Symmetry and order in the portfolio allocation problem

Summary. This research studies the role of multivariate distribution structures on random asset returns in determining the optimal allocation vector for an expected utility maximizer. All our conclusions pertain for the set of risk averters. By carefully disturbing symmetry in the distribution of the, possibly covarying, returns, we ascertain the ordinal structure of the optimized allocation vector. Rank order of allocations is also established when a permutation symmetric random vector is mapped into the returns vector through location and scale shifts. It is shown that increased dispersion in the vectors of location and scale parameters benefit, ex-ante, investors as does a decrease in the rank correlation coefficient between the location and scale parameter vectors. Revealed preference comparative static results are identified for the location and scale vectors of asset returns. For most issues addressed, we arrive at much stronger inferences when a safe asset is available. Received: August 8, 2000; revised version: January 8, 2001     

中间选民理论在农民工市民化政策制定中的运用——基武汉市436位农民工的实证研究

The Median Voter Theory is an important theory in the neo-political economics. It can be applied to solve the collective choice paradox and analyze the policy making for the citizenization of peasant workers. Adopting the method of factor analysis, this paper makes an empirical study on peasant workers’ preference for citizenization. We find that there is a paradox of future residence preference and self-identification in peasant workers. On this basis, peasant workers are divided into 5 subgroups, and it is found that the median undecided peasant workers are the median voters. Based on the analysis of the median undecided peasant worker’s complaints and appeals, it is proposed that the country should strengthen the vocational training system, establish a social security system, expand the agricultural reform and promote educational reform to facilitate the citizenization of peasant workers. __________ Translated from Guanli Shijie 맜理世界 (Management World), 2007, (4): 40–67     

The Financial and Operational Impacts of FERC Order 636 on the Interstate Natural Gas Pipeline Industry

The Federal Energy Regulatory Commission's Order 636 fundamentally altered the regulatory and operational environment of the natural gas industry in 1992, as the culmination of several directives aimed at relaxing regulation and fostering competition. We hypothesize that gas pipeline firms subsequently changed their operational and financial behavior in ways consistent with reduced balkanization, increased competition, and reduced expense preference behavior. Our results indicate that these firms have become more homogeneous financially but less so operationally. We find evidence that the marginal profitability of various pipeline activities has responded more to financial market conditions than to the regulatory environment.     

绿色通道规划研究进展评述

有关绿色通道的理论及应用是近年来国内外景观设计学等领域研究的热点。从生态保护、历史文化保护、视觉美学评价、综合型绿道规划思想与方法、使用格局与体验、实施和管理及与相关政策的关系、各国绿道建设与发展情况七方面回顾与评述了绿色通道研究的进展,介绍了这一思想在我国的应用与发展,并对其研究与应用前景进行了展望。     

Group decision-making: Head-count versus intensity of preference

This paper puts forth a framework for reshaping the group decision-making process. The proposed framework extends from the usual one-issue-at-a-time decision-making to one that involves several related issues simultaneously. Weaknesses of the traditional majority voting mechanism are first identified, and then a different voting method that takes each individual voter's sentiment into account is discussed. Specifically, a decision-maker is asked to express his/her intensity of preference for the issues encountered. Three hierarchical structures—benefits, costs, and risks—are developed to evaluate the alternatives. Due to the nature of pairwise comparisons and synthesis, the proposed method is amenable to consensus building and has higher reliability and consistency. It can be used for candidate selection, e.g. governmental election, when a large population is involved. It is also effective for resource allocation and prioritization when a small group or business is concerned. We believe the proposed approach has potential for resolving deficiencies of the conventional voting mechanism, and can be applied to many real-world problems. Its implementation on the Internet is also discussed.     

浅析中国传统民居所反映出的家文化偏向

对我国传统民居所反映出的家文化偏向进行了深入系统的分析,并归纳出下面几点结论:传统民居选址、布局的风水模式,反映出了一种家之环境文化偏向;传统民居的对称组群封闭式布局,反映出了一种家之伦常文化偏向;传统民居材质的“当下存在”和祠堂的“永存不灭”,反映出了一种家之“弃祈”文化偏向。     

基于亲景度的上海入境旅游客源市场分析

对上海入境旅游客源市场的准确分析，是上海国际旅游业可持续发展的前提。运用亲景度指标，定量分析了1997—2004年上海国际旅游客源市场中的统计数据，揭示了上海入境旅游市场的亲景度特征，并将客源国的亲景度和市场占有率相结合，提出上海入境旅游开发的重点市场、主要市场、新兴市场和机会市场。为增强上海国际旅游的竞争力，开发入境旅游客源市场提供理论依据。     

我国上市公司股权融资偏好及其成因

与现代融资结构理论及西方发达国家的融资实践相比，我国上市公司存在强烈的股权融资偏好。产生这种现象的原因是多方面的：股权融资成本偏低是直接原因，上市公司治理机制扭曲是根本原因，资本市场不完善也是一个重要原因。     

我国上市公司股权融资偏好分析

我国上市公司表现出强烈的股权融资偏好,其形成的直接动因是股权融资成本对风险收益对等原则的背离,而深层动因则在于制度和政策性缺陷导致。对股权融资偏好带来的负面影响,必须采取措施进行规范、治理。     

基于景观理念的大学校园规划探析--对桂林旅游学院(筹)规划设计的初步思考

以桂林旅游学院(筹)正在建设中的新校园为例，试图探析基于景观规划理念的中小尺度空间的大学校园规划设计的基本原则和景观元素设计。