Asymmetric volatility in the foreign exchange markets

We examine the presence or absence of asymmetric volatility in the exchange rates of Australian dollar (AUD), Euro (EUR), British pound (GBP) and Japanese yen (JPY), all against US dollar. Our investigation is based on a variant of the heterogeneous autoregressive realized volatility model, using daily realized variance and return series from 1996 to 2004. We find that a depreciation against USD leads to significantly greater volatility than an appreciation for AUD and GBP, whereas the opposite is true for JPY. Relative to volatility on days following a positive one-standard-deviation return, volatility on days following a negative one-standard-deviation return is higher by 6.6% for AUD, 6.1% for GBP, and 21.2% for JPY. The realized volatility of EUR appears to be symmetric. These results are robust to the removal of jump component from realized volatility and the sub-samplings defined by structural-changes. The asymmetry in AUD, GBP and JPY appears to be embedded in the continuous component of realized volatility rather than the jump component.     

美国低成本航空公司经营战略研究

以美国西南航空公司为例,通过分析其竞争战略、价值链系统和经营决策要素,说明低成本航空公司经营成功的经验。以此为借鉴,对中国发展低成本航空公司的不利条件进行分析,指出应通过实行市场化和引入民营资本等措施发展中国的低成本航空市场,以增强行业的整体竞争力。     

MANAGING VENDOR INVENTORY IN A DUAL LEVEL DISTRIBUTION SYSTEM

Collaborative arrangements among members of the supply chain have received a great deal of interest in recent years as a means of reducing costs. One such arrangement is vendor managed inventory (VMI). VMI allows the vendor to make decisions concerning the quantity and timing of deliveries to the retailer. Such an arrangement offers the potential of a more efficient supply chain by removing the negative effects of retail ordering policies. A thorough review of the literature was conducted to identify factors likely to impact the performance of a VMI partnership. Computer simulation was used to study the effects of these factors from both the vendor's and retailer's perspectives. The results lend insight into the performance of VMI and guidance for managers as to the environments in which VMI is most effective.     

我国A股、B股市场并轨的前景探析

B股市场的前途问题是一个困扰市场参与者的主要问题,而前途的不明朗源于B股市场定位的困惑和功能失调。筹资功能方面,1991～2004年12月B股市场通过股票发行总计筹资50.03亿美元,通过配股筹资3.27亿美元,而同期A股市场对应的数据是5695.7亿元和2276.74亿元,而且最近3年B股市场的     

我国医药物流业面临的机遇、挑战、现状与对策

中国已加入WTO，在新形势下如何改善医药流通，提高医药企业的竞争力？中就此分析了我国医药物流业面临的机遇、挑战和发展现状，并提出了一些对策和建议。     

我国实现高科技产业化的战略与对策

文章重新审视了影响和推动人类文明可持续发展的高科技产业化浪潮 ,从知识经济、技术创新、市场经济的不同角度描述了高科技产业的全新面貌和本质特征。在此基础上 ,从新亮点、新支点和新焦点诸方面设计了中国高科技产业化平台 :高科技产业的市场化。     

强化成本管理提高经济效益

成本管理是市场经济条件下生存和发展的永恒课题.目前企业成本管理失控既有宏观外部原因,也有微现内部原因,本文分析解剖了企业成本管理弱化的原因,提出了相应的对策建议.     

我国目前住宅消费市场面临的主要问题及其对策

本文通过分析当代高等教育存在的弊端 ,应用再造理论改进高校教学模式 ,实现教育体制改革 ,使学生成为教育的主体 ,更适应社会对人才的需要。     

军队物资库存的一个最优控制问题

讨论了非均衡军队物资库存问题，以最优控制理论为工具，得出了消耗量与库存量之间的变量关系，从而达到在保障供应的前提下，提高军事经济效益的目的     

纯氧曝气的研究进展

介绍了纯氧曝气的生化机理、应用领域、供氧方式、污泥性能等以及它与普通空气曝气相比在技术、经济方面显示出的优越性。随着纯氧曝气的发展和国家新标准增加了脱氮除磷方面的排放要求，使得纯氧曝气在城市污水处理老厂的改造和新厂的建设中具有很好的前昔。