从敦煌本《百行章》看唐初的法制思想

唐代的法制思想，主要有两大特征，即仁刑恤典和厉行法制。对此，学者们多从正史的角度加以探讨和分析。而从敦煌所出唐代蒙书《百行章》所述内容同样清楚地显示了唐初的法制思想的以上特点。这一研究可以起到补充正史的作用。     

纳斯达克100指数跟踪股的产品与运作解析

本文深入分析了Nasdaq100指数跟踪股(简称QQQ)这只美国著名的交易所交易基金(ETFs)的产品设计、基本特征、组织架构及其双重交易模式和由此而生的独特的套利机制,总结了Nasdaq100指数跟踪股的独到的金融创新之处,为理解和借鉴国外ETFs的产品创新和成功运作的经验提供了一个有益的帮助。     

Chance Constrained Programming Formulations for Stochastic Characterizations of Efficiency and Dominance in DEA

Pareto-Koopmans efficiency in Data Envelopment Analysis (DEA) is extended to stochastic inputs and outputs via probabilistic input-output vector comparisons in a given empirical production (possibility) set. In contrast to other approaches which have used Chance Constrained Programming formulations in DEA, the emphasis here is on joint chance constraints. An assumption of arbitrary but known probability distributions leads to the P-Model of chance constrained programming. A necessary condition for a DMU to be stochastically efficient and a sufficient condition for a DMU to be non-stochastically efficient are provided. Deterministic equivalents using the zero order decision rules of chance constrained programming and multivariate normal distributions take the form of an extended version of the additive model of DEA. Contacts are also maintained with all of the other presently available deterministic DEA models in the form of easily identified extensions which can be used to formalize the treatment of efficiency when stochastic elements are present.     

基于MATLAB提高Pt100测温系统响应速度的研究

通过对外加保护铜套的Pt100测温系统的实验研究,利用MATLAB建立了该系统对温度输入响应的数学模型,并通过合理增设串联相位超前校正网络提高了Pt100测温系统的响应速度。对于不同组成的Pt100测温系统,可选择不同的串联相位超前校正装置参数实现响应速度的提高。     

Liberty and the Post‐utilitarian Society

Utilitarian foundations for limited government are shaky insofar as they assume rational and consistent individuals. Recently economists’ assumption of rational actors has come under sustained attack. Behavioural economics has suggested that people are plagued by irrational biases and inconsistencies. These developments have led to a post‐utilitarianism which is held to justify paternalistic interventions by the state via ‘sin taxes’, direct bans or new obligations. Individual responsibility is seriously undermined, as is faith in markets. Supporters of individual freedom need to move away from utilitarian reasoning, reassert core values of autonomy and responsibility, and define strict limits on the scope of government intervention.     

The role of banks in the governance of nonfinancial firms: Evidence from Europe

The aim of our research is to investigate the important role of banks in the governance of companies listed in the Euronext 100 index. Primarily, this research seeks to examine the impact of a bank’s presence within a firm, as a creditor or shareholder, on firm performance, as well as the motivations of banks to acquire holdings, and whether the presence of a bank as a shareholder of a firm facilitates its access to bank loans. Empirical analyses are conducted with a sample of 86 nonfinancial institutions listed in the Euronext 100 index over the period 2008–2013 using the three-stage least squares method. The study shows, first, that the presence of a bank within a firm, as a creditor or shareholder, is positively related to firm performance. Moreover, the firm’s performance is an important determinant of the presence of bank shareholding. Finally, the presence of a bank as a shareholder of a firm does not facilitate its access to bank loans.     

世界100强企业的业务组合

研究业务组合与企业经济绩效的关系,目的在于揭示业务组合类型对企业成长的作用,为企业界选择发展方式提供指导。世界100强企业成功的业务组合与经营绩效关系,对正在以更快步伐加入国际竞争的中国企业,具有重要的借鉴意义。本文对1997～2006年期间世界100强企业的业务组合类型及经营绩效间关系进行了实证分析,发现采取单一业务型和相关业务型业务组合的企业所占比重均有大幅下降,采取主导一体化、主导业务型和非相关业务型业务组合的企业所占比重均有不同程度的增加。不同业务组合类型企业的获利能力、运营能力和偿债能力均具有显著差异。     

基于国产DSP“魂芯一号”的天气雷达信号处理器设计

中国电子科技集团公司第三十八研究所研发了首款国产高端数字信号处理芯片“魂芯一号”(BWDSP100),为了打破国外高端芯片的垄断,该国产信号处理器在天气雷达中的应用具有重要意义。在自主开发的软件环境中,通过傅里叶变换法、脉冲对法和批处理方法等3种处理模式实现了天气雷达回波参数估计的处理过程,硬件上利用了“魂芯一号”,它具有4个核并行处理,能高效实时完成3种主要处理模式。论证结果表明,“魂芯一号”在精度和速度上均优于国外高端信号处理器。国产信号处理器应用于天气雷达上将突出其优越的实用价值。     

Optimal hedge ratios and alternative hedging strategies in the presence of cointegrated time-varying risks

This paper utilizes the inter-temporal relationship between the FTSE-100 stock index and its futures price level between 1992 and 1999 to examine the characteristics of several minimum variance hedge ratios and the performances of several alternative hedging strategies for dynamic portfolio management in the presence of cointegrated time-varying risks. Earlier studies neglected the importance of cointegration between the two variables which resulted in biased estimates. These studies, in general, also assume that the hedging period is the same as the estimation time interval. This paper also looks at several key issues when the holding period is longer than the estimation period, such as the construction of optimal minimum variance hedge ratios, and the trade-off between transaction costs and risk reduction.     

Challenges for multinational corporations

The author presents some thoughts about multinational corporations, traces the evolution of the multinational operations of his organization, and outlines some of the broad challenges ahead for multinational companies.