衬衫生产RTY的研究

通过研究衬衫生产流通合格率RTY,建立科学完善的质量检验机构和检验点,及时发现并解决关键项,降低生产流程中产品返工、返修或报废所造成的损失,对衬衫生产企业有一定的参考价值。     

二季度债券市场收益率曲线将陡峭化上行

在充裕资金面的影响下,一季度银行间债券市场走出一波温和上扬行情,10年期国债收益率从年初的3．7％左右下行至一季度末的3．35％附近。文章综合相关数据分析后预计,未来工业增加值增速、货币供应量将有所放缓,新增贷款有望平稳增长,宏观经济仍将高位运行,结合经济走势相似年份的CPl均值,预计二季度CPI上行至3％后逐步回落,国债及政策性金融债收益率曲线整体小幅上行,收益率曲线呈现陡峭化态势。     

纳税人偷税行为原因分析与对策

对于不法纳税人的偷税问题 ,应从纳税人作为“经济人”、“社会人”、“道德人”三个角度出发 ,分析偷税行为产生的深层次原因 ,在此基础上采取诸如加强税务制度与队伍建设、提高惩罚成本、建立公平的税收体系、培养纳税人纳税道德、用税收信息化手段建立舆论监督机制等相应措施 ,借以对不法纳税人的偷税行为进行治理。     

水平受荷单桩计算的半经验弹塑性解析解

对水平受荷单桩经典m法进行了数学简化分析,对一些需通过查表内插法选取的计算参数进行了高精度数值拟合,使得工程计算更方便快捷,并通过工程算例计算比较分析,认为拟合弹性解析解精度高、可靠快捷。另外,由于受较大水平荷载的单桩桩顶层土会出现塑性屈服变形,若仍采用经典m法计算,则桩顶水平位移明显偏小。基于提出的高精度拟合弹性解析解及塑性区平衡微分方程,通过待定系数法及理论计算,给出了考虑桩顶塑性屈服区影响下的桩顶变位半经验弹塑性解析解,最后通过算例计算比较分析,认为半经验弹塑性解析解成果与实测成果基本一致,满足工程实践要求。     

A dynamic Nelson-Siegel yield curve model with Markov switching

This paper proposes a model to better capture persistent regime changes in the interest rates of the US term structure. While the previous literature on this matter proposes that regime changes in the term structure are due to persistent changes in the conditional mean and volatility of interest rates we find that changes in a single parameter that determines the factor loadings of the model better captures regime changes. We show that this model gives superior in-sample forecasting performance as compared to a baseline model and a volatility-switching model. In general, we find compelling evidence that the extracted factors from our term structure models are closely related with various economic variables. Furthermore, we investigate and find evidence that the effects of macroeconomic phenomena such as monetary policy, inflation expectations, and real economic activity differ according to the particular regime realized for the term structure. In particular, we identify the periods where monetary policy appears to have a greater effect on the yield curve, and the periods where inflation expectations seem to have a greater effect in yield determination. We also find convincing evidence of a relationship between the regimes estimated by the various switching models with economic activity and monetary policy.     

投资、银行金融支持与房产泡沫

通过建立房产投资经济模型来分析居民在各种融资情形下房产泡沫的生成机理,结果表明：无论银行是否进行金融支持,房产泡沫都取决于房产预期收益率、房产的投资成本和银行利率;如果居民不存在贷款违约,银行的金融支持不会加剧房产价格的攀升和房产泡沫的生成,而如果居民存在贷款违约,则情况相反,且房产价格和房产泡沫随着居民按揭贷款比例及违约率的提高而提高。这说明政府可以通过提高利率、提高房产交易成本、提高按揭贷款的首付比率、控制贷款违约率以及通过政策宣传引导居民理性购房等措施来控制房产泡沫。     

影响硫铵产率因素的分析探讨

通过对焦化厂硫铵工序的长期跟踪研究,明确了造成硫铵产率波动的主要因素,在焦化流程和配煤比、煤种相对稳定的情况下,对硫铵产率与剩余氨水蒸氨尾气是否进入饱和器、煤气脱硫装置位置、煤气初冷方式、配煤水分、煤气集合温度等因素之间的关系进行了定性分析,得出了以上各种因素对硫铵产率的影响程度的结论,以便科学合理地安排硫铵的生产计划,并为同行业解决硫铵产量波动的问题提供参考。     

Expanding the destination image: wine tourism in the Canary Islands

Tourism to the Canary Islands is centred around competitively priced holidays focused on the sun and beach mass tourism experience. A restructure of the islands' wine industry offers opportunities for developing new tourism alternatives based on gourmet products and traditional landscapes. This paper examines the potential of wine tourism from winery operators' perspectives. Challenges to overcome in the development of a successful sustainable local wine tourism industry include the need for expansion of the destination image to reflect the region's wine‐making history and scenic qualities; a shift towards independent high‐yield travellers; and reintroducing local produce in the mass tourism product. Copyright © 2008 John Wiley & Sons, Ltd.     

中国股市个股非流动性、换手率和短期反转的关系

本文在排除买卖报价反弹、周末效应等干扰因素的前提下,利用分组构建逆势投资组合及Fama-Macbeth回归方法,研究周期下我国股市中的短期收益反转现象。实证结果表明：我国股市中存在短期收益反转现象,短期反转在股票输家中表现更为明显;股票收益的短期反转随着非流动性的增强而增强;我国股市具有极高换手率的投资组合表现出特殊性,极高换手率对股票输家的短期收益反转具有抑制作用,而对股票赢家的短期收益反转具有促进作用。     

Estimating liquidity premia in the Spanish government securities market

This paper investigates the presence of liquidity premia in the relative pricing of assets traded on the Spanish government securities market. First, a classification of bonds into four different categories based on their degree of liquidity is proposed. Second, liquidity premia are estimated introducing liquidity parameters in the estimation of the zero-coupon yield curve. Results suggest the existence of a liquidity premium for post-benchmark bonds (both strippable and non-strippable). The size of this premium is relatively small. In the case of pre-benchmark bonds, the lack of liquidity does not seem to be priced. It is also shown that these pricing discrepancies are robust to the impact of taxes on bonds.