Generalizations of Ho–Lee’s binomial interest rate model I: from one- to multi-factor

In this paper a multi-factor generalization of Ho–Lee model is proposed. In sharp contrast to the classical Ho–Lee, this generalization allows for those movements other than parallel shifts, while it still is described by a recombining tree, and is a process with stationary independent increments to be compatible with principal component analysis. Based on the model, generalizations of duration-based hedging are proposed. A continuous-time limit of the model is also discussed. This research was supported by Open Research Center Project for Private Universities: matching fund subsidy from MEXT, 2004–2008 and also by Grants-in-Aids for Scientific Research (No. 18540146) from the Japan Society for Promotion of Sciences.     

对改革供电企业变电检修现行管理模式的探讨

提出了重组专业化的变电检修总公司的战略思路,对电网企业与总公司之间发展新型关系进行了探讨,指出以战略思维构筑战略联盟,保持合作联盟,实现共赢与发展.分析虽是对检修体制改革,同时也是对安全生产管理体制的变革,有利于供电企业的安全生产管理.     

Demand for broad money and expenditure components in Japan: an empirical study

The main objective of the present study is to examine empirically the long-run relation of broad money demand and its determinants in Japan. In contrast with previous study, the present study considers various components of final expenditure demand as determinants that are final consumption goods, expenditure on investment goods and exports. Using quarterly data over the period 1973Q1–2000Q2, the results of the bounds test [J. Appl. Econ. 16 (2001) 289] indicate a stable long-run relationship between demand of real M2 and its determinants. The empirical results also highlight that different domestic demand components yields different effects on Japanese broad money demand behavior. The estimated unrestricted error-correction model appears to track the data well and the results have important policy implications.     

Biophysical Model of Larval Yellow Perch Advection and Settlement in Lake Michigan

Potential for large-scale physical transport processes to affect recruitment of Lake Michigan yellow perch (Perca flavescens) was studied by examining the variation in larval distribution, growth rate, and settlement during June–August 1998–2003 using a 3D particle transport model linked with an individual-based bioenergetics growth model. In all years, virtual larvae were released nearshore in southwestern Lake Michigan, a known and important spawning region for yellow perch. For any given year, the same circulation pattern and water temperature either promoted or reduced yellow perch settlement depending on the consumption rates and settlement size chosen in the growth model. Increased consumption increased the number of settled larvae and expanded the total area where larvae settled, whereas increased settlement size reduced the number of settled larvae and reduced the overall settlement area. Interannual variability in circulation patterns and water temperature also resulted in contrasting larval settlement rates, settlement locations, and size of settlement areas between years. Model predictions were most consistent with field observations of age-0 yellow perch from Illinois and Michigan waters when settlement was assumed to occur at 50 mm. Moreover, our model suggests that larvae originating from southwestern Lake Michigan can recruit anywhere within the southern basin and even in the northern basin. Future model improvement will require information on the relative contribution of various sectors to the larval pool, their distribution with reference to the hydrodynamic landscape, the feeding and growth of yellow perch during their pelagic phase, and the size at transition to demersal stage.     

资产管理模型及其应用

简要介绍了水电厂资产管理系统的构成，从中引出了以设备为中心、以工作单为主线的资产管理模型，并说明了该模型在水电厂资产管理系统中的应用效果。     

连拱坝交叉模态综合法的完备性

对笔者提出的连拱坝动力特性计算的子结构交叉综合法的正确性进行了证明．利用证明子结构子模态向量组成的线性空间是完备的基础上，说明当交叉子结构中所取的截尾模态趋向于完备时，其结果等同于整体计算，并表明近似计算将收敛于正确的结果．     

引滦入唐工程某渡槽裂缝成因及对策分析

针对引滦入唐工程中某渡槽的开裂情况，从渡槽的两个使用状态入手进行分析，考虑按旧规范计算对设计造成的误差，采用大型有限元分析程序分析了渡槽各种工况的运行情况，并根据使用情况分析了开裂原因，提出了加固意见和同类渡槽设计的建议。     

农村劳动力转移模型:基于中国制度背景的构造

本文在对经典的农村劳动力流动模型进行理论梳理的基础上,引入中国的制度变量,试图构建适合中国制度背景的农村劳动力转移模型,同时,运用经验事实对其作进一步的实证检验,并分析了模型的政策含义。     

Research on Customer Satisfaction Strategy in China＇s Real Estate Industry

This paper analyzes real estate market condition, studies key influencing factors to customer satisfaction, and presents corresponding customer satisfaction model and effective strategy framework, which are of significance to achieve customer loyalty and get competitive edge for real estate enterprises.