Passive Investment Strategies and Efficient Markets

This paper presents the case for and the evidence in favour of passive investment strategies and examines the major criticisms of the technique. I conclude that the evidence strongly supports passive investment management in all markets—small–capitalisation stocks as well as large–capitalisation equities, US markets as well as international markets, and bonds as well as stocks. Recent attacks on the efficient market hypothesis do not weaken the case for indexing.     

Asymptotic analysis for optimal investment and consumption with transaction costs

We consider an agent who invests in a stock and a money market and consumes in order to maximize the utility of consumption over an infinite planning horizon in the presence of a proportional transaction cost . The utility function is of the form U(c) = c^1-p/(1-p) for p > 0, . We provide a heuristic and a rigorous derivation of the asymptotic expansion of the value function in powers of , and we also obtain asymptotic results on the boundary of the no-trade region.Received: July 2003, Mathematics Subject Classification (1991): 90A09, 60H30, 60G44JEL Classification: G13Work supported by the National Science Foundation under grants DMS-0103814 and DMS-0139911.     

玻壳合格率及质量成本对策

本文从数理统计入手，给出了玻壳生产中更换产品前后合格率的关系公式，并和实际统计值进行了比较，有较好的符合，为科学量化分析提供了工具。并据此分析，不同尺寸的玻壳产品，当池炉系统的质量水平下降时，它们的合格率的差别也在扩大，并量可能会使得原先利润相对高的产品变得利润相对低。通过合理地计划产品品种的生产，可以获得更多的利润，降低单位成本。同时也阐明原有的新产品质量目标设定方法的不合理性，给出了质量目标设定的科学依据。     

扬子石化利用尾气提纯氢气的经济可行性分析

扬子石化公司对氢气的需求量不断增加，拟建一套利用尾气提纯氢气的装置来填补缺口，为此对扬子石化公司利用尾气提纯项目进行成本，盈利能力及不确定性分析，研究项目的经济可行性。     

“黑摩的”存在的经济学分析

通过对"黑摩的"存在的经济学分析,探索其出现和存在的根本原因,从经济学的角度分析对"黑摩的"的存在进行控制,以达到城市交通管制的目的。     

出生缺陷地理风险因子的空间分析

出生缺陷是影响人口出生质量最重要的因素。大量研究表明,出生缺陷仅仅靠单纯的生物医学研究还不够,多学科的交叉研究是有效探讨出生缺陷病因和预防的唯一出路。利用北京大学人口环境健康组调查数据,分类了能够在地理空间上归属的出生缺陷风险因素,将这些因素存在的空间相关性进行了传统统计分析方法不适宜的风险因子与出生缺陷统计因果之间的研究。探讨了空间分析技术在出生缺陷的地理风险因子研究的一般步骤与关键技术,为出生缺陷研究提供了新的思路。     

试论2011年全国专科医院效益分析

2011年全国专科医院总体运营良好,既有市场占有力又有一定抵御风险能力,资产扩张速度快。但应加强资产管理,加强成本核算,控制成本支出,加强医院资源利用率,提高工作效率、管理水平、技术水平和社会效益。     

The regional character of Asian multinational enterprises

In recent issues of this Journal a debate has raged concerning the appropriate nature of academic research in the Asia Pacific region. While we support the desire for both rigor and regional relevance in this research, we wish to demonstrate a strong commonality between the performance of large Asian firms and others from Europe and North America. This prompts us to question the need for a new theory of the MNE based on the experience of Asian firms. Like their counterparts elsewhere, the large Asian firms mostly operate on an intra-regional basis. While in the literature it has been assumed that the path to success for Asian firms is globalization, we show that the data supporting this is confined to a handful of unrepresentative case studies. We also present a bibliometric analysis which shows an overwhelming case study sample selection bias in academic studies towards this small number of unrepresentative cases.

An integrated system for information security management with the unified framework

Information security management plays an essential role for drawing the roadmap of information security; thus, many theoretical methodologies and practical standards are brought into this domain. However, many standards and methodologies are too cumbersome to be adopted by an organization. Additionally, there is no unified framework to systematically handle the tedious tasks of information security management. This study’s primary goal is to design an integrated system for information security management (ISISM) that aims to use current methodologies and standards to solve the above-mentioned issues. Because business impact analysis and risk analysis are the most important areas within this domain, we carefully select the related methods and then integrate them into a unified framework, upon which the proposed ISISM depends. To achieve this outcome for this study, security requirement engineering is adopted, which enables the designed system to support system users in generating risk assessment reports with related information security policies.     

Determinants of corporate risk disclosure in large Spanish companies: a snapshot

Improvements in risk disclosure have been an important part of the corporate governance reforms. This paper is intended to identify the factors that explain the extent to which a sample of 35 listed Spanish firms disclose risk-related information. This study focuses on the risk disclosures made in the corporate governance reports during the year 2009. Using the content analysis technique an index was developed in order to assess the amount and quality of the risk information disclosed by Spanish companies. Several characteristics were selected and their influence on the level of risk disclosure was tested empirically. Results indicate that sector and risk level are positively related to the extent of corporate risk disclosures. This study adds to the international research on risk disclosure by extending the scope of the current understanding of risk reporting practices and their determinants. The findings could be especially useful for regulators and policy-makers in order to enhance risk disclosure and to improve transparency.