QUADRATIC TERM STRUCTURE MODELS FOR RISK-FREE AND DEFAULTABLE RATES

In this paper, quadratic term structure models (QTSMs) are analyzed and characterized in a general Markovian setting. The primary motivation for this work is to find a useful extension of the traditional QTSM, which is based on an Ornstein–Uhlenbeck (OU) state process, while maintaining the analytical tractability of the model. To accomplish this, the class of quadratic processes, consisting of those Markov state processes that yield QTSM, is introduced. The main result states that OU processes are the only conservative quadratic processes. In general, however, a quadratic potential can be added to allow QTSMs to model default risk. It is further shown that the exponent functions that are inherent in the definition of the quadratic property can be determined by a system of Riccati equations with a unique admissible parameter set. The implications of these results for modeling the term structure of risk-free and defaultable rates are discussed.     

WebGIS技术在物流配送系统中的应用

万维网地理信息系统（WebGIS)是Internet技术和地理信息系统技术相结合的产物。在分析WebGIS实现技术的基础上，探讨了基于WebGIS的物流配送系统设计，提出了一个以SuperMap IS平台为基础，基于组件和Java Applet技术，利用ASP来实现界面的显示和交互，体现Brower/Serser三层体系结构的系统解决方案。     

公司治理结构中经营者盈余管理的博弈分析

本文从经营者与监督者之间的博弈模型入手,讨论了公司治理结构对盈余管理的影响,并在分析了我国目前的公司治理结构存在的问题后,提出了一些措施,最后给出了研究建议。     

日本泡沫经济制度性原因分析及启示

20世纪90年代被称为日本经济“失去的10年”。日本经济一蹶不振,丧失了整整10年的发展。不少学者认为,90年代日本经济萧条意味着日本“又一次战败”即在经济战场上的“战败”。日本经济战败是败在了“制度”或“体制”方面,败给了成功地实行了“制度创新”或“体制创新”的美国。分析引发日本泡沫经济的制度性原因、探索日本经济走出衰退的途径,从中可寻找出对我国经济发展的有益启示。     

Symmetry and order in the portfolio allocation problem

Summary. This research studies the role of multivariate distribution structures on random asset returns in determining the optimal allocation vector for an expected utility maximizer. All our conclusions pertain for the set of risk averters. By carefully disturbing symmetry in the distribution of the, possibly covarying, returns, we ascertain the ordinal structure of the optimized allocation vector. Rank order of allocations is also established when a permutation symmetric random vector is mapped into the returns vector through location and scale shifts. It is shown that increased dispersion in the vectors of location and scale parameters benefit, ex-ante, investors as does a decrease in the rank correlation coefficient between the location and scale parameter vectors. Revealed preference comparative static results are identified for the location and scale vectors of asset returns. For most issues addressed, we arrive at much stronger inferences when a safe asset is available. Received: August 8, 2000; revised version: January 8, 2001     

国有经济结构分析与调整对策

国有经济战略调整是中央提出的国有企业改革和发展的重要目标。在计划经济体制向市场经济体制的转轨过程中，国有经济的分布仍不够合理，国有企业在竞争领域仍然占有很大的比重，在经济结构的优化方面仍然存在着一些不容忽视的问题。因此，对这一问题的深入研究，具有重要意义。     

NUMERICAL SIMULATION OF TIP-CLEARANCE FLOW IN CASCADE

1 .　ＩＮＴＲＯＤＵＣＴＩＯＮＴｉｐ ｃｌｅａｒａｎｃｅｆｌｏｗｓｏｃｃｕｒｉｎｖａｒｉｏｕｓｅｎｇｉｎｅｅｒ ｉｎｇａｐｐｌｉｃａｔｉｏｎｓｓｕｃｈａｓａｘｉａｌ ｆｌｏｗ ｐｕｍｐｓａｎｄｄｕｃｔ ｅｄｐｒｏｐｅｌｌｅｒｓ .Ｔｈｅｉｎｅｒｔｉａｌｆｏｒｃｅｓａｃｔｉｎｇｕｐｏｎｔｈｅｆｌｕｉｄｉｎｔｈｅｎａｒｒｏｗ ｇａｐｂｅｔｗｅｅｎｂｌａｄｅｔｉｐａｎｄｔｈｅｓｕｒｒｏｕｎｄｉｎｇｗａｌｌａｒｅｓｕｆｆｉｃｉｅｎｔｔｏ ｇｅｎｅｒａｔｅａｔｉｐｌｅａｋａｇｅｖｏｒｔｅｘｏｎｔｈｅｓｕｃｔｉｏｎｓ…     

左江水利枢纽厂房及闸坝金属结构设计简介

简介左江水利枢纽水电站厂房及闸坝金属结构系统的组成、布置及结构设计。其金属结构设备有各种门(栅)44道,各种闸门、拦污栅28扇,各种启闭机18台套,设备总重2100t。工程建成后,运行情况良好。