北京建设国际活动聚集之都的现状及推进对策

结合词义解析,可以将"国际活动"界定为是一项至少有两个国家以上的代表、企业组织或政府机构就相互关心的事务,所做的定期或不定期的有目的、有主题、有计划且具有一定影响力的会议、会展及节庆活动。目前,北京举办的国际活动存在以下不足:国际会议少;大型展览不多;国际活动场馆建设不足;组织形式单一;缺少北京特色。认为北京应利用首都优势与后奥运契机,不断优化产业结构和夯实服务业基础,积极推进北京国际活动聚集之都建设,为实现世界城市的建设目标奠定基础。     

A location-routing model for free-floating shared bike collection considering manual gathering and truck transportation

With the booming of free-floating bike-sharing systems globally, collecting target bikes effectively becomes increasingly more important in practice. Although many existing studies deal with the transportation of shared bikes with trucks, the process of manual gathering scattered target bikes along truck transportation is seldom explicitly addressed. This study tackles an integrated free-floating shared bike collection problem, which includes manually moving the target bikes to selected gathering sites and transporting the gathered bikes back to the depot with trucks. We propose a location-routing model to optimize the gathering site locations, the bike gathering assignments, and the truck delivering routes integrally under the goal of minimizing a total operation cost, and we develop a heuristic approach to solve the large-size instance of our model. A case study, which is based on the real data of Mobike company in Beijing, China, is conducted to verify the effectiveness of our planning model and solution approach and to generate managerial insights and suggestions for better practices of free-floating shared bike collection.     

Dynamic contracting under imperfect public information and asymmetric beliefs

We develop a dynamic principal–agent model to show how imperfect public information and asymmetric beliefs about payoff-relevant parameters, agency conflicts, and the agent's implicit incentives to influence the principal's posterior beliefs through his unobservable actions interact to affect optimal dynamic contracts. We make a methodological contribution to the literature by solving the continuous-time contracting problem using a discrete-time approximation approach. We obtain a simple characterization of optimal renegotiation-proof contracts in terms of the solution to a nonlinear ordinary differential equation (ODE). We then exploit the properties of the ODE to derive a number of novel implications for the dynamics of long-term contracts that alter the intuition gleaned from the previous literature. Optimism has a first-order impact on incentives, investment and output that could reconcile the “private equity” puzzle. Consistent with empirical evidence, the interaction between asymmetric beliefs, risk-sharing and adverse selection costs could cause the time-paths of the agent's incentive intensities to be increasing or decreasing. Our results also suggest that the incorporation of imperfect public information and asymmetric beliefs could potentially reconcile empirical evidence of an ambiguous relation between risk and incentives, and a non-monotonic relation between firm value and incentives. Permanent and transitory components of risk have differing effects on incentives, which suggest that empirical investigations of the link between risk and incentives should appropriately account for different components of risk.     

An information diffusion model for momentum effect based on investor wealth

We propose a private information diffusion model to explain the momentum, which considers different amounts of investor wealth and uses the proportion of informed investors’ wealth to measure information diffusion speed. Different distributions of investor wealth can lead to different information diffusion processes, and the speed of information diffusion is positively correlated with the concentration of investor wealth. Our empirical results reveal the relationship between momentum return and information diffusion speed by the S&P 500 stocks in two periods of the upmarket. The results show that stocks with faster information diffusion speed gain higher time-series momentum returns, especially under short holding period strategies. These results provide new evidence for the correlation between information diffusion and the momentum effect.     

基于VC#2008的银行本息还款测算程序的设计与实现

基于"Windows Server 2003(sp2)+Visual Stdio 2008+Office2007"开发平台,文章对银行本息还款测算程序进行了详细、高效的设计与实现。     

Risky allocations from a risk-neutral informed principal

We study a model of informed principal with private values where the principal is risk neutral and the agent is risk averse. We show that the principal, regardless of her type, gains by not revealing her type to the agent through the contract offer. The equilibrium allocation transfers some ex-ante risk from one type of agent to the other. Despite the increase in the principal's surplus, allocative efficiency does not necessarily improve. Received: 26 January 2004, Accepted: 5 May 2005 JEL Classification: C72, D23, D82 I would like to thank my supervisor Leonardo Felli for suggestions and Leo Ferraris for helpful discussions. All remainig errors are my own.     

Optimal information exchange in contests

We study optimal exchange of private information in a two-player all-pay auction contest with independent private binary values. A benevolent information center who is informed about the players’ values facilitates the exchange of information by disclosing a signal publicly. The informativeness of the signal determines the monotonicity of the unique symmetric equilibrium and the players’ expected payoff. We characterize the upper bound of players’ expected payoff and the corresponding optimal signals utilizing such a relation between the informativeness and the payoff. When the players are ex ante sufficiently heterogeneous, the optimal signals work through an information-rent channel by inducing allocative efficient contests. When the players are ex ante sufficiently homogeneous, the optimal signals work through an unlevel-playing-field channel by inducing asymmetric contests. In order to guarantee efficient allocation, a regulator can punish any exchange of information when the players are sufficiently homogeneous and impose no restrictions when they are sufficiently heterogeneous.     

Insider,outsider and information heterogeneity

In financial markets, although the insider has superior information relative to the outsider, the outsider may possess some information the insider can’t precisely observe. This work investigates the impacts of information heterogeneity between the insider and outsider based on Foster and Viswanathan (1994). It shows that the less the insider knows about the outsider, the more she commits to aggressive trading, enabling her to earn more at the cost of outsider’s losses. Meanwhile, information heterogeneity improves the liquidity and benefits noise traders.     

利用声波数字测井对主采煤层顶板稳定性进行评价

文章通过数字测井技术中的声波测井,对矿区不同钻孔主采煤层顶板进行稳定性评价。经采样实践证明,该技术具有一定的优越性,能减少采样测试费用,又能保持原始主采煤层顶板的完整性及真实性,对今后矿井生产开发具有一定的实际意义。     

代理问题及其解决途径探析

只要存在委托代理关系就有可能存在代理问题，解决代理问题的核心是使剩余控制权与剩余索取权相对应，也就是使委托人与代理人的目标融合。因此，要选择可行的激励方式，激励代理人实现委托人的目标。     

Value of supply disruption information and information accuracy

In this paper, we examine the factors that influence the value of supply disruption information, investigate how information accuracy influences this value, and provide managerial suggestions to practitioners. The study is motivated by the fact that although accurate disruption information creates benefits, fully accurate disruption information may be difficult and costly to obtain. Furthermore, inaccurate disruption information can decrease the financial benefit of prior knowledge and even lead to negative performance. To perform the analysis, we adopt a newsvendor model within a single product setting where the focal firm can source from a supply network and has a given resilience capacity. The results show that information accuracy, specifically information bias and information variance, plays an important role in determining the value of disruption information. This influence varies at different levels of disruption severity and resilience capacity, and our results imply that higher amounts of resilience capacity actually may be detrimental to a firm without accurate information about a disruption's influence. Thus, for companies with a high resilience capacity, obtaining quality information is critical for effectively coping with disruptions.     

Forecasting exchange rates with elliptically symmetric principal components

We extract elliptically symmetric principal components from a panel of 17 OECD exchange rates and use the deviations from the components to forecast future exchange rate movements, following the method in Engel et al. (2015). Instead of using standard factor models, we apply elliptically symmetric principal component analysis (ESPCA), introduced by Solat and Spanos (2018), which captures both contemporaneous and temporal co-variation among the exchange rates. We find that ESPCA is more accurate than forecasts generated by existing standard methods and the random walk model, with or without including macroeconomic fundamentals.     

国企改革与产权制度创新

改革开放已经进行三十年了,当中有值得称赞的地方,当然也不乏出现了许多问题,尤其是在涉及产权制度改革方面。农村土地所有制改革步履维艰;国有企业改革更是问题重重,等等;这是否说明我们在国企改革当中走了不必要的弯路?通过对改革开放30年来我们在国企改革方面的产权制度创新行为的阐释,从中找出其存在的缺陷和误区。     

Supply chain practice and information sharing

Effective supply chain practice and information sharing enhances the current supply chain management environment. The purpose of this study is to investigate the integration of information sharing and supply chain practice in supply chain management. Data from 125 North American manufacturing firms were collected. The results show that (1) effective information sharing significantly enhances effective supply chain practice; (2) supply chain dynamism has significant positive influence on effective information sharing as well as effective supply chain practice. Supply chain dynamism has more influence on information sharing than supply chain practice; (3) and effective supply chain practice becomes more important when the level of information sharing increases. The findings show that both effective information sharing and effective supply chain practice are critical in achieving good supply chain performance.     

废旧家电逆向物流的激励机制研究

论述了废旧家电逆向物流系统激励机制的原因,激励机制的构成以及逆向物流的委托代理机制。     

信息共享研究中的信任问题

供应链绩效问题自从上个世纪90年代以来就是管理学的研究热点,其中信息共享中信任问题也是近年来学术界的关注点之一.对于信任问题的研究,国内外大多采用的实证研究方法得到了很多有指导意义的结论.近年来国外的学者也尝试通过对信任建模的方法来研究,并取得了一些有意义的结论.本文简单汇总了信任问题在信息共享中作用的相关文献,并对研究对象、研究方法等做了一些介绍,从中总结了目前的研究成果,也对进一步的研究给出了作者自己的思路.     

The analysis of government procurement in the frame of principal agent theory

In government procurement activities, asymmetric information, incomplete contracts and opportunism, led to the dysfunction of principal-agent. Through the reference of the principal-agent theory, this paper uses the model of the principal-agent to analyze government procurement activity, and proposes some countermeasures to improve principal-agent in government procurement.     

会计信息系统发展趋势分析

会计具有社会性与技术性,因此社会、经济、信息技术都对会计的发展产生影响。会计的社会性决定了会计信息系统发展的方向,是向各利益相关者提供决策有用的信息。会计的技术性决定了会计信息系统发展的历程与发展趋势。本文提出,事项驱动的信息系统体系结构、物理与逻辑分离的思路,这两个管理信息系统的发展趋势,并不是会计信息系统的特有趋势。     

Dual roles in psychological contracts: When managers take both agent and principal roles

Departing from the long-espoused assumption that managers act only as agents in employees' psychological contract with the organization, this paper asserts that in addition to the agent role, some managers, in an attempt to further their own self-interests, form and enact their own psychological contracts as principals with select employees. The combination of these dual roles often yields unacknowledged but significantly negative consequences for the employing organizations, the managers who choose a principal role, and the select employees with whom they form a psychological contract. Drawing upon agency, psychological contract, and social exchange theories, we develop the distinctive characteristics of the agent vs. principal roles, identify the antecedents that motivate managers to assume a principal role, develop four archetypes for combining the dual roles, and suggest the potentially harmful consequences for the above three parties mentioned. The paper concludes with theoretical and practical implications and suggestions for future research.     

试论资本市场中自愿性信息披露

在资本市场中,信息不对称问题的广泛存在,严重影响了资源的配置效率。本文从信息披露机制中自愿性信息披露的角度出发,分析了自愿性信息披露的动机、主要内容、可信性以及当前我国自愿性信息披露的现状和存在的问题,以期为解决信息不对称问题提供一个思路。