PORTFOLIO CHOICE VIA QUANTILES

A portfolio choice model in continuous time is formulated for both complete and incomplete markets, where the quantile function of the terminal cash flow, instead of the cash flow itself, is taken as the decision variable. This formulation covers a wide body of existing and new models with law‐invariant preference measures, including expected utility maximization, mean–variance, goal reaching, Yaari's dual model, Lopes' SP/A model, behavioral model under prospect theory, as well as those explicitly involving VaR and CVaR in objectives and/or constraints. A solution scheme to this quantile model is proposed, and then demonstrated by solving analytically the goal‐reaching model and Yaari's dual model. A general property derived for the quantile model is that the optimal terminal payment is anticomonotonic with the pricing kernel (or with the minimal pricing kernel in the case of an incomplete market if the investment opportunity set is deterministic). As a consequence, the mutual fund theorem still holds in a market where rational and irrational agents co‐exist.     

多校区条件下教师教学公开赛的现实意义与制度安排——以南京财经大学为例

教师教学公开赛是高等学校教学质量管理的重要组成部分,它对提高人才培养质量、促进教师改革教学方法、加强师资队伍建设和课程建设等都具有深刻的现实意义。教师教学公开赛需在管理办法的制定、竞赛的组织管理、竞赛的规则和程序等方面做好制度安排。     

基于Spearman分析的中国开放式基金业绩持续性实证研究

许多普通投资者在对开放式基金进行选择时都会基于开放式基金业绩具有持续性的假定,通过对基金过去的业绩进行比较来判别基金的优劣,进而作出投资决策。文章应用Spearman相关分析的实证分析方法,对2003年12月31日之前成立的20只中国开放式基金的业绩进行了研究,旨在探讨开放式基金业绩具有持续性这一假定前提是否成立。结果表明,无论从短期还是长期来看,在目前市场为弱式有效的情况下,中国开放式基金业绩没有表现出显著的持续性,投资者在进行选择时并不需要太在意基金的历史业绩。     

Ethnic Identity in Advertising: A Review and Meta-Analysis

The corpus of research on ethnic identity in advertising indicates that (1) ethnic identity influences commonly examined attitudinal and purchase-intention outcomes, and (2) attitudes toward both the actor(s)/model(s) and the ad moderate attitudes toward brands depicted in ethnically resonant ads. Individual studies often differ by measurement type (i.e., single-item measure versus multi-item scale), study design (i.e., experiment versus survey), and diversity of respondent sample. Seemingly, ethnic-identity effects are greater for studies that relied on single-item measures, experimental designs, and more diverse samples. Implications and future research directions are suggested.     

箱式变电所在住宅小区中设计应注意的问题

箱式变电所以其显著优点,在住宅小区建设(改造)中得到推广应用。文章以南宁市某住宅小区为例,论述箱式变电所设计中应注意的问题。     

开放式公园管理是促进社会和谐矿区稳定发展的有效途经

开放式公园管理是黑龙江大庆石化公司园林公司在落实党的十六届四中全会提出的构建社会主义＂和谐社会＂新理念的具体体现。也是落实党的十七大精神和科学发展观,创建和谐矿区,保持社会稳定的真实写照。通过调研和社会实践表明,开放式的公园管理是促进社会和谐矿区稳定发展的有效途经。     

社会养老保险基金平衡问题研究

我国社会养老保险基金的平衡需要实现两个平衡:一是当年收取的统筹部分基金总额与所需支付的各项支出总和保持平衡,即具有现收现付性质的统筹部分的收支平衡;二是所有养老保险计划的参保人在整个缴费期间所提供的个人帐户基金总和加上其投资收益与个人帐户的所有保险金给付保持平衡,即积累基金部分的收支平衡。养老保险基金是否平衡,空帐运行能维持多久及如何解决基金平衡问题是关系到我们的社会养老保险制度能否存续的关键。     

An analysis of information overload with implications for survey design research

Abstract

A laboratory‐type experiment was conducted to examine potential information overload causes and solutions. It was found that both information quantity and information complexity are potential causes of information overload. The experiment results also suggested that information overload problems may be reduced through carefully designed information display patterns. When designing survey questionnaires, attention must be given to potential causes of information overload. Methods of presenting information that ameliorate information overload must also be considered. As demonstrated in this study, survey designs can be tested in controlled, laboratory‐type experiments. The results of these experiments can then be used to improve the design of field survey questionnaires.     

MUTUAL FUND PERFORMANCE EVALUATION – APPLICATION OF SYSTEM BCC MODEL

For the first time, this research adopts the system BCC model in data envelopment analysis in order to evaluate mutual fund performance and compares the results between the BCC model and the system BCC model. This study is based on the sample of stock funds and balanced funds in Taiwan, with the empirical results summarised as follows. (i) Under the system BCC model, the average score of balanced funds is greater than the average score of stock funds. (ii) There is a significant difference in efficiency scores between the BCC model and the system BCC model, and it is proper to adopt the system BCC model. (iii) The number of major reference sets that have been referenced under the BCC model is larger than under the system BCC model. (iv) If we neglect the distinctions between stock funds and balanced funds, there will be errors on performance assessment. Ultimately, the results reveal that there is a significant difference between the two models. Provided no consideration is made for the funds belonging to two different systems, errors in performance evaluation are inevitable. This research provides investors with both a more accurate and comprehensive evaluation method.     

开放电工电子实验室的研究和实现

传统的电工电子实验室建设与管理模式下的实践教学在很大程度上达不到当今社会对人才培养的要求。实验室对学生开放是现代科技发展的需要,是高校实验教学现代化水平的重要标志,这不仅是一种理念和时尚,而且也为实验室建设创建一个传承和改革,创新与发展的平台和机遇。