Who should sell stocks?

Never selling stocks is optimal for investors with a long horizon and a realistic range of preference and market parameters, if relative risk aversion, investment opportunities, proportional transaction costs, and dividend yields are constant. Such investors should buy stocks when their portfolio weight is too low and otherwise hold them, letting dividends rebalance to cash over time rather than selling. With capital gains taxes, this policy outperforms both static buy‐and‐hold and dynamic rebalancing strategies that account for transaction costs. Selling stocks becomes optimal if either their target weight is low or intermediate consumption is substantial.     

Bankruptcy prediction for small- and medium-sized companies using severely imbalanced datasets

Bankruptcy prediction is still important topic receiving notable attention. Information about an imminent bankruptcy threat is a crucial aspect of the decision-making process of managers, financial institutions, and government agencies. In this paper, we utilize a newly acquired dataset comprising financial parameters derived from the annual reports of small- and medium-sized companies. The data, which reveal the true ratio between bankrupt and non-bankrupt companies, are severely imbalanced and only contain a small fraction of bankrupt companies. Our solution to overcome this challenging scenario of imbalanced learning was to adopt three one-class classification methods: a least-squares approach to anomaly detection, an isolation forest, and one-class support vector machines for comparison with conventional support vector machines. We provide a comprehensive analysis of the financial attributes and identify those that are most relevant to bankruptcy prediction. The highest prediction performance in terms of the geometric mean score is 91%. The results are validated on two datasets from the manufacturing and construction industries.     

心理健康教育视域下的校园文化景观教学——以福建商业高等专科学校为例

在校园文化建设中,景观建设是其基本内容。商专校园文化景观贯穿继承与弘扬"闽商精神"的根本理念,将几大文化板块相融通,构造出丰富多彩的内容。探讨校园文化景观与心理健康教育的关系,结合相关的基础理论,分析校园文化景观对心理健康教育的多重积极作用,使心理健康教育的情境化教学方式落到实处,有益于心理健康教育的良性发展,对深化高校心理健康教育的多样化途径的认识与理解也有借鉴作用。     

CO‐INTEGRATING VAR MODELS AND ECONOMIC POLICY

This paper surveys some relevant contributions to the economic literature on co‐integrating vector autoregressive (VAR) models [vector error correction mechanisms (VECMs)], emphasizing their usefulness for economic policy. It further discusses some theoretical aspects that are necessary for a complete understanding of their potential. The theoretical introduction of the co‐integrating VAR model is followed by an illustration of its applications to monetary policy, fiscal policy and exchanges rates as well as in establishing the effects of structural bilateral shocks between countries (the so‐called global VAR, or GVAR, models). Special attention is paid to the VECM capacities of being used in conjunction with dynamic stochastic general equilibrium models and of jointly specifying the short‐ and long‐run dynamics, thus representing the steady‐state of economic systems (by means of the co‐integration relations) and the short‐run dynamics around it.     

略论低碳经济的发展向度与意义

低碳经济作为一种新的经济形式,无论是理论研究还是实践探索都呼唤发展哲学的观照。低碳经济作为一种新的发展模式,具有鲜明的低代价发展向度、普世的公正发展向度及强烈的创新发展向度,这对于人类社会的持续发展和文明跃迁具有重大而深远的意义。     

救助投机、挤入效应与国有企业预算约束硬化

国有银行的＂救助投机＂行为促进了国有企业的＂预算软约束＂和不良贷款的积累。在政府、银行与国有企业之间的长期动态博弈中,由于预算硬约束企业的出现给国有银行提供了改善贷款资产组合的机会,提高了银行在与政府的救助投机博弈中的议价能力,要求政府给予更多的流动性注入,这会产生银行贷款资产中预算硬约束企业贷款占比不断增加的挤入效应。这种挤入效应累积到一定程度,政府的救助将变得非社会最优的,进而政府将停止救助,国有企业的预算约束也随之硬化。     

深化漳台产业合作的几点思考

立足漳州市情，深化漳台产业对接，构建具有核心竞争力的现代产业体系，是落实“海西建设，漳州先行”发展战略的重要举措。比较分析漳台产业的互补性，运用经济学原理论证漳台产业对接的现实性与可行性，并提出深化漳台产业合作曲建议。     

声波透射法在混凝土灌注桩桩身完整性检测中的应用

对于大直径混凝土灌注桩的检测来说声波透射法是当前最可靠的方法之一,能够相当准确的判别桩的各类缺陷。本文介绍了声波透射法的基本原理,在检测过程中需要注意的各类问题。通过现场检测实例提出了桩身存在缺陷时声学参数的几种特征。     

Value co-creation and employee service behaviours: The moderating role of trust in employee - hotel relationship

Value co-creation (VC) is generally considered as having mutually beneficial implications for all actors involved. Nonetheless, emerging evidence on value co-destruction and its consequences on the wellbeing of co-creating actors implies that narrowing down on specific fallouts of this process is needed for managerial interventions. This paper contributes to the value-co-creation literature by exploring the relationship between customer participation in VC on some difficult to detect employee service behaviors: workaholism and fear-based silence. The extent to which employee trust (TRS) in employee – hotel relationship moderates these relations is assessed. While the findings from 422 frontline employee-customer data within luxury hotels in Ghana support a negative effect of VC on fear-based silence and workaholism, TRS buffered these effects. We recommend that VC in service failure and recovery be approached with tact, compassion, and forgiveness.     

小波域抑制多音干扰的扩频接收机

利用小波包理论提出了一种快速、准确地识别并且抑制多音干扰的有效方法。该方法利用小波包理论将多音干扰的各条谱线逐个定位，然后通过功率谱分析的方法来识别多音干扰的存在区间，最后将被干扰污染的区间逐个切除并反向重构接收到的信号。实验证明该方法的误比特率性能在强干扰时要优于以前的FFT域切割法。