使用DDR技术实现PSTN对X.25／Frame Relay网络的备份

本文阐述了利用 DDR 技术,采用 PSTN 作为 X.25/FrameRelay 专线网络冗余备份,以减少网络投资的实现步骤和方法。并举实例说明。     

用浮动的静态路由使X．25为帧中继做备份

金融企业在进行关键业务数据的网络传输时，要求网络设备具有高度的可靠性，这就要求利用路由器的备份功能。人民银行焦作市中心支行在最近的网络改造项目中，采用帧中继线路来替代原来的Ｘ．２５分组专线后，确实提高了速度和可靠性，但是替换下来的Ｘ．２５分组专线如何处理呢？我们决定采用浮动的静态路由技术使Ｘ．２５专线作帧中继的备份。这样，如果帧中继出现故障，路由器会自动启动Ｘ．２５分组建立连接，保证了整个网络的可靠性。下面介绍一下浮动的静态路由备份技术。 在缺省状态下，Ｃｉｓｃｏ路由器选择路由的顺序为静态路由→…     

要积极而理性地看待区块链技术

在由当代金融家主办,中国区块链研究联盟承办的中国区块链产业大会上,乐视控股（北京）有限公司高级副总裁、乐视金融CEO王永利发表演讲,他认为,第三方支付、消费金融、供应链融资等产业越来越融到业务生态场景里面去,不用再找第三方单独做这样的工作,金融开始有了脱虚向实,回归实体经济的动向,这是金融发展史上非常重大的转变。     

区块链在金融领域应用有哪些重点

在由当代金融家主办,中国区块链研究联盟承办的中国区块链产业大会上,中国万向控股有限公司副董事长兼执行董事肖风发表演讲,他认为：区块链有四个背景,一是社会学背景,二是经济学背景,三是政治学背景,四是技术背景。     

Intradaily volatility and adjustment

Intradaily volatility is related to the speed of adjustment of prices towards their intrinsic values. The decomposition of volatility into intrinsic and noise related components is demonstrated to be impacted by speeds of adjustment. Intradaily speeds of adjustment are estimated for U.K. index data and some empirical evidence of overreaction at the open and underreaction at the close of the trading day found for the FTSE100 index. The major result that we report in this paper is that differential intradaily volatilities at the index level are related to differential speeds of adjustment, thus providing insights into the similar results reported in U.S. index studies, such as [Gerety, M., Mulherin, J., 1994. Price formation on stock exchanges: the evolution of trading within the day. The Review of Financial Studies 7, 609–629].     

Risk adjustment and momentum sources

We show that the conventional procedure of risk adjustment by running full-sample time-series Fama-French three-factor regressions is not appropriate for momentum portfolios because the procedure fails to allow for the systematic dynamics of momentum portfolio factor loadings. We propose a simple procedure to adjust risks associated with the Fama-French three factors for momentum portfolios. Using our proposed method, the Fama-French three factors can explain approximately 40% of momentum profits generated by individual stocks and nearly all of momentum returns from style portfolios.     

Autocorrelation and partial price adjustment

Stock return autocorrelation contains spurious components—the nonsynchronous trading effect (NT) and bid–ask bounce (BAB)—and genuine components—partial price adjustment (PPA) and time-varying risk premia (TVRP). We identify a portion that can unambiguously be attributed to PPA, using three key ideas: theoretically signing and/or bounding the components; computing returns over disjoint subperiods separated by a trade to eliminate NT and greatly reduce BAB; and dividing the data period into disjoint subperiods to obtain independence for statistical power. Analyzing daily individual and portfolio return autocorrelations in sixteen years of NYSE intraday transaction data, we find compelling evidence that PPA is a major source of the autocorrelation.     

Supply chain challenges. building relationships

Supply chain management is all about software and systems, right? Put in the best technology, sit back, and watch as your processes run smoothly and the savings roll in? Apparently not. When HBR convened a panel of leading thinkers in the field of supply chain management, technology was not top of mind. People and relationships were the dominant issues of the day. The opportunities and problems created by globalization, for example, are requiring companies to establish relationships with new types of suppliers. The ever-present pressure for speed and cost containment is making it even more important to break down stubbornly high internal barriers and establish more effective cross-functional relationships. The costs of failure have never been higher. The leading supply chain performers are applying new technology, new innovations, and process thinking to far greater advantage than the laggards, reaping tremendous gains in all the variables that affect shareholder value: cost, customer service, asset productivity, and revenue generation. And the gap between the leaders and the losers is growing in almost every industry. This roundtable gathered many of the leading thinkers and doers in the field of supply chain management, including practitioners Scott Beth of Intuit, Sandra Morris of Intel, and Chris Gopal of Unisys. David Burt of the University of San Diego and Stanford's Hau Lee bring the latest research from academia. Accenture's William Copacino and the Warren Company's Robert Porter Lynch offer the consultant's perspectives. Together, they take a wide-ranging view of such topics as developing talent, the role of the chief executive, and the latest technologies, exploring both the tactical and the strategic in the current state of supply chain management.     

Leverage adjustment after mergers and acquisitions

Australian firms have leverage targets. Speeds of adjustment to a target capital structure are higher than previously published estimates when there are major disruptions to firms’ leverage ratios. Firms exploit company‐specific characteristics to achieve these targets. Profitability and cash levels are important drivers of the speeds of adjustment. Firms, which have lower profitability or higher cash levels, appear to adjust faster.     

Price adjustment and exchange rate pass-through

This paper develops a simple theoretical model that can be used to account for the determinants of exchange rate pass-through to consumer prices. While recent evidence has found low estimates of pass-through in many countries, there is little consensus on an explanation for this. Our paper argues that sticky prices represent a key determinant of exchange rate pass-through. We make this argument in two stages. First, holding the frequency of price change constant, we show that our model calibrated to data from low-inflation countries can reproduce the estimates of very low pass-through for these countries. The principal determinant of low pass-through in this case is the slow adjustment of prices. We then extend the model to allow the frequency of price change to be endogenous. Calibrating to a wider set of countries, including both low-inflation and high-inflation countries, we show that our model implies that exchange rate pass-through is increasing in average inflation, but at a declining rate. Performing the identical exercise on the data, we find a striking correspondence between the predictions of the model and those of the data.     

Plant-level nonconvex output adjustment and aggregate fluctuations

In most manufacturing industries plant-level output is adjusted along three margins of capacity utilization: shiftwork, weekend work, and closing temporarily down. Due to the discrete and lumpy nature of these margins, only a fraction of plants adjust output in response to shocks. In a business cycle model calibrated to establishment-level observations, these nonconvexities make aggregate output less volatile than when plants can adjust smoothly. Further, the mass of adjusting plants is larger in downturns than in upturns, leading to counter-cyclical volatility of aggregate output and government policy being slightly more effective in recessions than in expansions.