Do Cryptocurrencies Increase the Systemic Risk of the Global Financial Market?

The advance of cryptocurrencies has sparked wide concern over their interplay with the existing global financial market. This paper analyzes the risk spillover relation between cryptocurrencies and major financial assets, and unravels how cryptocurrencies could influence global financial systemic risk. We find that cryptocurrencies function as a separate risk source from traditional assets. Major legislative, financial and technological events in the cryptocurrency market may affect risk spillover dynamics. Although the overall penetration of cryptocurrencies is not yet deep, introducing cryptocurrency can significantly increase the systemic risk to traditional markets during low risk level episodes.     

A tale of two clusters: knowledge and emergence

Cluster emergence is an important topic but weakly conceptualized in the literature. Focusing on the interaction of the local knowledge pool and firm growth, the paper develops a comprehensive framework to understand cluster emergence. In the framework, the cluster formation process starts with the collision of local and external knowledge which generates an innovation and stimulates the creation of local pioneering firms in a new field. To support the growth of follow-up entrants in the new industry, the local knowledge pool needs to be expanded and deepened through local knowledge sharing and external knowledge inflows. The enlarged local knowledge pool enables local firms to grow and explore other fields further. To promote cluster emergence, public policies need to facilitate the interaction of the local knowledge pool and firm growth. The paper illustrates the interactive framework with two aluminum extrusion clusters in China that emerged in different ways over different time periods.     

我国知识产权壁垒研究现状及成因、对策简析——基于文献计量学的视角

随着针对知识产权壁垒研究的开展,学者们当前的研究热点及现状成为需要关注的方向。本研究基于文献计量学的视角,对2005.01-2015.03间CSSCI期刊中收录的以知识产权壁垒为研究主题的研究论文进行统计与关键词归类,并利用Ucinet软件,对知识产权壁垒的研究现状展开分析。研究结果显示,关于知识产权壁垒的研究尚处于起步阶段,研究热点主要集中于知识产权壁垒的定义与表现形式、337调查及应对策略等,而对于知识产权壁垒的成因分析却涉及较少。因此,本文继续以337调查事件为基础,结合我国现实,对知识产权壁垒形成的原因进行归纳,最终为打破知识产权壁垒提供了相应的对策建议。     

专题微课生物化学教学新模式的探索与实践

专题微课教学是基于一门学科或课程的某个重要专题设计开发的教学模式。课题组在生物化学的课程中设计了专题微课。生物化学的专题微课教学包括确立教学目标、教学方法、微课录制与编辑加工等环节，应注意建立全新的网络教学平台、互动式教学、抓好指导小组资料整理等教学策略，其成功需要教师有较高的综合素质和教学技能。实践证明，生物化学的专题微课教学取得了良好的教学效果，学生的成绩有了一定提高。     

职业院校工学结合人才培养模式探索

剖析了职业教育人才培养过程的关键环节,梳理出职业教育人才培养过程中的4个重要阶段;系统探讨了工学结合人才培养模式的主要内涵;总结得出,职业岗位群的性质及各岗位之间的逻辑关系是提高职业院校工学结合人才培养模式适应性的关键因素,需要根据实际需求对此人才培养模式作出有针对性的调整。     

当前高校辅导员师德师风现状及建设路径探究

思想道德建设是精神文明建设的灵魂,贯穿于整个社会发展的始终.辅导员作为高校学生思想道德教育主要建设者,对大学生思想起着引导、示范作用.因此,做好高校辅导员队伍的师德师风建设影响着学校的教育改革方向、人才输出质量.当前我国高校辅导员师德师风建设存在一些令人担忧的问题,高校需按照习近平在北京师范大学的《做党和人民满意的好老师》讲话精神要求对辅导员队伍的师德师风建设路径进行探究并落实.     

A HPC based cloud model for real-time energy optimisation

Recent research has emphasised that an increasing number of enterprises need computation environments for executing HPC (High Performance Computing) applications. Rather than paying the cost of ownership and possess physical, fixed capacity clusters, enterprises can reserve or rent resources for undertaking the required tasks. With the emergence of new computation paradigms such as cloud computing it has become possible to solve a wider range of problems due to their capability to handle and process massive amounts of data. On the other hand, given the pressing regulatory requirement to reduce the carbon footprint of our built environment, significant researching efforts have been recently directed towards simulation-based building energy optimisation with the overall objective of reducing energy consumption. Energy optimisation in buildings represents a class of problems that requires significant computation resources and generally is a time consuming process especially when undertaken with building simulation software, such as EnergyPlus. In this paper we present how a HPC based cloud model can be efficiently used for running and deploying EnergyPlus simulation-based optimisation in order to fulfil a number of objectives related to energy consumption. We describe and evaluate the establishment of such an application-based environment, and consider a cost perspective to determine the efficiency over several cases we explore. This study identifies the following contributions: (i) a comprehensive examination of issues relevant to the HPC community, including performance, cost, user perspectives and range of user activities, (ii) a comparison of two different execution environments such as HTCondor and CometCloud and determine their effectiveness in supporting simulation-based optimisation and (iii) a detailed performance analysis to locate the limiting factors of these execution environments.     

CEO Stock‐Based Incentive Compensation and Firm Performance: A Quantile Regression Approach

This study employs the quantile regression model to examine the non‐monotonic impact of CEO stock‐based compensation on firm performance, using the data for U.S. non‐financial firms from 1993 to 2005. The results indicate that while the impact of CEO stock‐based pay on firm performance is positive for firms in the higher earnings quantile levels, the impact is negative for firms in the lower levels. In addition, the “V‐shaped” relationship between CEO stock‐based pay and firm performance satisfactorily explains the longstanding disagreement among earlier studies with regard to whether CEO stock‐based pay can enhance firm performance. Furthermore, the quantile‐varying pattern of the impact of stock‐based compensation on firm performance is robust after controlling for the industrial and yearly effects. It is also robust to the use of the pay‐for‐performance sensitivity as an alternative explanatory variable or the market‐based measure of performance as the dependent variable, or the consideration of the suspected endogenous problem between firm performance and stock‐based compensation.