产权、金融稳定政策与中央银行独立性

This paper builds a micro-behavior model of central bank and financial institutions from the perspective of property-rights. By analyzing the theoretical model and the practice, we conclude that, in the framework of the present financial stabilization policies in China, the central bank’s functions of monetary policy and financial stabilization are enslaved to financial institutions. Thus, central bank independence has been damaged because of the actual property-right relation between the central bank and the financial institutions. The policy implication is to cut off the property-right relation between the central bank and the financial institutions. __________ Translated from Caijing wenti yanjiu 财经问题研究 (Research on Finanical and Economic Issues), 2007, (6): 3–9     

Measuring Value‐at‐Risk in Project Finance Transactions

Despite the remarkable importance of project finance in international financial markets, no quantitative models to measure and quantify the risk associated with a deal for the project's lenders have been developed yet. The topic has recently become crucial, since the New Basle Capital Accord gives banks a choice of whether to adopt simpler (but possibly higher) standard capital requirements or to develop internal rating models for project finance transactions. The paper proposes how Monte Carlo simulations may be used to derive a Value‐at‐Risk estimate for project finance deals and discusses the critical issues that must be considered when developing such a model.     

Forecasting regional cellular communication markets

The paper examines the problem of modeling of regional cellular communication markets. It analyzes the situation in several regions to reveal common patterns, because knowledge of the dynamics of more advanced regions can be used as the basis of forecasts for other regions. A model is proposed to refine forecasts if some special changes are detected in the regional market behavior. The notion of “allied” market is introduced and a forecast based on the “allied” regional market path is offered using Kurgan oblast as a case study.     

A cross-national comparison and taxonomy of DEA-based hospital efficiency studies

This paper provides the first taxonomy of hospital efficiency studies that uses data envelopment analysis (DEA) and related techniques. We provide a systematic review of 79 such studies published from 1984–2004 that represent 12 countries. Only studies written in English are considered. A cross-national comparison reveals significant differences with respect to important study characteristics such as type of DEA model selected and choice of input and output categories. Compared with US studies, European efforts are more likely to measure allocative rather than technical efficiency, use longitudinal data, and use fewer observations. We take a longitudinal perspective that illustrates the life cycle of this research, as well as its diffusion across disciplines. Our taxonomy can be used by policy makers and researchers to review past, and assemble new, DEA models.     

Understanding the exploration–exploitation dilemma: An fMRI study of attention control and decision‐making performance

This paper studies the cognitive processes that enable decision makers to switch between exploitation and exploration. We use functional magnetic resonance imaging (fMRI) in a sample of expert decision makers to make two main contributions. First, we identify and contrast the specific brain regions and cognitive processes associated with exploitation and exploration decisions. Exploitation activates regions associated with reward seeking, which track and evaluate the value of current choices, while exploration relies on regions associated with attentional control, tracking the value of alternative choices. Second, we propose and test the idea that stronger activation of the brain circuits related to attentional control allows individuals to achieve better decision‐making performance as a result. We discuss the implications of these results for strategic management research and practice. Copyright © 2013 John Wiley & Sons, Ltd     

发思古之幽情--嘉峪关、天水二城纪略

从城市定位上来看,嘉峪关应该是个工业城市,但因为有着特殊的旅游资源,所以近年来旅游及相关产业得到大幅增长。天水一直是西北地区重要的工业城市,特别是在国家“三线”建设时期,沿海城市的一批企业相继搬迁天水后,天水作为地区工业基地的地位更得到强化。