股指期货对A股波动性的影响

鉴于GARCH模型适合研究金融时间序列的方差随时间变化的情况,笔者采用该模型研究股指期货的推出能否减少股票市场的波动性。本文选取股指期货推出前后一年的沪深300指数的日收盘价作为原始数据,通过建立GARCH模型就股指期货对股票市场波动性的影响进行了实证研究,结果显示,股指期货的引入在一定程度上降低了我国股票现货市场的波动性,但不显著。     

儒家思想与中国传统社会法治的缺失

几千年来,儒家思想一直牢牢占据中国主流意识地位,成为人们行为规范和组织社会的思想渊源.特别是在社会调控方面,既是人们思想行为之基础,又是社会组织之依据.思想控制与组织体系的相辅相成,组成有效的社会调控网络.正是由于儒家思想及相应非正式社会调控的有效运行所形成的对社会的有效规制,导致了正式外在调控或制度化调控产生必要性的丧失,也即法治的缺失.     

一种M-ary扩频信号的盲同步方法

针对通信侦察领域M-ary扩频信号的盲同步问题,根据M-ary扩频信号的结构特点及扩频码集元素间的相关特性,提出了一种扩频码长度和失步时间联合估计方法。该方法能够同时估计出M-ary扩频信号的扩频码长度及失步时间,且不受扩频码集类型的限制。仿真实验表明,该算法能在较低的信噪比条件下对三种不同码集的扩频信号进行估计,且算法的性能随着所使用数据的增多而提高。     

A fractional cointegration var analysis of exchange rate dynamics

In their seminal work, Baillie and Bollerslev (1994) carried out an analysis of deviations from the cointegrating relationship of seven important exchange rates. They suggested that the exchange rate series possess long memory and therefore such processes could be well described as fractionally integrated processes. Hence, the influence of shocks to the equilibrium exchange rates may only vanish at very long horizons. In this work we analyze the cointegrating structure of five exchange rates to the US dollar, namely the British pound, the Euro, the Swedish Krona, the Canadian Dollar and the Swiss Franc. The series possess long memory and we show that they can be modeled through fractional integration. In fact, standard cointegration is rejected with the more traditional Johansen CVAR methodology. By using the recently introduced Fractionally Cointegrated VAR by Johansen and Nielsen (2012) we provide a cointegrating relationship taking into account fractional integration.     

对于"长尾企业"关系营销中顾客关系的探讨——基于长尾理论下顾客关系的探讨

随着互联网的普及,以及技术的飞速发展,"长尾理论"应运而生,"长尾企业"不断涌现,在此环境下怎样来做关系营销?尤其是关于顾客关系这一方面,它是否具有特殊性,怎样来改善长尾企业的顾客关系? 都是值得讨论的.     

电子监管码推行一波三折

电子监管码是一种新产品质量追溯手段,利用电子监管码可供消费者进行真假与质量查询,可供政府进行打假,可供企业了解市场供求状况,尽管电子监管码有如此众多的好处,但在推行过程中却面临着许多问题,文中对此作了简要分析。     

Measuring the persistence of deviations from purchasing power parity with a fractionally integrated STAR model

Empirically, elements of both fractional long memory and threshold non-linearity are present in the real exchange rates of the G-7 countries against the US, notably in the EU countries. Estimated half lives of deviations from PPP using median unbiased corrections to conventional linear autoregressive models corroborate existing evidence related to the PPP paradox as half lives range from at least four years to an infinite number of years. In contrast, for each EU country, accounting for threshold non-linearity results in estimated half lives that can be less than three years even with the allowance for fractional long memory.     

“互联网+”下开放式创新平台建设实践

面对互联网络和信息技术进步等创新环境变化,研究有利于中小企业开放式创新的条件尤为必要。首先从理论基础和现实基础出发,指出小企业进行开放式创新的可能性和面临的新机遇,并通过深层次归纳和挖掘中小企业参与开放式创新的案例,破解中小企业开放式创新瓶颈。不同类型企业可分别依托中小企业、咨询公司、龙头企业搭建开放式创新平台,并充分利用大型企业资源,依托专业管理运营团队,注重知识产权及隐私保护、专业品牌宣传与推广,完善奖励体系,构建开放式创新平台基本模型。通过搭建开放式创新平台,帮助中小企业以更低的成本获得创新资源,促使其参与或者主导更大规模的创新活动。     

物流现代化的关键技术之一：物流标识技术

本文以供应链物流为研究对象,专门阐述物流标识技术。对物流标识技术中的物流编码技术与物流条码符号标识技术进行了分析,并对物流标识技术在国内外物流领域的应用作了介绍