PROJECT JUSTIFICATION IN A MULTIPRODUCT CHEMICAL PLANT∗

In addition to measurable economic consequence of an alternative investment decision, there are other important prospective consequences which cannot readily be reduced to a single common denominator stated in money terms. The extant literature of engineering economy almost entirely avoids discussion of the considerable problems which arise when attempts are made to include “irreducibles” formally in analysis, although some progress has been made in recent years in other academic disciplines. This paper, based upon some earlier work for the United States Navy, suggests a technique which can be used to include “irreducibles” along with monetary data in determining relative desirability of mutually exclusive alternative proposals. The logic of the problem and the formal structure of a desirable solution are discussed.     

Detecting log-periodicity in a regime-switching model of stock returns

Log-periodic precursors have been identified before most and perhaps all financial crashes of the Twentieth Century, but efforts to statistically validate the leading model of log-periodicity, the Johansen–Ledoit–Sornette (JLS) model, have generally failed. The main feature of this model is that log-harmonic fluctuations in financial prices are driven by similar fluctuations in expected daily returns. Here we search more broadly for evidence of any log-periodic variation in expected daily returns by estimating a regime-switching model of stock returns in which the mean return fluctuates between a high and a low value. We find such evidence prior to the two largest drawdowns in the S&P 500 since 1950. However, if we estimate a log-harmonic specification for the stock index for the same time periods, fixing the frequency and critical time according to the results of the regime-switching model, the parameters do not satisfy restrictions imposed by the JLS model.     

Investigating the stationarity of insurance premiums: international evidence

This article explores whether there is support for the stationarity hypotheses of life and non-life insurance premiums during the period 1979–2007 for 40 heterogeneous countries. The stationarity of insurance premiums affects insurance companies’ prediction on their future inflow of premium income, which affects the liquidity of insurance companies and their investment plans and thus is relevant to the insurers’ operation. This article employs the advanced nonlinear panel unit-root test with a sequential panel selection method to classify the entire panel into two groups: stationary countries and non-stationary countries. We apply Monte Carlo simulations to derive empirical distributions of the test, which allows us to correct for the finite-sample bias and to consider the cross-country effects. We find relatively stationary life insurance premiums in countries from the following groups: high-income, Europe, and common law origin; relatively stationary non-life insurance premiums exist in the following groups: low-income, Middle East and Africa, and common law origin. Evidence herein shows that different classifications, including income levels, geographic regions, regionally or economically integrated blocs, and legal system, affect the stationarity of life and non-life insurance premiums.     

浅谈会计控制

会计控制功能是会计系统最根本功能之一,是一个实时控制和反馈控制的双重控制体系,会计控制对会计发展起到启示和完善作用。     

对做好航天器产品质量问题归零工作的看法

众所周知,航天器具有技术难度高、复杂程度高和可靠性要求高的特点,在航天型号研制过程中,包括单机研制、产品验收、部装、总装、电测、力学试验、真空热试验等,有时会发现一些质量问题,这是客观存在的,只有解决质量问题,才能提高产品可靠性,确保成功。正确对待出现的问题,积极     

瓦楞家族新拓展

随着商品流通渠道及市场销售形势的变化，瓦楞纸板制品及其结构的改进势在必行。各种具有时代特点、结构新颖的瓦楞纸板制品应运而生。同时，伴随着每一种新结构的诞生，都有一套与之对应的新型包装系统或专用设备问世。可以说，各种新型瓦楞纸与纸箱产品的出现将带来瓦楞纸箱工业的变革。近年来，随着包装科技的迅速发展。一批功能独特的瓦楞纸板新产品正走俏国内外市场。     

日本发展循环经济的法律体系借鉴

循环经济是指建立在物质不断循环利用、循环替代、循环净化基础上的经济发展模式.在发展循环经济方面,日本始终走在国际前列.     

京津冀地区发展民航产业集群研究

本文研究了民航产业集群的构成和民航产业集群（包括民航产业链）的区域经济特征．再分析和总结出机场与产业集群的经济关系，然后论证了京津冀地区发展民航产业集群的优势。一并提出在京津冀地区发展民航产业集群的设想及有关政策建议。     

创造良好环境 构建和谐矿区

近年来,企业环境建设作为加强精神文明建设和构建和谐矿区的重要突破口,颇受煤炭企业的重视。潞安矿业集团王庄煤矿紧紧围绕着企业生产经营这一中心,坚持以人为本、服务职工群众,致力于改善矿区环境,构建和谐矿区。     

商业银行对集合资金信托计划的保管业务综述

按照现行规定,具有托管资质的商业银行可与信托公司签订协议,按照约定对集合信托资金进行保管并收取保管费用,此类新型业务存在一定风险.本文通过揭示集合资金信托计划保管业务的三类重点风险,站在商业银行角度,从运营管理、操作流程、日常管理三方面提出规范化管理相关措施,以有效防范风险.