Real options and contingent convertibles with regime switching

We consider a firm with no assets in place but an option to invest in a project. The investment is irreversible but delayable in a regime-switching economy. The firm issues equity, straight bonds (SBs) and contingent convertibles (CoCos). We provide the closed-form prices for the firm׳s securities and the pricing and timing of the option. Our numerical analyses discover that issuing CoCos instead of SBs induces much less agency cost of debt. The agency cost is higher in a boom economy than in recession but the difference is small. There is a unique CoCos׳ conversion ratio such that the agency cost arrives at the minimum value zero. The inefficiencies arising from asset substitution and debt overhang are much more significant in recession than in boom. Only if the conversion ratio is not too small, the two inefficiencies disappear during boom periods. While the effects of the conversion rate on optimal capital structure and firm value and those of supervision and jump intensity on optimal CoCos׳ coupon are ambiguous and weak, the stricter the supervision or the longer the economy remains in recession, the less the option value and the optimal SBs׳ coupon.     

Optimal distribution of the injured in a multi-type transportation network with damage-dependent travel times: Two metaheuristic approaches

We study a location-allocation-routing problem for distribution of the injured in a disaster response scenario, considering a three-type transportation network with separate links. A circle-based approach to estimate the impacts of the disaster is presented. After formulating relations for computing the percentage of the injured, the destruction percentage and the damage-dependent travel times, the problem is formulated as an integer nonlinear program. We utilize a genetic algorithm and a discrete version of the imperialist competitive algorithm for solving large problems. An empirical study focused on earthquakes in Tabriz, Iran, illustrates applicability of the proposed model and performance of the proposed algorithms.     

基于风险选择与投资收益的外汇储备币种结构研究

随着外汇储备规模的不断增加,国家外汇储备投资的风险偏好亦会发生相应的变化。借鉴 J. H.Makin(1971)的方法,构建外汇储备币种结构配置理论模型,讨论在效用最大化的情况下,储备资产投资如何在安全性、流动性和盈利性三原则间进行权衡。假设外汇储备仅投资于美元和欧元两种币种资产,选取2000年初~2014年第三季度的10年期美国国债和欧元区公债季度数据,运用协整分析、格兰杰检验等方法进行的实证研究发现：储备货币在外汇储备中的比重与储备货币收益率及其三阶矩显著正相关,国家外汇储备投资总体而言是风险规避型的。     

深空天线组阵相关合成算法的Simulink仿真与分析

为对深空网天线组阵中几种相关合成算法进行分析比较,构建了一种新的Simulink仿真模型。将其应用于某测控站天线组阵试验数据,验证了模型的可行性。在此仿真模型下,对Simple、Sumple和Matrix-free 算法进行了频标同源/频标不同源、弱信号/强信号、2/3/6个天线等组阵情况下的仿真分析。三种算法在频标同源情况下的合成效率均优于不同源的情况;强信号组阵情况下,三种算法的信噪比合成性能基本相当;Simple算法在6天线情况下,信噪比合成性能下降;Sumple算法在组阵的天线数目很少时,合成信噪比较低且不稳定,在天线数目较多时性能良好;Matrix-free算法性能稳健,合成效率始终大于95%。该Simulink仿真模型对于进行天线组阵信号相关算法的分析具有一定的价值。     

Dialect,transaction cost and intra-national trade: evidence from China

Growing evidence emphasizes the important role of network effects on bilateral trade. This paper proposes a new factor – dialect difference, which decreases social network across regions, may increase transaction costs and thus shape interregional trade pattern. Taking China as an example, we use a gravity model considering network effects and provincial data from 1997 to 2009 to examine the effect of dialect difference on intra-national trade. We find that dialect difference has a significantly negative effect on interprovincial trade. Moreover, this paper explores the time dimension of the effect of dialect difference. We find that the negative effects of dialect difference on trade have been diminishing over time. Migration and the promotion of Mandarin have increased interregional cultural connections and thus mitigated the negative effects of dialect difference.     

城市土地空间结构演变及其驱动机制分析

城市土地利用空间结构及其演变一直是城市地理学、城市经济学、城市规划学、土地利用学等学科研究的核心与热点问题.当前我国城市土地利用正处在快速城市化的开端,在未来近半个多世纪的时期中,将一直处于急剧突变进程之中.加强对我国城市土地空间结构演变及其驱动机制的研究,有助于我们从城市用地结构演变的根源分析问题.本文简要概括了城市土地利用空间结构的相关研究,分析了城市用地空间结构演变在空间上的两种表现形式,并在此基础上分析了城市用地空间结构演变的动力主体、驱动力和驱动机制,以期为更好地促进城市土地利用结构的优化提供相应的参考.     

虚拟企业供应链及其“魔方”组织结构

虚拟企业关注＂敏捷＂,供应链强调＂精益＂,如何精益地实现敏捷生产与服务则是虚拟企业供应链的研究范畴。首先给出虚拟企业供应链的概念,然后提出虚拟企业供应链＂魔方＂组织结构模式,并对该组织结构的特点和类型进行定性分析。希望通过研究能有助于虚拟企业、供应链的深入研究,丰富虚拟企业供应链的探索。     

Study on the Interior Market Network Structure and Its Efficiency in a Knowledge Based Company

A knowledge based company is the microcosmic foundation of the knowledge economy, the design of its organization structure should amplify the company competence to be agile to the knowledge elements. This paper expounds an interior market network structure which is fit for the company intellectual capital operation, and analyses this organization pattern about the reasons of existence, the effectiveness of growing up in scale, the economies of knowledge distribution and the efficiency of operation, and it will provide some beneficial theoretical guidance about how can a company improve its competition competence in the knowledge environment through organization innovation.     

房地产价格与房地产投资来源结构

近几年来,大量外资以及民间资本纷纷进入我国房地产业,而与此同时我国部分地区房地产价格出现了不合理上涨,为了探讨房地产投资来源结构与房地产价格之间的关系,本文运用1999年房地产投资以及销售的数据建立了二者之间的模型,回归结果表明:外资以及民间资本对我国这轮房地产价格的上涨起着重要的推进作用;国内贷款对房地产价格的上涨影响不大;债券投资对房地产的价格会产生抑制作用.     

NFC协议的模糊测试优化方案

针对NFC协议进行模糊测试方案时产生大量不符合协议规范的无效测试用例而导致测试效率较低的问题,应用图论思想,提出了基于生成的策略与深度优先算法融合后的模糊测试方案。在基于生成的策略下构造测试用例的过程中,遍历由协议规范连接成的测试需求图,以深度优先算法搜索图中覆盖点较多的生成路径,精简测试用例的生成路径,保证生成的测试用例能够接近协议规范。实验分析表明,所提出的模糊测试方案能够有效地减少无效测试用例的生成,提高测试效率。