电子设备结构优化设计支撑软件技术

介绍了电子设备结构中针对散热、冲击振动和电磁兼容等方面的优化设计内容和现状,及其三者兼顾的综合优化设计方法结构优化设计支撑软件技术要求和具体内容,并以一具体项目作为案例进行说明.     

DISUTILITY, OPTIMAL RETIREMENT, AND PORTFOLIO SELECTION

We study the optimal retirement and consumption/investment choice of an infinitely-lived economic agent with a time-separable von Neumann–Morgenstern utility. A particular aspect of our problem is that the agent has a retirement option. Before retirement the agent receives labor income but suffers a utility loss from labor. By retiring, he avoids the utility loss but gives up labor income. We show that the agent retires optimally if his wealth exceeds a certain critical level. We also show that the agent consumes less and invests more in risky assets when he has an option to retire than he would in the absence of such an option.
An explicit solution can be provided by solving a free boundary value problem. In particular, the critical wealth level and the optimal consumption and portfolio policy are provided in explicit forms.     

基于合作博弈的上海与长三角地区物流产业发展模式研究

近年长三角地区持续物流热和各地"以港兴市"战略造成区域间物流产业发展相对封闭、各自为政、低价无序竞争,针对区域内物流企业规模较小、服务水平较低、物流成本较高等问题,本文在明确广义物流联盟概念基础上,运用博弈理论,建立合作博弈模型,导出博弈后的分配方案(Shapley值)的计算公式,提出基于合作博弈的广义物流联盟是上海与长三角地区物流产业发展模式必然选择,最后就上海与长三角地区物流产业发展从政府层面、企业层面和中间层面给出对策建议。     

政府审计功能协同与财政支出效率:理论与实证

本文在构建审计功能协同发展影响财政支出效率的理论模型基础上,采用动态空间面板模型考察了"免疫系统"观下审计功能协同发展对财政支出效率的影响效应.研究表明:中国省域财政支出效率呈现出明显的空间溢出效应和俱乐部集聚特征;财政支出效率在时间单维度、空间单维度分别表现为惯性效应和标尺效应.审计功能协同发展对财政支出效率的影响呈现先上升后下降的倒"U"型特征,充分发挥审计功能协同对财政支出效率的提升效应具有较大潜力.     

Asia-Pacific Stock Market Integration: New Evidence by Incorporating Regime Changes

ABSTRACT

This work provides new evidence of Asia-Pacific stock market integration by incorporating the regime changes of each stock market through the smooth transition autoregressive (STAR) model. According to empirical results, most Asia-Pacific stock market returns follow STAR dynamics to a significant degree with more rapid and frequent regime changes of a shorter nature compared with G7 markets. A series of STAR-based Granger causality tests reveal evidence of stronger equity market integration compared with linear Granger causality tests. We also find that Asia-Pacific stock markets are integrated in different levels. Finally, we provide evidence that in the early twenty-first century the influence of China and the United States on Asia-Pacific stock markets has been maintained while that of Japan has been weakened.     

从南昌高校看我国大学生的医疗保险

文章以南昌12所高校中随机抽样获得问卷数据,采用EXCEL数据录入,导入SPSS18.0软件进行统计分析得来的结论为例,分析我国大学生医疗保险目前存在的问题,并提出相应的改善建议,旨在为提高和完善大学生医疗保险制度提供参考性意见。     

Investment financing: evidence from Korea

This study examines the relative importance of various forms of capital in financing investments by Korean firms. Our results from the seemingly unrelated regression (SUR) method indicate that, unlike U.S. firms, Korean firms rely substantially on cash holdings to finance investments. These results also suggest that Korean firms use long‐term debt more actively than equity issuance to finance investments. Subgroup analyses show that large firms and Chaebol‐affiliated firms use more long‐term debt but less equity issuance than comparison firms do, suggesting that debt capacity allows firms to reduce the use of equity issuance. However, there is little evidence that financing decisions are driven by information asymmetry. The results from the quantile regression (QR) method suggest that Korean firms tend to use debt capital more than they do equity capital at low and medium levels of investments, while their reliance on equity capital increases at high levels of investments.     

Analyst Optimism and Incentives under Market Uncertainty

We examine how analysts’ changing incentives driven by changes in market uncertainty affect their forecast optimism. Analysts issue more optimistically biased earnings forecasts and buy recommendations under high market uncertainty (VIX). The lower reputational costs and larger benefits of optimistic output explain the increased optimistic output: Analysts are less likely to be penalized for inaccuracy and can stimulate more trading activity from optimistically biased output when market uncertainty is high. We find that the likelihood of analysts’ turnover decreases, while the trading volume associated with optimistic output increases, with VIX. No evidence suggests that analysts’ self‐selection affects our findings on optimism and market uncertainty.     

Investment Decisions in Anticipation of Recessions and Outperformance of Pre-Acting Firms

We empirically examine whether firms make investment decisions in anticipation of recessions and subsequently perform better. Using a large quarterly dataset of fixed asset investments for U.S. firms during 1984–2012, we show that not all firms efficiently adjust their investment decisions in anticipation of a recession. However, we find that pre-acting firms that properly adjust their investment decisions (i.e., underinvest) before a recession outperform re-acting firms that fail to make proper investment decisions (i.e., overinvest) before a recession in subsequent returns on assets, returns on investments, and market-adjusted return measures.