论逆向物流

本文阐述了逆向物流的定义，具体分析了逆向物流和正向物流的区别以及逆向物流的作用，并试图对怎样做好逆向物流管理提出了自己的看法．     

企业社会责任前移视角下小微企业人力资源管理对策

当前对于企业社会责任的主流研究主要是针对大中型成熟企业。但是,小微企业内外部环境的变化促使企业社会责任前移,小微企业也应该像大中型成熟企业一样承担相应的社会责任。企业社会责任的大部分内容都与人力资源管理有关,对企业人力资源管理提出了新的要求。本文首先分析了社会责任前移对小微企业人力资源管理的影响,进而指出小微企业人力资源管理现状与基本要求的差距,在此基础上以建设性的、不损害其经济活力并在企业的承受能力和承担社会责任之间寻求平衡的方式提出了应对策略。     

Factors influencing hedging decision: evidence from Brazilian citrus growers

The purpose of this study was to analyse the hedging behaviour of 98 citrus growers from the State of Sao Paulo, Brazil. Marketing behaviour was modelled as a choice between spot market, short and long‐term forward contracts. A multinomial logistic regression model was used to evaluate the role of behavioural, personal and managerial variables in the choice. Results indicated that the factors which explain the use of forward contracts by citrus growers are the following: risk propensity; trade with juice processing companies; farming diversification; overconfidence in management; participation in pools; use of management tools; and technical assistance. The results can be useful for farmers, policymakers, government agencies, traders and extension agents.     

The Forex Forward Puzzle: The Career Risk Hypothesis

We conjecture that the forward puzzle may reflect career risks. When professional investors observe public danger signals about a currency, they require a premium for holding it. We find evidence of this in Exchange Rate Mechanism rates. As deep discounts do signal danger, we next specify nonlinear variants of the Fama regression to capture this risk. We also decompose the forward premium into a long-memory trend and short-term component. We find empirical evidence for a career risk premium; risk is in fact dominant in the trend component while the short-term component loads more on expectations. All confidence intervals are calculated via Monte Carlo.     

黄金期货中的隐含远期人民币汇率及其运用研究

中国黄金市场已高度市场化与国际化,在按人民币即期汇率调整后,境内外黄金市场现货价格之间已没有明显的升贴水。基于黄金期货之间的隐含远期汇率与离岸人民币NDF市场远期汇率到期前的不一致性与临近到期日的一致性,运用黄金期货构建替代性的远期外汇头寸,为投资者提供了现行管制环境下实现外汇投资、跨市场套利以及对真实外汇敞口风险进行套期保值的新渠道。     

Sequential Equilibrium and Competition in a Diamond–Dybvig Banking Model

Within the framework of a Diamond–Dybvig model [J. Polit. Econ.91(1983), 401–419], but with explicitly modelling the autarky choice during the planning period, we demonstrate that a mixed strategy bank run equilibrium that does not rely on sunspots may coexist with the sunspot run equilibrium previously studied in the literature. In a version of the model with multiple banks, there exist sequential equilibria that imply positive profits. However, the zero-profit contract in which runs never occur can be supported as the unique equilibrium outcome if the agents play pure strategies only and their beliefs are restricted to be consistennt with a forward induction argument.Journal of Economic LiteratureClassification Numbers: C72, G21     

Financial contracts as coordination device

We study the use of financial contracts as bid‐coordinating device in multi‐unit uniform price auctions. Coordination is required whenever firms face a volunteer's dilemma in pricing strategies: one firm (the “volunteer") is needed to increase the market clearing price. Volunteering, however, is costly, as inframarginal suppliers sell their entire capacity whereas the volunteer only sells residual demand. We identify conditions under which signing financial contracts solves this dilemma. We test our framework exploiting data on contract positions by large producers in the New York power market. Using a Monte Carlo simulation, we show that the contracting strategy is payoff dominant and provide estimates of the benefits of such strategy.     

A Note on the Use of Survey Research Firms to Enable Empirical Data Collection

This forward thinking article examines the risks and rewards of using survey research firms to enable empirical data collection, and issues a cautionary note about its application. An exposition and discussion of this form of data collection in supply chain management is relevant today, due to the “survey‐fatigue” among the population of business professionals from whom we seek a response. While this approach has some history in other disciplines, it is still relatively new among supply chain management researchers. To help supply chain management scholars assess the appropriateness of this type of data collection method, this forward thinking article provides invaluable guidance as derived from the authors' recent experiences with the approach. As such, we share our observations and lessons learned. The conclusion is that the use of survey research firms for empirical data collection can be a viable, alternative approach to self‐administered surveys. However, care should be taken in its application.     

无套利分析在非完美条件下远期合约定价中的运用

无套利分析方法是现代金融理论的基石之一,已成为金融衍生品定价的一种重要方法,传统的金融工程教科书很少涉及非完美条件下远期合约的定价问题。在介绍无套利分析方法的基础上,通过现金流复制技术,研究了三种非完美条件下远期合约的定价问题。     

大芦湖低渗透油藏注水开发认识与实践

通过对大芦湖低渗透油藏注水开发的分析研究,提出了低渗透油藏低含水期采油、超前调配、均衡注水等多种注水开发认识,从理论上进行了论证,现场应用效果显著,为提高同类油藏的注水开发效果提供了参考。