Speculative dynamics

We develop a method for solving for equilibrium outcomes in stationary strategic settings in which speculators are informationally large and understand how their actions affect the information content of prices. This allows us to characterize speculation by institutional investors who receive private long-lived information on a recurring basis, and trade strategically. When the underlying asset value process has a stationary autoregressive structure, we develop a contraction mapping argument to solve for the stationary linear equilibrium. We derive analytically and numerically how the characteristics of private information—its quantity, persistence and correlation, and division among speculators—affect trading profits, pricing and trading strategies. Our central finding is that what matters for equilibrium outcomes are the most recent signals that speculators receive. Speculators trade so much more aggressively on new information than old that the bulk of their profits come from their two or three most recent private signals. Trading on past prices drops off faster yet; effectively only the most recent price matters.     

转炉吹炼终点[C]含量的控制

本文详细阐述了转炉吹炼终点[C]与钢铁料消耗、炉龄、出钢过程、回磷、废钢比等相关指标或参数的关系,进而指出了制定与不同钢种相对应的拉碳工艺的必要性。     

服务行业的高绩效工作系统研究

大量不断的研究,探讨了人力资源管理对绩效的影响。虽然服务行业的雇员要比生产产业多,但之前研究的焦点也还只是集中于制造业。事实上HRM管理环境在服务行业中比在制造业中显得更为重要。本文试图将此前一直集中于制造业的研究扩展到服务部门。从分析高绩效工作系统与服务行业组织绩效的关系入手,总结了服务行业高绩效工作系统实践的一些通用模式和专用模式。     

翻译与工具书

词典之于从事翻译的人,几乎犹如空气和水一样,不可须臾或离.由于英汉两种语言的不同,一个词的概念和字面都绝对对等是不多的.对与译者来说,重要的是勤查词典,善查词典.     

Non-convexities and the gains from concealing defenses from committed terrorists

How should countries defend against committed terrorists who attack until defeated? We identify a fundamental non-convexity—one only needs to defeat the terrorist once. Consequently, provided a country values targets similarly, it should conceal defenses and allocate defense resources randomly.     

金融业国际化发展与经济竞争力——基于浙江视角的实证研究

浙江省金融业国际化通过多种效应对经济产生重要的拉动作用。本文利用2006年1月至2009年12月的月度时间序列数据,对变量进行了Granger因果关系检验,建立了基于VEC模型的脉冲响应函数,对浙江经济竞争力对金融业国际化发展的动态响应结果进行了分析。检验结果表明,浙江省金融业的国际化发展有利于浙江省经济竞争力的提高。基于上述结论,本文提出了浙江金融业国际化发展的对策建议。     

产品分成模式在石油勘探开采领域广泛运用的原因分析

在石油国际勘探开采项目中,产品分成模式已成为主流合同模式,被大多数国家所采用。文章简单地介绍产品分成模式之后,用博弈论对跨国石油公司和资源国的各方利益进行分析,从而说明产品分成模式是最佳的合作模式。     

Odd Couple: Making Sense of the Curious Concept of Knowledge Management

The idea of knowledge management draws currently much attention, both among practitioners and scholars. Advocates of the term argue that knowledge management points to a new set of phenomena and practices for managers to learn and master. In particular knowledge management focuses on the creation and distribution of knowledge in organizations through technological novelties such as the internet, intranets, and e-mail, although there are also streams concentrating on social relations and interactions. This paper examines several possible conceptualizations of the idea of knowledge management. It is argued that knowledge is an ambiguous, unspecific and dynamic phenomenon, intrinsically related to meaning, understanding and process, and therefore difficult to manage. There is thus a contradiction between knowledge and management. Drawing from a literature review and a case study, it is suggested that knowledge management is as likely, if not more so, to operate as a practice of managing people or information than as a practice attuned towards facilitating knowledge creation.     

Community health service centers in China, not always trusted by the populations they serve?

Based on the idea that healthcare needs to be managed by individuals and that basic health services should be provided by the community, this paper examines the factors that impact urban outpatients' preferences for particular community health service centers (CHSCs) and hospitals. Rational consumption of healthcare is influenced by a patient's beliefs, beyond simple demographics and social structure. Ignorance of basic health issues leads to non-rational patient behavior, which also explains the confusion in Chinese health reform regarding people's mistrust of CHSCs. Health education in the form of self-managed care may increase personal health knowledge and encourage individuals to make use of the basic health services that are supplied by CHSCs.