排污权初始分配方式的比较研究

排污权交易制度是当今世界上新兴的环境管理措施，而在我国当前的排污权交易试点工作中，排污权初始分配方式成为了各方争论的一个焦点。文章将分别阐述免费分配、公开拍卖以及二者混合机制这三种分配方式的具体做法及其政策效应，并进行比较，以供参考和借鉴。     

对目前我国收入分配领域几个问题的思考

根据经济学家的计算,收入相对平等的国家基尼系数在0.2—0.35之间;0.4是一条警戒线,超过0.4就意味着收入差距较大。我国已经成为世界公认的收入差距较大的国家之一。文章在此背景下分析我国收入分配领域存在的主要问题,并探讨了基尼系数逐年上升的深层次原因。提出了健全初次分配的宏观调控,完善收入再分配机制,鼓励公益捐赠和重视教育培训等建议。     

Portfolio choice with skewness preference and wealth-dependent risk aversion

This paper studies a dynamic portfolio choice problem for an investor with both wealth-dependent risk aversion and wealth-dependent skewness preferences. In a general economic setting, the solution is characterized in terms of a system of extended Hamilton-Jacobi-Bellman (EHJB) equations and the solution is given in closed form in some special cases. We demonstrate the effects of higher order risk preferences and state-dependent risk aversion on the optimal asset allocation decisions. We find that wealth-dependent risk aversion facilitates risk taking and the skewness preference leads to a more positively skewed portfolio in certain circumstances.     

高等体育专业院校学生思想政治教育资源配置的涵义探析

本文从资源及其配置的涵义入手,逐步深入地对高等体育专业院校学生思想政治教育资源的含义进行分析,直至对高等体育院校学生思想政治教育资源配置的含义有一个清晰的认识,为高等体育院校学生思想政治教育资源的有效配置提供详实的理论基础。     

Risk-adjusted value allocation for (non-traded) assets with performance ratios

We propose a new valuation principle for possibly non-traded assets based on an implicit definition of a benchmark. The valuation principle allows taking (default and shortfall) risk constraints explicitly into account. The resulting risk-adjusted value functional is monotonic, positively homogeneous, partially concave and allows for an additive allocation of risk-adjusted values of non-traded assets in a portfolio. The valuation principle is applied to the problem of hedging and pricing in incomplete markets. Furthermore, accounting for non-traded assets is considered and we derive a risk-adjusted balance sheet for non-deterministic cash streams.     

The augmented Black–Litterman model: a ranking-free approach to factor-based portfolio construction and beyond

The Fama and French factor-ranking approach (1992, 1993, etc.) has been extensively applied in quantitative fund management. However, this approach suffers from hidden factor view, information inefficiency, etc. issues. Based on the Black–Litterman model (1992; as explained in Cheung 2010b Cheung, W. 2010b. The Black–Litterman model explained. J. Asset Mgmt., 11: 229–243. [Crossref] , [Google Scholar]), we develop a technique that endogenizes the ranking process and elegantly resolves these issues. This model explicitly seeks forward-looking factor views and smoothly blends them to deliver robust allocation to securities. Our numerical experiments show this is an intuitive and practical framework for factor-based portfolio construction, and beyond. This article features: (1) a new and unified framework for strategy combination, factor mimicking and security-specific bets; (2) an elegant and ranking-free approach to factor style construction; (3) worked examples based on the FTSE EUROTOP 100 universe; (4) insight into the classic issue of confidence parameter setting; and (5) implementation guidance in an appendix.     

An axiomatic characterization of capital allocations of coherent risk measures

An axiomatic definition of coherent capital allocations is given. It is shown that coherent capital allocations defined by the proposed axiom system are closely linked to coherent risk measures. More precisely, the associated risk measure of a coherent capital allocation is coherent and, conversely, for every coherent risk measure there exists a coherent capital allocation.     

资产配置视角下外汇占款与央行政策研究

本文对外汇占款的变化进行了分析,认为在逐渐市场化的环境下外汇市场各参与方资产配置格局发生了转变,改变了以往央行单独承担外汇占款及外汇资产风险的方式,转而由央行、商业金融机构以及其他部门共同承担,从而有利于减轻央行外汇占款冲销压力、增强货币政策独立性,并为汇率的市场化奠定良好的微观市场基础。     

OFDM双向多跳网络的新型比特和功率分配算法

结合新型双向多跳网络协议和正交频分复用技术,研究旨在保证通信质量情况下的自 适应比特和功率分配算法,其目的是以较小发送功率和较高频谱效率完成通信。通过凸优化 理论推导出最优功率分配算法,并提出一种基于贪婪原则的自适应比特分配算法,能够以较 低的复杂度在实际工程中完成部署。仿真分析表明,提出的双向多跳算法是传统多跳协议频 谱效率的2倍,所需发送功率是平均资源分配算法的1/3。     

林业生产要素配置效率研究综述及展望

在对近几年林业生产要素配置效率相关研究文献进行梳理的基础上,试图追溯林业生产要素配置效率的研究发展脉络,从生产要素配置效率的内涵及方法、林业生产要素配置效率的测算研究、林业生产低效配置的原因、提升林业生产要素配置效率的解决路径等方面的研究进行评述,并提出进一步研究展望。认为未来研究应该考虑林业生产独特的自然属性,应用遥感技术测算林业产出值,准确测算自然因素对林业产出的贡献值,构建能综合反映林业生产生态效益、经济效益和社会效益多功能林业发展的林业生产要素配置效率评价指标体系。