Renminbi exchange rate exposure: evidence from Chinese industries

This paper investigates sensitivity of stock returns of industry-sorted Chinese firms with respect to renminbi exchange rate movements. Strong evidence of significant exposure is documented for 7 out of 16 Chinese industries. Evidence is also found of the size asymmetry effects. In addition, we explore the characteristics of the exposure, and detect evidence of significant exposure among non-exporters in some of the industries. Special attention is given to examining the time-varying exposure under the impact of the new Chinese exchange rate regime in place since 2005, in which even stronger exchange rate exposure is reported. The conditional exposure estimated in this paper also reveals the close relation between stock returns and changes of the renminbi exchange rate.     

需求不确定下多产品动态定价模型研究

制造商的多产品动态定价问题要考虑原材料的采购、多种产品的生产制造、库存,以及处理下游订单等的成本和未满足的需求及运送的前置时间。通过引入时空网络,建立使制造商期望利润最大的动态定价数学模型,实例分析表明,制造商期望利润最大化的最优价格、最优产品生产量与最优库存量能,是制造商制定合理的生产计划的决策依据。     

Sales channel integration after mergers and acquisitions: A methodological approach for avoiding common pitfalls

This article addresses the integration of sales channels after mergers and acquisitions (M&A) by appraising the strengths, weaknesses, and biases associated with the four most common frameworks for evaluating sales channels (sales management, historical performance, strategic fit, and customer choice) for their appropriateness in a post-M&A context. The authors develop a methodological approach that uses a balanced-scorecard framework to guide managers through the sales channel integration process, and then apply this approach to the merger of two industrial firms' sales organizations across 21 territories. In so doing, they reveal various pitfalls and propose and test some analytical corrections. Longitudinal performance data support comparisons across the different evaluative frameworks; in particular, the sales management and customer choice frameworks provide the most insight into channel partners' post-integration performance. The results support the premise that channel integration can be improved by accounting for factors unique to the M&A context and using an approach that triangulates multiple perspectives.     

海域空间层叠利用的立体功能区划研究

影响海域空间层叠利用海域价值的指标众多,为了分析不同指标影响程度的大小,文章从海域空间层叠利用立体功能区划的划分依据出发,构建了基于叠置分析的海域空间层叠利用立体功能区划模型;同时对胶州湾层叠用海情况进行了实证研究,利用GIS技术空间分析中的空间叠置分析方法,完成层叠用海兼容方案。     

沈抚连接带“三生”空间的功能均衡性分析

随着人口增长和城市化发展,国土空间利用类型之间的竞争关系逐步增强,空间问题日益突显。自十八大报告明确提出"三生"空间以来,以生产、生活、生态划分的土地空间类型越来越被关注。该研究以沈抚连接带为研究区域,从土地空间的生产、生活和生态功能出发,构建"三生"功能评价指标体系。采用熵权法进行"三生"功能评价,利用GIS技术分析"三生"功能的空间格局。研究结果表明,"三生"功能均较强的街道具有较高的经济发展水平,如五三街道、李石街道,分值为64.96、54.59;生活功能较强的街道一般相邻城市,如五三街道、白塔街道、李石街道,分值为23.15、15.82、11.14,人均道路面积和公共服务设施完备度是主要影响因素;生态功能较高的街道多集中在浑河景观带和北部生态区,如高坎街道、满堂街道、东陵街道,分值为20.50、19.98、19.96,水面面积率、森林覆盖率和景观Shannon多样性是主要影响因素;生产功能较强的街道集中在建设快速区内,如李石街道、五三街道,分值为39.25、25.85,工业产值和服务业产值是主要影响因素。总体上看,受城市和经济建设活动影响强烈的街道的"三生"空间的功能不均衡性较为明显。     

球形锐钛矿TiO_2合成及晶种对TiO_2形貌的影响

成功地采用水解法制备了球形锐钛矿TiO2,研究了空白实验(未引入晶种)、引入10 nm TiO2晶种及菌体晶种对锐钛矿TiO2形貌的影响。结果表明随着引入晶种的颗粒逐渐变大,合成的锐钛矿型TiO2颗粒也在逐渐增大:空白实验中TiO2的颗粒平均直径约为0.5μm,10 nm TiO2晶种中TiO2的颗粒平均直径约为0.6~0.7μm,菌体中TiO2的颗粒平均直径约为0.8~0.9μm;加入晶种的颗粒越大,合成的锐钛矿型TiO2颗粒粒度越均匀,球形越完整、团聚现象越少。     

电动搬运车辆斩波器的应用分析

介绍以蓄电池和串励直流电动机为动力的电动搬动车辆用斩波器的种类，型号，参数，电路原理和应用情况。     

关于水力发电设备运行状态检修的研究

水电设备实行状态检修的必要性长期以来,我国水力发电设备检修一直沿用以预防为主的计划检修模式,这在计划经济体制下,尤其是在电力系统缺电的情况下,尽量避免发电设备被迫停机,保证向用户不间断供电,减少拉闸限电次数,曾起到了一定的积极作用。     

考虑通信质量的网络最小主控集生成算法

无人移动平台无线ad hoc网络在实际应用中经常会出现由于电磁环境、干扰等因素导致通信质量不稳定的情况,在上述条件下传统的基于节点覆盖度的最小主控集（MCS）生成算法难以获得具有较好稳定性、健壮性的最小主控集。为此,提出了一种考虑通信质量的网络最小主控集生成算法,将链路的通信质量纳入网络最小主控集构造的考虑因素,使网络拓扑与链路通信质量特性保持一致;并通过对候选节点集及拟覆盖节点集的压缩,有效控制了网络最小主控集的节点数目。仿真表明,对敏感于通信质量的应用,该算法较基于节点覆盖度算法能取得更好效果。     

Losers and prospectors in the short-term options market

Intraday data for weekly options are investigated for behavioral biases implied in prospect theory (PT) and cumulative prospect theory (CPT). The results generally support both theories, with losers (winners) observed to be relatively risk-seeking (averse). On aggregate, losers (winners) overprice (underprice) their contracts and overweight (underweight) the probability of winning. Additionally, the volatility smirk observed in equity options is dampened by PT/CPT biases. The price distortions are time sensitive, especially for losing traders. Losers hold out by transacting later in the day and closer to expiration than their baseline counterparts. This betting-time effect is absent among winners.