EFFECT OF FED POLICY ACTIONS ON THE DEFAULT LIKELIHOOD OF COMMERCIAL BANKS

Using a measure of default likelihood based on an option pricing method, we provide evidence that Fed policy actions affect the financial distress of commercial banks. When the Fed increases (decreases) interest rates, the measure of default likelihood increases (decreases). We show that when the Fed uses a tight money policy, the increase in default likelihood is more pronounced for banks that have less capital, have greater financial leverage, are smaller, have fewer growth opportunities, and have lower asset quality. Additionally, the effects on bank default likelihood are more pronounced when the Fed's policy signals less concern about economic growth, as indicated by its bias toward further tightening, and when there is a market expectation of higher short‐term market rates in the future.     

利93区块钻探技术

我公司通过对利93区块所钻井的研究,在总结以往钻井经验的基础上,认真消化和吸收国内同行业的先进钻探技术,结合的利93断地质特点,总结出了一套适应该区块安全快速钻进的实用技术,提高了该区块的钻井速度与钻井质量,取得了良好的社会效益与经济效益。     

Turbo码的Taylor-Log_MAP译码算法

以Turbo码基本理论和算法为基础,依据无线信息传输的实际要求和Taylor级数的基 本原理,提出了一种Turbo码的Taylor-Log-MAP高效译码算法。该算法对基本的Log-MAP 算法中K运算利用Taylor级数进行展开,针对实际的信道需求对展开式进行截断,实现了Tur bo码 的最佳译码。与传统的对数域最大后验概率译码算法相比,该算法基本保持了优良的译码 性能,同时避免了复杂的对数运算,减小了运算量。仿真结果表明,与现 有的RS码性能相比,使用Turbo码可以获取5 dB的信噪比增益。     

一种基于位同步的复杂调制样式识别方法

针对卫星数字化视频广播第二代标准（Digital Video Broadcasting-Satellite -Second Generation,DVB-S2）中的多进制幅度移相键控（Multiple Amplitude and Phase-Shift Keying,MAPSK）和多进制正交幅度调制（Multiple Quadrature Amplitude Modulation,MQAM）信号的调制识别,提出了基于位同步的识别方法。首先利用信号星座图特征对信号包络进行位同步,然后统计信号码元的幅度值个数及其幅度值分布提取统计特征参数,最后利用特征参数完成识别。仿真结果表明,所提算法在载波频率等参数未知的条件下,能够有效对信号进行调制识别。     

A gossip based information fusion protocol for distributed frequent itemset mining

The computational complexity, huge memory space requirement, and time-consuming nature of frequent pattern mining process are the most important motivations for distribution and parallelization of this mining process. On the other hand, the emergence of distributed computational and operational environments, which causes the production and maintenance of data on different distributed data sources, makes the parallelization and distribution of the knowledge discovery process inevitable. In this paper, a gossip based distributed itemset mining (GDIM) algorithm is proposed to extract frequent itemsets, which are special types of frequent patterns, in a wireless sensor network environment. In this algorithm, local frequent itemsets of each sensor are extracted using a bit-wise horizontal approach (LHPM) from the nodes which are clustered using a leach-based protocol. Heads of clusters exploit a gossip based protocol in order to communicate each other to find the patterns which their global support is equal to or more than the specified support threshold. Experimental results show that the proposed algorithm outperforms the best existing gossip based algorithm in term of execution time.     

川西浅层水平井轨迹控制技术

浅层水平井井眼轨迹控制技术是浅层水平井施工的关键环节之一,针对浅层水平井的钻井特点和影响井眼轨迹控制的因素,对现有钻具组合造斜率预测方法进行分析;针对浅层水平井井眼轨迹控制工艺和工具设计提出了一些技术措施,并结合川西浅层水平井钻井情况,总结了浅层水平井井眼轨迹控制工艺技术,得出了浅层水平井井眼轨迹控制几点建议,为今后在川西浅层施工的长水平段水平井积累实钻经验。     

降低头肩视频序列编码码率的一种新方法

由于会计上遵循权责发生制,财务操纵利润有很大的余地,因而关于会计造假的丑闻屡禁不止,这样,就使基于利润为基础的企业价值评估大打折扣。本文介绍了一种源于西方并已发展成熟的价值评估指标--自由现金流量,美国企业公布的年报都要求披露这一数据。相对于国内现通行的各项指标,它有很多突出优势,对进一步了解企业价值有一定的借鉴作用。最后,根据自由现金流量在实际运用中的局限性,提出几点建议。     

Early Mortality Declines at the Dawn of Modern Growth*

We explore the hypothesis that demographic changes which began in the seventeenth and eighteenth centuries are at the root of the acceleration in growth rates at the dawn of the modern age. During this period, life tables for Geneva and Venice show a decline in adult mortality; French marriage registers reveal an important increase in literacy; historians measure an acceleration of economic growth. We develop an endogenous growth model with a realistic survival law in which rising longevity increases individual incentives to invest in education and fosters growth. We quantitatively estimate that the observed improvements in adult mortality account for 70% of the growth acceleration in the pre‐industrial age.     

Product development in the chemical industry: A description of a maturing business

To help us understand the massive complexity of the chemical industry, Robert A. Linn breaks it down into product/market sectors that show differing business requirements, and hence, differing new product development requirements. This is an important industry that has struggled through the 1970s with sharp changes in external pressures and very little technological excitement. Where are the new product opportunities in an industry such as this? How do you pursue them? On the basis of his years of experience in the industry, Linn offers some suggestions and some challenges for managers.     

钻头泥包卡钻探析与对策

从实钻案例出发,通过分析泥包后的相应特征、导致钻头泥包的各种因素和钻头泥包后的致卡原因,提出防止钻头泥包卡钻需要树立从预防钻头泥包、识别和监测钻头泥包到钻头泥包及时处置、钻头泥包复杂排除的整体解决策略。同时阐明抽吸性缩径的存在是导致钻头泥包发生“缩径卡钻”的主要诱因,对此提出应用憋压浸泡法解除钻头泥包卡钻的可行性。