德国商业银行内部控制对我国银行业的启示

本文从对德国商业银行内部控制成就进行考察人手,借鉴西方商业银行长期经营实践所积累的丰富的内控管理经验,就我国商业银行内部控制的完善提出了自己的观点.     

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.     

论农村金融需求与邮政储蓄小额信贷

文章分析了我国农村的金融信贷需求以及邮政储蓄银行在农村开展小额信贷业务的优势，探讨了邮政储蓄发展小额信贷的策略。     

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。     

Urban Theory in the Age of Pluralism and Complexities: Modern or Postmodern? Comment on Leontidou

Hardly, Jane and Al Rainnie 1996 Restructuring Krakow. Desperately seeking capitalism Butler, Tim and Michael Rustin 1996 Rising in the East: the regeneration of East London Harvie, Christopher 1994 The rise of regional Europe Jones, Barry and Michael Keating (eds.) 1995 The European Union and the regions Koopmans, Ruud 1995 Democracy from below: new social movements and the political system in West Germany Duyvendak, Jan Willem 1995 The power of politics: new social movements in France     

Pricing continuously sampled Asian options with perturbation method

This article explores the price of continuously sampled Asian options. For geometric Asian options, we present pricing formulas for both backward‐starting and forward‐starting cases. For arithmetic Asian options, we demonstrate that the governing partial differential equation (PDE) cannot be transformed into a heat equation with constant coefficients; therefore, these options do not have a closed‐form solution of the Black–Scholes type, that is, the solution is not given in terms of the cumulative normal distribution function. We then solve the PDE with a perturbation method and obtain an analytical solution in a series form. Numerical results show that as compared with Zhang's ( 2001 ) highly accurate numerical results, the series converges very quickly and gives a good approximate value that is more accurate than any other approximate method in the literature, at least for the options tested in this article. Graphical results determine that the solution converges globally very quickly especially near the origin, which is the area in which most of the traded Asian options fall. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:535–560, 2003     

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.     

邓小平经济特区理论探析

在中国创办经济特区，是建设中国特色社会主义的一项重要举措，而邓小平关于经济特区的理论，则是建设中国特色社会主义理论体系的一个重要内容。“创办经济特区，是邓小平同志亲自倡导、设计并始终关注和支持的一项崭新事业，是我们党和国家的一个重大决策。经济特区作为对外开放的‘窗口’，为全国的改革开放一直发挥着试验，探路和积极推动的作用，并以自己宝贵经验为丰富建设有中国特色社会主义的理论作出了贡献。”邓小平经济特区理论包含着十分丰富的内容，从其提出，发展到获得普遍的指导意义，无不伴随着建设中国特色社会主义理论和实践的全过程。当前，进一步学习邓小平经济特区理论，对于我们全面建设小康社会，加快推进社会主义现代化的新进程仍然具有十分重要的指导意义。     

石油经济大事(2001年12月)

2日 美国能源交易商安然公司向纽约破产法院申请破产保护,安然公司在破产申请文件中开列的资产总额为498亿美元,创下了美国历史上最大宗的公司破产案记录。安然公司前任财务主管涉嫌做假帐,受到美国证券交易委员会调查后,公司股价由2000年最高每股90美元急剧下跌至近日每股26美分。 10日 俄罗斯总理卡西亚诺夫表示,将履行从2002年1月1日起将原油日产量减少15万桶的承诺,并可能将减产期限由原来的一个季度延长至6个月。 承担特大型石化合资项目的上海赛科石油化工有限责任公司在京成立。该公司由中国石油化工     

穆尔谈2002年世界贸易组织的新动向

<正> 本文是 WTO 总干事麦克·穆尔对成员方的非正式的新年献词,并对2002年 WTO 所要采取的行动提出了建议:过去的一年对于 WTO 来说是成绩辉煌的一年,或许是 WTO 短暂历程中最重要的一年,但是我们没有时间去回顾去年的成就,因为在卡塔尔多哈成功举行的部长会议上,部长们部署了很多我们应在很短时间内就必须完成的事情。正如美国贸易代表 Bob Zoellick 所评价的“多哈是一个使我们的贸易组织抹去西雅图会议的阴影的地方”。但是,现在我们必须保持源于这次