因子分析法在县域经济发展水平评价中的应用

县域经济是国民经济的重要组成部分。为了全面、客观、系统、科学地评价和分析县域经济发展水平,一般要采用多指标综合评价法,这种传统方法具有主观随意性与工作复杂性的缺点。采用因子分析法对县域经济发展水平进行评价,可以有效地克服传统多指标综合评价方法中的不足与缺陷。     

土地利用总体规划与城市总体规划衔接阻力源分析与实务研究

根据笔者近些年来参与＂两规＂编制的实际经验,首先阐述＂两规＂的联系,其次着重分析二者衔接的阻力源,然后在此基础上提出了研究的重点——＂两规＂衔接的实务,最后论述了＂两规＂实现衔接后的现实意义。     

高职英语教学的多模态话语分析

随着网络技术以及多媒体技术的不断发展,语言的阐释已经从传统的单一文本模式转变为当今的多种模态表达模式。本文从多模态话语分析理论视角,对高职英语教学过程中的多模态符号进行微观层面探析,提出要通过协调多模态话语因素,最大化教学效率,促进高职英语教学的发展。     

Isolated refuges for surviving global catastrophes

A variety of global catastrophes threaten the survival of human civilization. For many of these catastrophes, isolated refuges could keep some people alive and enable them to rebuild civilization in the post-catastrophe world. This paper examines the potential importance of refuges and what it would take to make them succeed. The successful refuge will have a variety of qualities, including isolation from catastrophes and self-sufficiency. These qualities can be achieved through a variety of specific design features. We introduce the concept of surface-independence as the gold standard for refuge excellence: refuges isolated from Earth's surface will offer maximum protection against both the catastrophe itself and potentially harmful post-catastrophe populations. However, surface-independence introduces significant design challenges. We present several challenges and evaluate possible solutions. Self-sufficiency in food provision can be greatly enhanced via chemical food synthesis. The rejection of waste heat from subterranean refuges can be enhanced via building piping networks and locating refuges near running groundwater or in ice. The high cost of extraterrestrial refuges can be offset by integrating refuges into space missions with scientific, political, or commercial goals. Overall, refuges show much promise for protecting civilization against global catastrophes and thus warrant serious consideration.     

An Application of the Dynamic Network DEA Model: The Case of Banks in Taiwan

ABSTRACT

In this study, we apply the dynamic network slack-based measure data envelopment analysis model (DNSBM) to measure the efficiency of Taiwanese banks during the period 2005–11. Using the network structure, we define intellectual capital creation capability as one of the production stages. In order to capture the dynamics of the transformation process, the nonperforming loans and loan loss reserves are defined as carryover items. This study offers sufficient information for managers to understand not only the overall performance of their banks but also the efficiency of each production stage and the dynamic changes of the overall and divisional efficiencies.     

Modelo de gestión logística para pequeñas y medianas empresas en México

The market opening and the globalization of supply chains, demand a structural changes in which logistics has a strategic role. Nowadays, clients evaluate product quality, its value added and its availability in time and form, which implies a need to make the process efficient. Several experts have proposed some logistics management models to increase competitiveness in the market, but some of these models are too ambitious for small and medium sized enterprises (SMEs) due to their informal structure and their lack of technical knowledge; other models make indirect reference to the internal information flows, which include whole system disintegration because of the weak interrelation among the different areas. In Mexico, SMEs represent 4.2%, they generate 31.5% of employment and provide 37% of the gross domestic product; that is why it is important to reinforce their competitive position in the market. This research presents the design of a conceptual model of logistic management for SMEs which could provide comprehensive solution through control of the variables involved in the logistics process; to verify that the variables considered in each identified dimension are correct factor analysis was used.     

Flight to liquidity and the Great Recession

This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to agency problems and funding liquidity risk in their intermediation activity. Importantly, the amount of liquidity reserves held in the financial sector is determined endogenously: Balance sheet constraints force banks to trade off insurance against funding outflows with loan scale. A financial crisis, simulated as an abrupt decline in the collateral value of bank assets, triggers a flight to liquidity, which strongly amplifies the initial shock and induces credit crunch dynamics sharing key features with the Great Recession. The paper thus develops a new balance sheet channel of shock transmission that works through the composition of banks’ asset portfolios.     

Short interest and stock price crash risk

Using a large sample of U.S. public firms, we find robust evidence that short interest is positively related to one-year ahead stock price crash risk. The evidence is consistent with the view that short sellers are able to detect bad news hoarding by managers. Additional findings show that the positive relation between short interest and future crash risk is more salient for firms with weak governance mechanisms, excessive risk-taking behavior, and high information asymmetry between managers and shareholders. Empirical support is provided showing that the relation between short interest and crash risk is driven by bad news hoarding.     

Riding the swaption curve

We conduct an empirical analysis of the term structure in the volatility risk premium in the fixed income market by constructing long-short combinations of two at-the-money straddles for the four major swaption markets (USD, JPY, EUR and GBP). Our findings are consistent with a concave, upward-sloping maturity structure for all markets, with the largest negative premium for the shortest term maturity. The fact that both delta–vega and delta–gamma neutral straddle combinations earn positive returns that seem uncorrelated suggests that the term structure is affected by both jump risk and volatility risk. The results seem robust for macroeconomic announcements and the specific model choice to estimate the risk exposures for hedging.