The measurement of corporate portfolio strategy: analysis of the content validity of related diversification indexes

Measures developed for the analysis of corporate diversification have become fundamental to a broad range of strategy research. This paper examines the content validity of the two most widely used continuous measures of related diversification—the related component of the entropy index and the concentric index—and raises fundamental questions about their validity as indicators of portfolio relatedness. These questions are not driven by the use of SIC data for estimation of the indexes; they involve validity problems intrinsic to the construction of the measures. The related component of entropy and the concentric index are sensitive to features of corporate portfolio composition that may not be directly linked to portfolio relatedness. These sensitivities can create important ambiguities in strategy research. Copyright © 2002 John Wiley & Sons, Ltd.     

Bounds for Functions of Dependent Risks

The problem of finding the best-possible lower bound on the distribution of a non-decreasing function of n dependent risks is solved when n=2 and a lower bound on the copula of the portfolio is provided. The problem gets much more complicated in arbitrary dimensions. When no information on the structure of dependence of the random vector is available, we provide a bound on the distribution function of the sum of risks which we prove to be better than the one generally used in the literature.     

Anxiety of dependency in international joint ventures? An empirical study of drivers and consequences of relationship insecurity

This research introduces and delineates the concept of insecurity in IJV relationships. We define relationship insecurity as a parent firm's concerns about the continuance of the alliance arrangement and its partner's future provision of need satisfaction. According to interdependence theory, exchange partners that experience high dependence inevitably experience this ‘anxiety of dependency’, and the emergence of insecurity can destabilize the working relationship from within. We develop a conceptual model of the drivers and consequences of relationship insecurity in IJVs. Our survey results from 125 IJVs indicate that focal firm dependence and partner firm dependence both negatively affect insecurity, though the former is the dominant predictor. This surprising finding implies IJV partners experience ‘anxiety of low dependency’. The results suggest insecurity not only reduces directly IJV performance, but also lowers the quality of interpartner communication, which in turn dampens performance. Implications of these results are discussed.     

武汉担当中部崛起“龙头”的金融对策研究

党中央从统筹区域发展的高度，提出了“中部地区崛起”战略。武汉作为中部地区的特大型城市，担当中部崛起“龙头”既得天时，也有地利，更具人和。银行作为金融部门，支持武汉担当中部崛起“龙头”责无旁贷，其主要措施是：集合金融资源，积极支持武汉实施城市联动战略；加快金融体制创新和业务创新，积极探索和设立基金管理公司，成立中部开发银行和中部发展银行，支持国有商业银行在武汉市进行信贷资产和住房抵押贷款证券化试点，尝试资产管理公司与政府合作处理不良资产，大力发展投资银行业务等；改善金融生态环境，提高信贷政策对产业政策的敏感度和金融资源配置效率，引导金融支持的方向和力度。     

Measuring financial risks with copulas

This paper is concerned with the statistical modeling of the dependence structure of multivariate financial data using the concept of copulas. We select some special copulas and identify the type of dependency captured by each one. We fit copulas to daily returns and simulate from the fitted models. We compare the effect of the choice of copula on risk measures and assess the variability of one-step-ahead predictions of portfolio losses. We analyze extreme scenarios and fit extreme value copulas to the block maxima and minima from daily returns. The stress scenarios constructed are compared to those obtained using models from the extreme value theory. We illustrate the usefulness of the copula approach using two stock market indexes.     

关于如何解决电网发展资本金短缺问题的探讨

介绍了国家对建设项目资本金的有关规定及近年来国家电网发展状况,提出了解决电网发展出路的建议。     

The Effects of Oil Price on the Korean Economy: A Global VAR Approach

This article empirically explores the effects of oil price on the Korean economy using a Global VAR model. First, we evaluate the average connectedness of oil price with the Korean domestic variables over the precrisis period. We then investigate the time-varying contribution of oil price to the Korean financial and real sectors during and after the global financial crisis through recursive estimation. It is found that the contribution of oil price becomes very large in the case of real exports, equity prices, and real output, but plays a much less prevalent role in the remaining cases. In the meantime, the time-varying contribution of oil price to the Korean economy has not changed during and after the global financial crisis. Interestingly, we find that the Korean economy is affected mostly by overseas financial conditions in the short-term but it becomes more susceptible to oil price fluctuations in the long run, suggesting that Korea’s reliance on energy imports leaves the economy exposed to volatility in energy prices.     

水平岩层隧道支护体系加固措施及施工工艺研究

合理的设计支护体系及合理的选择施工技术,可以节约支护成本,本隧道水平岩层的设计加固措施及施工工艺研究将为提高水平岩层隧道整体设计与施工技术水平和确保工程质量,提供理论依据和技术保障。     

建筑施工企业工程项目合同管理的法律风险及防范

工程项目是建筑施工企业经营管理的源头和效益的源泉。加强工程项目合同管理,从源头上预防和化解法律风险,杜绝纠纷案件,是提升项目创效水平,实现项目效益的重要环节。本文论述了工程项目合同管理中容易引发的法律风险,以及就如何防范法律风险有针对性的提出了预防措施,对建筑施工企业防范法律风险有着较强的指导意义。     

框架填充墙裂缝原因分析及预防

文章分析了加气块填充墙裂缝的开裂成因,并提出了相应的预防措施。