The Bootstrap Efficient Frontier for Mixed-Asset Portfolios

How much in real estate? To answer this question, uncertainty needs to be introduced into the efficient frontier, so that a confidence interval can be estimated for the real estate weight in a mixed-asset portfolio. Instead of focusing on a single optimal portfolio, this study examines the entire efficient frontier using the traditional point estimate method and the bootstrap simulation. The bootstrap distributions of the estimated weight vectors indicate that their confidence intervals are large enough to render them effectively useless. Once uncertainty is introduced, the efficient frontier becomes fuzzy and the weight vectors become even fuzzier.     

The Impact of Market Imperfections on Real Estate Returns and Optimal Investor Portfolios

This study investigates the consequences of several imperfections associated with real estate markets on pricing and optimal investor portfolios from a CAPM context. CAPM assumptions are relaxed to recognize illiquidity, the consumption and investment attributes of owner-occupied housing, and a mildly segmented market structure. The study finds that relaxing the CAPM assumptions lead to a separate pricing paradigm for financial assets, income-producing real estate and owner-occupied housing respectively, that a "dividend effect" arises for real estate as the result of illiquidity, and that illiquidity reduces the extent to which investors hold real estate in their portfolios.     

The marketing strategy of a project-based firm: The Four Portfolios Framework

The purpose of this paper is to address the simultaneous management of multiple business relationships and multiple projects in the marketing strategy of the project-based firm. The research question is: How can the essence and interdependencies between the portfolios of relationships and projects be conceptualized as the marketing strategy of a project-based firm? We address this question by constructing a framework including two portfolios of relationships and two portfolios of projects, and by discussing how these portfolios may be interrelated. Combining the approaches of relationship management in project marketing on the one hand and the management of project portfolios on the other contributes a novel viewpoint to project marketing.     

管窥建设工程项目财务管理存在的主要问题

建设工程项目财务工作,是经济管理的重要组成部分,也是在市场经济条件下合理使用国家建设资金,保证工程质量,促进建设部门廉政建设的大问题。但是目前我国建设工程项目的财务管理工作还存在很多问题,本文拟就这方面问题的产生原因和对策进行探讨。     

The Simple Meaning of Complex Rates of Return

Real options analysis (ROA) has been identified in the literature as a quantitative means to evaluate the flexibility inherent in the decision-making process. From an engineering economics perspective, this paper highlights applications, real-world users, modeling approaches, ROA assumptions, and future research directions. Through identifying and systematizing the current literature, a concise summary of modeling concerns and a road map for future modeling efforts and applications is discussed. More specifically, this paper supports research efforts to combine decision analysis tools with financial option pricing techniques to develop a real option framework that will be accepted in industry to make decisions in today's fast-paced and highly competitive business environment.     

Thrift Asset-Class Returns and the Efficient Diversification of Thrift Institution Portfolios

We estimate quarterly return series from March 1984 through December 1989 for 10 classes of thrift assets using the statistical cost-accounting methodology of Hester and Zoellner (1966). We then use these return series to estimate mean-variance efficient frontiers for all thrifts, for thrifts that were well capitalized two years earlier and for thrifts that were insolvent two years earlier. Our results show that neither the asset restrictions existing before nor those in effect after passage of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 would have prevented thrifts from reaching most of the portfolios along the efficient frontier. The actual portfolio chosen by well-capitalized thrifts is close to the estimated efficient frontier, while the actual portfolio chosen by insolvent thrifts is located far from the frontier in the high-risk end of investment space. These findings, coupled with the high proportion of nontraditional assets in the actual portfolio chosen by insolvent thrifts, support the hypothesis that moral hazard induced thrifts to take on investments that were excessively risky from the deposit insurer's point of view.     

Rates of Return on Housing of Low-and Moderate-Income Owners

While long-term returns to capital invested in owner-occupied housing have been competitive with other investment alternatives, no evidence exists on the market performance of the owner-occupied housing in which low- and moderate-income households would be most likely to invest. This article thus attempts to answer the question of whether the "affordable housing units" that are relevant to policy discussions concerning low- and moderate-income homeownership have experienced different rates of price appreciation than have higher valued dwellings. The national file of the American Housing Survey is used to estimate appreciation rates by value class in representative U.S. housing markets. We find that for the period 1974 through 1983 appreciation rates for lower valued housing were generally about equal to those for higher valued housing.     

油田资本金利润率分析

利润额与油田资本占用量,生产经营成果,劳动占用量,劳动消耗量的比率,形成了反映油田赢利能力的资本金利润率,销售利润率和成本费用利润率等利润率指标,其中资本金利润率是最重要和最基本的指标。通过资本金利润率的一般分析及资本金总额及资本金周转的因素对资本金利润率的影响分析,可以反映出油田企业资本运用效果,提出提高油田企业资本运用效率的途径。     

提高质量监督人员技能培训效果的措施

近几年来开展职工技能培训，鉴于职工实际培训时间较短、职工文化基础、年龄参差不齐．大多数采取半脱产形式以及教学条件的限制．技术质量监督职工技能培训在许多单位已形成事实上的课堂教学式培训，即传授式与研讨式相结合的培训方法。如何提高这种技能培训方式的效果巳成为决定职工技能培训质量高低的重要因素。     

确定建设项目或行业基准内部收益率的初步探讨

随着经济改革的不断深入，在项目经济评价中，国内所使用的基于20世纪80年代经济形势下测算发布的基准内部收益率指标，已经很难满足目前经济环境下的要求。文章力图从基准内部收益率的构成出发，寻求如何更合理地制定基准内部收益率的方法。     

油井采出液处理效果分析及改进措施研究

通过对油站和污水站的化学成分分析，找出了电脱水器跳闸的原因：由于污水中的一些成分导致腐蚀，腐蚀产生的硫化铁和铁颗粒，随着油水混合液在管线中运移，在电脱水器上越积越厚，致使电脱水器上导电率增高，电脱水器跳闸。提出了改善注入水水质，减缓腐蚀的有利措施。     

油井酸化返排液对电导率的影响因素研究

海上油井酸化后,油井返排液进入电脱水器后常引起电脱水器跳闸,其原因是进入电脱水装置的流体的导电能力过高,在常规的极板工作电压下导致了电脱装置的电流值超过了设备的额定电流,发生过载。文章对生产过程中可能进入电脱水设备的介质的电导率以及影响相关液体导电能力的因素进行研究。实验表明,pH大小、加碱中和以及较高的Fe3+、Ca2+、Mg2+含量等是影响电导率的主要因素,为后续返排液的处理提供了理论依据。     

上市公司会计信息披露的现状及对策

上市公司会计信息披露是维护证券市场的正常秩序,保护广大投资者利益的重要保证.目前一些上市公司的舞弊行为,其信息披露中的会计失真问题成为证券市场面对的焦点之一.本文分析了目前我国上市公司会计信息披露的意义、存在的问题及应采取的措施.     

内燃机代用燃料的废气排放探讨

机动车尾气污染已更甚于煤烟型污染 ,成为城市大气环境的主要污染源 ,分析了燃用 7种不同的代用燃料的 CO,NOx,HC,CO2 的排放量及烟度值 ,并与燃用传统燃料(汽油或柴油 )作了比较 ,其中着重分析了燃用压缩天然气及压缩天然气 -柴油双燃料的废气排放情况 ,指出燃用代用燃料将减轻对大气环境的危害 ,改善大气环境质量。     

从可替代能源看天然气价格

我国天然气与其他能源的比价关系目前还未形成国际上通行的按热值进行计算和比较的方法，特别是与煤炭、石油相比的环保效益更没有得到充分体现，从而影响了天然气资源的有效配置。国家发改委最近对天然气出厂价格进行了调整，但与煤炭、石油等其他替代能源相比，价格涨幅仍是最小的，而且与国际天然气价格相比，我国天然气价格和上调幅度也很低。文章利用热值比较法对天然气与石油、煤炭和电力进行了价格比较。并对这几种能源对天然气价格的影响程度赋予了相应权重，进而测算了与这几种替代能源挂钩的天然气理论价格及趋势。文章认为我国应积极推进天然气定价市场化进程，大力调整天然气的价格，逐步缩小实际价格与理论价格之间的差距，建立完善天然气与替代能源价格联动机制。     

现代企业人力资本投资的效益分析

成本－收益分析法是对教育培训的经济效益进行评估时常用的一种方法。从培训成本、培训收益、培训风险及培训收益的计量、人力资本投资的效益分析等方面对该方法进行了详细介绍。认为建立人力资源会计核算体系将是石油企业未来财务会计制度发展的新趋势。     

Multilateral Vertical Contracting with an Alternative Supply: The Welfare Effects of a Ban on Price Discrimination

Rey and Tirole [Handbook of Industrial Organization. Amsterdam: Elsevier (2005)] considered a model in which a monopolist sells to downstream firms using nonlinear contracts. They showed that banning price discrimination fully restores the supplier’s ability to leverage its monopoly power by enabling it to commit not to offer side discounts. I show that the situation changes when the supplier competes against a fringe of less efficient rivals rather than being a monopolist. Then banning price discrimination may cause per-unit prices to fall and welfare to increase. The dominant supplier can take advantage of a strategic bargaining effect: reducing the per-unit price makes the outside option of buying from the fringe less profitable, allowing the dominant supplier to extract more bargaining surplus through the fixed fee.     

工程纠纷ADR解决方式的研究

传统的诉讼解决纠纷机制由于费用高、时间长受到愈来愈多的批评和指责,而替代性纠纷解决机制（ADR）因其灵活、高效、友善引起关注,迅速在各行各业广泛使用。ADR的实质是一程序群,主要类型包括有协商、调解、调停、裁决、小型审理和租借法官等。通过国际工程中主要使用的ADR程序,对ADR机制的几种办法与诉讼进行比较,分析了ADR机制的关键成功因素,并对我国工程领域实施ADR机制提出了建议。     

自然灾害的影响分析及其应对措施

我国是世界上自然灾害发生最频繁、灾害损失最大的少数国家之一,而且随着社会经济的发展和人类活动的增强,自然灾害的损失还在以更快的速度增长,其产生的负面影响也不断扩大。因此正确认识自然灾害以及对自然灾害应对措施进行积极有效的实施显得意义重大。     

网络会计信息系统的内部控制及审计措施

世界各国审计机关对网络会计信息系统的内部控制问题都相当重视,当前对内部控制的研究存在三个问题:一是对广域网络环境下会计系统的内部控制缺乏研究;二是对内部控制的分类欠妥;三是不少控制措施以及对内部控制的符合性测试方法脱离实际。本文针对这些问题展开讨论并提出内部控制及审计措施。