THE IMPLICATIONS OF TRADER COGNITIVE ABILITIES ON STOCK MARKET PROPERTIES

Market structure and individual rationality remain at the centre of a debate as to which is the main driving force in market performance. We examine the role of individual rationality, comparing zero‐intelligence traders with traders with different levels of intelligence using a special adaptive form of strongly typed genetic programming‐based learning algorithm. We use this approach with real data: historical quotes of the S&P 500 and Coca‐Cola stock prices. We find a mixture of positive and negative impacts from intelligence on market performance. Because the concept of market structure as a driving force has been significantly challenged in the literature, we suggest that the inclusion of both intelligence and market structures is important when examining the driving forces of market performance. This inclusion is consistent with the research of Todd and Gigerenzer (Journal of Economic Psychology, 24 (2003) 143–165), which asserts that both environment (market structure) and agents’ cognition play important roles. Copyright © 2013 John Wiley & Sons, Ltd.     

野外地质实践教学“安全、高效”运行方法

野外地质实践教学在地质学教学过程中极为重要,是培养合格地质人才的关键之一。想要"安全、高效"的完成野外地质实践教学工作,实习前的安全教育工作是必不可少的;实习动员工作则是为了提高师生的实习热情;野外踏勘等则是为了增强带队教师的"火车头"作用,保障实习"高效"的进行;严于律己、身体力行更能充分体现带队教师的模范作用;沟通协作、团队领导则是"安全、高效"完成野外地质实践教学的又一有力保障。     

Validity of discrete-time stochastic volatility models in non-synchronous equity markets

The paper investigates the validity of versions of discrete-time stochastic volatility models for index series known to contain component stocks exhibiting non-synchronous trading. The efficient method of moments (EMM) is used to fit versions of the discrete-time stochastic volatility (SV) model. The EMM methodology confronts moment conditions generated by a score generator (SNP) that are valid by construction. The moment generator suggests non-linearity in the index series. The EMM construction shows that a classical discrete time stochastic volatility model is rejected. An extended model incorporating an asymmetric volatility specification validates all the moment scores. Option values from Black and Scholes (BS) and Monte Carlo simulations (MC) seem significantly different. The results suggest that BS does not price asymmetry adequately. Asymmetry suggests increased market risk inducing higher BS call prices and lower (higher) BS put pricing for ATM and OTM options (ITM) relative to MC.     

高校英语教育与区域经济发展探究

本文主要探讨地方高校英语教育对地方经济与社会发展的推动,在我国高素质建设过程中高校英语教育与区域经济发展之间的关系。高校英语教育在我们河南省尤其对于我们商丘地区来讲处于教育体系中的薄弱环节,我们应该利用好我们地方高校的英语教育资源来为我们商丘的英语教育服务。推动我们地方经济建设的发展,具有比较重要的现实意义。     

Cointegration, Efficiency and Forecasting in the Currency Market

Existing literature on using the cointegration approach to examine the efficiency of the foreign exchange market gives mixed results. Arguments typically focus on econometric testing techniques, with fractional cointegration being the most current one. This paper tries to look at the issue from an economic perspective. It shows that the cointegrating relationship, whether cointegrated or fractionally cointegrated, is found mainly among the currencies of the European Monetary System which are set to fluctuate within a given range. Hence, there is no inconsistency with the notion of market efficiency. Yet, exploiting such a cointegrating relationship is helpful in currency forecasting. There is some evidence that restricting the forecasting model to consist of only cointegrated currencies improves forecasting efficiency.     

我国水资源的分配体系及其有效性分析

地表水的有效配置要求水资源的用水权是可转让的，地下水的有效配置则要求考虑使用者成本。而我国现行的水资源由行政分配，用水权无法转让，而且实行国家养水，福利供水政策，导致水过低，造成目前用水浪费，污染严重的局面，从水资源有效配置的角度出发，分析了我国水资源分配体系中存在的问题及影响因素，并就如何提高水资源的配置效率提供了一些建议。     

欧盟公共机构节能管理经验对我国的启示

文章介绍了欧盟公共机构节能组织体系、管理制度和节能措施等方面的一些做法和经验。借鉴欧盟的经验,结合我国2008年颁布的《公共机构节能条例》,应在构建公共机构节能管理体系,完善节能管理制度,强化节能管理措施,进一步推广能源审计,优先采购节能产品等方面进一步做好细致的工作,以更好地推进《公共机构节能条例》的实施。     

物流活动效率化探索

着重分析了供应链物流体系如何能够降低无效的物流活动，从而实现物流活动有效的效率化以及建构供应链物流体系的要素。     

Stochastic Conditional Intensity Processes

In this article, we introduce the so-called stochastic conditionalintensity (SCI) model by extending Russell’s (1999) autoregressiveconditional intensity (ACI) model by a latent common dynamicfactor that jointly drives the individual intensity components.We show by simulations that the proposed model allows for awide range of (cross-)autocorrelation structures in multivariatepoint processes. The model is estimated by simulated maximumlikelihood (SML) using the efficient importance sampling (EIS)technique. By modeling price intensities based on NYSE trading,we provide significant evidence for a joint latent factor andshow that its inclusion allows for an improved and more parsimoniousspecification of the multivariate intensity process.     

基于QFD构建与实施安全管理体系的研究

当前,我国正处在一个事故高发期,中小事故不断,重特大事故频频发生,人员伤亡众多,经济损失巨大。要想有效地提高我们的安全管理水平,需要系统的有效的安全管理体系予以保证。本文研究了将QFD(质量机能展开)应用于安全管理体系的构建和实施过程中,探讨了其可行性、应用方法和过程。