关于山区公路常规桥梁的设计探讨

由于山区复杂特殊的地质地貌,给山区公路桥梁的设计和施工带来更多困难。本文从山区公路桥梁的特点出发,探讨山区公路常规桥梁的设计问题,为具体设计提供一定的理论参考。     

资产证券化在物流行业的应用

资产证券化对于优化金融资源配置、盘活存量资金、支持实体经济发展具有重要意义,在宏观经济环境下行和金融机构综合化经营不断深化的大背景下,物流行业从自身业务结构转型调整角度出发,不断加强在资产证券化领域方面的探索,正在逐渐演化出新的模式。立足物流企业视角,总结和分析了我国资产证券化业务的发展历程、业务发展现状及存在的问题,在借鉴国际先进经验的基础上指出资产证券化业务开展的关键影响因素,并提出我国物流行业资产证券化的相关建议和对策。     

The Impact of Occupational Community on the Quality of Internal Control

Senior executives in major corporations have drawn attention in recent years for a range of unethical activities. Despite a rise in measures to protect against such lapses, executives still make decisions whether or not to comply with reporting standards, best practices, industry norms and legislation. The prior literature in this area addresses individual characteristics of decision makers and social networks between executives and boards of directors, but to this point has largely overlooked group dynamics of the executive team. Our study addresses this gap and examines the relationship between an occupational community of top executives and the quality of internal control. We construct a unique measure for the executive occupational community based on CEO and CFO’s joint tenure. Our findings show that the number of years of CEO/CFO’s joint tenure is significantly and negatively associated with internal control weakness, suggesting that the longer the executive relationship, the lower the likelihood of internal control weakness. Our study indicates that the presence of an occupational community contributes to better internal control.     

Water as an investment: liquid yet illiquid!

The water industry is in great need of further large investments to address existing severe water shortages worldwide which requires the participation of private sector investors. This industry is heavily infrastructure based and is therefore saddled with fixed assets-in-place or illiquid assets. This exposes the industry to what is termed as ‘illiquidity risk’, and hence, investors in this industry should be compensated for bearing this risk with an appropriate return premium (i.e. extra return). In this study, we provide evidence as to whether illiquidity risk indeed significantly affects returns in this industry. We examine the case of all 76 firms that compose the five major global water indices. After controlling for other factors that impact on returns, our results suggest that asset illiquidity is positively associated with stock returns. Specifically, water firms with a larger proportion of illiquid assets-in-place are observed to have greater stock returns than those with a smaller proportion of illiquid assets. Our results have important implications for the financing of water-related projects particularly those which involve the participation of investors from the private sector.     

GAMBLING IN CONTESTS WITH REGRET

This paper discusses the gambling contest introduced in Seel and Strack (2013, Gambling in Contests, Journal of Economic Theory, 148(5), 2033–2048) and considers the impact of adding a penalty associated with failure to follow a winning strategy. The Seel and Strack model consists of n‐agents each of whom privately observes a transient diffusion process and chooses when to stop it. The player with the highest stopped value wins the contest, and each player's objective is to maximize her probability of winning the contest. We give a new derivation of the results of Seel and Strack based on a Lagrangian approach. Moreover, we consider an extension of the problem to a behavioral finance context in the sense of regret theory. In particular, an agent is penalized when her chosen strategy does not win the contest, but there existed an alternative strategy that would have resulted in victory.     

Music festival motivation in China: free the mind

This paper explores the extent to which music festival attendance is ‘universally’ motivated or determined by the Chinese cultural and socio-political context. A novel qualitative approach was employed comprising observation of social media conversations and ‘chat room’ interviews with members of a festival online community. Seven motivators were identified, some similar to those in Western studies but others more specific to festival-goers in Mainland China. The culturally specific motivators were identified as ‘spiritual escape’ and ‘spiritual pursuit’ and the universal motivators as ‘togetherness’, ‘love of the music’, ‘novel experience’, ‘music sharing’ and ‘educational enrichment’. This paper focuses on the two culturally embedded motivators only. The implications of the study are that, although, growing, there are still very few music festivals featuring ‘pop’ or ‘western’ style music and these few are relatively new to Chinese people. Their attendance at them is, therefore, motivated differently to attendees at similar festivals in western countries. These motivating factors are mediated by the particular social, political and cultural factors at work in this complex country. The findings indicate that although many of the motivational factors for attending a music festival appear to be universal, there are clearly factors which are culturally bound and therefore unique to the cultural context. These differences appear to be created by the social constraints, rapidly changing economy and the many contradictions inherent in modern Mainland China. These conditions create a greater contrast between everyday life in Mainland China and the liminal hedonistic space provided by the festival. Further research is needed to validate theses initial findings within China and to explore how rock music festival motivations differ in other non-western cultures.     

A new spread estimator

A cynosure of the academic literature relating to initial public offerings (IPOs) is the question of why they are “mispriced” so frequently. The large and growing literature addressing this question is evidence as to its intractability. This paper develops a theory of underwriters’ behavior suggesting that they will exploit their private information to minimize the bilateral risks to themselves of firm-commitment IPOs. That minimization may cause them to knowingly underprice the issue. The main result in this paper is based, in part, on the premise that the random character of the investors’ demand for shares in the secondary market, given the spread, is governed by an estimable conditional probability distribution. The underwriters exploit their private knowledge of that probability distribution to influence the number of shares in the offering in such a way as to minimize their expected loss function.     

基于EIQ和PCB的配送中心设备决策模型的研究

讨论了EIQ和PCB分析的基本内容.分析影响配送中心储存、分拣和搬运设备选择的因素,以及EIQ和PCB分析在配送中心设备选择中的应用,最后提出基于EIQ和PCB分析的配送中心设备决策模型DC-EDM.     

基于股东利益要求及其实现方式的非财务指标关注程度研究

从股东角度出发,对股东所关注的反映其利益要求和实现方式信息的非财务指标的关注程度进行了排序研究和分组研究。研究表明：股东对不同类的反映其利益要求和实现方式信息的非财务指标的关注程度存在显著的差异。详尽必要的信息披露更易取得股东对企业的理解和支持。因此,企业除应当进行法定性披露和习惯性披露外,还应当根据本企业股东特点和本企业股东对非财务指标关注的需要以及关注程度的差异对非财务指标信息进行科学、恰当的自愿性详细披露,以满足本企业股东关注相关信息的需要。