管理时尚研究

管理时尚具有操作性强、以偏概全等特点,对它们的需求与供给形成了管理时尚市场.其生命周期曲线呈钟形且是一条长波伴随着一系列短波.若将其国内外传播进行综合考虑,则将呈现出一种雁形模式.由于传统文化的含蓄性与抽象性,中国基本没有管理时尚.目前我国企业面临着大量管理时尚的冲击而不知所措,因此有必要对管理时尚进行比较系统的研究.     

Intraday Empirical Analysis and Modeling of Diversified World Stock Indices

This paper proposes an approach to the intraday analysis of diversified world stock accumulation indices. The growth optimal portfolio (GOP) is used as reference unit or benchmark in a continuous financial market model. Diversified portfolios, covering the world stock market, are constructed and shown to approximate the GOP, providing the basis for a range of financial applications. The normalized GOP is modeled as a time transformed square root process of dimension four. Its dynamics are empirically verified for several world stock indices. Furthermore, the evolution of the transformed time is modeled as the integral over a rapidly evolving mean-reverting market activity process with deterministic volatility. The empirical findings suggest a rather simple and robust model for a world stock index that reflects the historical evolution, by using only a few readily observable parameters. Mathematics Subject Classification: (1991) primary 90A12, secondary 60G30,62P20 JEL Classification: G10, G13     

The Lévy LIBOR model

Models driven by Lévy processes are attractive because of their greater flexibility compared to classical diffusion models. First we derive the dynamics of the LIBOR rate process in a semimartingale as well as a Lévy Heath-Jarrow-Morton setting. Then we introduce a Lévy LIBOR market model. In order to guarantee positive rates, the LIBOR rate process is constructed as an ordinary exponential. Via backward induction we get that the rates are martingales under the corresponding forward measures. An explicit formula to price caps and floors which uses bilateral Laplace transforms is derived.     

国内外间苯二酚合成技术现状与发展趋势

间苯二酚广泛应用于橡胶工业、木材粘合剂、塑料阻燃剂、UV光稳定剂和有机合成等领域，目前全球主要有苯磺化和间二异丙苯氧化法合成路线，除日本外，其他国家均采用传统的苯磺化法路线，重点介绍清洁工艺——间二异丙苯氧化法合成技术进展。在未来几年内全球间苯二酚生产能力将有一定过剩，分析现状并提出发展建议。     

国内外醋酸生产应用及市场分析

对国内外醋酸生产技术发展动向和市场供需作了综述。认为醋酸作为重要有机原料品种之一，在我国发展前景看好。借鉴国外发展策略，应淘汰包括乙烯-乙醛法在内的落后工艺，发展先进的甲醇羰基合成工艺，同时还应重视规模效应，在有条件的地区建300-500kt／a规模的装置是可取的。     

Central bank interventions and jumps in double long memory models of daily exchange rates

In this paper, we estimate ARFIMA–FIGARCH models for the major exchange rates (against the US dollar) which have been subject to direct central bank interventions in the last decades. We show that the normality assumption is not adequate due to the occurrence of volatility outliers and its rejection is related to these interventions. Consequently, we rely on a normal mixture distribution that allows for endogenously determined jumps in the process governing the exchange rate dynamics. This distribution performs rather well and is found to be important for the estimation of the persistence of volatility shocks. Introducing a time-varying jump probability associated to central bank interventions, we find that the central bank interventions, conducted in either a coordinated or unilateral way, induce a jump in the process and tend to increase exchange rate volatility.     

Process implications of the use of the Internet in new product development: a conceptual analysis

New product development requires a long and detailed process with numerous activities such as product line planning, strategy development, concept generation and screening, business analysis, development, testing and validation, manufacturing development and commercialization. Furthermore, each of these activities has its own unique requirements, some requiring information collection from the market, whereas others requiring the collaboration of different people who are involved in the new product development activities. This paper investigates the Internet's role in these activities and develops research propositions. In addition, it discusses how the impact of the Internet might change based on different products and different organizational conditions.