Optimal portfolio composition and the CAPM

It is commonly assumed that the CAPM implies that all investors hold a balanced portfolio, “the market portfolio,” and investors just determine the proportion of their wealth held in the market portfolio and the risk-free asset. That this is patently at odds with observed investor behavior is sometimes used to justify rejecting the CAPM. However, by assuming that substitute securities exist, in this paper we still obtain the CAPM, although investors neither hold all of the assets in the market nor a balanced shareholding in the assets they do hold.     

Making sense of network dynamics through network pictures: A longitudinal case study

There have been a number of attempts to describe and analyse networks and company positions in them and to help companies to manage or change their “network position” [ [H?kansson & Snehota, 1995] and [Ford et al., 2003]]. But most of these have confined their attention to a particular point in time or have looked at network evolution over a restricted time period, such as Lundgren (1995) [Lundgren, A. (1995) Technological Innovation and Network Evolution. Routledge, London and New York.] and Andersson (1996) [Andersson, Per (1996), The emergence and change of Pharmacia Biotech 1959-1995. The power of the slow flow and the drama of great events, doctoral thesis, Stockholm School of Economics, Stockholm.]. This paper is based on the idea that insights into the dynamics and evolution of networks and companies may be found by taking a longer term perspective. It uses historical documents and correspondence to examine the evolution of a network and of a single company within it over a period of close to a century. The paper highlights the fact that networks and networking are not modern inventions, but are intrinsic to the nature of business activity. The case study also provides illustration of a number of network phenomena, such as network position, networking and the paradoxes that are endemic in networks. Finally, the paper concludes with some lessons that may be drawn from the case for successful management in a network.     

应用于FFT处理器的新型串接CSD常数乘法器设计

快速傅里叶变换(FFT)广泛应用于正交频分复用(OFDM)系统的调制与解调中。FFT的输出需要输入序列与旋转因子(TF)进行复数乘法运算,由于正则有符号数(CSD)常数乘法器实现简单、硬件开销小,常用于此类复数乘法运算,但随着旋转因子常数值个数的增加,其硬件开销会成倍增长。为了降低硬件开销,利用参数分解减少常数值个数的方法,提出了一种新型串接CSD常数乘法器。仿真结果显示对比常用的布斯乘法器,该新型串接CSD常数乘法器设计方案实现与旋转因子Wi128、Wi256以及Wi512进行复数乘法运算的硬件资源消耗分别减少41%、34%和25%。     

Sources of Competitive Rivalry in Japan

The fact of the Japanese competitive success on a world scale is well established and we have been offered many reasons for that success. But we know much less about their competitiveness on their domestic markets. And we know even less of the underlying sources of their competitive behavior. Nigel Campbell has studied many facets of Japanese life—the history and culture, the geography and economic structure, the present-day patterns of thinking—and draws for us the structure of the rivalry that we see expressed in global competition. His article is a useful background for any manager seeking a competitive advantage.