Financial fragility and distress propagation in a network of regions

We investigate how the financial fragility in the real economy is affected by the average level of interdependence among agents across different regions of the economy. To this end, we develop a parsimonious agent-based model of firms and banks organized in geographic regions. The model is built on the framework of an existing class of models for business fluctuations. The goal of our exercise is to clarify the effect on systemic failures of the interplay between network interconnectedness and financial acceleration. In particular, we investigate the probability of individual and systemic failures with varying levels of interconnectedness. We find that, in the absence of financial acceleration, connectivity makes the system more resilient. In contrast, in the presence of financial acceleration, the probability of both individual and systemic failures are minimized at intermediate level of diversification.     

基于EP9315的WindML3.0显示驱动开发

为满足目前高集成度嵌入式平台下对功能性要求日益复杂和开发周期进一步缩短的 需求,以ARM9处理器EP9315构建的平台为实例,介绍了一种VxWorks实时嵌入式操作系统下标 准多媒体开发库WindML的显示驱动开发方法和要点。描述了从驱动的安装介入、初始化、绘 图函数的编写和硬件加速功能的引入等方面内容,可为工程应用中显示控制功能的开发提供参 考。     

Earnings acceleration and stock returns

We document that earnings acceleration, defined as the quarter-over-quarter change in earnings growth, has significant explanatory power for future excess returns. These excess returns are robust to a wide range of previously documented anomalies and a battery of risk controls. The future return predictability appears to be consistent with investors assuming a seasonal random walk model for quarterly earnings and missing predictable implications of earnings acceleration for future earnings growth. Finally, the excess returns from the basic earnings acceleration strategy can be enhanced further by focusing on profit firms, low earnings volatility firms and on specific patterns of earnings acceleration.     

Do the best new product development practices of US companies matter in Hong Kong?

Past research offers numerous “best practice” studies in New Product Development (NPD). One important characteristic of the earlier “best practice” studies is that they are primarily based on Western samples. Because management practices, cultures, and norms differ around the world it has been argued that the findings of the earlier studies will likely to be less applicable to firms managing NPD outside the West. This study fills this gap by surveying Hong Kong companies and comparing the NPD activities in Hong Kong with those in the US. The results revealed interesting similarities and differences between US and Hong Kong firms with regard to their NPD activities.     

加快区域合作升级 统筹川渝经济协调发展

川渝两地的发展,不仅对自身,而且对整个西部地区,特别是长江上游经济区发展都有着举足轻重的作用。川渝两地地域相邻、经济相融、人缘相亲、文化相通、互补性很强,因此升级川渝合作,形成互补优势,是两地发展共同面临的重任。     

振动训练对生理机制影响综述

振动训练作为一种新兴的力量训练方法,其具有的特性越来越受到人们的关注并且被各个领域尝试。旨在从生理角度说明振动训练的优势和局限,为振动训练的推广和科学化训练提供一定的参考。主要采用文献综述法,简述振动的物理特性以及振动对神经解剖学和神经生理学的影响,包括神经因素、感觉运动因素、本体和反射、形态因素、肌纤维类型、机械因素、增强效应和功率、内分泌因素和代谢因素;同时介绍振动产生的加速度是如何影响机体的,以及振动的负面影响。在训练中要根据振动训练的特性,有针对性的对传统力量训练进行补充。     

Static and semistatic hedging as contrarian or conformist bets

In this paper, we argue that, once the costs of maintaining the hedging portfolio are properly taken into account, semistatic portfolios should more properly be thought of as separate classes of derivatives, with nontrivial, model‐dependent payoff structures. We derive new integral representations for payoffs of exotic European options in terms of payoffs of vanillas, different from the Carr–Madan representation, and suggest approximations of the idealized static hedging/replicating portfolio using vanillas available in the market. We study the dependence of the hedging error on a model used for pricing and show that the variance of the hedging errors of static hedging portfolios can be sizably larger than the errors of variance‐minimizing portfolios. We explain why the exact semistatic hedging of barrier options is impossible for processes with jumps, and derive general formulas for variance‐minimizing semistatic portfolios. We show that hedging using vanillas only leads to larger errors than hedging using vanillas and first touch digitals. In all cases, efficient calculations of the weights of the hedging portfolios are in the dual space using new efficient numerical methods for calculation of the Wiener–Hopf factors and Laplace–Fourier inversion.     

基于VSIPL的跨平台算法中间件软件设计

针对航空电子信息系统与通信数据链的嵌入式信息处理应用中算法软件移植性和可 复用性差的问题,提出基于VSIPL标准应用编程接口的跨平台算法中间件软件设计模式,以 增强多平台多系统软件可移植性及代码重用性;利用Power-VSIPL的AltiVec矢量加速、数 据并行设计及循环展开,在保持原有算法处理精度基础上,提高软件运算效率1～5倍。     

Alliance-Based New Product Development Success: The Role of Formalization in Exploration and Exploitation Contexts

Purpose: Although alliances offer tremendous strategic potential, firms still struggle to successfully manage new product development alliances (NPD alliances). A prominent explanation for this is the institutional economics' view (see Williamson 1985 Williamson, O. E. 1985. The economic institutions of capitalism: Firms, markets, relational contracting, New York: The Free Press.  [Google Scholar]) that, in general, a key disadvantage of alliances versus vertical integration is that administrative control mechanisms are weaker. Here, a key control mechanism is formalization (the use of explicit rules to govern business activities).

However, regarding formalization's influence on both NPD and alliance performance, conceptual views and empirical findings are mixed, which suggest that unexamined variables moderate formalization's influence on NPD performance.

Therefore, it is surprising that there is no research on whether formalization's influence differs in alliances pursuing an NPD exploration strategy versus an NPD exploitation strategy because both (1) require varying levels of freedom of action and adherence to procedural rules to achieve success, and (2) are extensively employed in NPD.

Further, there is also surprisingly little intrafirm NPD and non-NPD alliance research on formalization in exploration and exploitation contexts because here as well formalization's influence on performance (1) is central, and (2) differs based on the project's innovative and learning intent.

The purpose of this research is to begin to close important literature and industry practice knowledge gaps about formalization's influence on NPD alliance performance in exploitation versus exploration strategic contexts.

Originality, value, and contribution: This research is the first examination ever of two key NPD strategies—exploration and exploitation—in an NPD alliance context. The research sheds light on conflicting views about formalization's NPD performance-enhancing and inhibiting aspects, and offers implications for industry best practices.

Methodology/approach: Empirical examination of survey data from 151 NPD alliances via hierarchical regression and tests of group moderation.

Findings: Results shed light on when and why formalization moderates the influence of key fundamental alliance success mechanisms on NPD alliance performance based on strategic context.