Justifying top management pay in a transitional economy

We investigate some aspects of top management pay in China's listed firms. We find positive pay and performance sensitivities and elasticities for top executives. In terms of magnitude, these sensitivities are similar to those reported in U.S. firms during the 1970s. However, the pay and performance relation is slightly weaker for firms located in less developed provinces. We also find that the pay disparities between top managers and employees are positively related to a firm's performance. Thus, it appears that any deviation away from a manager-worker compensation norm has to be justified by superior firm performance. In additional analyses, we find that managers' perquisites are not related to performance.     

主动内循环(TAIC)高效厌氧处理养殖场污水沼气生态工程技术

文章介绍了主动内循环(TAIC)高效厌氧反应器的技术原理、技术创新点、关键技术、用户使用效果及项目鉴定结论。     

西藏地质工作六十年(下)

西藏地质工作始于和平解放后的1951年。60年来,通过几代人的艰苦奋斗,西藏地质工作从无到有,取得了令世人瞩目的辉煌成就。西藏地质工作60年可分为5个阶段。20世纪50年代起步阶段;60年代艰难发展的阶段,初步揭开了西藏高原地壳的神秘面纱;70年代蓬勃发展的时期,对西藏大地的地质特征和矿产分布有了一个比较清楚的总体认识;80—90年代的转型时期;而新世纪的第一个10年则是大发展的时期,西藏的基本地质特征已经查明,所探获的矿产资源储量标志着西藏已迈入中国矿产资源大省(区)的前列。     

基于马尔柯夫分析的计算机预测和决策应用

从DSS应用现状出发,介绍了马尔柯夫分析的定义和数学原理,阐述了马尔柯夫分析的过程和预测的基本步骤,利用Excel设计了进行市场占有率预测的应用模型,并进行了仿真预测和决策分析。测试表明,应用模型简便通用,操作方便,提高了预测的计算精度和效率。     

Real estate prices in Beijing, 1644 to 1840

This paper provides the first estimates of housing price movements for Beijing in late pre-modern China. We hand-collect from archival sources transaction prices and other house attribute information from the 498 surviving house sale contracts for Beijing during the first two centuries of the Qing Dynasty (1644–1840), a long period without major wars, political turmoil, or significant institutional change in the Chinese capital. We use hedonic methods to construct a real estate price index for Beijing for the period. The regression analysis explains a major proportion of the variance of housing prices. We find that house prices grew steadily for the first half-century of the Qing Dynasty and declined afterwards in both nominal and real terms through the late eighteenth century. Nominal prices grew starting in the late eighteenth century and declined from the early nineteenth century through 1840. But these price changes occurred with contemporaneous price changes in basic measures of the cost of living: there was little change in real terms to the end of our period.     

阴阳理论与五行管理模式

阴阳理论是五行管理模式的基础理论之一。五行管理模型可以概括为协调五行,治心为上。阴阳学说的内容主要包括以下几方面:阴阳对立、阴阳相感、阴阳互藏、阴阳互根、阴阳消长、阴阳转化、阴阳无限、阴阳合一、阴阳平衡等。阴阳是辨证的总纲,是管理诊断、经营管理的大法。一切管理工作,不管采取什么方式方法,最终都是达到阴平阳秘、保和太和的境界。     

基于Logistic共生模型的汽车园集群研究及稳定性分析

汽车园集群内不同类型企业间的关系类似于种群生态学中不同种群间的相互作用,文章通过逻辑斯蒂(Logistic)模型描述汽车园集群内不同企业间的相互作用。总结了集群内平等型和依托型两种共生模式,求解并分析稳定条件。对汽车园集群这一汽车流通业最新模式的研究具有一定指导意义。     

论科学的政府绩效审计观

科学的政府绩效观应充分体现以人为本、全面、协调、可持续发展的发展思想与战略。本文在探讨科学绩效观的基础上,重点研究了科学的政府绩效审计的目标、地位、模式与标准等基础性问题。     

企业会计核算管理措施分析

要解决民营企业会计工作规范化问题,有必要加强财政部门的监管与税务部门的协作,会计从业激励机制的建立、加强培训等多种举措,采取综合治理措施,从会计人员的需要、企业的需要、国家的需要等多角度解决问题,并在促进民营企业健康发展的过程中,解决民营企业中的一些实际困难.     

HEDGING STRATEGIES AND MINIMAL VARIANCE PORTFOLIOS FOR EUROPEAN AND EXOTIC OPTIONS IN A LÉVY MARKET

This paper presents hedging strategies for European and exotic options in a Lévy market. By applying Taylor’s theorem, dynamic hedging portfolios are constructed under different market assumptions, such as the existence of power jump assets or moment swaps. In the case of European options or baskets of European options, static hedging is implemented. It is shown that perfect hedging can be achieved. Delta and gamma hedging strategies are extended to higher moment hedging by investing in other traded derivatives depending on the same underlying asset. This development is of practical importance as such other derivatives might be readily available. Moment swaps or power jump assets are not typically liquidly traded. It is shown how minimal variance portfolios can be used to hedge the higher order terms in a Taylor expansion of the pricing function, investing only in a risk‐free bank account, the underlying asset, and potentially variance swaps. The numerical algorithms and performance of the hedging strategies are presented, showing the practical utility of the derived results.