Factor pricing of cryptocurrencies

In this paper, we study the cryptocurrency pricing factors. We review the literatures which state that the cryptocurrency market is weakly efficient. We use the Fama–MacBeth method to investigate the pricing factors. The classical equity-based risk factors including size, momentum, and value to growth from the Fama–French three factor model are studied. We use crypto-unique coin-to-token as a proxy for value-to-growth. For volatility risk factor category, we investigate realized volatility, skewness and jump. We also investigate liquidity factors including bid–ask, volume growth and Roll’s measure. The macro factors are found not to be an explanatory factor. The attention factor works sometimes. The factor model constructed by the significant factors explain most of the excess return of cryptocurrencies.     

Measuring China’s domestic production networks through Trade in Value-added perspectives

Evaluating the role and performance of China's participation in Global value chains (GVCs) has been a hot policy and research issue in recent years. However, most GVCs-related literature about China focuses on country-to-country relations; less attention has been paid to China's domestic value chains (DVCs). GVCs should have their domestic foundations since strong linkages across domestic firms and regions can improve productivity through gains from specialization, which make domestic industries more competitive in GVCs in turn. This paper applies the so-called Trade in Value-added (TiVA) concept and the decomposition of domestic-regional trade in TiVA terms to re-measure the inter-industrial and interregional linkages in China's DVCs. We show that TiVA-based measures can significantly enrich our understanding on both the structure change of China's regional economy and the position and participation degree of Chinese regions in DVCs.     

物流成本控制新思路——规模成本控制法

描述了规模成本控制法的基本思想,建立了规模成本法的数学模型,探讨了制定规范成本标准时数据收集的方法,最后阐明了企业应用规模成本控制法时的步骤,对规模成本控制法进行了整体思路上的描述。     

A general endogenous grid method for multi-dimensional models with non-convexities and constraints

The endogenous grid method (EGM) significantly speeds up the solution of stochastic dynamic programming problems by simplifying or completely eliminating root-finding. We propose a general and parsimonious EGM extended to handle (1) multiple continuous states and choices, (2) multiple occasionally binding constraints, and (3) non-convexities such as discrete choices. Our method enjoys the speed gains of the original one-dimensional EGM, while avoiding expensive interpolation on multi-dimensional irregular endogenous grids. We explicitly define a broad class of models for which our solution method is applicable, and illustrate its speed and accuracy using a consumption–saving model with both liquid assets and illiquid pension assets and a discrete retirement choice.     

基于熵值法的人居环境质量评价研究——以徐州市为例

在分析城市人居环境系统构成的基础上,构建了人居环境质量评价指标体系,利用熵值法对1991-2005年徐州市区的人居环境质量进行了分析与评价。结果表明,1990年代以来,徐州市区人居环境质量有了较大的提升和改善,并据此就徐州市区城市规划、基础设施建设、生态环境建设和保护等方面,提出了优化人居环境的措施和对策。     

基于可拓工程方法的装备管理人员队伍建设评估

基于对装备管理人员队伍建设的重要性的认识。在建立了装备管理人员队伍建设评价指标体系的基础上,提出了利用可拓工程方法对装备管理人员队伍建设进行综合评价的方法,并深入探讨了该方法的应用程序及实施步骤,建立了装备管理人员队伍建设的可拓评估模型,最后用实例验证了模型的有效性。     

浅谈长螺旋钻孔灌注桩技术在水利工程中的应用

长螺旋钻孔灌注桩施工是工业民用建筑基础处理中经常采用的一种施工技术。文章通过对其在围堤湖分洪闸闸室段基础处理工程中成功应用的阐析,提出它在某些水利工程的基础处理施工中同样可以占据一席之地,并有其独特的优势。     

企业并购活动中目标企业选择的层次分析评估研究

企业并购是企业进行资本扩张、促进企业间存量资源合理统流动的重要途径。对企业并购中的目标企企的选择、价值评估进行研究，构建我国企业并前过程中目标企业选择的评价指标体系，运用AHP法对目标企业选择进行定量化评估，将有利于企业通过并购后，实现资源的最优配置．保证企业经营机制协调、有效地运行。     

中学化学玻璃仪器的洗涤

在化学实验中,洗涤玻璃仪器不仅是一项必须做的实验前的准备工作,也是一项技术性的工作。     

荧光法测定水质中石油类干扰物质及消除方法的研究

通过对15种物质做了干扰实验,认为荧光分光光度法测定石油类主要为某些物质的负干扰作用,并分析了产生这些负干扰的原因,提出采用标准加入法可以有效地克服这些负干扰。