Pricing default swaps: Empirical evidence

In this paper we compare market prices of credit default swaps with model prices. We show that a simple reduced form model outperforms directly comparing bonds' credit spreads to default swap premiums. We find that the model yields unbiased premium estimates for default swaps on investment grade issuers, but only if we use swap or repo rates as proxy for default-free interest rates. This indicates that the government curve is no longer seen as the reference default-free curve. We also show that the model is relatively insensitive to the value of the assumed recovery rate.     

探析建筑形式美的法则

建筑具有技术与艺术的双重性,建筑形式美的规律是所有艺术性建筑的基础,本文从尺度、平衡对称、节奏、多样统一、形体等方面探析建筑形式美的法则,旨在对研究建筑形式美得规律有所启发。     

Marginal Economy: Growth Strategies for Post-Growth Societies

A sharp problem focus sharpens the problem. Sustainably growing bodies of literature on degrowth are not the key to post-growth scenarios because evocations of the limits of growth reinforce rather than transcend the economic principle, which is in the observation of scarcity. Therefore, I focus on alternative forms of growth rather than alternatives to growth. My form-theoretical analysis of growth dismoralizes growth and disembeds it from the economic medium in which it is preferably drawn. I suggest that the key to a post-growth society is in a regrowth of interest in growth in, so far, neglected non-economic function systems.     

对物质宇宙的爱意与崇仰——兼论唯物主义的智本形态与情本形态

唯物主义理论有着不同的理论形式和形态,这些理论形态或形式随着人类的实践的深入而不断改变。近代工业革命以来,唯物主义建立在牛顿力学的基础上,将自然看作机械的,以开发自然、征服自然为旗帜。但工业革命所带来的环境问题、生态问题在现代则越来越困扰、甚至威胁着人类的生存。唯物主义就必须改变它的内容与形态,以自然之子的态度定位人与物质宇宙的关系,崇仰宇宙、敬畏宇宙,不是从纯粹知的形式,而且也从爱的、情智的关系上理解唯物主义的内涵与唯物主义的新形式。     

基于指数平滑法的G市主要货物流通量预测

随着国家发展西部地区的力度不断加大,贵州省作为西部地区省份也乘着这股力度不断在各方面完善自己,G市作为贵州省的主要城市之一近几年在经济、政治等方面都有显著的提高。物流的发展在一定程度上可以带动一个地区产业的发展,物流的构架在一定程度上可以反映出一个地区产业的构架。通过对G市物流运营现状的分析,发现G市的产业结构的特性,然后,通过分析建立符合G市物流发展的预测模型,最后结合模型和分析对G市物流发展提出合理化建议。     

Interpoint Distance Test of Homogeneity for Multivariate Mixture Models

Finite mixtures offer a rich class of distributions for modelling of a variety of random phenomena in numerous fields of study. Using the sample interpoint distances (IPDs), we propose the IPD‐test statistic for testing the hypothesis of homogeneity of mixture of multivariate power series distribution or multivariate normal distribution. We derive the distribution of the IPDs that are drawn from a finite mixture of the multivariate power series distribution and multivariate normal distribution. Based on the empirical distribution of the IPDs, we construct a bootstrap test of homogeneity for other multivariate finite mixture models. The IPD test is applied to mixture models for matrix‐valued distributions and a test of homogeneity for Wishart mixture is presented. Numerical comparisons show that IPD test has accurate type I errors and is more powerful in most multivariate cases than the expectation–maximization (EM) test and modified likelihood ratio test.     

某黄河大桥薄壁空心墩液压爬模施工技术研究

本文结合某高速公路黄河特大桥X#墩的施工,介绍了液压爬模系统及爬模施工工艺在薄壁高墩建设中的应用,为今后高墩的施工积累经验。     

林权流转主导模式与制度创新

顶层制度上受相似的基本的社会条件制约,集体林权流转进而也期待形成"三权分离"的经营格局。但是,由林地、林权本身特性决定的物权式流转的主导模式,将导致林农承包权的退出。基此,通过经验与规范实证的结合分析,诸如林下经营权及其流转等有关制度性措施、实践的意义与价值及其局限性可被清晰认知,进而制度供给仍有不足也被问题化。欲有所作为并能有效应对,则林权流转在普通的方式之外,可考虑引入典权制度。而典权是一种均衡的制度安排,兼顾了社会实质正义。     

Marx 200: The Abiding Relevance of the Labour Theory of Value

ABSTRACT

Marxist political economy is alive and well, and not just because of the habitual turn to Marx in response to any crisis of capitalism. Both through Capital and through the continuing evolution of Marxism, Marxist political economy offers valuable insights that can illuminate the modalities of social and economic reproduction and the relationships between (different aspects of) the economic and the non-economic. Marxism’s presence has been felt through its own internal debates and debates with other approaches to political economy, and even through its influence on those reacting against Marxism. The key to the continuing relevance and analytical strengths of Marxist political economy lies in its capacity to provide a framework of analysis for unifying disparate insights into and critiques of the contradictions of capitalism across the social sciences. The instrument for forging that unity is Marx’s theory of value, the potential of which is examined and illustrated with reference to the Sraffian critique and two key concepts in Marxian political economy: the value of labour power and financialisation. They are explored in the light of the processes of commodification, commodity form and commodity calculation.     

新冠肺炎对江苏省商贸流通业的影响与应对措施

2019年底、2020年初,一场猝不及防的新冠肺炎(NCP)病毒突袭我国的武汉地区。在地点上,武汉地区是京广线的重要节点城市,长江水运与京广铁路构成中国交通十字形的重要枢纽;在时间上,正逢中国传统春节,是中国节日经济的一个重要时期。病毒的“精准投放”并蔓延,在全国造成了严重后果,使全国上下纷纷动员进行应对,造成社会生活的暂停和群众生活的困难,对我国经济发展产生了重大影响,江苏商贸流通业也不例外地受到重创。江苏在中央的英明领导下进行了坚决的防治,商贸流通业也做了大量的工作,后期将继续做好止损增销工作。