Non-linear Gaussian sovereign CDS pricing models

Prior literature indicates that quadratic models and the Black–Karasinski model are very promising for CDS pricing. This paper extends these models and the Black [J. Finance 1995, 50, 1371–1376] model for pricing sovereign CDS’s. For all 10 sovereigns in the sample quadratic models best fit CDS spreads in-sample, and a four factor quadratic model can account for the joint effects on CDS spreads of default risk, default loss risk and liquidity risk with no restriction to factors correlation. Liquidity risk appears to affect sovereign CDS spreads. However, quadratic models tend to over-fit some CDS maturities at the expense of other maturities, while the BK model is particularly immune from this tendency. The Black model seems preferable because its out-of-sample performance in the time series dimension is the best.     

浅析高校后勤财务管理

高校后勤财务管理存在资产流失严重、收入与成本费用核算不够规范、财务管理制度不够完善、工作效率不高等问题，应采取理顺关系、改变观念、建章立制、规范管理、转变职能、加强队伍建设等措施予以完善。     

Discussion and Analysis about Duration Method Based on Marginal Analysis

The selective principle of mutually exclusive project is the maximum of net present value, It is difficult to make decision when NPVA is equal to NPVLB. Some assistant analyses are put forward in ＂Enterprise Investment Decision Management＂. The scientific marginal analysis shows that the assistant analyses including the duration analysis are wrong. This problem can be solved by the classical marginal analysis.     

Research on the Present Situation and Countermeasure of the Development of Chinese Architectural Industry

Along with the development of Chinese social economy and the innovation of government policy, Chinese Architectural Industry is playing a more and more vital role in the entire national economy. This paper first abstracts the connotation and basic characteristic of the Architectural Industry, then discusses the present situation of the development of Chinese Architectural Industry and carries on the analysis on the entire construction industry. Finally discusses the development tendency of Chinese architectural industry, and put forward the corresponding policy proposals to its developmental strategy.     

养老保险金替代率研究

养老保险金替代率是指一定地区当年离退休(含退职，下同)人员的养老金平均水平与该地区当年职工平均工资水平的比率，其是否合理，将影响到养老保险制度安排和政策取向。养老保险金替代率目标的确定，将受到一个国家或者地区的社会保障水平和经济发展水平等因素的影响。按照中国对基本养老保险制度改革的总体思路，未来基本养老保险金替代率目标确定为60％左右。目前，中国基本养老保险金替代率目标已经接近制度改革的目标，北京市的基本养老保险金替代率明显低于全国水平。企业退休金的替代率又明显低于事业和机关单位的退休金替代率，并呈现持续下降的趋势，应当设法进行遏止。     

顾客关系营销的应用研究

在综述关系营销内涵及其与传统交易营销的区别的基础上,对国内外企业顾客关系营销的应用进行了研究,分析了我国企业应用顾客关系营销过程中存在的问题,提出了应采取的对策。     

浅谈企业内部控制制度

企业会计造假、会计信息失真现象屡禁不止,尤其是美国“安然”事件的发生,给世人敲了警钟:加强企业内部控制制度的建设迫在眉睫。本文从企业内控的现状入手,对企业加强内控建设提出了几点建议。     

对西部贫困地区教育现状的人文思考

西部贫困地区教育的发展是贫困地区脱贫致富的关键所在。在西部教育现状中,尝试人文思考与探索,将会对西部教育发展起到一定的指导作用。在西部教育中注重对教育主体的人文教育,是建立社会主义和谐社会的要求。     

欧元之父--罗伯特·蒙代尔的经济学贡献

蒙代尔是最优货币区域理论的首创者,他分析了不同汇率体制下财政政策与货币政策的合理配置理论,从货币角度研究国际收支理论及供给学理论,促成了欧元的出台,被尊称为"欧元之父".蒙代尔对中国改革和发展给予了高度关注,并提出许多有益的建议.     

对我国物流园区发展现状的思考

分析了我国物流园区的现状,指出我国物流园区存在的问题,并借鉴国外先进经验提出拉动式物流园区建设模式、政府宏观规划与审查、以客户需求为导向运作园区等建议.