Getting the Most Out of a Mandatory Subordinated Debt Requirement

Recent advances in asset pricing—the reduced-form approach to pricing risky debt and derivatives—are used to quantitatively evaluate several proposals for mandatory bank issue of subordinated debt. We find that credit spreads on both fixed- and floating-rate subordinated debt provide relatively clean signals of bank risk and are not unduly influenced by nonrisk factors. Fixed-rate debt with a put is unacceptable, but making the putable debt floating resolves most problems. Our approach also helps to clarify several different notions of “bank risk.”     

An Empirical Analysis of Entrant and Incumbent Bidding in Road Construction Auctions

This paper explores differences in the bidding patterns of entrants and incumbents in road construction auctions. We find that entrants bid more aggressively and win auctions with significantly lower bids than incumbents. The differences in their bidding patterns are consistent with a model of auctions in which the distribution of an entrant's costs exhibits greater dispersion than that of an incumbent's and relations of stochastic dominance in the distributions do not persist for the entire range of estimated costs. We also find that more efficient firms bid, on average, more aggressively and firms with greater backlogs bid less aggressively.     

基于MATLAB的风能自校正自调整PID模糊控制器仿真研究

为了提高风力发电系统综合系统性能,在传统风力发电技术的基础上,对变速风力发电机组的自校正自调整PID模糊控制进行了详细的分析和研究,从而利用模糊控制和PID控制相结合的技术,取得了很好的效果。从MATLAB仿真结果看出系统精度及效率很高而稳态误差较小,鲁棒性较好。     

高坝通航技术在水口工程的新发展

水口水电站坝高101m,航运过坝采用一线三级船闸和一线垂直升船机。水口升船机是当时国内已建和在建同类升船机中总体规模最大的升船机,也是我国第一座自行设计、制造、施工和安装的大型升船机。在塔楼结构动力分析和试验研究、塔楼滑框倒模施工、升船机整体模型试验研究、承船厢整体制造和浮运、船厢安全锁定装置和船厢对接密封装置试验研究、整机安装及联调试验等方面充分体现了水口升船机的建成是高坝通航技术的新发展。     

由联想改制看高层长期激励

联想是较早在我国实施股票期权制度的企业,也是运用最成功的范例之一。联想董事长柳传志曾多次说过“如果没有实施股权激励,联想的接班就不会这么顺利”。这句话的确意义深刻,因为受益的不仅是企业及企业高层,当然也包括柳传志本人。从褚时建到李经纬再到柳传志,任何人都无法否认柳传志是最幸运的退居二线的企业家。因为他有联想1000万股股票,足以使他在退下来后,潇洒自如地或挥杆高尔夫绿茵场上;或闲情逸致漫步异国他乡。而前两位却不幸成为了“59现象”的代表。“股票期权”与联想模式在我国实施股票期权的确障碍多多,因为很多制度、法律…     

Development and commissioning of decision support tools for sewerage management.

Managing sewerage systems is a highly complex task due to the dynamic nature of the facilities. Their performance strongly depends on the know-how applied by the operators. In order to define optimal operational settings, two decision support tools based on mathematical models have been developed. Moreover, easy-to-use interfaces have been created as well, aiding operators who presumably do not have the necessary skills to use modelling software. The two developed programs simulate the behaviour of both wastewater treatment plants (WWTP) and sewer network systems, respectively. They have essentially the same structure, including raw data management and statistical analysis, a simulation layer using the application programming interface of the applied software and a layer responsible for the representation of the obtained results. Four user modes are provided in the two software including the simulation of historical data using the applied and novel operational settings, as well as modes concerning prediction of possible operation periods and updates. Concerning the WWTP software, it was successfully installed in Nantes (France) in June 2004. Moreover, the one managing sewer networks has been deployed in Saint-Malo (France) in January 2005. This paper presents the structure of the developed software and the first results obtained during the commissioning phase.     

院基寺水库坝基渗漏分析及处理设计

对院基寺水库运行过程中出现的坝基渗漏现象进行了全面的描述,结合坝址工程地质和水文地质条件、施工情况及坝体结构,系统地分析了产生渗漏的原因及渗漏途径,并提出了防渗帷幕灌浆处理方案。灌浆试验、现场施工质量检查及实际观测成果证实,工程处理措施取得了良好的效果。     

落实“四到户”需争取政策支持—访河北省栾城县供电局局长胡宝玉

前不久,河北省栾城县委、县政府"两办"共同制定了<栾城县农村生活用水参考管理办法>,并发出通知,建议各村民委员会采取措施,加强水费的收缴和管理工作,改变目前村民吃水、用水、缴纳水费不规范的现状.了解内情的人都知道,这项<管理办法>的出台,是县供电局在背后争取和推动的结果.     

DURATION MOMENTS AND YIELD CURVE MOVEMENTS

In this paper we will analyze the relationship between the value and duration moments of a cash flow and movements in the yield curve. We will show that for changes in the yield curve which can be related to tⁿ , the 1st order changes in the net present value of a cash flow are linearly dependent on the n + lth duration moments, and that the 2nd order changes are dependent on the sum of duration moments of order 2 n + 1 and 2 n + 2. We will use this relationship to tilt tracking portfolios so as to protect them against specific changes in the yield curve.