试析大学生的综合素质培养

本文介绍了提高大学生综合素质的重要性和迫切性 ,通过分析当今教育存在的某些问题 ,提出就提高学生综合素质所应采取的改革的几点建议。     

Efficient Markets Hypothesis and the Emerging Capital Market in Sri Lanka: Evidence from the Colombo Stock Exchange – A Note

The behaviour of stock prices on the Colombo Stock Exchange (CSE) is examined with a view to determine its consistency with the weak form of the Efficient Markets Hypothesis (EMH). Runs, Autocorrelation and Cointegration tests are applied to daily, weekly and monthly CSE index data for the period of January 1991–November 1996. Results of Runs, Correlation and Cointegration tests overwhelmingly reject the serial independence hypothesis, leading to the conclusion that the behaviour of stock prices in the Colombo Stock Exchange is not consistent with the weak form of the Efficient Markets Hypothesis. Tests of the-day-of-the-week-effect, however, show that there is no evidence of such a phenomenon on the Colombo Stock Exchange stock prices. Results of the tests of the-month-of-the-year-effect lead to the conclusion that CSE prices do not display any month-specific behaviour.     

战后日本对外贸易发展的动态比较优势分析

二战后日本经济从一片废墟中迅速崛起成功跻身于发达国家行列，其对外贸易在战后的50多年间一直保持着稳定的增长。日本出口商品结构沿着劳动密集型、资本密集型、知识和技术密集型的轨迹发展，逐步升级，顺应了世界经济产业结构调整的步伐，为其对外贸易的持续发展奠定了坚实的基础。日本对外贸易遵循的是动态比较优势原理，其经验对我国当前外贸发展具有重要的借鉴意义。     

Forecasting Stock Index Futures Price Volatility: Linear vs. Nonlinear Models

The study examines the relative ability of various models to forecast daily stock index futures volatility. The forecasting models that are employed range from naïve models to the relatively complex ARCH-class models. It is found that among linear models of stock index futures volatility, the autoregressive model ranks first using the RMSE and MAPE criteria. We also examine three nonlinear models. These models are GARCH-M, EGARCH, and ESTAR. We find that nonlinear GARCH models dominate linear models utilizing the RMSE and the MAPE error statistics and EGARCH appears to be the best model for forecasting stock index futures price volatility.     

From T-Bills to Stocks: Seasonal Anomalies Revisited

This paper employed eleven data series which consist of stocks, bonds, bills, equity premiums, term premiums, and various default premiums to investigate whether January seasonality reported in existing literature is robust across different states of the economy as this has important trading implications. For the periods 1926–1990, small stocks, small stock premiums, low grade bonds, and default premiums (spread between high grade, low grade and government bonds) reveal January seasonality and that the seasonality is robust across different states of the economy except for low grade bond returns and default premiums. January seasonality for low grade bond returns and low grade bond default premiums are primarily driven by results found during periods of economic expansion. Overall, January seasonality is more evident during the economic expansion periods although the magnitude of default premiums is larger during periods of economic contraction. Furthermore, prior findings of strong summer equity returns are primarily driven by the results found during the periods of economic contraction. It is also found that equity returns are generally higher during periods of economic expansion.     

推进西部大开发亟待全面深化对内开放

要实现西部大开发的伟大战略构想,改变西部经济落后面貌,缩小东西部差距最终实现西部地区的经济现代化,市场化和国际化,亟待全面深化对内开放,打破地区封锁,建立统一开放竞争有序的国内大市场,优化资源配置,调整产业结构,发挥区域优势,东西部进行合理分工,增强企业竞争力,使西部的发展融入全国全球的经济体系中.     

Likelihood-based specification analysis of continuous-time models of the short-term interest rate

An extensive collection of continuous-time models of the short-term interest rate is evaluated over data sets that have appeared previously in the literature. The analysis, which uses the simulated maximum likelihood procedure proposed by Durham and Gallant (2002), provides new insights regarding several previously unresolved questions. For single factor models, I find that the volatility, not the drift, is the critical component in model specification. Allowing for additional flexibility beyond a constant term in the drift provides negligible benefit. While constant drift would appear to imply that the short rate is nonstationary, in fact, stationarity is volatility-induced. The simple constant elasticity of volatility model fits weekly observations of the three-month Treasury bill rate remarkably well but is easily rejected when compared with more flexible volatility specifications over daily data. The methodology of Durham and Gallant can also be used to estimate stochastic volatility models. While adding the latent volatility component provides a large improvement in the likelihood for the physical process, it does little to improve bond-pricing performance.     

创新型企业组织形式的设计

创新型企业在组织构成上与传统企业有很大的不同，它是为了达到技术和产品创新的目的，在不同专业领域进行一定方式的分工和合作的一批高素质技术人员的集合。因此，在组织上，创新型企业就要不同于传统企业的直线职能式的组织结构。经研究，它应以项目组为组织的基本单元，建立矩阵式的组织结构，充分利用人力资源，灵活、快速地适应环境的变化。     

深基坑施工中的喷锚支护设计

喷锚支护是近２０年来发展起来的一种岩土体加固技术。７０年代成功地应用于边坡及挡土墙的加固，近几年开始用于深基坑边坡支护。本文在分析喷锚支护加固机理的基础上，通过一工程实例，说明喷锚支护技术用于深基坑开挖支护是安全可靠的。与传统支护结构相比，具有工期短，造价更合理的特点。     

企业长期激励机制创新

长期激励机制匮乏问题一直是我国理论界和实业界最为关注的核心问题。指出目前在我国实行的长期激励措施的不足,提出了以“股息期权”,代替“股票期权”的激励方案,从而有效解决了我国目前的资本市场和法律法规对于“长期激励形式”的约束,可以为现阶段企业管理者进行薪酬激励机制设计时提供重要的参考和借鉴。