A Value at Risk Approach to Background Risk

This paper studies the effects of an uninsurable background risk (BR) on the demand for insurance (proportional and with deductible). We study both the case of BR uncorrelated with the insurable one and the perfectly correlated one, in a Gaussian world. In order to perform our study, we exploit the new risk measure known as Value at Risk (VaR) and consider insurance contracts which are Mean-VaR efficient. We obtain results which depend on the parameters (moments) of both risks and on the magnitude of loadings charged by the insurance company, instead of depending on the risk attitudes of the insured, such as risk aversion and prudence.We demonstrate that, if loadings are not too high, the demand for insurance increases with positively correlated BR; it decreases with BR negatively correlated if the latter is less risky than the insurable one (in this case it can even go to zero, if loadings are too high); it goes to zero with BR which is negatively correlated and more risky than the insurable one.     

公共行政的范式转换及其政府信任问题

政府信任是政府和公众之间基于公共利益的博弈互动关系．符合公共利益的行政价值理念将为政府提供持久的、合法的信任源泉。从官僚制到新公共管理，由于片面注重管理主义工具价值，而忽视公共利益和民主价值，不可避免地面临着政府信任的困境。民主行政作为新公共行政的学术识别系统。坚持和发展公共利益价值取向，实现价值理性和工具理性的统一，符合人类理性与社会公共利益均衡健康发展的内在需要。必然会全新构建和强化公众与政府的互信合作关系。     

On the test of the correction mechanism for mis-pricing between assets using a statistical yield spread model

This paper investigates the existence of a correction mechanism for mis-pricing between Japanese stock and bond. By this correction mechanism we mean that when deviations occur from the equilibrium levels of the expected return differentials between stock and bond — the risk premium differentials, the market will tend to correct the mis-pricing and bring the expected return differentials back to the equilibrium levels. We assume that the yield spread between the predicted earnings price ratio of stock and the yield to maturity of bond reflects the risk premium between stock and bond, and estimate the equilibrium risk premium differentials and mis-prices between stock and bond by modelling their behaviors with a statistical yield spread model (SYS). Empirical results strongly indicate the existence of the mis-pricing correction mechanism, suggesting the inefficiency of securities markets.     

企业家人力资本股权化的战略研究

文章首先阐述了企业家人力资本股权化战略的内涵及意义,在此基础上,对企业家人力资本与企业绩效之间的内在联系进行了探讨。通过股权化制度在企业组织中不断运行,提高了企业家努力水平,在此基础上激发企业家专用性人力资本的有效供给,使其理论价值转化实际价值,在企业绩效有保证的基础上使初始配置的股权价值得以实现。     

云南长防林体系建设中几个问题的探讨

本文就云南省长防林体系建设中存在的认识问题,指导思想、政策、资金投入及有关技术问题,进行分析。提出相应的对策和意见。     

Who votes for public environmental goods in California?: Evidence from a spatial analysis of voting for environmental ballot measures

Voting referenda provide direct evidence of the demand for public goods. A number of previous studies have used referenda to analyze the support for public environmental goods. These studies have used aggregate data from large jurisdictional units (usually counties) and summary income measures such as the mean or median, and have usually found that higher income areas offer greater support for environmental propositions. We examine environmental referenda voting in California using census block group data, spatial dependence controls, and detailed income distribution data. We find that household income has a negative marginal effect on environmental referenda voting for most of the income range when using census block data. In addition, controls for spatial dependence significantly reduce the magnitude of most coefficients. This suggests that OLS estimates of referenda determinants are biased. We also show that county level data may be subject to severe aggregation bias and might not be appropriate for referenda studies.     

申遗背景下的中国自然遗产潜力评估

参照世界自然遗产地学、美学、生物生态过程和濒危物种栖息地4项申遗评选标准,依据地貌景观、生物景观等价值构成,建立美学价值评估方法;依据世界遗产13类地学主题评价框架、地质演化过程、典型类型地貌等价值构成,建立地学价值评估方法;依据生态系统过程、物种多样性、栖息地等价值构成,建立生物生态学价值评估方法。利用全球对比的方法提取和评估突出普遍价值,将中国自然遗产潜力区分为青藏高原区、西北干旱区、东部季风区等生态环境基本单元,筛选我国世界自然遗产潜力区。重点提出海洋类世界自然遗产和西部北部地区申遗的可能性,提出中国申报世界自然遗产突出普遍价值的评估策略与优先原则。     

高职物流管理专业订单培养模式实践研究

自从教育部教高[2006]16号文件颁布以来,高职的订单培养问题一直是高职教育的一个热点,但针对物流管理这类经管专业在具体的实践过程中出现了不少的问题,如何解决这些问题一直是经管类专业的重要课题。通过多年的实践,我们在对物流管理专业的订单培养过程中灵活根据用人单位的需要不断地进行人才订单培养模式的研究与实践,目前已经形成了全过程订单培养、半过程订单培养、推荐式订单培养三种主要的订单培养模式。文中对这些实践经验进行了研究与总结。     

领导成员交换与员工创造力：情感机制的中介作用

情感是员工创造力的重要前因,而已有文献结论存在不一致,且未深入地探讨影响员工情绪的组织情境因素。文章依据情感事件理论,分析和检验了领导成员交换、积极/消极情感与创造力的关系,以及组织创造力支持感的调节作用。通过分析442对主管〖CD*2〗下属配对样本,结果表明：积极情感和消极情感在领导成员交换与创造力关系之间起部分中介作用;组织创造力支持感正向调节积极情感与创造力的关系,而对消极情感与创造力关系的负向调节作用不显著;最后,高的组织创造力支持感还调节积极/消极情感在领导成员交换与员工创造力关系间的中介作用。     

铁路物流发展模型预测

随着物流业在我国的兴起和运输行业竞争的加剧,必然要求铁路企业物流化。为了适应这一发展趋势铁路企业必须建立自己完善的物流体系。针对此问题论文提出了构建铁路物流园区、物流化货运站的建议,以及与之相适应的一些管理方法。