Symmetry and order in the portfolio allocation problem

Summary. This research studies the role of multivariate distribution structures on random asset returns in determining the optimal allocation vector for an expected utility maximizer. All our conclusions pertain for the set of risk averters. By carefully disturbing symmetry in the distribution of the, possibly covarying, returns, we ascertain the ordinal structure of the optimized allocation vector. Rank order of allocations is also established when a permutation symmetric random vector is mapped into the returns vector through location and scale shifts. It is shown that increased dispersion in the vectors of location and scale parameters benefit, ex-ante, investors as does a decrease in the rank correlation coefficient between the location and scale parameter vectors. Revealed preference comparative static results are identified for the location and scale vectors of asset returns. For most issues addressed, we arrive at much stronger inferences when a safe asset is available. Received: August 8, 2000; revised version: January 8, 2001     

不同财务管理目标下业绩评价选择及其关系处理

从财务管理目标出发考察企业业绩评价方法的演变过程，是为了在它们之间建立一种联系。不同的财务管理目标下，企业的业绩评价选择会有很大的差异，而其总体趋势是选择综合业绩评价方法。在不同的财务管理目标下选择不同的业绩评价指标时，又要处理好三对关系：短期发展与长期发展、局部利益与全局利益、财务指标与非财务指标。     

美国空军卫星控制网的现状与发展趋势

近几年的几场局部战争部分表明了现代军事航天系统的重要性。本文主要介绍了美国最重要的一个军事航天测控网－－空军卫星控制网的情况，希望能对了解美国军事航天测控体制有所帮助。     

Asymmetric performance: the market share impact of scale and link alliances in the global auto industry

This study investigates how participating in strategic alliances with rivals affects the relative competitive positions of the partner firms. The paper builds on studies that show significant differences in the outcomes of scale and link alliances. The study argues that the more asymmetric outcomes of link alliances translate into greater changes in the relative market shares of the partner firms, due to unbalanced opportunities for inter‐partner learning and learning by doing. We find support for this argument by examining 135 alliances among competing firms in the global automobile industry, from 1966 to 1995. Copyright © 2004 John Wiley & Sons, Ltd.     

中小企业成长的理论

概根据相关文献资料对中小企业成长的理论观点,本文作了归纳、整理,目的在于识别影响和决定其成长的关键因素,理解和把握其生存发展的规律,以有助于从事创业的企业家和中小企业经营管理者借鉴,为政府制订面向中小企业的支持体系建设提供理论依据。     

土工实验中的液、塑限测定浅议

文章分析了当前土工实验中的液、塑限测定过程中应当注意的问题及其存在的问题,并论述了如何对其实验数据进行处理和分析的方法。     

A comparative site evaluation study for relocating Japanese government agencies out of Tokyo

As a national project of Japan, plans for the relocation of several government agencies out of Tokyo have been ongoing. This paper is concerned with the problem of site selection for this project. The National Land Agency, the agency responsible for this project, has declared that the process of site selection should be rational, open to the public and easily understandable. In an effort to meet these requirements, we propose a consensus-making method for reaching a group decision, based on a combination of the analytic hierarchy process (AHP) and the Assurance Region model of data envelopment analysis (DEA). Several strategic uses of these methodologies, e.g., Delphi procedures, are also discussed. Based on these analyses, the “Wise Men” Committee for deciding the best site has chosen two from among ten contenders, one from the North-East and the other from the Central part of Japan, as candidates for the best relocation site. We could not discriminate between the two with respect to the multiple criteria chosen for evaluating sites. The Committee recommended the two sites to the Prime Minister at the end of December 1999. The Prime Minister reported this conclusion to the Diet. This topic is currently the focus of political discussions in the Diet. In this report, the authors summarize the decision-making processes that the Wise Men Committee followed, putting emphasis on the methodological aspects.     

A Pricing and Hedging Comparison of Parametric and Nonparametric Approaches for American Index Options

This article investigates the extent to which options on theAustralian Stock Price Index can be explained by parametricand nonparametric option pricing techniques. In particular,comparisons are made of out-of-sample option pricing performanceand hedging performance. The dataset differs from many of thoseused previously in the empirical options pricing literaturein that it consists of American options. In addition, a broaderspectrum of techniques are considered: a spline-based nonparametrictechnique is considered in addition to the standard kernel techniques,while the performance of a Heston stochastic volatility modelis also considered. Although some evidence is found of superiorperformance by nonparametric techniques for in-sample pricing,the parametric methods exhibit a markedly better ability toexplain future prices and show superior hedging performance.     

A Statement of Accounting Concepts for Level 1 of the Conceptual Framework?

The type of reporting found in corporate governance includes financial reporting, but over time various arguments have developed regarding a tension found between conventional and financial type reporting, especially as to the role of financial statements. Further tensions follow from the introduction of economic and social issues within both conventional accounting and financial reports.
This article argues that distinct, though related, frameworks at particular levels are required. The mingling of conventional accounting with financial and economic ideas and issues is evident in the conceptual framework (CF) project where there is reference to economic benefits and costs in making economic decisions for the allocation of resources. This results in a misconception of the function of these distinct types of information. An unravelling of particular issues will require a Statement of Accounting Concepts (SAC) for Level 1 of the CF.