Market timing,investment, and risk management

The 2008 financial crisis exemplifies significant uncertainties in corporate financing conditions. We develop a unified dynamic q-theoretic framework where firms have both a precautionary-savings motive and a market-timing motive for external financing and payout decisions, induced by stochastic financing conditions. The model predicts (1) cuts in investment and payouts in bad times and equity issues in good times even without immediate financing needs; (2) a positive correlation between equity issuance and stock repurchase waves. We show quantitatively that real effects of financing shocks may be substantially smoothed out as a result of firms' adjustments in anticipation of future financial crises.     

浅谈摄影与园林的关系

摄影与园林是艺术的两种类别,摄影是一门技术也是一门艺术,摄影能为园林的学习、设计创作、施工纪录、宣传服务,是园林工作的好助手!     

关于林业信息化在防灾减灾中预警作用的思考

2010年,西南5省遭遇了历史罕见的特大旱灾。本文基于这次旱情引发了当前林业信息化建设对灾难预警及突发性应急管理方面的预测分析和对策思考。     

MUTUAL FUND PERFORMANCE EVALUATION – APPLICATION OF SYSTEM BCC MODEL

For the first time, this research adopts the system BCC model in data envelopment analysis in order to evaluate mutual fund performance and compares the results between the BCC model and the system BCC model. This study is based on the sample of stock funds and balanced funds in Taiwan, with the empirical results summarised as follows. (i) Under the system BCC model, the average score of balanced funds is greater than the average score of stock funds. (ii) There is a significant difference in efficiency scores between the BCC model and the system BCC model, and it is proper to adopt the system BCC model. (iii) The number of major reference sets that have been referenced under the BCC model is larger than under the system BCC model. (iv) If we neglect the distinctions between stock funds and balanced funds, there will be errors on performance assessment. Ultimately, the results reveal that there is a significant difference between the two models. Provided no consideration is made for the funds belonging to two different systems, errors in performance evaluation are inevitable. This research provides investors with both a more accurate and comprehensive evaluation method.     

现代企业管理战略管理的创新方法研究

本文首先分析了传统管理的弊病,认为,我国企业管理创新需要从理念和方法上作出调整,并提出了管理创新的一些对策方法。这些对策方法包括企业文化整合,组织结构扁平化,绩效管理,累进式管理决策等。     

对几种常用抗结核类药物的分析研究

当人类迈入2000年的今天,抗结核药物的研究已经获得了更进一步的发展,其中最引人注目的主要是利福霉素和氟喹诺酮这两大类药物,尤以后者更为突出。抗结核药物是结核病化学治疗(简称化疗)的基础,而结核病的化学治疗是人类控制结核病的主要手段。结核病化疗的出现使结核病的控制有了划时代的改变,全球结核病疫情由此得以迅速下降。本文就这一带给人类巨大贡献的事物进行阐述。     

A simplified pricing model for volatility futures

We develop a general model to price VIX futures contracts. The model is adapted to test both the constant elasticity of variance (CEV) and the Cox–Ingersoll–Ross formulations, with and without jumps. Empirical tests on VIX futures prices provide out‐of‐sample estimates within 2% of the actual futures price for almost all futures maturities. We show that although jumps are present in the data, the models with jumps do not typically outperform the others; in particular, we demonstrate the important benefits of the CEV feature in pricing futures contracts. We conclude by examining errors in the model relative to the VIX characteristics. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark 31:307–339, 2011     

影响中国房地产市场发展的主要制度安排研究

影响我国房地产市场的主要制度安排有五种：房地产住房供给和保障制度、房地产土地供给制度、房地产金融制度、房地产税收制度和存在于我国居民购房行为中的非正式制度。本文对这些制度安排的主要内容及其变迁做了分析，并研究了这些制度安排对我国房地产发展的影响。     

国有企业开展机电产品国际招标的关键点分析

长期以来,笔者在国有企业的经营管理部门从事招投标工作,曾经参与过本单位高速报业轮转印刷机等印刷设备的国际招标工作,对于机电产品的国际招标积累了一定的经验.本文从机电产品国际招标的政策背景出发,分析了国有企业在实施机电产品国际招标时要注意的关键点,以期为国内同行提供参考.     

中国现代管理理论的时代特征

中国现代管理理论的时代特征是从中国的实际出发,分析和解决中国现代化进程中重大实际问题的客观体现.认识并把握中国现代管理理论的时代特征,有助于对中国现代管理理论进行客观总结与科学探索,同时有助于中国现代管理理论发展的实践性与科学性.