语言模因和认知隐喻

语言是传递信息的工具,模因的模仿、复制、传播可以通过语言得以有效的实现,而另一方面,隐喻是语言新的意义产生的根源,因此模因的生存和发展离不开隐喻。本文以认知隐喻为研究对象,运用模因理论,分析认知隐喻的模因现象、模因特征以及模因传播,认为模因借助于隐喻生成和发展,而隐喻又依附于模因发展和传播,两者相互依赖,共同发展。     

Government contracts and US bond yield spreads: A study on costs and benefits of materialized political connections

In a 1991–2013 sample of bonds issued by US public firms, we find that the cost of debt (yield spread relative to comparable Treasuries) of suppliers to government agencies is contingent on the strategic importance of the supplier's industry. The yield spreads for strategically unimportant government suppliers are higher than for firms that are not government suppliers. If government contracts serve as tangible evidence of political connections, these higher yield spreads indicate that weaker corporate governance as a cost of political connections outweighs the benefits of said connections. For the subsample of government suppliers from strategically important industries, where the benefits of implicit bailout guarantees and revenue stability outweigh the corporate governance problems, the cost of debt is lower than for firms that are not government suppliers. The higher (lower) cost of debt for strategically unimportant (strategically important) suppliers is confined to contracting with the federal government. Our findings are robust to alternative variable and sample specifications, and to endogeneity concerns.     

基于通信转发器的扩频测距技术

针对航天器测控中利用卫星通信转发器实现多站测距进行可行性分析,在扩频测距 帧测距原理的基础上,研究利用卫星转发器对上行测距信号变频转发来实现对星测距,同时 对卫星工程测控与应用系统之间上下行链路功率分配、标校方法、地面测量设备组成原理等 关键技术进行分析论述。该测距方案突破了传统多站测距时受卫星应答机配置数量的限制条 件,实现多站同时测距后,可以提高测距精度和定轨精度,降低对设备测角精度的要求,减 少测轨时间,有效缓解测控设备资源紧张的状况,同时该测距方式还可作为应答方式侧音测 距的有效技术备份手段。     

降息周期对寿险公司的影响及产品对策

自2008年9月以来,中国人民银行连续出台了降息政策,预示着新一轮降息周期来临。本文对此轮降息周期进行基本分析后,提出了降息周期未来预期的三种假设,并对比上次降息周期对寿险业产生的影响,研究了不同降息周期假设对公司已产生和可能产生的多种影响,初步探讨了基于产品层面的应对策略。     

Risk Aversion and the Bid–Ask Spread

This paper studies the properties of bid and ask prices posted by a monopolistic market maker, without parametric assumptions about the utility function of the market maker or about the probability distribution of the return of the risky asset. We first prove that the two prices can be higher or lower than the expected value of the asset, and that the spread is decreasing in the initial wealth when the market maker exhibits decreasing absolute risk aversion. We conclude by some examples illustrating the fact that almost all shapes can be obtained for the bid–ask spread (as a function of the inventory) depending on the probability distribution of the payment of the risky asset.     

Accounting data and the credit spread: An empirical investigation

Measures of credit risk based on Merton (1974) rely upon information available in the market prices of securities. Under the Efficient Market Hypothesis market prices should reflect all available information and, hence, make redundant all other information in the analysis of credit risk. This paper examines whether accounting data are fully reflected in the market-based measures of credit risk and therefore has no role in explaining variations in the credit spread on corporate bonds. We use a sample consisting of over 11,000 firm-quarter observations with matched equity, bond and accounting data. The results suggest that equity volatility and Merton's distance-to-default outperform accounting variables in explaining variations in the credit spread. However, accounting variables are incrementally informative in explaining variations in the credit spread when considered in conjunction with market-based measures. Within the set of accounting variables considered, we find that the profitability ratio is by far the most incrementally informative accounting variable.     

Emerging Bond Market Volatility and Country Spreads

Using JPMorgan's emerging market bond index, this paper analyzes how increases in country credit spreads can persist in emerging bond markets. The results of T-GARCH regressions show that, during financial crisis periods, emerging countries' credit spreads may increase persistently as a result of interaction between changes in spreads and volatilities, making emerging bond markets more turbulent. The results suggest that emerging countries should endeavor to develop a stabilization mechanism by enhancing information efficiency in bond markets. In particular, because Asian countries have experienced persistent, overreactive volatility, this paper implies that Asian countries should work together more closely during financial crisis periods.     

扩频测控系统的抗干扰能力分析

扩频测控系统抗不同形式干扰的性能有较大差异,就此进行了重点研究。通过理论分 析和仿真比较了扩频系统对多种干扰信号的抗干扰机理和抗干扰容限,并给出了具有抗干扰 能力的扩频接收机的设计思路与建议。研究结果可为扩频系统的设计和抗干扰试验提供参考 。     

The relation between municipal and government bond yields in an era of unconventional monetary policy

In this paper, we investigate how the 5‐year Swedish municipal bond yield has been related to the corresponding yield on government bonds during the period that the Riksbank has conducted unconventional monetary policy in terms of bond purchases. Using daily Swedish data on bond yields from February 2015 to January 2018, we first conduct an event study to assess the short‐run effects of the Riksbank's bond‐purchase announcements. We then estimate bivariate vector autoregressive models to study the dynamic relationship between the yields. Results from the event study suggest that the accumulated short‐run effect of the Riksbank's announcements was to lower the government bond yield by approximately 40 to 50 basis points and municipal bond yields by 30 to 35 basis points. Our vector autoregressive analysis indicates—in line with the event study—that an unexpected decrease in the government bond yield initially increases the municipal bond‐yield spread. However, after approximately 4 weeks, the effect has been reversed and the municipal bond‐yield spread is lower than it was initially. By conducting this analysis, we contribute to the understanding of the transmission of unconventional monetary policy.     

Risk‐taking channel of monetary policy

One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. We propose a possible causal mechanism for the forecasting power of the term spread, deriving from the balance sheet management of financial intermediaries and the “risk‐taking channel of monetary policy.” Monetary tightening leads to the flattening of the term spread, reducing net interest margin and credit supply. We provide empirical support for the risk‐taking channel.