Earnings-Based Bonus Compensation

This article studies the cost of contingent earnings-based bonus compensation. We assume that the firm has normal and abnormal earnings. The normal earnings result from normal firm activities and are modeled as an arithmetic Brownian motion. The abnormal earnings result from surprising activities (e.g., introduction of an unexpected new product, an unexpected strike) and are modeled as a compound Poisson process where the earnings jump sizes have a normal distribution. We investigate, in a simple general equilibrium model, how normal and abnormal earnings affect the cost of contingent bonus compensation to the firm.     

Heterogeneity effects from market interventions

The aim of this paper is to test whether the European Commission activities generate a heterogeneity effect on the merging parties. A sample of 74 firms involved in 45 contested merger and acquisition operations during the years 1990 to 1999 is used. The methodology is based on the GARCH framework. The main result is that, globally, the DGC interventions seem not to reduce significantly the heterogeneity among investors, except for the operations where it takes strong decisions like prohibition. In these last cases, the signal coming from the DGC encompasses valuable information and is well understood by market participants.     

论Lab-Corder测量太阳电池伏安特性的实验技巧

在Lab-Corder测量太阳电池伏安特性实验中,只要改变二个可变电位器的负载大小,就可以完成本实验的数据测量.但Lab-Corder采集到的数据及图形往往不是很理想,达不到预期的结果.在实验过程中如何进行才能得到我们想要的实验结果呢？在本实验中实验的技巧是至关重要的一环,本文重点探讨其实验的技巧及方式方法对实验的结果影响.     

Investing against the wind: contagion during the recent financial crisis

This article examines the effect of Warren Buffett’s investment in Goldman Sachs on 24 September 2008, during the subprime mortgage crisis. Although this event is arguably perceived to be the biggest expression of confidence in the financial market during the crisis, by conducting event studies, we do not find the major counterparties of Goldman Sachs displayed positive abnormal returns. Moreover, the abnormal return is not significantly related to the counterparty connection. We have similar findings on these financial institutions’ default probabilities using credit default swap.     

林业的历史性转变与碳交换机制的建立

地球大气CO2含量上升是导致地球水、气、热循环失常以及生物多样性减少的主要原因。全球对林业的主要生态需求是发挥森林减少大气CO2含量的功能。现在人们公认的许多林业理念是偏颇的,需要纠正。地球生态危机说明CO2排放空间是稀缺资源,发展的结果必然导致在全球分配CO2排放权,从而产生CO2排放权交易、碳汇产权化、生态服务有形化、有偿化。     

趋势因子与股票横截面收益

本文采用2005年至2016年A股上市公司为研究样本,通过归一化的均线指标,构造了个股趋势因子。实证结果发现：该因子对股票横截面收益具有显著的解释能力,经过CAPM模型和Fama French三因子模型风险调整后依然存在显著的超额收益。     

Market Reaction to Corporate Social Responsibility Announcements： Evidence from China

This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibilitY （CSR） by Southern Weekend （a Chinese newspaper）for Chinese firms from 2008 to 2012. Our results show significant and pcsitive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.     

Ergodic chaos for non‐expansive economic models**

Ergodic chaos is one of the most important concepts in the theory of nonlinear economics. Due to the lack of appropriate sufficient conditions, its reach has not been fully understood. In this paper a sufficient condition for ergodic chaos that covers non‐expansive dynamical systems is examined. By analyzing an endogenous growth model as an example, we discuss the breadth of models in which ergodic chaos can emerge.     

科学技术在自然界演化状态中的作用探析

阐明科学和技术的本质,是科学哲学和技术哲学的基本问题。本文根据自然界演化的过程对其进行梳理,在演化论的视域下,对科学技术本质进行了重新解读。根据马克思解放观的思想,对自然界的演化过程进行了分析,说明了对各种演化态引入的具体的科学和技术以及人类是如何利用科技把非常态引入到常态的。通过这些思考更加明确了科学技术是人类争取自由、获得解放的重要工具,认为科学技术的本质是人类从自然界的各种演化状态中解放出来,即把非常态引入到常态环境的中介和手段。通过对自然演化状态中的每一个状态加以分析,肯定了科学技术在人类社会发展中的重要作用。本文从自然界的演化过程出发,具体探讨了科学技术在自然演化态向人类生存环境引入中的作用以及人类从各种演化态中解放的具体形式,进一步丰富了人工过程论的科学技术观,深化了对科学技术本质及相关问题的认识。