高技术项目投资风险模糊综合评价模型

随着知识经济大潮的迅猛到来,作为知识经济支柱的高技术产业已被列为我国新的经济增长点,并将在国民经济发展中发挥日益重要的作用。由于高技术产业投资具有极高的风险,通常投资者在选择高技术投资项目时,除了要进行常规的投资可行性研究之外,还要特别对项目风险进行深入的分析与评价,以判断是否具有投资价值。 本文通过对高技术项目投资风险因素的分析,提出了一个多层次的评价指标体系,建立了一个模糊综合评价模型。     

资产投资部门结构优化模型

本文在分析资产投资部门结构与GDP的数量关系的基础上,提出了投资结构优化模型,通过实例证实了模型的合理性与结论的正确性。     

花都：居住投资双赢新城

花都是广州楼市近期表现突出的板块，本栏目从该板块的区域规划、整体优势、发展前景、交通配套、房企项目等方面进行深入的剖析，以供业界参考。     

Inflation's impact taking toll on non-profit groups

This thoughtful and detailed analysis on inflation's impact on charity shows an uneven future. Marketing, budgeting and fund raising will become key words in offsetting inflation's devastating impact.     

非营利组织建设与住房供给

对当今中国房地产市场而言,解决住房供给主体单一化问题远比对住房产品的供给形式进行规制更重要.住房供给主体单一化所造成的供给垄断是造成当前住房价格快速上涨的重要原因之一,非营利组织参与住房供给过程能够在一定程度上增加住房供给渠道的多元化并减弱开发商的市场力量,从而能够更好地满足人们的住房需求.     

XXIII John Caples international non-profit award winners

The following non-profit direct marketing campaigns took honors at this year's John Caples International Awards, held at the New York Marriott Marquis Hotel, New York, NY.     

关于价值投资方法对大多数人无效的探讨

尽管越来越多的投资者开始了解价值投资,专业投资人士也非常推崇价值投资,但现实中却极少有人真正践行价值投资和通过价值投资获得成功。文章通过分析发现内在价值判断、资金可用期限及止损机制的缺陷是造成上述现象的主要原因。     

关于价值投资方法对大多数人无效的探讨

尽管越来越多的投资者开始了解价值投资,专业投资人士也非常推崇价值投资,但现实中却极少有人真正践行价值投资和通过价值投资获得成功。文章通过分析发现内在价值判断、资金可用期限及止损机制的缺陷是造成上述现象的主要原因。     

Investing equally in risk

Classical optimal strategies are notorious for producing remarkably volatile portfolio weights over time when applied with parameters estimated from data. This is predominantly explained by the difficulty to estimate expected returns accurately. In Lindberg (Bernoulli 15:464–474, 2009), a new parameterization of the drift rates was proposed with the aim to circumventing this difficulty, and a continuous time mean–variance optimal portfolio problem was solved. This approach was further developed in Alp and Korn (Decis Econ Finance 34:21–40, 2011a) to a jump-diffusion setting. In the present paper, we solve a different portfolio problem under the market parameterization in Lindberg (Bernoulli 15:464–474, 2009). Here, the admissible investment strategies are given as the amounts of money to be held in each stock and are allowed to be adapted stochastic processes. In the references above, the admissible strategies are the deterministic and bounded fractions of the total wealth. The optimal strategy we derive is not the same as in Lindberg (Bernoulli 15:464–474, 2009), but it can still be viewed as investing equally in each of the n Brownian motions in the model. As a consequence of the problem assumptions, the optimal final wealth can become non-negative. The present portfolio problem is solved also in Alp and Korn (Submitted, 2011b), using the L ²-projection approach of Schweizer (Ann Probab 22:1536–1575, 1995). However, our method of proof is direct and much easier accessible.