A note on strategies for bandit problems with infinitely many arms

A bandit problem consisting of a sequence of n choices (n) from a number of infinitely many Bernoulli arms is considered. The parameters of Bernoulli arms are independent and identically distributed random variables from a common distribution F on the interval [0,1] and F is continuous with F(0)=0 and F(1)=1. The goal is to investigate the asymptotic expected failure rates of k-failure strategies, and obtain a lower bound for the expected failure proportion over all strategies presented in Berry et al. (1997). We show that the asymptotic expected failure rates of k-failure strategies when 0<b1 and a lower bound can be evaluated if the limit of the ratio F(1)–F(t) versus (1–t)^b exists as t1^– for some b>0.     

北洋政府时期"中央银行"的商业化经营

中央银行的建立是一国金融现代化的重要标志。1912年北洋政府以清末大清银行为基础筹建中国银行，并试图以此作为政府的中央银行。但是，在多种因素的作用下，与一般中央银行发展的进程相反，北洋政府时期的“中央银行”却遥渐走上了商业化经营的道路。本文将上述历史过程看作为该时期民间资本与政府利益互动的过程，并且特别关注内生变量（参与人策略）的力量对比和变化在制度演进中的作用。     

Accounting Discretion and Managerial Conservatism: An Intertemporal Analysis*

Accounting discretion and the principle of conservatism are two salient features embedded in financial reporting systems. Arguably, the practice of conservative accounting choices can never be well understood without incorporating their effect on future periods (the intertemporal effect). This paper provides one explanation for managerial conservatism in a two‐period agency model with hidden information (a binary project type) and hidden actions (the agent's efforts). A piece‐wise linear incentive scheme with accounting earnings as the performance measure is employed. The agent's discretion is the choice of a depreciation method. Discretion is valuable if and only if the agent's marginal productivity of a “bad” project is greater than that of a “good” project, but not to an extreme degree. A conservative depreciation method decreases current compensation in exchange for a “bet” on future compensation and, hence, serves as a commitment device for the agent to signal that the prospect is indeed good. The accounting mechanism replicates the performance of the optimal direct mechanism.     

基于.NET技术的网上购物管理系统的设计与实现

信息时代的发展需求企业纷纷建立自己的网上购物商店,本文介绍了网上购物系统的系统架构,设计了系统的功能模块和数据库的数据表,介绍了系统实现的关键技术,为企业构建网上购物系统提供了一种方法。     

贯彻新《公司法》推进铁路企业改革

针对最新修订的<公司法>,着重介绍和分析了注册资本、自主权、中小股东保护、经营者责任追究机制、平等法律地位等内容,提出铁路贯彻新<公司法>的若干构想.     

浅谈铁路勘察设计企业的人力资源管理

当前铁路勘察设计企业在人力资源管理方面存在着观念落后、机制不健全、管理不到位等问题。为提升铁路勘察设计企业的核心竞争力,从树立现代人力资源管理理念、建立健全人才成长机制、建立健全绩效管理体系、建立合理的薪酬激励机制、做好员工职业生涯规划等方面提出有关对策措施。     

论创建魅力珠海的思路与途径

本文在分析珠海发展优势的基础上,指出珠海的产业发展应立足于第三产业,大力发展旅游业,教育科研事业以及物流业,并注重本土企业竞争力的提高,就如何促进珠海的发展提出了具体的措施和建议。     

Is there a risk–return trade‐off? Evidence from high‐frequency data

This paper examines the intertemporal relation between risk and return for the aggregate stock market using high‐frequency data. We use daily realized, GARCH, implied, and range‐based volatility estimators to determine the existence and significance of a risk–return trade‐off for several stock market indices. We find a positive and statistically significant relation between the conditional mean and conditional volatility of market returns at the daily level. This result is robust to alternative specifications of the volatility process, across different measures of market return and sample periods, and after controlling for macro‐economic variables associated with business cycle fluctuations. We also analyze the risk–return relationship over time using rolling regressions, and find that the strong positive relation persists throughout our sample period. The market risk measures adopted in the paper add power to the analysis by incorporating valuable information, either by taking advantage of high‐frequency intraday data (in the case of realized, GARCH, and range volatility) or by utilizing the market's expectation of future volatility (in the case of implied volatility index). Copyright © 2006 John Wiley & Sons, Ltd.     

发展我国城市物流的对策

针对我国城市物流存在的主要问题，认为只有通过采取加强城市物流客观规律的研究，提高对发展城市物流业的认识，创建新型的城市物流经营体系，多渠道筹集发展资金，加强宏观调控和政策引导等措施，才能促进我国城市物流的健康发展。     

从教育中收获快乐

1994年,当来自弗吉尼亚州的美国人托马斯·威西蒙斯(中文名字叫司涛伟)第一次踏上山东济南这片土地,他怎么也没有想到自己会与这个极富中国文化底蕴的地方结下不解之缘。刚到济南的司涛伟任教于山东建筑工程学院,但他对当时济南的空气环境有些不太适应,于是3年后他回到了美国。但是,割舍不下的中国情让他在2001年再次回到中国。在一个朋友的引荐下,他来到山东交通学院做了一名外教。在这里生活很开心虽然才57岁却已满头白发的司涛伟说,在山东交通学院任教的日子是他人生中最开心的一段时间。山东交通学院给他提供的教学环境是十分宽松的。他…