International money and stock market contingent claims

We develop a unified approach with closed-form solutions for pricing bonds, stocks, currencies and their derivatives. The specification assumes a fundamental risk factor represented by a stochastic positive definite matrix following a Wishart autoregressive (WAR) process. By assuming a volatility-in-mean specification for the domestic stock returns and the relative changes of exchange rates, and a domestic stochastic discount factor exponential affine with respect to the fundamental risk, it is possible to derive closed form solutions for the term structures of interest rates and for the risk-neutral probabilities while keeping the flexibility of the model. In particular:

i) The domestic and foreign term structures are jointly affine and correspond to Wishart quadratic term structures, which can ensure the positivity of interest rates;

ii) In this framework where the stock price follows a model with stochastic volatility, we obtain explicit or quasi-explicit formulas for futures and forward contracts, swaps and options. This extends results by

Heston (1993)

and

Ball and Roma (1994)

.

The dialectics of competency acquisition: pollution prevention in electric generation

Strategy researchers now recognize that distinctive competencies are critically important for sustained competitive advantage. The processes by which such competencies are acquired, however, has only started to be examined. Connections between macro-industrial system level properties and micro-developments in proprietary technology at the firm level need to be made. This paper argues that system-wide properties, such as long-standing elementary and opposing logics in societal forces like governments and markets, and micro-developments, such as the firm's capacity to search for talent, technology, and ideas and to harmonize what it learns internally, can contribute in significant ways to the creation and acquisition of new competencies. Based on the case of pollution prevention in electric generation, it shows how the system-wide properties channel and direct the paths that the acquisition of new competencies take and how they interact with micro-developments at the firm level. © 1998 John Wiley & Sons, Ltd.     

关于社会主义生产总过程的几个问题

“总过程”是马克思政治经济学理论的重要组成部分,社会主义生产“总过程”仍然是社会主义政治经济学的重要组成部分。社会主义生产“总过程”与马克思时代的资本主义生产“总过程”具有不同的特点．研究、把握社会主义生产总过程的特点、实质和内容具有重要的理论意义和现实意义。     

重庆市土地整理项目过程后评价

通过借鉴一般性投资项目的后评价方法及内容,在分析重庆市的区域特性和进行区域划分的基础上,选取不同区域的项目作为研究对象,对典型研究项目进行过程后评价,以展现重庆市在土地整理实施过程中的成果与问题,为后续土地整理项目借鉴和参照。研究表明:项目的规划设计工作还有待加强,施工监管工作还有待进一步改善提高等。     

1997—2008年青岛市农地非农化过程与效果实证研究

研究目的:研究青岛市1997—2008年间不同经济增长阶段农地非农化特征,探讨影响农地非农化因素的差异性,估算农地非农化对经济增长的贡献率以及对产业结构变动的作用。研究方法:采取实证研究,运用对比分析,建立灰色关联模型、柯布—道格拉斯生产函数和环境库兹涅茨曲线。研究结果:(1)青岛市农地非农化过程具有显著阶段性特征;(2)建设用地增加与相关经济社会数据关联度普遍不高,且极差较小;(3)建设用地增量对二三产业增加值贡献率远低于固定资产投资;(4)农地非农化趋势具有典型的环境库兹涅茨曲线特征。研究结论:强化土地利用总体规划的空间约束力,加强土地利用年度计划对农地非农化的引导,合理把握农地非农化节奏,加大农转用批后监管力度,盘活存量和批而未供土地,避免农地的过度非农化。     

Process Life Cycle Engineering: A Knowledge-Based Approach and Environment

We describe our approach and mechanisms to support the engineering of organizational processes throughout their life cycle, and our current understanding of what activities are included in the process life cycle. We then go on to discuss our approach, computational mechanisms, and experiences in supporting many of these life cycle activities, as well as compare it to other related efforts. Along the way, we present examples drawn from a recent study that uses the approach and the mechanisms of our knowledge-based process engineering environment to support the (re)engineering of corporate financial operations in a mid-size consumer products organization.© 1997 John Wiley & Sons, Ltd.     

The impacts of CGIAR research: A review of recent evidence

We review evidence on the impacts of CGIAR research published since 2000 in order to provide insight into how successfully the CGIAR Centers have been in pursuing the System’s core missions. Our review suggests that CGIAR research contributions in crop genetic improvement, pest management, natural resources management, and policy research have, in the aggregate, yielded strongly positive impacts relative to investment, and appear likely to continue doing so. Crop genetic improvement research stands out as having had the most profound documented positive impacts. Substantial evidence exists that other research areas within the CGIAR have had large beneficial impacts although often locally and nationally rather than internationally. However, the “right-time, right-place” nature of successful policy research and the relatively limited geographic scale of much natural resource management research often limits the overall scale of impacts of these programmatic thrusts vis-à-vis genetic improvement research. We conclude that given the evidence available, the CGIAR’s portfolio of research allocations has become overly skewed toward natural resource management and policy research over time. Hence, restoring somewhat the share of resources allocated to crop genetic improvement is warranted. In addition, the CGIAR needs to prioritize impact assessment of resource management and policy research to deepen its understanding of the social and environmental impacts of its work.     

构建质量管理体系的关键在于保证其有效运行

对于国内大部分企业而言,通过构建质量管理体系来规范企业经营行为,提升企业管理水平,提高企业在市场中的竞争力,不失为一个抢占市场的有效武器。但是许多企业往往会出现令人困惑的问题——新的质量体系并没有有效发挥出提升管理水平、确保产品质量、促进质量管理的作用。分别从决策层质量意识升级、慎重选择认证机构、确保质量管理体系和企业融合为一体3个角度提出解决办法,从而保证质量管理体系在企业管理中的有效运行。     

挂篮施工风险评估及软件开发

为提升挂篮施工风险评估的科学性,实现施工现场风险评估的智能化,提出基于直觉模糊层次分析法与灰云模型相结合的挂篮施工风险评估模型,并使用Python语言开发挂篮施工风险评估软件。首先,从挂篮拼装预压、混凝土工程、预应力工程、挂篮行走、挂篮拆除等5个方面建立风险评估指标体系,识别潜在风险因素;其次,运用直觉模糊层次分析法对指标进行赋权。同时,运用云理论改进灰色聚类模型的白化权函数,使其能够有效反映评估指标的模糊性与不确定性;最后,基于Python语言,开发出挂篮施工风险评估软件,用此软件对西郊大桥挂篮施工进行风险评估,验证模型的准确性。提供了一套完整的挂篮施工风险评估系统,可为决策者规避风险提供参考。     

Relationships among budgetary leadership behavior, managerial budgeting games, and budgetary attitudes: Evidence from Taiwanese corporations

In this paper, we examine the relationship among leadership behavior (contingent reward vs. contingent punishment), managerial budgeting games (devious games vs. economic games), and attitudes towards the budgetary process. Relationships were tested using a structural equation model that was estimated on the basis of questionnaire data from 216 Taiwanese managers. The majority of respondents were accounting/finance managers employed by manufacturing firms. Results reveal that contingent-reward leadership behavior has a direct and positive effect on attitudes toward the budgetary process, and an indirect effect through economic games. On the other hand, we find evidence that contingent-punishment leadership behavior has only an indirect and negative effect on attitudes toward the budgetary process through devious games, especially for non-accounting/finance managers. Managers who play economic games tend to have positive attitudes towards the budgetary process, while those who play devious games do not. The findings should be useful to management in understanding what effective leadership behavior is in the budget-preparation process in Taiwan, and assessing how budgeting games are likely to be adopted by Taiwanese managers.