Jumps and Dynamic Asset Allocation

This paper analyzes the optimal dynamic asset allocation problem in economies with infrequent events and where the investment opportunities are stochastic and predictable. Analytical approximations are obtained, with which a thorough comparative study is performed on the impacts of jumps upon the dynamic decision. The model is then calibrated to the U.S. equity market. The comparative analysis and the calibration exercise both show that jump risk not only makes the investor's allocation more conservative overall but also makes her dynamic portfolio rebalancing less dramatic over time.     

上海饭店中高层管理人员配置现状及其对策

上海中资饭店在市场竞争中所遭遇到困境，从一个侧面揭示人力资源开发和管理在饭店新一轮发展中的作用越来越重要，尤其是饭店中高层管理人员队伍结构配置的不合理，正在成为中资饭店提高市场核心竞争力的瓶颈因素。     

基于质与量的高校课酬分配体系

如何合理有效地分配高校教师的课酬,成为高校薪酬制度改革的重要内容。本文分析了传统的高校课酬分配体系存在的弊端,构建了基于质与量的高校课酬分配体系。在课酬计算过程中,考虑了职称-质量系数,充分体现了教师课酬分配按劳分配、优教优酬的原则。     

Optimal asset allocation strategies of university endowment funds

Optimal asset allocation for university endowment funds is very important in USA. The management of endowment funds is challenging due to the need of finding out the balance between providing adequate and stable spending for beneficiaries and growth of the portfolio. In this paper, the author address these allocation constraints in a dynamic framework, in which minimum subsistence levels are introduced in the objective function and derive explicit formulas for the optimal portfolio strategy.     

风险企业中的产权安排：理论和启示

文章在阿洪和泰勒尔(Aghion and Tirole,1994)模型的基础上,发展了一个三阶段的动态博弈模型来研究产权安排与企业发展之间的关系,认为在风险企业这种以研发为核心的企业中,应该由风险企业家来决定产权比例,否则会影响其创新能力。当前中国风险投资机构改革的关键是加快国有资本的退出,实现产权结构的多元化,真正依靠市场机制来引导企业的发展。     

The allocation of public funds in a hierarchical educational system

This paper studies the dynamic effects of allocating public funds between basic and advanced education. Holding the size of total public education funds fixed, I identify the effects of their composition on aggregate efficiency and (in)equality. First, since basic education is a prerequisite for attending advanced education, there exists a lower bound on funding it: allocation policies below this lower bound are strictly Pareto dominated. Whether a corresponding lower bound on funding advanced education exists or not depends on the development stage of the economy and the size of total public funds. Secondly, while an allocation policy favoring basic education generates the usual redistribution from top to bottom, one favoring advanced education may result in reverse redistribution from bottom to top. Last, through the inter-generational link, short-run allocation policies may have long-run effects. A simple rule-of-thumb is that for an economy in its early development stage, focusing on basic education for sufficiently long duration is the only way out of polarization and low aggregate efficiency, contrary to the actual policies pursued by many of the less developed economies.     

An application of hidden Markov models to asset allocation problems

Filtering and parameter estimation techniques from hidden Markov Models are applied to a discrete time asset allocation problem. For the commonly used mean-variance utility explicit optimal strategies are obtained.     

温州企业家族经营规则与市场规则的结合

通常认为家族经营是难以与市场经济相容的 ,家族经营只有转变为现代企业制度才能发挥市场机制的效率与作用。文章从温州企业家族经营规则与市场规则的相容性出发 ,论述了家族企业在现代市场经济中顽强的生命力 ,论述了家族经营规则与市场规则有相容的一面 ,也有矛盾的一面 ,从     

具有大规模天线选择与功率分配的协作通信

在瑞利衰落信道下研究了采用前向译码转发协议的三节点协作模型,分析了中继分布大规模天线阵列时系统的可靠性能。为了有效地降低系统复杂度,同时又能获得大规模天线带来的分集增益,给出了中继选择合并(SC)与天线选择空间调制(SM)相结合的组合传输方案。为了进一步提高可靠性能,研究了SC/SM组合方案如何通过功率分配优化其误比特率性能。仿真分析表明,大规模中继SC/SM方案的功率分配能够有效改善系统的误比特率性能。