Life-cycle funds: Much Ado about Nothing?

The core idea of life-cycle funds or target-date funds is to decrease the fund's equity exposure and conversely increase its bond exposure towards the fund's target date. Such funds have been gaining significant market share and were recently set as default choice of asset allocation in numerous defined contribution schemes or related old-age provision products in several countries. Hence, an assessment of life-cycle funds’ risk-return profiles – that is, the probability distribution of returns – is essential for sustainable financial planning of a large group of investors. This paper studies the risk-return profile of life-cycle funds in particular compared to simple balanced or lifestyle funds that apply a constant equity portion throughout the fund's term instead. In a Black–Scholes model, we derive balanced funds that reproduce the risk-return profile of an arbitrary life-cycle fund for single and regular contributions. We then analyze the accuracy of our results under more complex asset models with stochastic interest rates, stochastic equity volatility and jumps. We further show that frequently used ‘rule of thumb approximations’ that only take into account the life-cycle fund's average equity portion are not suitable to approximate a life-cycle fund's risk-return profile. Our results on the one hand facilitate sustainable financial planning and on the other hand challenge the very existence of life-cycle funds since appropriately calibrated balanced funds can offer a similar (often dominating) risk-return profile.     

From data analysis to storytelling in scenario building. A semiotic approach to purpose-dependent writing of stories

Scenario building is one of the activities that companies frequently carry out in order to understand and communicate aspects or strategies about the future. Methodologies related to scenario building include, in one way or another, two phases, one oriented to the research of data and analysis, and the storytelling focused on communication. This paper identifies the transition from one phase to the other as a cause of loss of consistency and information that can jeopardize the whole process. It also develops a framework to build narratives or stories from the data obtained in the first phase, turning to diverse semiotic concepts in order to bridge this transition. This methodology is illustrated with an example obtained from Telefonica technology scenarios.     

简述人力资源管理在集成系统项目中的重要性

本文探讨了项目管理九大知识域中人力资源管理在项目建设中的必要性和重要性,其中也不乏个人的经验和教训总结。     

建筑装饰工程施工管理中存在的问题及解决办法探讨

本文就建筑装饰工程管理中存在的问题提出了一些相应的解决措施。     

Optimizing station location and fleet composition for a high-speed rail line

This paper proposes a new strategic planning model for high-speed rail ventures. It is a mixed-integer optimization model that applies to a given line and focuses on two key strategic decisions: station location and fleet composition. Our purpose is to improve on previous station location models by including fleet composition decisions. In the new model, we additionally take into account in an approximate fashion the interrelationships between strategic and subsequent tactical decisions, regarding line planning, train scheduling and fleet assignment issues. The usefulness of the model is demonstrated for a case study involving a planned Lisbon-Oporto high-speed rail line.     

Runway capacity management – An empirical study with application to Doha International Airport

This paper examines a three-faceted approach for runway capacity management, based on the runway configuration, a chosen scheduling approach, and an aircraft separation standard. These factors prompt alternative runway settings that are encapsulated using a classical mixed-integer formulation. The optimal solution for each runway setting is compared against our proposed optimization-based heuristic. This integrated approach is applied to investigating the transition from the (Old) Doha International Airport to the New Doha International Airport. Our empirical study based on historical data reveals that the proposed heuristic consistently yields optimal or near-optimal schedules, with considerable savings in fuel cost and reductions in delays, while preserving the spirit of an FCFS sequencing policy.     

A Qualitative Study for Measuring Warehouse Performance Using Triangulation Approach

This research aims to validate a structural equation modeling （SEM） model for measuring warehouse performance using data from an international company in Australia （company G）. Moreover, a methodological triangulation method was also adopted to test whether different methodological approaches produce convergent findings about warehouse performance measurement （WPM）. These three different methods are the SEM model, the multiple case research study, and validation of the SEM model using data from 80 companies in Thailand and a company in Australia. With the results from the triangulation method, it is obvious that the SEM model can be used to measure the performance of warehouses in Thailand and Australia. Since the SEM model consists only of significant indicators, it is more appropriate than company G＇s scorecard. Furthermore, the SEM model can overcome the limitations of traditional models by allowing companies to compare their performance over time.     

Neighborhood Effects and Regional Poverty Traps in Rural China

The present paper investigates how neighborhood effects are connected to chronic poverty. We examine a large sample of groups of households and find that neighborhood effects are significant in a majority of groups, especially in the poorest groups. People living in poor communities tend to suffer from poverty over time. It is of theoretical and empirical importance to explore how neighborhood effects are interrelated with chronic poverty and the channels through which this occurs. Unlike other econometric analyses, we establish a multilevel econometric model to show that： （i） it is difficult for an individual living in a neighborhood with a high proportion of agricultural labor, low education levels, and poor transport and telecommunication infrastructure to escape from poverty traps; （ii） neighborhood effects dominate in poor communities; and （iii） although poverty is affected by group-level factors, individual factors still play a dominant role in regards to escaping poverty when income surpasses a threshold level Therefore, policy priority should be given to providing social protection and public services, especially in poor rural areas.     

试论高层建筑灭火潜在危险及预防措施

随着我国经济迅猛发展，现代化城市建设步伐加快，高层建筑逐年增多，火灾形势日益严峻。文章以央视新址配楼火灾事故为例，分析当前高层建筑消防安全现状，并就如何做好高层建筑防火工作进行探讨。     

Usage of the concept of culture and heritage in the United Arab Emirates – an analysis of Sharjah heritage area

Under the forces of an oil-based economy and the fast paced change, nationals in the United Arab Emirates (UAE) and other Gulf states are becoming very keen to preserve, represent and invent a distinct ‘national’ culture and heritage. Fears of ‘loss’ of identity and concerns about ‘global’ culture are powerful social forces. Heritage revival has become a significant social, cultural and political process in the UAE, the most public sign of this being the development of ‘Heritage Villages’. This analysis explores themes of heritage revival and the preservation, representation and construction of culture in the UAE with specific analysis of the Sharjah Heritage Area (SHA). It will be shown that heritage revival in the UAE is both a symbolic and practical negation of globalization. Heritage revival is also increasingly an affirmation of the fast paced development of international business and tourism in the Emirates which is the focus of economic diversification. SHA will first be examined as a museum exhibitionary complex combining museum, festival and shopping. The representation, performance, negotiation and interplay of local/global and old/new culture at the SHA will be outlined in the context of transnationalism and the oil-propelled modernization.