Investment strategies by foreign automobile firms in China: A comparative study of Volkswagen,Honda, and Hyundai

The paper uses rolling sample tests to investigate time-varying calendar effects in the Chinese stock market, based on the GARCH (1, 1)-GED model. The Friday effect existed with low volatility at the early stage, but it seems to have disappeared since 1997. The positive Tuesday effect began to appear then. There is a small-firm January effect with high volatility. The turn-of-the month effect has also disappeared in the Chinese stock market since 1997.     

基于GIS的广电网络管理系统建设

近年来，我国广电事业取得了长足发展。从原有的HFC光纤电缆混合网纷纷向双向数字化网络过渡，从原有的单一广播业务，到开展双向宽带等增值业务。随着网络规模不断扩展，用户数量的不断攀升，三网融合方案的出台，现有的网络管理技术已显得捉襟见肘，远远无法满足目前主流应用和今后发展的需求，迫切需要一种大容量的、可视化的、开放的管理系统。GIS广电管理系统基于规范化的技术方案，采用软件工程管理方法和面向对象方法等先进技术，做到统一规划、统一运营、统一管理、统一建设，可以最大限度提高网络资源利用率和网络运维效率。     

valuation and analysis on the tourism resources in Hami Region based on GIS mapping technology

According to the data from the national standard classification and investigation of tourism resources（GB/T 18972-2003） in Hami region,the abundance,quality and dimensional distribution of the tourism resources in Hami region were evaluated based on GIS mapping technology.The evaluation results on the tourism resources in Hami region are described as follows：there are rich tourism resources categories; the quality of tourism resources is ordinary; the resources distribute equably; the number of the historical resources is much more than the natural resources,but the 1atter still has great potential for developing.All the results of the evaluation can provide important references for strategic decision making of Hami region.     

一种S型的超宽带左手结构设计

文章在对S型左手材料结构进行理论分析的基础上，提出一种S型超宽带左手结构。通过电磁仿真软件Ansoft HFSS对该结构的电磁波反射、透射特性进行模拟，并运用NRW方法从中提取出该结构的有效介电常数和有效磁导率。结果表明：在55．5～66．5GHz频带内，该结构具有稳定的双负特性，相对带宽为9％，这对当前超宽带左手材料...     

Asymmetry in the jump-size distribution of the S&P 500: Evidence from equity and option markets

This paper studies alternative distributions for the size of price jumps in the S&P 500 index. We introduce a range of new jump-diffusion models and extend popular double-jump specifications that have become ubiquitous in the finance literature. The dynamic properties of these models are tested on both a long time series of S&P 500 returns and a large sample of European vanilla option prices. We discuss the in- and out-of-sample option pricing performance and provide detailed evidence of jump risk premia. Models with double-gamma jump size distributions are found to outperform benchmark models with normally distributed jump sizes.     

Calibration to American options: numerical investigation of the de-Americanization method

American options are the reference instruments for the model calibration of a large and important class of single stocks. For this task, a fast and accurate pricing algorithm is indispensable. The literature mainly discusses pricing methods for American options that are based on Monte Carlo, tree and partial differential equation methods. We present an alternative approach that has become popular under the name de-Americanization in the financial industry. The method is easy to implement and enjoys fast run-times (compared to a direct calibration to American options). Since it is based on ad hoc simplifications, however, theoretical results guaranteeing reliability are not available. To quantify the resulting methodological risk, we empirically test the performance of the de-Americanization method for calibration. We classify the scenarios in which de-Americanization performs very well. However, we also identify the cases where de-Americanization oversimplifies and can result in large errors.     

基于Krashen监察模式的公安英语口语教学改革研究

为积极响应教育部加强大学英语教学改革的号召,进一步加快公安院校行业英语口语教学的改革步伐以提升公安院校学生听说能力,以Krashen监察模式理论为研究视角深入剖析公安英语教学的现状,从教改目标、思路及实施方法三方面论述了进行公安英语口语教学改革的可行性和实效性。     

抑制代理成本提升公司价值了吗？——来自沪、深两市非金融类A股上市公司的经验证据

以沪、深两市非金融类A股上市公司2005～2009年的混合数据为研究对象，运用双变量回归（bivariate regression）、复回归（multiple regression）及协方差回归（ANACOVA）等计量方法，实证考察权益代理成本与公司价值间的关联性。研究结果表明，当权益代理成本降低时，我国上市公司的市场价值（托宾Q值）和财务业绩（ROA）均得到显著提高；且在引入内外部监督机制、管理层激励机制及股权结构特征三重约束后，二者的反向关联性仍维持稳定。此结论为代理成本理论增添了新的经验证据，即提升上市公司自身价值，保障投资者权益的有效途径之一就是降低代理成本。     

独善其身还是兼济天下?——中国居民再分配偏好的实证研究

再分配偏好的提高反映出民众对当前收入分配状况的不满,本文致力于从个人利益和分配公平两个角度对中国居民的再分配偏好进行解释。根据Roemer的理论,本文从成功可控性的角度构造了反映居民分配公平观念的变量,并采用中国综合社会调查(2006)的微观调查数据和Ordered Probit模型,研究发现,个人利益论和分配公平论在中国都能得到实证支持,即中国居民的再分配偏好不但存在对自身利益的考虑,也有显著的追求分配公平的动机;同时,性别和受教育程度也是影响居民再分配偏好的因素。进一步分析表明上述结论具有良好的稳健性。总之,确保机会均等、维护分配公平对于降低居民再分配偏好具有十分重要的现实意义。     

准备金评估的随机性Munich链梯法及其改进——基于Bootstrap方法的实证分析

传统链梯法是未决赔款准备金评估最常用的确定性方法,Munich链梯法基于Mack模型的假设,利用已决赔款和已报案赔款的相关性调整进展因子,有效减少了链梯法分别基于已决赔款和已报案赔款得到的未决赔款准备金之间的差异。本文在系统介绍Munich链梯法的基础上,结合模型假设,提出了两种基于Bootstrap方法的随机性Munich链梯法,并通过精算实务中的数值实例应用R软件加以实证分析。本文的研究对保险公司准备金负债评估的准确性和充足性具有重要参考价值。