On the test of the correction mechanism for mis-pricing between assets using a statistical yield spread model

This paper investigates the existence of a correction mechanism for mis-pricing between Japanese stock and bond. By this correction mechanism we mean that when deviations occur from the equilibrium levels of the expected return differentials between stock and bond — the risk premium differentials, the market will tend to correct the mis-pricing and bring the expected return differentials back to the equilibrium levels. We assume that the yield spread between the predicted earnings price ratio of stock and the yield to maturity of bond reflects the risk premium between stock and bond, and estimate the equilibrium risk premium differentials and mis-prices between stock and bond by modelling their behaviors with a statistical yield spread model (SYS). Empirical results strongly indicate the existence of the mis-pricing correction mechanism, suggesting the inefficiency of securities markets.     

马铃薯在中国传播的技术及社会经济分析

本文从生物、技术及社会经济的角度考证马铃薯在中国传播的过程，重点对传播条件和传播障碍进行阐述，分析了20世纪中国的社会变迁和科技进步对马铃薯传播的影响，并进一步讨论马铃薯扩种对我国粮食生产和社会生活的作用。     

中国金融垄断的一个例证--实际利差扩大化

随着股份制商业银行的壮大和中小金融机构的兴起以及外资银行的进入，我国国有商业银行一统天下的局面有了很大改观，但是国有商业银行的垄断地位却没有发生根本性改变。国有商业银行依然凭借其垄断地位，直接或间接地获取垄断利润。本从国有商业银行存贷款利差分析入手，阐述了实际利差扩大化的产生机理，指出国有商业银行垄断地位是实际利差扩大化的制度基础，从而表明实际利差扩大化正是我国金融垄断的一个有力证据。     

Risk sentiment and firms’ liquidity in the French market

This paper investigates the impact of risk sentiment on market liquidity by using panel data. We use six risk word lists; uncertain, weak model, negative, legal, opportunity, and environmental & social responsibility word lists to measure the risk sentiment. Concerning the liquidity proxies, we use three measures, quoted spread, effective spread, and adverse selection component. The results indicate that an intensive risk tone and uncertain information in annual reports lead to decreased liquidity. In addition we find that risk sentiment variable impacts the liquidity but not vice versa.     

一种基于DS-FFH/MSK调制的数据链抗干扰性能分析

提出了DS-FFH/MSK调制方式的一种实现方案,并在多种干扰环境下,从信源误比特率的角度对基于该实现方案的Link16战术数据链的抗干扰性能进行了系统分析,推导了几种不同干扰条件下数据链的误比特率表达式,并给出了计算机仿真结果.     

基于时域分割的DS/FH信号参数估计

针对时频分析方法在直扩/跳频(DS/FH)混 合扩频信号参数估计中存在时频分辨率受限、交叉项干扰、实时性差等缺点,通过分 析DS/FH信号的时频特性,提出了一种新的DS/FH信号参数估计方法。该方法从待测信号的时 域分析出发,利用不同跳频点对应的周期数不相等的性质,完成了对DS/FH信号的时域分割 ,最后结合DS/FH信号性质完成了对待测信号跳频周期、驻留时间、跳频频率的估计。仿真 结果表明,该方法针对DS/FH信号的参数估计精度高,运算速度较快,且没有干扰频率。     

一种快速的DS/FH混合扩频信号捕获方案及其性能分析

为了提高DS/FH混合扩频信号的捕获速度, 提出了一种将DS/FH 信号中三维搜索转化为 二维搜索的快速捕获方案。通过对搜索过程的详细分析,推导出在单、双驻留条件下的平均 捕获时间数学表达式以及高斯信道下系统的检测性能计算公式。理论推导与仿真结 果表明：相对于传统的捕获方式,该方案有效地缩短了系统的平均捕获时间,具有更强的抗 噪性能,适用于存在较强噪声的复杂通信环境。     

Competition between Exchanges: Euronext versus Xetra

Exchanges in Europe are in a process of consolidation. After the failure of the proposed merger between Deutsche Börse and Euronext, these two groups are likely to become the nuclei for further mergers and co‐operation with currently independent exchanges. A decision for one of the groups entails a decision for the respective trading platform. Against that background we evaluate the attractiveness of the two dominant continental European trading systems. Though both are anonymous electronic limit order books, there are important differences in the trading protocols. We use a matched‐sample approach to compare execution costs in Euronext Paris and Xetra. We find that both quoted and effective spreads are lower in Xetra. The differences are more pronounced for less liquid stocks. When decomposing the spread we find no systematic differences in the adverse selection component. Realised spreads, on the other hand, are significantly higher in Euronext. Neither differences in the number of liquidity provision agreements nor differences in the minimum tick size or in the degree of domestic competition for order flow explain the different spread levels. We thus conclude that Xetra is the more efficient trading system.     

Marketmaking in the Laboratory: Does Competition Matter?

This paper is the first experimental study of the effects of competition and adverse selection on the performance of market maker (MM-) markets. Information distribution may is either symmetric or heterogeneous. MM-markets are either monopolistic (the specialist markets), or competitive (the multi MM-market). Welfare comparisons are with respect to a continuous double auction (DA-) market. Informed subjects receive an imperfect signal of the true state of the world. We find three main results. First, competition among market makers significantly reduces the bid-ask spread, and increases transaction volume. Second, competition among market makers induces competitive undercutting, yielding net trading losses for market makers as a group in most periods. Third, from the perspective of uninformed traders, a competing MM-regime is optimal, since it minimizes their expected trading losses.     

虚拟式直接序列扩频通信电台的研究

文中提出的虚拟式直接序列扩频通信电台将直接序列扩频通信、软件无线电和虚拟技术相结合。使用虚拟技术，系统具有易于实现、开发快捷、性能改进灵活、容易与其它应用结合、有利于新标准的推广等优点。文中论述了虚拟式直接序列扩频通信电台原理，包括发射方、接收方的结构和多址通信的原理，并详细讨论了电台实现硬件和软件情况，最后进行了计算机模拟仿真，结果令人满意。