Debt Issue Costs and Issue Characteristics in the Market for U.S. Dollar Denominated International Bonds

This paper analyzes the issue costs and initial pricing of bonds in the international market. In particular, we investigate the determinants of three components of issue costs: underwriter fee, underwriter spread (the difference between the offering price and the guaranteed price to the issuer), and underpricing (the difference between the market price and the offering price). Total underwriter compensation increases with the bonds' credit risk and maturity, but it is insignificantly related to issue size. Interestingly, underwriters appear to price some issue characteristics directly (by adjusting the fee) and other characteristics indirectly (by setting the guaranteed price). The two compensation components (fee and spread) are negatively related to each other. We provide evidence that this trade-off is consistent with income tax considerations, as well as with two-tier pricing by underwriters. We find no evidence of underpricing.     

大坝监测自动化中的人工比测研究

阐述了人工比测的概念、方式和数据分析方法,对人工比测及数据分析中应注意的问题也进行了深入研究。     

Intraday Lead-Lag Relationships Between the Futures-, Options and Stock Market

In rational, efficiently functioning and complete markets, returns on derivative and underlying securities should be perfectly contemporaneously correlated. Due to market imperfections, one of these markets may reflect information faster. The use of high-frequency data and the choice for a small unit time interval to measure these lead-lag relations comes at the cost of some or many missing observations, causing traditional estimators to either under- or overestimate covariances and correlations. We use a new estimator to estimate lead-lag relationships between the cash AEX index, options and futures. We find that futures returns lead both options and cash index returns by approximately 10 minutes. The relationship between options and the cash market is not completely unidirectional.     

DIRECT RESONANCE OF TURBULENT BOUNDARY LAVER OVER COMPLIANT WALLS

１．　ＩＮＴＲＯＤＵＣＴＩＯＮＴｈｅｍａｉｎｇｏａｌｏｆｔｈｉｓｐａｐｅｒｉｓｔｏｅｘｐｌｏｒｅｔｈｅｐｏｓｓｉｂｉｌｉｔｙｔｏｌｅａｒｎｍｏｒｅａｂｏｕｔｔｈｅｍｅｃｈａｎｉｓｍｏｆｔｕｒｂｕｌｅｎｔｂｏｕｎｄａｒｙｌａｙｅｒｆｌｏｗｉｎｔｅｒａｃｔｉｏｎｓａｎｄｉｔｓｅｆｆｅｃｔｓｏｎｃｏｍｐｌｉａｎｔｗａｌｌｐｅｒｆｏｒｍａｎｃｅ．Ｔｈｅｒｅａｒｅｃｅｒｔａｉｎｐｒｅｒｅｑｕｉｓｉｔｅｃｏｎｄｉｔｉｏｎｓｔｏｆｕｒｔｈｅｒｔｈｅｓｔｕｄｙｏｎｔｈｅｍｅｃｈａｎｉｓｍ，ｉ．ｅ．ｔｈｅｃｏ…     

Programme Evaluation with Unobserved Heterogeneity and Selective Implementation: The Mexican PROGRESA Impact on Child Nutrition

This paper considers the impact of Programa de Educación, Salud y Alimentación ( PROGRESA ), a large Mexican rural anti-poverty programme that had an evaluation sample in which overall treatment was randomly assigned to some communities but not others, on child nutrition. When we examine the impact of PROGRESA based on the presumption of randomized allocations, we find that PROGRESA had no or even a negative impact on child nutrition. However, not all children designated to receive nutritional supplements actually did so. Our preferred estimates – child fixed-effects estimates that control for unobserved heterogeneity that is correlated with access to the supplement – indicate a significantly positive and fairly substantial programme effect of the nutritional supplements on children 12–36 months. They imply an increase of about a sixth in mean growth per year for these children and a lower probability of stunting. Effects are somewhat larger for children from poorer communities but whose mothers are functionally literate. The long-term consequences of these improvements are non-trivial; its impact working through adult height alone could result in a 2.9% increase in lifetime earnings.     

高师实施人文教育的意义及对策

人文教育在高师教育体系中具有重要意义,人文教育可以塑造高师生的完美人格,实现教育的可持续发展.高师院校要实施有效的人文教育,就必须树立正确的教育理念,加强教师队伍建设,提高教师素质,增设人文课程,为高师生营造良好的人文环境.     

1998年昌江流域暴雨洪水分析

1998年昌江发生了建国以来最大洪水，文章从天气环流背景、降雨特征等方面分析这次洪水形成的特点和发展过程。     

MODELING OF WATER DYNAMICS AND POLLUTANT SPREADING IN THE LUOMAHU RESERVOIR FOR WATER TRANSFER FORM SOUTH TO NORTH OF CHINA

1 .　ＩＮＴＲＯＤＵＣＴＩＯＮＷａｔｅｒＴｒａｎｓｆｅｒＦｒｏｍＳｏｕｔｈＴｏＮｏｒｔｈＰｒｏｊｅｃｔ(ＷＴＦＳＴＮＰ)ｉｓａｇｒｅａｔｄｅｃｉｓｉｏｎｔｏｓｏｌｖｅｔｈｅｐｒｏｂｌｅｍｏｆｗａｔｅｒｓｈｏｒｔａｇｅｉｎｔｈｅｎｏｒｔｈａｎｄｃｅｎｔｒａｌｐａｒｔｓｏｆＣｈｉ ｎａ .Ｔｈｉｓｐｒｏｊｅｃｔ ,ｉｎｃｌｕｄｉｎｇＥａｓｔ ,Ｃｅｎｔｒａｌ ａｎｄＷｅｓｔ Ｌｉｎｅ ,ｗｉｌｌｄｒａｗｗａｔｅｒｆｒｏｍｔｈｅＹａｎｇｔｚｅＲｉｖｅｒｔｏｔｈｅｎｏｒｔｈａｎｄｃｅｎｔｅｒｏｆＣｈｉｎａｓｏｔｈａ…     

土的最大干密度和最优含水率快速测定法

对快速击实试验研究成果进行了总结,并介绍了应用快速击实试验研究成果的经验.不论是重型击实还是轻型击实,也不论击实试验所给定的击实功能多大,应用"一点法"或"快速法"击实试验原理,对土料都有一定要求."一点法"击实试验与快速击实试验所用土体的比重在2.67～2.73之间,当被测土样的比重超越此范围时,在绘制击实曲线时可适当偏离ρdmax计算值的点,但这个误差是很小的,通常ρdmax的影响在±0.01 g/cm3以内,而对ωop的影响在±0.5%以内.结合工程实例,对击实试验成果的简化校正作了详细介绍.     

跋山水库抛石挤淤压重的试验研究

通过对水库坝前沉积的淤泥进行详细的试验分析,摸清淤泥的物理性质、状态指标,找出一条适宜的施工工艺,进行淤泥清淤,既能保证工程质量,又能加快进度,节省投资,为山区丘陵地区的水库加固提供新的经验。