Asymmetric correlations in gold and other financial markets

In this article, we implement a recently developed statistical method to test asymmetries in cross-asset correlations, focusing in particular on the gold market. Our empirical results provide evidence that gold exhibits asymmetric correlations with stocks and the U.S. dollar, but not with bonds. Furthermore, splitting the sample into three characteristic periods, we find that exceedance correlations exhibit substantial time variation even in similar market tensions for same pairs of assets. Our findings imply that investors and fund managers should take into account the asymmetric dependence structure, which depends on the upside or downside of the market.     

从基尼系数看M2与GDP的合理比例

基尼系数和GDP/M2都可以看作是衡量收入分配的指标。通过一元线性回归分析,可以建立两者之间的关系函数,并能从中看出,要维持基尼系数的值在国际标准内,GDP/M2也应该保持在一定区间,为此,需要维持权力系统的内部制衡。     

西安市空气中PM2.5的影响因素

文章以西安市2013年的空气数据为研究对象,分析了PM2.5与每个因素的相关性,并进行了PM2.5的空气动力学分析,发现主要影响西安市空气中PM2.5的因素是温度和天气状况。     

Returns to scale at large banks in the US: A random coefficient stochastic frontier approach

This paper investigates the returns to scale of large banks in the US over the period 1997–2010. This investigation is performed by estimating a random coefficient stochastic distance frontier model in the spirit of Tsionas (2002) and Greene (2005, 2008). The primary advantage of this model is that its coefficients can vary across banks, thereby allowing for unobserved technology heterogeneity among large banks in the US We find that failure to consider unobserved technology heterogeneity results in a misleading ranking of banks and mismeasured returns to scale. Our results show that the majority of large banks in the US exhibit constant returns to scale. In addition, our results suggest that banks of the same size can have different levels of returns to scale and there is no clear pattern among large banks in the US concerning the relationship between asset size and returns to scale, due to the presence of technology heterogeneity.     

宽带通信中的干扰抑制处理方法研究

综述了DS/FH宽带通信系统中的干扰抑制预滤波处理方法，并侧重时频域的干扰消除技术，基于有关处理算法的适用条件和性能，探讨多系统共存环境下AIC（自适应干扰消除）处理的使用。     

R2 in Seemingly Unrelated Regression Equations

Some properties are discussed of McElroy's measure of goodness of fit for Zellner's seemingly unrelated regression equations (Mc Elroy, 1977). Amongst them are asymptotic properties. We show that a possible alternative, the squared sample correlation coefficient of the npvector of dependent variables y=(y₁', y₂',…, y_g')' and the vector of estimated variables y, both premultiplied by the inverse of the square root of the variance matrix of y, is not invariant under changes of location or scale. This measure therefore can't be considered as a serious alternative to McElroy's.     

浙江、重庆、甘肃三省金融保险业的对比分析

通过运用投入产出分析方法,并以2002年全国总体情况以及浙江、重庆、甘肃三个地区的投入产出表为基础,分别建立各自的第一产业、第二产业、第三产业以及金融保险业的四部门投入产出表,计算出各自的直接消耗系数矩阵和列昂惕夫逆矩阵及影响力、感应度等。通过对比全国及三省的上述指标,分析了各地金融保险业的发展情况,并提出相应的政策建议。     

中国虚拟经济与实体经济发展的协调度分析

虚拟经济以实体经济的发展为基础,虚拟经济的适度发展能促进实体经济的发展,而其过度膨胀将会对实体经济产生负面影响.文章运用耦合协调理论,采用灰色关联模型.对我国虚拟经济与实体经济发展的协调性进行了定量分析.     

我国工作场所中负面行为调查及分析

组织中的行为有些在本质上对组织起着正面作用,但是也有一些产生了负面影响。各类负面行为的频繁发生已经成为组织的常态,但国内研究者和管理者尚未给予全面、系统的关注。通过对近20家企业的员工进行问卷调查,结果发现,我国工作场所中存在着数十种负面行为。相关分析表明,各种负面行为之间具有相关性。了解组织中各种负面行为的种类和性质,有助于管理者进行针对性的监控、预防或处理。     

我国上市公司智力资本与股价相关性的实证研究

作者利用分量回归方法对2001年～2005年间我国上市公司的智力资本与股价的相关性进行实证分析.研究发现:投资者可以对不同资源的价值增值效率区别定价.并且在股价较低时,人力资本有较大的定价能力.随着股价的上升,虽然人力资本、结构资本和物质资本的定价能力都有所增强,但物质资本的定价能力仍逐渐占据主导地位.