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。     

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.     

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。     

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。     

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。     

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.     

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。     

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.     

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。     

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.     

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。     

Default-risky bond prices with jumps,liquidity risk and incomplete information

This paper provides a default-risky bond valuation model, which assumes that the issuer’s credit quality, modelled by the intensity of default, is driven by a continuous-time Markov chain. The model accounts for default and liquidity risk as well as incomplete information. A full-information semimartingale representation of a liquid defaultable bond price, which separates three different types of risks—default, interest-rate and credit-quality, is obtained. The illiquidity is modelled as exogenously specified stochastic reduction in the price of the bond, which adds more risks for the investors. A model of a market with partially informed investors, belonging to specific investor classes and having access to discrete information sets about credit quality, was specified. Valuations of defaultable bonds in this market were provided as well as price impacts of the new information releases.      

Optimal consumption and investment under partial information

We consider a stock market model where prices satisfy a stochastic differential equation with a stochastic drift process. The investor’s objective is to maximize the expected utility of consumption and terminal wealth under partial information; the latter meaning that investment decisions are based on the knowledge of the stock prices only. We derive explicit representations of optimal consumption and trading strategies using Malliavin calculus. The results apply to both classical models for the drift process, a mean reverting Ornstein-Uhlenbeck process and a continuous time Markov chain. The model can be transformed to a complete market model with full information. This allows to use results on optimization under convex constraints which are used in the numerical part for the implementation of more stable strategies. Supported by the Austrian Science Fund FWF, project P17947-N12. We thank two anonymous referees for their comments which led to a considerable improvement of the paper.     

Gradual information diffusion and contrarian strategies

Various rational and behavioral models have been proposed to explain contrarian portfolio returns. In this article, I test the gradual information diffusion model of Hong and Stein [Hong, H., & Stein J. C. (1999). A unified theory of underreaction, momentum trading, and overreaction in asset markets. Journal of Finance, 54, 2143–2184]. Specifically, I study contrarian strategies based on past long-term returns and fundamental value-to-price ratios. Using ex post returns as a proxy for expected returns and size-controlled analyst coverage as a proxy for the rate of information diffusion, I show that contrarian portfolio returns decline monotonically with increasing rates of information diffusion. These results are consistent with the predictions of the Hong and Stein model. In addition, I show that analyst coverage is more important among glamour than value stocks, supporting the view that investors are more prone to decision biases when it comes to pricing hard-to-value glamour stocks for which information is relatively more ambiguous.     

《信息检索》互动式教学模式初探

本文对《信息检索》互动式教学模式做了初步探讨,通过问卷调查、设疑置难、运用交互式语言以及课后交流等多种形式,实现学生与课程内容的互动、学生与教师的互动、学生与学生之间的互动以及学生与大教学环境间的互动。     

内部治理因素与委托代理因素对境外国有资产流失的影响

\"一带一路\"倡议是推进我国经济\"走出去\"的重要手段,随着我国境外投资的不断加大,由委托代理信息不对称和内部治理力度匮乏造成的境外国有资产流失成为不可忽视的因素。从委托代理角度分析,道德风险行为监管不力和巨额收益成为境外国有企业代理人出现道德风险行为的重要原因。基于内部治理角度,本文选取2011-2016年15家在美上市国有企业相关数据进行回归方程分析,结果显示代理成本和股权集中度与资产流失有正向相关关系。     

The value of information: The case of signal-dependent opportunity sets

We generalize the economic decision problem considered by Blackwell (1953) in which a decision-maker chooses an action after observing a signal correlated to the state of nature. Unlike Blackwell's case where the feasible set is fixed, in our framework the feasible set of actions depends on the signal and the information system. We argue that such a framework has more significance to economic models. As was demonstrated by Hirshleifer (1971) in such cases, contrary to Blackwell's well-known result, more information may be disadvantageous. We derive conditions for this general model which guarantee that more information is beneficial.     

Estimators for the common principal components model based on reweighting: influence functions and Monte Carlo study

The common principal components model for several groups of multivariate observations is a useful parsimonious model for the scatter structure which assumes equal principal axes but different variances along those axes for each group. Due to the lack of resistance of the classical maximum likelihood estimators for the parameters of this model, several robust estimators have been proposed in the literature: plug-in estimators and projection-pursuit (PP) type estimators. In this paper, we show that it is possible to improve the low efficiency of the projection-pursuit estimators by applying a reweighting step. More precisely, we consider plug-in estimators obtained by plugging a reweighted estimator of the scatter matrices into the maximum likelihood equations defining the principal axes. The weights considered penalize observations with large values of the influence measures defined by Boente et al. (2002). The new estimators are studied in terms of theoretical properties (influence functions and asymptotic variances) and are compared with other existing estimators in a simulation study.     

国有企业会计信息失真的理性分析

文章以国有企业为个体研究对象,阐述了会计信息失真的表现及危害,从国有企业内部外部两大方面、多个角度系统地分析了会计信息失真的成因,并针对这些原因提出了相应的治理对策.