Modeling risk in arbitrage strategies using finite mixtures§

We revisit the problem of calculating the exact distribution of optimal investments in a mean variance world under multivariate normality. The context we consider is where problems in optimisation are addressed through the use of Monte-Carlo simulation. Our findings give clear insight as to when Monte-Carlo simulation will, and will not work. Whilst a number of authors have considered aspects of this exact problem before, we extend the problem by considering the problem of an investor who wishes to maximise quadratic utility defined in terms of alpha and tracking errors. The results derived allow some exact and numerical analysis. Furthermore, they allow us to also derive results for the more traditional non-benchmarked portfolio problem.     

The role of Advanced Border Controls at Canadian airports

Within the context of debates about globalization, a ‘borderless’ world and ‘aeromobile’ travelers, this paper examines how Advanced Border Control (ABC) programs influenced relations between Canada’s airlines and airports, together with government between 1985 and 2010 and how this contributed to a balance between trade and national security imperatives. We also argue that the September 11, 2001 (9/11) attacks on the U.S. enhanced ABC program importance rather than impeded system development, and we challenge the post-9/11 view, encapsulated by the then U.S. Ambassador to Canada, (the late) Paul Cellucci, that ‘security trumps trade’. Based on interviews with airlines, airports, government agencies, and other influential actors, the analysis contributes to understanding the multi-decade symbiotic relationships between the public and private sectors that overcame political, business and technical challenges to support a ‘Trade with Security’ strategy.     

论高职高专理工类实训基地建设

从基地建设的角度,采用文献研究、实证调查等方法,对高职高专实训基地的建设实践进行分析,剖析实训基地建设存在的问题、原因,并结合实际,提出建设的新模式,为同类高职院校供参考。     

先进制造技术与企业竞争优势——基于企业资源观的述评

本文认为,企业资源观理论为我们研究先进制造技术如何影响和形成企业竞争优势提供了非常好的理论框架.企业在先进制造技术资源的应用方面能够做到差异化,企业的先进制造技术资产对其他有形或无形资产的杠杆作用可以成为形成企业持续竞争力的异质性资源,这些异质性资源的结合还会产生更强的先进制造技术动态能力.要取得有竞争力的先进制造技术资源,需要企业花费大量的时间学习和积累.先进制造技术资源难以模仿和复制,具有社会复杂性,可以成为持续竞争优势的源泉.     

Exploring the creation of systemic value for the customer in Advanced Multi-Play

This paper explores the creation of systemic value for the customer as it emerges in Advanced Multi-Play. An anomaly found in customer surveys suggested the possibility of systemic value creation at the offering level. In order to build a theoretical explanation for this anomaly, the role of intrinsic, user network and complement-network attributes is discussed, along with the concepts of complementarities, value of time and goal achievement. More daily communication goals are proposed to form a time boundary condition for an individual, which is relieved by integration providing systemic consistency, experienced as increased efficiency and convenience. As a result, one theoretical model is presented to describe the creation of customer value in the case of integrated offerings. Two propositions are derived from the model, followed by two hypotheses, which are tested. Results indicate customer value creation at the general offering level as a result of integration. The reliability and validity of cross-tabulation is concluded. Finally, suggestions for future research are presented.     

先进制造模式研究综述

本文明确阐述了先进制造模式及其特性，分析了当前世界各国在实施先进制造战略方面的进展。针对近几年来国内外对敏捷制造、绿色制造、计算机集成制造、大规模定制、精益生产等几种典型的先进制造模式的研究内容和实践效果进行综述，并进一步探讨在此研究领域中的未来发展趋势。     

ASIT—a problem solving strategy for education and eco-friendly sustainable design

There is growing recognition of the role teaching and learning experiences in technology education can contribute to Education for Sustainable Development. It appears, however, that in the Technology Education classroom little or no change has been achieved to the practice of designing and problem solving strategies oriented towards sustainable design. Brainstorming, Brainwriting, SCAMPER, Metaphoric Thinking, Outrageous Thinking, Mind Mapping and other problem-solving strategies used in the classroom could be suitable for eco-design, however, there appears to be little research data on their use. This paper examines and presents the ‘Advanced Systematic Inventive Thinking’ (ASIT) system as an eco-design strategy. ASIT is derived from a more complex engineering-based problem solving strategy known as TRIZ (the Russian acronym for The Theory of the Solution of Inventive Problems). Drawing on Stable’s (in press) call for new approaches to address sustainable design and achieve solutions through Technology Education, this article traces the history of TRIZ and the development of ASIT. It then argues that the ASIT strategy can be an effective methodology to be taught and used in the Technology Education classroom to solve problems in the ‘eco’ or sustainable design context. Several design scenarios have been included to illustrate how ASIT can deliver eco-design solutions to problems. These examples demonstrate the flexibility of the methodology and the diverse range of applications in which ASIT can be applied.     

MANAGING ADVANCED TECHNOLOGY SYSTEM DEPLOYMENT: AN OPTIMAL ALLOCATION BETWEEN R&D AND PROTOTYPE FUNDING

The research and development manager allocates R&D funds to maximize the expected discounted net value of the R&D programme. Because public R&D managers do not have the same market discipline (or rewards) as private R&D managers, public R&D managers require a methodology for maximizing the expected net benefits. The US National Research Council of the National Academies in Prospective Evaluation of Applied Energy Research and Development at DOE (Phase One): A First Look Forward (2005) proposed a cost-benefit methodology to evaluate US Department of Energy's Research, Development, and Demonstration (RD&D) programmes. This paper specifies and extends this methodology, e.g., by adding cost targets into each stage of the RD&D process. Expected benefits are modelled as a function of funding levels, stage durations, stage transition probabilities, and target costs. With this method, the paper determines an optimal allocation of pre-prototype R&D funding, given a total funding constraint for an advanced energy system.     

后金融危机时代《高级财务管理学》教学改革构想

金融危机带来了企业财务管理职能的深刻转变,也给财务管理的教学提出了更高的要求,如何提高学生的专业意识和执业能力是《高级财务管理学》教学面临的最大挑战。本文分析了目前本科层次《高级财务管理学》课程中存在的主要问题,并提出了相应的改革方案。     

学习先进典范 促进金融科学发展

我国几十年来都经营管理良好的众多金融业先进模范案例，可以证明我国金融业拥有独特的政治优势。我国金融业只要能坚持做到建设一支政治业务素质高的金融队伍、充分发挥公司治理中党组织的核心领导作用、坚持按照信贷原则管理和防范金融风险、勇于承担社会责任、坚持实行民主管理、勤俭办企业等就能长期保持欣欣向荣。