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.     

Start-up and hiring practices of immigrant entrepreneurs: An empirical study from an evolutionary psychological perspective

Strong social ties embedded in ethnic communities of immigrant populations have been considered key assets for immigrant entrepreneurs. However, little research has been done on how biological kinship and the biological theories of altruism influence the behavior of ethnic entrepreneurs. In this study, we have applied a neo-Darwinian evolutionary theory of kinship to examine adaptive functions of kin and ethnic altruism in business start-up and hiring practices of Korean immigrant entrepreneurs in the United States. We confirmed that the patterns of help received by Korean entrepreneurs for business start-ups were congruent with an evolutionary perspective on altruism. However, the results for hiring patterns suggested that customer ethnicity trumped kin and co-ethic interests. We close by offering suggestions for future research.     

国外港口物流的发展对辽宁沿海经济带的启示

向国际化、规模化、系统化发展形成高度整合的＂大物流＂、进一步拓展服务功能的＂增值物流＂、打造技术密集型的＂智能港＂以及发展＂虚拟物流链控制中心＂,是近年来港口物流发展的主要特点和趋势。当前,辽宁沿海经济带港口物流发展中存在着物流系统条块分割严重,物流产业技术落后,港口定位和发展目标冲突,服务意识和服务质量水平较低等问题。发展辽宁沿海经济带港口物流,应打破条块分割格局,大力发展物流产业技术,整合港口物流的功能,实现综合化发展。     

Purchasing Competence: A Stakeholder‐Based Framework for Chief Purchasing Officers

A specific research stream within the purchasing and supply management literature focuses on the development of purchasing competence frameworks. We apply stakeholder theory and multiple methods of data collection to develop and confirm a hierarchy‐specific purchasing competence management framework for Chief Purchasing Officers and validate it using confirmatory factor analysis on empirical data from 124 multinational companies. The results reveal a significant relationship between Chief Purchasing Officers purchasing management competence and different purchasing performance measures confirming the appropriateness of stakeholder theory for such a competence framework.     

对教师职业角色转换的思考--基于社会建构主义学习理论

社会建构主义理论认为教师应是学习的促进者,是学习情境的设计者,是教学活动的组织者,同时,也是评价引导者和主动反思者。而成功实现教师角色的转变,还需要以学生为主体的教材,与教学理念相符合的教学环境,与其他教师沟通合作及以学习者为中心的职业培训。     

基于LMDI和脱钩理论的我国生活用水影响因素研究

生活用水作为我国用水量的主要组成部分,是评价节水型城市的重要指标。基于我国2004-2017年各省份面板数据,先通过Kaya恒等式将生活用水分解为结构效应、技术效应、经济效应和人口效应4个方面,再利用LMDI方法分别探究每个效应对生活用水量的影响程度,最后引入脱钩弹性指标,进一步分析LMDI中效应程度最大的经济指标与生活用水的响应关系,结果表明:①技术的改进促进了生活用水的减少,而产业结构的改变,经济的增长,人口规模的扩大均推动了生活用水的增多。②相比于人口与结构,经济效应与技术效应的累计绝对值较大,即经济与技术为生活用水的主要驱动因素,而人口与结构是生活用水的辅助影响因素。③2004-2017年,生活用水与经济增长已实现进一步的脱钩关系,其中人口数量较少,经济发展程度较低的省份脱钩程度较高,而人口较多,水资源量丰富,经济发展程度较高的省份脱钩程度较低。     

中间产品、工业化转型与中国经济增长

文章认为,最终需求和出口需求对我国工业化与经济增长的推动作用逐渐减弱,中间产品对工业化和经济增长可发挥积极作用,收入效应、分配效应、降低最低有效规模和提高生产率是中间产品影响工业化的主要途径,而规模、技术、人力资源和一些其它条件是制约中间产品生产扩张的主要因素。中间产品生产发展不足和我国存在的就业不足、技术进步缓慢、收入分配不公与工业化趋缓和经济增长放慢等问题密切相关,我国已具备大力发展中间产品生产、以中间产品生产扩张促进工业化转型、推动中国经济增长的基础。文章提出了采取大推进策略、延伸产业链和加强制度建设等对策以加快发展中间产品。     

原型范畴理论视角下的英语时态认知解读

原型范畴理论作为认知语言学概念的基础近年来逐渐得到了语言学家的重视。原型范畴理论可以用于英语教学并对英语时态具有一定的解释力,从而为英语时态教学开辟新视角。本文以一般现在时态、一般过去时态、一般将来时态为例,探索原型范畴理论在英语时态教学中的应用。希望能推动该理论在英语时态教学中的应用。     

水利投入对安徽省经济增长的拉动作用

通过建立扩展的Solow模型,计算安徽省水利投入对经济增长的贡献。结果表明,安徽省水利投入对国民经济增长的拉动作用较大,对经济产出的贡献率在10%左右,说明水利投入在国民经济发展中起着非常重要的作用。