应该用哪一个模型来描述中国货币市场利率的动态变化

本文论证了双曲模型是描述中国货币市场利率动态变化的最佳单因子利率模型。由极大似然估计可以得到单因子利率模型的边际密度函数。双曲模型的边际密度和非参数估计得到的边际密度函数拟合较好,其表现远远优于几个常见的利率模型（CIR、CKLS和AG模型）。与较一般的Ait-Sahalia模型相比差别很小,但参数形式得到简化,似然比检验也支持这一点。双曲模型在刻画利率的均值回复特征方面还克服了AG模型的不足。     

Criteria for the Stochastic Ordering of Random Sums,with Actuarial Applications

It is shown that vectors ( S M 1 , … , S Mn ) and ( S' M'1 , …, S' M'n ) of random sums of positive random variables are stochastically ordered by upper orthant dependence, lower orthant dependence, concordance or by the supermodular ordering whenever their corresponding random numbers of terms ( M 1 , … , M n ) and ( M' 1 , … , M' n ) are themselves ordered in this fashion. Actuarial applications of these results are given to different dependence structures for the collective risk model with several classes of business.     

日本“肯定列表制度”对我国，农产品出口的影响

关于日本"肯定列表制度"对我国农产品出口的影响,虽然有很多论述,然大多都是定性分析。本文利用最新的数据,运用移动平均剔除法模型,进行定量分析,估算出日本"肯定列表制度"对我国农产品贸易的损失,并提出应对之经验和对策。     

上市公司融资偏好实证分析--以湖北为例

本文选取湖北省26家上市公司三年的年度数据为样本进行实证分析,得出上市公司融资以“外源融资为主、内源融资为辅,偏好债务融资,并呈现债务融资、折旧融资、股权融资、保留盈余的融资顺序”的结论。并简要分析了上市公司形成这一融资偏好的原因并提出了相关建议。     

Positive feedback trading and long-term volatility links: evidence from real estate markets of USA,Be/Lux and Switzerland

This article investigates the positive feedback trading strategies in the real estate markets of USA, Belgium/Luxembourg (Be/Lux) and Switzerland, linking these strategies with long-term volatility. The results are in favour of a positive feedback trading strategy which negatively influences investors' risk-return position on real estate markets.     

Constructive deviance as a driver for performance in retail

A growing body of research is concerned with deviance in the workplace. While much research has explored negative forms of deviance, we examine constructive deviance: behaviour that deviates from salient norms and benefits the reference group. We empirically explore manifestations, determinants and performance outcomes of constructive deviance in standardised work processes. We do this through a mixed-methods study in bakery trading departments of an Australian retailer. We illustrate that constructive deviance occurs in these settings and show that some manifestations of constructive deviance improve organisational performance and pave the way for applying constructive deviance as a strategic tool in retail.     

Contextualized representations of brand extensions: Are feature lists or frames the basic components of consumer cognition?

According to the common view in consumer behavior, consumers represent brands and product categories mentally as lists of independent product features and engage in feature matching when they evaluate brand-product category compounds such as brand extensions. However, we demonstrate that brand extension concepts are subject to context effects and largely contextually organized — empirical evidence which suggests that they are represented by more flexible mental structures than independent feature lists. As an alternative, brand extensions (e.g., McDonald's Theme Park) may be viewed as conceptual combinations in which the original brand or company name (e.g., McDonald's) acts on the head concept of the extension category (e.g., theme parks) as a modifier. Moreover, we suggest that the contextual and relational structure of brand extensions may be explained more adequately by mental frames than feature list representations.     

“五年规划”该规划什么,不该规划什么?

在市场经济条件下,政府制定规划的基本作用与思路为“研判未来趋势,提出发展愿景,规划政府任务”,对市场进行“负面清单管理”,对政府进行“正面清单约束”。政府应提高治理能力,努力把自己该做的事做足、做好,少搞产业政策,减少对市场干预,做真正体现小政府、大市场、由市场起决定性作用的规划。     

Psychological Capital: Impacts on Asset Management

Drawing together the areas of behavioral finance and positive psychology, the present research sought to investigate whether the psychological capital of investment fund managers is associated with fund performance in a context of financial instability. The theoretical propositions were presented and evaluated empirically through primary data on investment fund manager profiles and secondary data on the cumulative stock fund returns. The results indicate that funds managed by managers with greater resilience and optimism obtained a higher return than the mean profitability in a period of market instability.     

技术创新系统的功能分析框架

近年来,以特定技术作为分析出发点的技术创新系统（TIS）思路被提出。该思路强调对创新系统运行及其目标实现具有重大作用的活动（activities）或过程（processes）,并称之为创新系统功能。系统功能之间既可以形成良性循环,加速系统的成长;也可能由于某个功能的缺失或不足而出现恶性循环,阻碍系统的发展,甚至使之崩溃。良性循环和恶性循环在一定的条件下会相互转化。在介绍和分析系统功能组合以及功能之间互动机制的基础上,提供了一个评估技术创新系统功能运行的分析框架,以期从功能的角度识别导致系统失灵的原因,为政策制定者提供干预目标。