DEFAULT RISK AND DIVERSIFICATION: THEORY AND EMPIRICAL IMPLICATIONS

Recent advances in the theory of credit risk allow the use of standard term structure machinery for default risk modeling and estimation. The empirical literature in this area often interprets the drift adjustments of the default intensity's diffusion state variables as the only default risk premium. We show that this interpretation implies a restriction on the form of possible default risk premia, which can be justified through exact and approximate notions of "diversifiable default risk." The equivalence between the empirical and martingale default intensities that follows from diversifiable default risk greatly facilitates the pricing and management of credit risk. We emphasize that this is not an equivalence in distribution, and illustrate its importance using credit spread dynamics estimated in Duffee (1999) . We also argue that the assumption of diversifiability is implicitly used in certain existing models of mortgage-backed securities.     

Intelligent Order Matching Systems for Commodity Markets

Automatic order matching systems have emerged as an electronic alternative to traditional markets. In current automatic order matching systems, price and quantity are the only product dimensions used for the order matching. However, a single-commodity market is made up of many heterogeneous goods which are close to each other but different in qualities and delivery conditions. Price and quantity are important but represent only parts of product attributes that commodity traders want to take into account. This study aims to extend current automatic order matching systems by diversifying product dimensions. An intelligent order matching system not only maximizes the total transaction volume based on the price and quantity but also satisfies traders' qualitative preferences over attributes other than price and quantity. The intelligent order matching mechanism combines an economic model with a preference model to incorporate both quantitative and qualitative utility of market participants. Constraint logic programming is investigated as a new information technology to structure and implement the intelligent order matching system.     

基于信息熵赋权的经营业绩指标评价模型

根据评价者需要，选取若干企业(或上市公司)作为被评价系统，建立一种企业经营业绩评价系统的多级多指标决策模型。该模型是在数理统计意义下将每个指标值进行标准规范化处理，用低级指标值通过信息熵自动赋权严生高一级指标值逐级递推，最后给出每个企业相对被评价系统的“理论分布得分”及“直观比较得分”。     

教育、人力资本投资与经济增长——广东省和四川省的比较研究

人力资本在社会经济发展中具有基础性、战略性的作用。而教育是人力资本投资,提高人力资本质量的重要途径。本文利用生产函数分析比较广东省和四川省经济增长过程中人力资本投资对经济增长的产出弹性以及贡献率,实证了人力资本是经济增长的重要决定因素,并对教育和经济发展的关系做出较为全面的解释,对四川省的经济发展提出政策建议。     

基于Stackelberg均衡的第三方物流分包质量合同模型

如何管理、控制分包商的运作质量,使之符合第三方物流服务需求方的质量标准,本文在AlfredssonM构建的第三方物流提供者与分包商之间的Nash均衡模型的基础上,从第三方物流提供者与分包商的决策行为出发,提出了基于stackelberg均衡的第三方物流服务分包质量合同模型,并比较了第三方物流提供者和分包商对Nash均衡博弈结构和stackelberg博弈结构的决策取向。     

综合管理体系及其实施指南的研究

依据ISO9001、ISO14001及OHSAS18001标准，对企业中的质量、环境及职业安全卫生要素进行了系统的整合，提出了综合管理体系模式及实施指南。     

Public goods provision: Unit-by-unit cost-sharing rules and the core

In a simple model of one public good producible from one input, we show that unit-by-unit cost-sharing rules have two properties. First, a unit-by-unit cost-sharing rulealways chooses a core allocation. Second, every allocation in the core will be chosen by at least one unit-by-unit cost-shring rule. We argue that costs should be shared on a unit-by-unit basis. We propose a simple mechanism to implement the family of unit-by-unit rules. Received: 18 May 2005, Accepted: 6 December 2005 JEL Classification: H41, C72, D78 I thank Hervé Moulin for helpful comments and discussions. All errors are mine. Financial support from the Hong Kong Research Grants Council under grant RGC-DAG99/00.BM52 is gratefully acknowledged.     

可口可乐汽水这样做市场营销工作(下)

品牌宣传 1、企业形象设计 --突出品牌品牌是商品的翅膀,商品依靠品牌的响亮而远走高飞.品牌深入人心之后,一是能够超凡脱俗,登上高品味销售的台阶,摆脱出同类产品混战的泥淖;二是能够荫及子孙,导致冠以该品牌的多品种产品均会受到市场认同,增加销售.品牌宣传与市场营销网络建立互为促进,当二者均有所建树后,对于消费者来说,生产企业在何处已不重要了.因此,公司积累无形资产的核心是树立品牌,企业形象设计(CIS)的全部策划都要围绕突出品牌来做,否则就会合本求末、事倍功半.     

中国电信业经济影响的定量研究方法--兼论投入产出表的调整

对电信业的经济影响进行定量化研究过去大多采用计量经济学方法。本文在对这些方法进行总结的基础上，提出了采用投入产出方法的思路，并构建了相应的投入产出模型，同时对投入产出表进行了必要的调整，最后采用投入产出方法对20世纪90年代电信业的经济影响进行了实证研究。     

城市人居环境定级方法研究

对我国开展的人居环境评价研究进行了回顾,提出对城市内部人居环境进行定级的思想:将人居环境进行评级,体现人居环境空间差异,让人居环境级别落实到具体的街道和小区,从基层做好人居环境建设工作.对人居环境定级方法进行了探索,提出城市人居环境定级原则,然后根据城市特点建立城市人居环境定级指标体系及权重.在此基础上,经过因素分值计算、定级单元划分、单元因素分值及其总分值计算对人居环境进行初步定级.最后通过意见征询和实地校核,确定最终定级结果.