Keynes' Investments

Abstract . It is well known that in The General Theory, Keynes is very critical of the stock exchange market, an institution, he says, that “cannot be claimed as one of the outstanding triumphs of laissez-faire capitalism.” At the same time much of his income was derived from speculation in commodities, stocks and foreign exchange. Some questions raised by Keynes’ way of making a living are addressed. When did his market activities begin? Did he, as some detractors allege, take advantage of insider information? What principles of behavior did he follow in his buying and selling? What was his attitude toward his way of making a living? And, above all do the views expressed in The General Theory reflect the influence of Keynes’ market experience? It is suggested that there is, in fact, a close relation between Keynes’ financial experiences and some of his distinctive economic theories. His experiences, interpreted in the light of his Apostolic-Moorean beliefs, caused the deeply critical attiiude toward the whole financial system that one finds in The General Theory's chapter 12.     

卷烟辅料物流与柔性生产

现代烟草工业企业的卷烟生产提高了生产系统的柔性化要求,卷烟辅料的作业流程优化和即时配送系统能够大幅提高卷烟生产系统的柔性.     

一种基于PLC的柔性自动化生产线系统

在对柔性自动化理论研究的基础上,文章设计了一条柔性自动化生产线系统,并且利用PLC强大的数据处理和数值运算功能,实现了该系统的编辑和仿真。     

张近东的资本论 苏宁拒绝境外卖身

这是一个谁也输不起的牌局，谁也不知道，决定胜负的那张底牌是什么。 没有谁愿离开牌桌。按苏宁董事长张近东的说法，这是没有终点的马拉松，有人在前面，但他并不是第一，只是阶段性领先。“我们从来不说我们是老大，但是也绝对没有说我们是老二。”每个人都想当老大，老大只有一个，而赌徒心理的基点在于：我就是那个老大。     

关于漯河市科学招商引资的几点思考

全面开放、扩大招商是漯河市快速发展和提高人民生活水平的重要途径。文章阐述招商引资对漯河市经济社会发展的作用和影响,介绍漯河市招商引资工作的几点启示,探讨漯河市招商引资工作的路径,分析招商引资要正确处理好几种要素之间的关系。     

Household Shocks and Education Investments in Madagascar

This paper investigates the impact of exogenous shocks to household income, assets and labour supply on children's school attendance in Madagascar. The analysis uses a unique data set with 10 years of recall data on school attendance and household shocks. We find that the probability of a child dropping out of school increases significantly when the household experiences an illness, death or asset shock. We propose a test to distinguish whether the impact of shocks on school attendance can be attributed to credit constraints, labour market rigidities, or a combination of the two. The results suggest that credit constraints, rather than labour market rigidities, explain the inability of households in Madagascar to keep their children in school during times of economic stress.     

基于组态王的柔性制造生产系统监控技术研究

文章以Me093399型机电一体化教学系统为研究对象,以组态王为上位机监控软件,进行了实时控制系统的开发,模拟了实际现场工况,操作简单,实用性强。文章还介绍了系统的构成和网络结构形式,对组态王监控系统的设计与开发过程进行了重点研究。     

Deregulating the Securities and Investments Board

Will the Financial Services Act improve consumer protection for investors? Cento Veljanovski and Joanna Gray argue that the SIB's rules are unnecessarily onerous and that a far simpler and inexpensive system would be compatible with the Act and protect investors adequately.     

Private Equity Investments and Disclosure Policy

In the current study, we dynamically analyze unlisted firms' voluntary disclosure decisions around private equity (PE) participation. First, we disentangle the role of disclosure in attracting PE investments. In addition, we examine the extent to which a firm's disclosure policy is affected by the changing corporate setting and intensified corporate governance after having received PE. We find no evidence that firms would employ increased disclosure to signal their quality in the years preceding the PE financing. However, we document a significant switch to increased financial disclosure from the PE investment year onwards, consistent with the hypothesis that PE investor presence positively affects portfolio firms' disclosure decisions. Further, we show that the proportional PE ownership stake is positively related to increased disclosure, but only at very high ownership levels. We explain these results in that both internal and external information demands call for higher public disclosure in PE firms. We conclude that the changing information environment resulting from a PE investment stimulates increased public financial disclosure. Our results contribute to illustrate how an indisputable change in governance resulting from a PE investment affects inter-temporal corporate disclosure decisions in unlisted firms.     

证券投资决策与风险研究

风险是投资分析中永恒的主题。本文分析了股票投资的风险构成,采用随机理论分析股票价格变动的过程,并采用股票投资的技术分析手段,确定股票投资者预期收益率的风险估计值,最终得到股票当前价值的估计值,给股票投资者提供可以量化的决策依据。     

谈信息化对企业知识管理的影响

信息化是企业实施知识管理的基本工具,是企业实现快速度发展的前提条件,是企业规范化管理的基本手段和实现形式。文章提出了以信息化为基础的企业知识管理渐进模型,研究了信息化对企业知识管理的主要作用,探求了通过知识管理构建企业创新机制的发展路径;从知识的角度研究了信息化对企业的影响,并从管理要素与信息化协同的角度提出了相应的对策。     

企业人力资源投资存在的问题与对策

在知识经济时代,人力资源是推动企业发展的最重要资源。企业要保持可持续发展,就必须树立正确的人力资源投资理念,重视人力资源的开发与利用,加大其投资力度,充分发挥企业预投资、培训投资以及身心健康投资三者的作用,突现它们对企业的增值效应,从而有效地构建知识经济奈件下企业人力资源投资的科学体系。     

论引资中的现金流量会计

本文利用现金流量会计范式的思想,将其应用在引资项目的实践工作中,从社会的角度,用社会成本的理念计算引资项目的现金净流量,力求为引资工作提供一个可以参考的模式。     

Investments and the holdup problem in a matching market

This paper studies the properties of the steady state equilibrium in a bilateral matching market with ex ante investments at the market entry stage. Investment incentives depend on search frictions because both parties in a match are partially locked-in when they bargain over the joint surplus from their sunk investments. The associated holdup problem is more important for the long side of the market. In the extreme case of perfectly substitutable investments only the agents on the short side make investments. When market frictions become negligible, the market equilibrium approaches the Walrasian outcome.     

企业人力资源投资存在的问题与对策

在知识经济时代,人力资源是推动企业发展的最重要资源.企业要保持可持续发屣,就必须树立正确的人力资源投资理念,重视人力资源的开发与利用,加大其投资力度,充分发挥企业预投资、培训投资以及身心健康投资三者的作用,突现它们对企业的增值效应,从而有效地构建知识经济条件下企业人力资源投资的科学体系.     

优化广西科技投入的一点思考

科技投入是开展科技创新活动的物质基础和前提条件。在建设创新型广西的大背景下,文章全面调查了解广西科技投入现状,分析其存在的不足,并提出相应的对策措施。优化广西科技投入,对推进广西自主科技创新和建设创新型广西具有重要的战略意义。     

优化广西科技投入的一点思考

科技投入是开展科技创新活动的物质基础和前提条件。在建设创新型广西的大背景下,文章全面调查了解广西科技投入现状,分析其存在的不足,并提出相应的对策措施。优化广西科技投入,对推进广西自主科技创新和建设创新型广西具有重要的战略意义。     

中国市场投资的问题与对策

任何投资的目的都是要实现利润的最大化,既使企业的价值或股东的财富最大化。在市场条件下,有很多不可知的变量,这些变量就造成了投资过程中的风险。本文就目前市场投资的热点问题:如何认识投资并确定投资对象,在分析项目可行性的基础上进行了探讨。     

房地产两大投资特征分析

2008年以来,房地产投资增幅继续加快,文章从不同角度利用相关数据对2000～2007年房地产投资趋势进行了分析,总结出住宅投资所占比重持续上升及区域投资向中、西部转移两大特征,并结合形势对房地产投资趋向作出了初步判断。