ON PORTFOLIO CHOICE BY MAXIMIZING THE OUTPERFORMANCE PROBABILITY

We consider the problem of optimal portfolio selection for a multidimensional geometric Brownian motion model. We look for portfolios that maximize the probability of outperforming a stochastic benchmark. More specifically, we seek to maximize the decay rate of the shortfall probability and (or) to minimize the decay rate of the outperformance probability in the long run. A simple heuristic enables us to find an asymptotically optimal investment policy. The results provide interesting insights.     

MSTP在银行系统专线接入中的应用

通过对MSTP在银行系统专线接入中应用的介绍,详细说明了MSTP专线接入方案的应用场景,方案的特点,网管的实现。根据客户的不同带宽需求,无需更换设备就能接入,完成客户的多种业务接入。     

液压爬升模板及砼布料杆在三峡升船机施工中的应用

为解决薄壁复杂混凝土结构施工,使用液压爬升模板及混凝土布料杆,在三峡升船机应用,效果良好。     

对设置辅助车道互通式立交的最小间距的简单分析

互通式立交是高速公路的重要组成部分,通过设置互通式立交将平面的冲突点完全消除,为交通流按方向重新分配服务。本文介绍了互通式立交间距的影响因素以及设置互通式立交时应考虑的因素,并在宏观上介绍合理控制立交间距的理念。     

国有大型资源型企业与属地政府协调机制研究

国有大型资源型企业与属地政府的协调关系是影响我国经济社会发展的重要因素之一。结合国有大型资源型企业和属地政府的行为目标及特征，分别从经济、社会和环境方面探析两者的关系现状，深入剖析税费、产业结构、劳动就业、文化活动、生态环境、基础设施等方面的协调关系，从建设服务型政府、增强企业社会服务和扩大企业辐射功能等方面，提出国有大型资源型企业与属地政府协调机制构建思路。     

铁路车站大空间广播系统清晰度的实验研究

根据大型铁路车站候车大厅的建筑形态,针对已建车站广播系统清晰度的测试结果分析,给出了混响时间与广播清晰度的变化趋势.通过实验方法,研究了影响广播系统STIPA的主要因素.     

斜井施工的长大隧道抽排水施工技术探讨

文章论述了梅花山隧道坪头斜井进入正洞抽排水施工技术,从涌水量预测、抽水设备选型、抽排水系统设置等方面进行了一些探讨,以期为类似工程施工提供一定的参考。     

The Subdominant Eigenvalue of a Large Stochastic Matrix

Using intuition and computer experimentation, Brady conjectured that the ratio of the subdominant eigenvalue to the dominant eigenvalue of a positive random matrix (with identically and independently distributed entries) converges to zero when the number of the sectors tends to infinity. In this paper, we discuss the deterministic case and, among other things, prove the following version of this conjecture: if each entry of the matrix deviates from 1/n by at most θ/n^1+е, then the modulus of the subdominant root is at most θ/n^е where θ and ε are arbitrary positive real parameters.     

Optimal investment,derivative demand,and arbitrage under price impact

This paper studies the optimal investment problem with random endowment in an inventory‐based price impact model with competitive market makers. Our goal is to analyze how price impact affects optimal policies, as well as both pricing rules and demand schedules for contingent claims. For exponential market makers preferences, we establish two effects due to price impact: constrained trading and nonlinear hedging costs. To the former, wealth processes in the impact model are identified with those in a model without impact, but with constrained trading, where the (random) constraint set is generically neither closed nor convex. Regarding hedging, nonlinear hedging costs motivate the study of arbitrage free prices for the claim. We provide three such notions, which coincide in the frictionless case, but which dramatically differ in the presence of price impact. Additionally, we show arbitrage opportunities, should they arise from claim prices, can be exploited only for limited position sizes, and may be ignored if outweighed by hedging considerations. We also show that arbitrage‐inducing prices may arise endogenously in equilibrium, and that equilibrium positions are inversely proportional to the market makers' representative risk aversion. Therefore, large positions endogenously arise in the limit of either market maker risk neutrality, or a large number of market makers.     

高大空间暖通空调通风系统的设计探讨

高大空间暖通空调通风系统的设计非常重要,对高大建筑物整体的通风性能以及保温性能有着非常重要的影响。论文阐述了高大空间建筑的特点,并指出了高大空间建筑空调暖通通风系统的要点。