提高功率因数的方法与无功补偿

本文简述了无功补偿原理,提高用电设备本身的功率因数的措施,人工补偿提高功率因数的方法以及高压集中补偿、低压成组补偿、分散就地补偿等问题。     

Co-monotonicity of optimal investments and the design of structured financial products

We prove that, under very weak conditions, optimal financial products on complete markets are co-monotone with the reversed state price density. Optimality is meant in the sense of the maximization of an arbitrary preference model, e.g., expected utility theory or prospect theory. The proof is based on a result from transport theory. We apply the general result to specific situations, in particular the case of a market described by the Capital Asset Pricing Model or the Black–Scholes model, where we derive a generalization of the two-fund-separation theorem and give an extension to APT factor models and structured products with several underlyings. We use our results to derive a new approach to optimization in wealth management, based on a direct optimization of the return distribution of the portfolio. In particular, we show that optimal products can (essentially) be written as monotonic functions of the market return. We provide existence and nonexistence results for optimal products in this framework. Finally we apply our results to the study of bonus certificates, show that they are not optimal, and construct a cheaper product yielding the same return distribution.     

积极探索商业银行全面危机管理的新思路

全面危机管理是现代商业银行的重要管理理念和方式.推行全面危机管理,是商业银行加强管理、防范和消除危机的根本措施,是遵循国际惯例、适应监管要求的必然选择.     

Is Pragmatism Good for Anything? Towards a Theory of Impractical Economics

This article discusses the relationship between classical pragmatism, political economy and economic policy. Classical pragmatism is contrasted with vulgar meanings and uses of the term pragmatism. Classical pragmatism aims at a deep, substantive theoretical understanding of real-world economic systems and supports application of well-warranted claims to knowledge to improve the human condition. The article reviews the contributions of the founder of pragmatism, Charles Sanders Peirce, to the areas of ontology and epistemology as well as their further development by contemporary classical pragmatist philosopher Susan Haack. Hilary Putnam’s argument that we can have ethics without ontology and objectivity without objects is then critiqued. We need ethics based on an ontology that is rooted in actual human experience; this provides better guidance for evaluating policy proposals. The paper concludes by discussing the affinity of classical pragmatism with different approaches to political economy and policy.

新兴技术向战略性新兴产业演化中政府政策分析

战略性新兴产业的形成首先需要新兴技术的支撑,而新兴技术从形成到商业化都面临着巨大的不确定性。本文分析了新兴技术商业化中各个阶段的影响因素,阐述了政府政策的作用,提出政府在新兴技术商业化的不同阶段为有效促使新兴技术尽快向战略性新兴产业演化应采取的政策。     

Volatility forecasting: long memory,regime switching and heteroscedasticity

In this article, we account for the first time for long memory, regime switching and the conditional time-varying volatility of volatility (heteroscedasticity) to model and forecast market volatility using the heterogeneous autoregressive model of realized volatility (HAR-RV) and its extensions. We present several interesting and notable findings. First, existing models exhibit significant nonlinearity and clustering, which provide empirical evidence on the benefit of introducing regime switching and heteroscedasticity. Second, out-of-sample results indicate that combining regime switching and heteroscedasticity can substantially improve predictive power from a statistical viewpoint. More specifically, our proposed models generally exhibit higher forecasting accuracy. Third, these results are widely consistent across a variety of robustness tests such as different forecasting windows, forecasting models, realized measures, and stock markets. Consequently, this study sheds new light on forecasting future volatility.     

Political pressures and the credibility of regulation: can profit sharing mitigate regulatory risk?

When price-cap rules determine the structure of prices for a long period, they suffer a credibility problem and introduce an element of risk especially if a firm’s profits are “too large”. Profit sharing may be seen as a device to pre-determine price adjustments and thus to decrease regulatory risk. We analyse the effects of profit sharing on the incentives to invest, using a real option approach. Absent credibility issues, a well designed profit sharing system may be neutral relative to a pure price cap. With regulatory risk, profit sharing is preferable to a pure price-cap one, if it intervenes for high enough profit levels.

The Economic Impact of SFAS NO. 157

Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” (SFAS 157) defines fair value, establishes a three tiered framework for measuring fair value and expands the required disclosures about fair value measurements. The objective of this study is to examine and evaluate the benefits of the information disclosed by SFAS 157. The results of our study indicated that a large majority of the inputs are observable in that 93.5% of the sample financial assets and 93.1% of the sample financial liabilities were measured by level 1 or 2 criteria. However, we found a mismatch between assets and liabilities subject to the three tiers of fair value measurements. The companies in our sample disclosed $18.8 trillion in total assets, with 51%, or $18.8 trillion in total assets, with 51%, or 9.5 trillion reported at fair value. Whereas, sample company liabilities totaled 16.1 trillion with only16.1 trillion with only 3.7 trillion or 23% reported at fair value.     

The deregulation of international trucking in the European Union: form and effect

We describe the regulatory regime under which international trucking operated in Western Europe until the mid-1980s, the deregulatory process that followed, and the effect of this deregulation. We find that deregulation had a large positive effect on the growth of international trucking. We also find that shippers shifted toward more outsourcing of their trucking needs, but this occurred to an even greater extent in local and national road transport. We conclude that other factors beside the deregulation of international trucking affected the organization of the industry at the time. Finally, despite concerns voiced by member countries, we find no evidence that deregulation disproportionately favored carriers of countries that were initially more (or less) involved in international trucking, nor that it has favored low-wage countries.