Behavior patterns of investment strategies under Roy’s safety-first principle

The safety-first principle is a natural motivational factor in decision making, and is closely related to certain popular heuristics such as satisficing. We provide a systematic analysis of optimal portfolio choice under Roy’s safety-first principle by examining and comparing the behavior patterns of three popular investment strategies: the optimal constant-rebalanced portfolio, dynamic-rebalanced portfolio and buy-and-hold strategies. Our results indicate the importance of a match between the investment strategy, the investment goal, and the investment horizon. We also develop a geometric approach to investigate the relationships among the safety-first, expected utility, and mean-variance models and offer an explanation for the long-standing debate concerning different patterns of time-diversification effects.     

RETRACTED ARTICLE: Modern Business Ethics Research: Concepts,Theories, and Relationships

The main purpose of this study is to explore and map the intellectual structure of business ethics studies during 1997–2006 by analyzing 85,000 cited references of 3,059 articles from three business ethics related journals in SSCI and SCI databases. In this article, co-citation analysis and social network analysis techniques are used to research intellectual structure of the business ethics literature. We are able to identify the important publications and the influential scholars as well as the correlations among these publications by analyzing citation and co-citation. Three factors emerged in this study are: (1) ethical/unethical decision making, (2) corporate governance and firm performance, and (3) ethical principles and code of conduct.     

郑琦：有情有义的城市，有情有义的晚会

作为《电影爱青岛暨青岛籍百名影人贺新春》大型文艺晚会编导摄制人员中少有的非青岛籍人员，本次晚会的总导演也是电影频道知名导演的郑琦显得有点特别，但是作为青岛人的朋友，谈起这次能够亲自参与到此次盛会中，他显得很兴奋：“青岛是一座有情有义的城市，这更是一台有情有义的晚会。”     

分工深化、代工和迂回生产——基于古典经济学视角的研究

借助于代工生产方式的工业化发展道路,虽然有助于发展中国家实现起飞或低端阶段的工业化进程,但是在发展中国家进行到高端工业化进程中,却广泛地出现了低端锁定的问题。本文基于古典经济学的分析视角,借助分工理论对代工生产方式进行了深入的分析,阐释了代工模式产生的条件,对以中国为代表的发展中国家和地区制造业低端锁定问题进行了深入探讨。本文认为技术水平落后的发展中国家和地区制造业在发展过程中,旨在充分发挥各自资源禀赋差异带来的比较优势的选择行为,将引导这些地区的制造业主动、自发自然的融入全球范围制造业分工体系,主动、自发自然的被低端锁定。因此,只有依靠相关政策制定部门通过产业政策和贸易政策的协调,从外部引导制造业企业实现企业升级和产业升级,弥补市场资源配置方式和分工机制的缺陷。     

浅析新课程背景下的生活化课堂教学

生活化课堂教学是新课程背景下提出来的一种新的教学理念和教学模式。它的基本特征是日常教学生活化、课堂教学现实化、课堂生活可能化。基于新课程理念的生活化课堂教学体系的建构策略主要包括教学目标要基于生活、教学内容要回归学生的生活世界、教学过程要注重自然生成、教学模式要寓于生活。     

全球金融危机视角下的中国金融安全研究

随着金融市场全球化的推进以及金融工具的加速创新,加之当前全球金融监管协调机制薄弱,导致全球性金融危机爆发的频率和力度都有甚于过往.在这个严峻的背景下研讨国际金融危机爆发的原因、传染渠道、危机对中国金融安全的影响和中国如何构筑金融安全网,通过对历史文献的全面归纳并分析得到了对中国有启示意义的结论,同时对未来的研究指明了方向.     

Nonlinear portfolio selection using approximate parametric Value-at-Risk

As the skewed return distribution is a prominent feature in nonlinear portfolio selection problems which involve derivative assets with nonlinear payoff structures, Value-at-Risk (VaR) is particularly suitable to serve as a risk measure in nonlinear portfolio selection. Unfortunately, the nonlinear portfolio selection formulation using VaR risk measure is in general a computationally intractable optimization problem. We investigate in this paper nonlinear portfolio selection models using approximate parametric Value-at-Risk. More specifically, we use first-order and second-order approximations of VaR for constructing portfolio selection models, and show that the portfolio selection models based on Delta-only, Delta–Gamma-normal and worst-case Delta–Gamma VaR approximations can be reformulated as second-order cone programs, which are polynomially solvable using interior-point methods. Our simulation and empirical results suggest that the model using Delta–Gamma-normal VaR approximation performs the best in terms of a balance between approximation accuracy and computational efficiency.     

面向中小型水电机组检修的物料管理信息平台研究

物料管理在中小型水电站检修中起着至关重要的作用,根据中小型水电站检修的物料管理特点,本文分析了信息平台的功能构架,阐述了平台的用户关系、系统模式和网络结构,为进一步实现信息平台提供了重要的依据。     

基于新疆竞争优势的中亚市场商品需求情况分析

本文对目前及未来中长期中亚国内市场短缺、需求量大而中国新疆又有竞争优势的行业及其产品需求情况进行了分析，以期对中国新疆企业面向中亚市场“走出去”提供借鉴。