳风电产业集团有限公司通过与德国合作，联合开发出兆瓦级系列风机，并成功产业化，与此同时凭借优质产品，建立了强大客户基础，以风力发电整机为龙头，打造了一条核心部件国产化的产业链，为我国风能的飞速发展做出了贡献，也为促进地区新能源经济发挥了龙头企业的重要作用。对该合作项目成果进行了详尽介绍，希望对国内企业开展国际合作有所帮助。     

SME Export Performance in Indonesia After the Crisis

Firms in export-oriented sectors with more exporters and more foreign investment, or firms with more access/use of credit, tend to export a higher share of their output, whether they are small or large. The latter points out that the benefits of size-neutral policies that improve the overall business and foreign investment climate and secure access to formal credit for all enterprises produce benefits for the entire economy. Small firms with higher use of machinery and higher use of domestic inputs displayed a higher likelihood to increase the share of their output exported. SMEs show rising productivity with access and use of appropriate production inputs. Decades of protective size-specific policies, such as the reservation scheme for SMEs still in place in Indonesia’s manufacturing may have distorted, more than supported, adoption of appropriate technologies among SMEs. These policies may need to be revisited and refocused on more size-neutral policies such as improved access to collateral or reduced cost of business registration and licensing.     

1000MW超超临界机组直流锅炉燃尽风挡板的控制方式

本文以东方集团1000MW超超临界机组直流锅炉为工作平台,通过燃尽风挡板开度的变化对燃烧工况的影响,分析了燃尽风在燃烧调整中的作用及其控制方式。     

300MW及以下机组汽机发电机定子吊装方法的选择

文章阐述了汽机发电机定子吊装方法,并根据吊装能力和本单位传统吊装方法介绍了如何确定定子的吊装方法,即汽机房主要设备的吊装方案应根据机组的容量、布置形式、设备重量、行车提升能力、行车台数、施工单位所拥有的机具及习惯性成熟的施工方案来确定,只有这样才能保证定子吊装工作能够达到尽可能地快速、高效、安全。