Capital Market Integration in the Middle East and North Africa

This paper studies capital market integration in Middle Eastern and North African (MENA) countries and its implications for international portfolio investment allocation. Starting with four cointegration methodologies, we significantly reject the hypothesis of a stable, long-run bivariate relationship between each of these markets and the European Monetary Union (EMU), the United States, and a regional benchmark. This indicates the existence of significant diversification opportunities for three categories of investors (EMU, world, and regional investors). A recursive analysis based on Barari (2004) suggests that recently, the MENA markets have started to move toward international financial integration. Investigating the effect of selected financial, economic, and political events on such a process, we extend the methodology and find that the markets react heterogeneously to the different categories of shocks. They should therefore not be treated as a bloc for global allocation purposes. Finally, after adjusting the integration levels by relative market capitalization, Israel and Turkey are the most promising markets in the region, followed by Egypt, Jordan, and Morocco. Tunisia and Lebanon seem to be lagging behind.     

国资国企改革典型经验研究与启示——央企和部分省市典型经验对上海“十二五”期间国资国企改革的启示

国有经济和国有企业伴随着中国30年的改革开放，有了重大的变化。中央企业和各省市探索出许多国资国企改革方面值得总结和借鉴的宝贵经验。这些经验也将给上海市“十二五”期间进一步深化国资国企改革带来有益的启示，促进新一轮国资国企的改革发展。     

基于粒子群算法的证券组合投资模型的研究

从证券组合模型的概念,给出证券组合多目标决策模型。并用模糊优选法将证券组合多目标优化转化为单目标优化。同时,重点描述了粒子群算法,并采用自适应变异的粒子群算法对证券组合投资模型进行求解,最后编程实现证券组合模型的最优解,试验结果表明此方法取得了较好的效果。     

交叉销售视角下企业多元化战略风险研究

交叉销售在服务业和高科技行业的兴起,使得越来越多的企业开始从事基于交叉销售的多元化战略.这类多元化战略同时具有多元化战略的一般性特征,又带有交叉销售背景下的特殊性.本文在对多元化战略的风险及交叉销售相关研究加以逐一回顾的基础上,对基于交叉销售的多元化战略与一般性多元化战略的差异进行了比较,并对其所具有的风险进行了深入的探讨.     

大学英语教学——多元化性教育的重要平台

笔者对在大学英语课堂教学中定期开展性教育的课程设计、教学方法、作业的实施以及学生在教学中的反应与意见进行了调查研究。研究发现,在大学英语教学课堂中适时对学生进行性教育,不仅可以培养学生形成正确、健康的性价值观,而且还能使学生在了解西方性文明的同时提高其学习英语的兴趣。由此可见,在我国大学生性教育需求日益凸显的今天,将正确的性知识、性观念、性道德及两性相处的知识融入到大学英语教学中,构筑多元化大学生性教育平台是必要和迫切的。     

Cost-effective compensation to avoid carbon emissions from forest loss: An approach to consider price-quantity effects and risk-aversion

Analyses were carried out on financial compensation to avoid loss of tropical forests and related carbon (C) emissions when marginal financial yield declined for land-use options with extended areas, and when a risk-averting perspective (modeled according to financial theory around the capital asset pricing model) is assumed. The approach in this study was to consider natural forest, forest plantation, pasture, and cropland simultaneously to investigate how an optimized land-use distribution may reduce the amount of compensation necessary to avoid C emissions from forest loss.The financial compensations derived were as high as US$ 176 per hectare per year when comparing natural forests only with the most profitable alternative (croplands). However, compensation decreased to US$ 124 for risk-neutral decision-makers, who would strive for optimized land-use allocation, and to only US$ 47 per hectare per year for risk-avoiders, who would look to maximize the reward-to-variability ratio. Sensitivity analyses indicated that the compensation under risk-aversion increased much less than under risk-ignoring when increased productivity of agricultural land-use or growing demand for agricultural products was simulated. It was concluded that considering appropriate diversification strategies and the well documented human behavior to avoid risks is an important step in developing cost-effective compensation policies.     

A heuristic procedure to identify the most valuable chain of patent priority network

In this study, we provide support for the argument that patents are at their maximum value at those times when they are under litigation. We develop a heuristic procedure to determine the way in which such patents under litigation form a network of patent family members, and then go on to examine the priority patents involved. We subsequently attempt to develop a simple procedure to further identify both the ‘critical’ and ‘significant’ chains within our proposed patent priority network. We suggest that the ‘critical’ and ‘significant’ chains that are created within the above network provide companies with important information which will ultimately provide them with valuable support for the subsequent decision of their patent portfolio strategies.     

基于双边视角的零售商运营研究

供应商的多样化和差异化,是零售平台的普遍特征。不同于源于供应商多样化的组间网络效应,源于差异化的供应商对顾客的边际组间网络效应是递减的,同时带来供应商间的负的竞争效应。研究发现,随差异化竞争的供应商数量增长,零售商对供应商的组间网络效应补贴下降,并向供应商收取源于差异化竞争的价格加成,限制差异化竞争的供应商数量。供应商间的差异化度越低,最优的差异化供应商数量越少。零售商在供应商多样化和差异化之间权衡选择的差异,形成零售商服务的差异化,有利于缓和零售商间的竞争。