改进的“当前”统计模型变采样率目标跟踪算法

为满足实际雷达系统对高精度和高实时性的要求,提出了一种改进的“当前”统计模型变采样率机动目标跟踪算法。该算法针对“当前”统计模型必须预设加速度极值和机动频率的问题,提出一种加速度方差和机动频率在线同步自适应方法,建立改进的“当前”统计模型机动目标跟踪算法;针对在线自适应方法计算量大的问题,结合采样周期的大小与目标机动特性的关系,引入变采样率方法。仿真结果表明,与传统“当前”统计模型相比,改进的“当前”统计模型机动目标跟踪算法能显著提高对不同机动强度目标的跟踪精度;变采样率方法通过减少采样点数,节省了系统资源,提高了跟踪实时性;所提算法将两者结合,用传统的“当前”统计模型1.5～2倍的平均采样周期得到了更小的位置均方根误差,实现了用单模型方法同时改善跟踪精度和实时性的目的。     

Credit Crunch and Target Capital Structure: Empirical Studies Based on Natural Experimentin China

Abstract:

Data from China’s credit crunch, which started in 2007, is utilized to establish a natural experiment to investigate the impact of the credit crunch on target capital structures. The sample consists of 1,128 listed companies in China during the period 2000–2011. The interest-bearing debt to total assets ratio is used as a representative indicator for capital structures. The results indicate that the credit crunch was associated with a decrease in the target debt ratios for all listed companies. Small firms, privately owned enterprises, and firms with weak mortgage capabilities responded more sensitively to the credit crunch by showing a substantial decrease in target debt ratios.     

Measuring trend inflation in India

Central to monetary policy is the concept of trend inflation to which actual inflation outcomes are expected to converge after short run fluctuations die out. Accordingly, the inflation target needs to be fixed in alignment with trend inflation to avoid unhinging inflation expectations and flattening the aggregate supply curve or imparting a deflationary bias to the economy. Results from a regime switching model applied to a hybrid New Keynesian Philips curve suggest a steady decline in trend inflation since 2014 to 4.1–4.3 per cent just before COVID-19 struck. This points to maintaining the inflation target at 4 per cent for India.     

“双碳”目标下中国旅游碳排放的文献可视化研究

随着“双谈”目标的提出,旅游业中的碳排放问题逐渐凸显,尤其是旅游交通、大型酒店等行业,在旅游业碳排放中占很大比例。以旅游业碳排放领域为研究范围,采用文献计量和可视化分析方法,对该领域已知的研究成果进行统计分析。结果显示：国内相关研究起步较晚,且发展后劲不足;区域聚合研究较少;技术进步的停滞,导致“旅游+双碳”研究创新力不足。     

《红楼梦》文化负载词汇英译策略与方法管窥

语言与文化两者是密不可分、相互依存的。翻译不仅涉及到源语与译语两种语言的交流,而且更关系到两种不同文化的交流。汉语文化源远流长、博大精深,众多的文化负载词所蕴含的丰富文化内涵为翻译平添了不少难度。文章基于文化及文化对比视角,对《红楼梦》两种译本中某些文化负载词的翻译策略与方法进行探究与评介,以期对汉语文化负载词汇的英译起到抛砖引玉的作用。     

中国煤炭企业海外投资目标国选择及实施途径

伴随世界能源问题益显突出和国内市场国际化进程的加快,煤炭作为主要的能源及原料对国家能源供给和经济稳定的影响更加突出。中国煤炭工业在应对国内外竞争压力的同时,也面临着国际国内两种资源的选择和市场发展的机遇。当前中国煤炭工业海外投资已是大势所趋,这既是保障国家能源稳定供给和能源安全需要,也是寻求自身可持续发展和提高企业国际竞争力的必然选择。创新研究提出中国煤炭企业好海外投资选择目标的评测方法,从指导操作的角度,为中国煤炭企业海外投资的途径和策略选择提供方法指导。     

Private acquisition gains: A contingent claims explanation

This paper studies announcement returns of Western European acquisitions of private and public targets. It uses a contingent claims perspective to offer a new explanation for the difference in abnormal returns between acquirers of private and public targets. In this context, an acquisition is analogous to buying a call option and the value of the acquirer increases with uncertainty about its growth prospects (options). We test this idea by studying the relation between announcement returns and acquirer's characteristics that proxy for the existence of growth options. Consistent with the contingent claims hypothesis, the private acquisition gains are associated with the combined effects of growth options (having higher runup before the acquisition announcement) with low level of leverage (near-all equity capital) and with uncertainty (measured by age and analyst coverage of acquirers).     

A Jump-diffusion Model for Exchange Rates in a Target Zone

We propose a simple jump-diffusion model for an exchange rate target zone. The model captures most stylized facts from the existing target zone models while remaining analytically tractable. The model is based on a modified two-limit version of the C OX , I NGERSOLL and R OSS (1985) model. In the model the exchange rate is kept within the band because the variance decreases as the exchange rate approaches the upper or lower limits of the band. We also consider an extension of the model with parity adjustments, which are modeled as Poisson jumps. Estimation of the model is by GMM based on conditional moments. We derive prices of currency options in our model, assuming that realignment jump risk is idiosyncratic. Throughout, we apply the theory to EMS exchange rate data. We show that, after the EMS crisis of 1993, currencies remain in an implicit target zone which is narrower than the officially announced target zones.     

金融监管大部制：中国金融监管体制改革的目标设想与路径选择

随着金融全球化的发展潮流,中国金融监管模式面临严峻挑战,现行的金融业分业经营、分业监管组织体系将无法适应金融开放与金融创新以及混业经营带来的风险。金融监管大部制成为中国金融监管改革的目标模式。金融监管大部制的实现要循序渐进,逐步独立于政府其他机构。