黑水国：一座充满猜想的古城

甘肃张掖市区西面十几公里远的地方,有一个被黄沙掩埋了十几个世纪的城市,它就是黑水国遗址。这是一个充满无数遐想,让人留恋的地方。每个到过黑水国遗址的人,只知道那里曾经有一个规模巨大的城市,但却无法知道它真正消失的原因。     

浅析"建设工程项目管理规范"的作用

“建设工程项目管理规范”于2002年5月发布实施。这是我国首都施工管理规范，但是时至今日广大施工企业尚未认真贯彻执行本规范。本着重阐述“规范”的重要作用，以引起规范的广泛应用。     

重塑审计职业形象

安然、世通、施乐造假,以及安达信、毕马威出具虚假审计证明案,引起美国资本市场轩然大波,朝野震动。公众对上市公司和审计职业界信任危机,总统下令严惩舞弊欺诈行为,并签发了包括《萨班斯—奥克斯莱法案》在内的一系列法案应对之。社会公众对独立审计揭露公司重大舞弊欺诈行为,进一步提出了强烈要求。在这种背景下,本文从审计目标沿革入手,详细讨论了在新经济条件下独立审计的查错、防弊责任对审计职业界生存和发展的重要意义。     

A FINITE-DIFFERENCE RELAXATION SCHEME BASED ON BOTH MULTIGRID TECHNIQUES AND HOMOTOPY METHOD FOR 2D STEADY-STATE NAVIER-STOKES EQUATIONS

In this paper, multigrid techniques together with homotopy method are applied to propose a kind of finite-difference relaxation scheme for 2D steady-state Navier-Stokes equations. The proposed numerical scheme can give convergent results for viscous flows with high Reynolds number. As an example, the results of shear-driven cavity flow with high Reynolds number up to 25000 on fine grid 257×257 are given.     

蕉门口发育演变及其对南沙港的影响

运用历史地图对比分析方法，探讨蕉门的发育演变规律及其趋势；通过分析水文同步观测资料及海底表层沉积物粒度资料，了解南沙港区泥沙分布及运动规律。在此基础上分析蕉门演变对南沙港环境泥沙的影响。分析认为，蕉门分流河口发育为一主一支的格局是自然演变的结果，这一格局对南沙建港是有利的，应加以保护利用。     

整合物流资源 发展现代物流

现代物流是市场经济高度发展的必然产物。商品交换质（品种）和量（数量）、扩大了再生产、时间（快速）缩短和空间（范围）扩展，要求以快速、通畅、高效流通。现代物流就是适应这一要求而产生。社会主义市场经济的发展，必然要求建立与此相适应的现代物流业。我们以为，当前     

NUMERICALLY SOLVING STRONGLY NONLINEAR PROBLEMS BY MEANS OF NO ITERATIONS

Based on the Homotopy Analysis Method which is a new kind of nonlinear analytic technique proposed in references[2][3][4].a direct numerical technique for strongly non-linear problems is proposed in general. Then an example in fluid mechanics, say, the 2D laminar viscous flow over semi-infinite plate,is used to illustrate its validity and great potential.Different from nearly all traditional numerical methods for nonlinear problems, this approach can give accurate enough approximations of a strongly nonlinear problem even by means of no iterations. Moreover,it can provide a family of iterative formulas which contain the traditional approaches.     

百色水利枢纽混凝土重力坝非线性平面有限元计算分析

右江百色水利枢纽混凝土重力坝较高，地质复杂，本文肜非线性有限元程序进行计算，研究坝基材料为非线性时对坝体位移和应力的影响，基础处理不同方案对坝体位移和应力的影响，可为该坝基础处理措施提供依据。     

信贷与资产价格关系研究——来自中国房地产市场的证据

货币政策与资产价格之间的关系一直以来都是学术界研究的重点,但从房地产信贷视角分析房地产价格的文献却相对较少。本文基于多元MGARCH—BEKK模型和GRACH均值方程模型分析了房地产信贷、货币供应量与房地产价格的波动相关性以及它们的各种波动对房地产价格的影响。研究发现,房地产信贷增长的波动能影响房地产价格的增长,而货币供应量的波动,对房地产价格增长影响不显著。同时实证分析显示在对房价的调控中,房地产信贷的调控是抑制房价波动的一个工具选项。以银行信贷为主的货币供应量已经不能全面反映社会的流动性状况。与货币供应量相比,社会融资总量指标与实体经济指标的联系更加紧密。     

Delta-hedging correlation risk?

While the Gaussian copula model is commonly used as a static quotation device for CDO tranches, its use for hedging is questionable. In particular, the spread delta computed from the Gaussian copula model assumes constant base correlations, whereas we show that the correlations are dynamic and correlated to the index spread. It might therefore be expected that a dynamic model of credit risk, which is able to capture the dependence between the base correlations and the index spread, will have better hedging performances. In this paper, we compare delta hedging of spread risk based on the Gaussian copula model, to the implementation of jump-to-default ratio computed from the dynamic local intensity model. Theoretical and empirical analysis are illustrated by using the market data in both before and after the subprime crisis. We observe that delta hedging of spread risk outperforms the implementation of jump-to-default ratio in the pre-crisis period associated with CDX.NA.IG series 5, and the two strategies have comparable performance for crisis period associated with CDX.NA.IG series 9 and 10. This shows that, although the local intensity model is a dynamic model, it is not sufficient to explain the joint dynamic of the index spread and the base correlations, and a richer dynamic model is required to obtain better hedging results. Moreover, although different specifications of the local intensity can be fitted to the market data equally well, their hedging results can be significant different. This reveals substantial model risk when hedging CDO tranches.