VIX term structure and VIX futures pricing with realized volatility

Using an extended LHARG model proposed by Majewski et al. (2015, J Econ, 187, 521–531), we derive the closed-form pricing formulas for both the Chicago Board Options Exchange VIX term structure and VIX futures with different maturities. Our empirical results suggest that the quarterly and yearly components of lagged realized volatility should be added into the model to capture the long-term volatility dynamics. By using the realized volatility based on high-frequency data, the proposed model provides superior pricing performance compared with the classic Heston–Nandi GARCH model under a variance-dependent pricing kernel, both in-sample and out-of-sample. The improvement is more pronounced during high volatility periods.     

政策不确定性、财政扩张与区域商业银行风险——基于中国地方官员变更和银行业的证据

文章利用2007-2017年我国93家区域商业银行的面板数据，并结合省级宏观经济数据和地方官员变更数据，实证考察了中国地方官员变更引起的经济政策不确定性对区域商业银行风险的重要影响。研究结果表明：（1）地方官员变更引起的政策不确定性增大了区域商业银行风险；（2）地方官员变更引起的政策不确定性，通过提高银行的资产收益率降低了商业银行风险；而不确定性时期的财政扩张，通过降低银行资产收益率增大了商业银行风险；并且财政扩张的负面影响大于政策不确定性的正面影响；（3）各省的市委书记发生职位更替引起的政策不确定性对区域商业银行风险的影响更大。文章研究为新时代背景下的金融供给侧结构性改革、政府宏观经济政策的制定以及财政体制与金融体制之间的联系提供参考。     

知识型员工双重社会网络对企业创新绩效作用机制研究

基于企业基础资源观和组织学习理论，从知识型员工个人和组织社会网络两个方面构建知识型员工双重社会网络影响企业创新绩效的理论模型，分析知识共享、组织学习及资源整合在员工双重社会网络对企业创新绩效影响机制中的作用。结果表明：知识型员工双重社会网络对科技型企业创新绩效的作用路径有3条，资源获取与整合、知识共享与学习及员工动态创新能力分别在其中发挥中介作用；在不同类型组织文化环境中，知识型员工双重社会网络对企业创新绩效的作用特征、作用重点以及作用机制存在显著差异，内部整合维度主要通过知识共享和组织学习影响企业创新绩效，外部适应维度主要通过隐性知识传播和资源整合影响企业创新绩效。     

An inventory analysis of rural pollution loads in China.

Rural pollution has attracted increasing attention over the past decade for its important consequences on surface and groundwater quality. This is particularly so in China due to the wide and effective control of industrial and municipal wastewater discharges over the past decade. Based on the discussion of rural activities in China, this paper develops a new method of inventory analysis through the definition of elementary unit (EU). This inventory analysis approach is then applied to estimate the total rural pollution loads of COD, TN and TP, as well as their spatial distributions in China. Further analysis is also conducted to investigate the correlations between rural pollution loads and agricultural production outputs, as well as population. It is found that China's agriculture is developing largely at the cost of environment quality, and a high population, as well as the increasing demand for agricultural products, is one of the dominant driving forces. The constructed EKC, which describes the relationship between rural pollution loads and agricultural income, also reveals that current agricultural development in China is mostly far from de-locked from the environmental problem.     

太原精神病院污水处理系统改建为中水处理系统的工程设计

太原精神病医院将现有生活污水处理系统改建为中水回用系统,平均日处理水量100 m3.工程设计充分考虑了对原有设施的利用,生物处理单元采用生物接触氧化法.为减少污水提升次数,调节池设在生物处理单元之后.通过延长水力停留时间缓解水量、水质波动对沉淀、生物处理单元的不利影响,投入运行后效果良好.     

我国出口产品遭遇反倾销的原因及对策

国外反倾销政策已成为我国产品的严重障碍,应引起我们足够的重视。国际间反倾销情况复杂,我们应认真加以分析,并采取正确的出口战略。主要包括加强宣传教育,正确对待反倾销;加强宏观管理,规范出口程序;调整出口战略,实施多元化战略;提高法律意识,积极认真应诉。     

GYT—100D型钢索式液压提升装置常见故障分析与处理办法

介绍了GYT-100D型钢索式液压提升装置的系统组成及工作原理,分析了此装置在施工中存在的主要故障,并针对出现的问题提出了相应的解决方法。     

WAVE INTERACTION WITH PERFORATED CAISSON BREAKWATERS

The reflection coefficient of perforated caissons and the total horizontal forces acting on them were experimentally and numerically analyzed and discussed when wave propagates normally. To consider the viscosity effect of fluid and nonlinear action of waves on structures, the VOF (Volume Of Fluid) method combined with the k-ε turbulence model was used to simulate the interaction between waves and structures. Governing equations were solved with the finite difference method. Through 2D experimental study in the wave flume, the empirical relationship between the reflection coefficient of perforated caissons and the main affecting factors were obtained from the experimental data using the least square method. Also the correlation between the ratio of the total horizontal force acting on perforated caisson and the force acting on solid caisson and the main affecting factors were regressed from the experimental data.     

中国城市科学20年

回顾中国城市科学研究会和城市科学发生发展的历史 ,总结城市科学研究的经验 ,并反思城市思想和城市发展过程中的经验教训。