EMPIRICAL PERFORMANCE OF GARCH MODELS WITH HEAVY‐TAILED INNOVATIONS

We introduce a new type of heavy‐tailed distribution, the normal reciprocal inverse Gaussian distribution (NRIG), to the GARCH and Glosten‐Jagannathan‐Runkle (1993) GARCH models, and compare its empirical performance with two other popular types of heavy‐tailed distribution, the Student's t distribution and the normal inverse Gaussian distribution (NIG), using a variety of asset return series. Our results illustrate that there is no overwhelmingly dominant distribution in fitting the data under the GARCH framework, although the NRIG distribution performs slightly better than the other two types of distribution. For market indexes series, it is important to introduce both GJR‐terms and the NRIG distribution to improve the models’ performance, but it is ambiguous for individual stock prices series. Our results also show the GJR‐GARCH NRIG model has practical advantages in quantitative risk management. Finally, the convergence of numerical solutions in maximum‐likelihood estimation of GARCH and GJR‐GARCH models with the three types of heavy‐tailed distribution is investigated.     

Cost comparison of continued anticoagulation with rivaroxaban versus placebo based on the 1-year EINSTEIN-Extension trial efficacy and safety results

Aims: The EINSTEIN-Extension trial (EINSTEIN-EXT) found that continued treatment with rivaroxaban for an additional 6 or 12 months (vs placebo) after 6–12 months of initial anticoagulation significantly reduced the risk of recurrent venous thromboembolism (VTE) with a small non-significant increased risk of major bleeding (none fatal or in critical site). This study aimed to compare total healthcare cost between rivaroxaban and placebo, based on the EINSTEIN-EXT event rates.

Methods: Total healthcare cost was calculated as the sum of treatment and clinical event costs from a US managed care perspective. Treatment duration and event rates were obtained from the EINSTEIN-EXT study. Adjustment on treatment duration was made by assuming a 10% non-adherence rate. Drug costs were based on wholesale acquisition costs. Cost estimates for clinical events (i.e. recurrent deep vein thrombosis [DVT], recurrent pulmonary embolism, major bleeding, clinically relevant non-major bleeding) were determined from the literature. Results were examined over a ±20% range of each cost component and over 95% confidence intervals (CIs) of event rate differences in deterministic (one-way) and probabilistic sensitivity analyses (PSA).

Results: Total healthcare cost was $1,454 lower for rivaroxaban-treated (vs placebo-treated) patients in the base-case, with a lower clinical event cost fully offsetting drug cost. The cost savings of recurrent DVT alone (–$3,102) was greater than drug cost ($2,723). Total healthcare cost remained lower for rivaroxaban in the majority (73%) of PSA (cost difference [95% CI]?=?–$1,454 [–$2,396, $1,231]).

Limitations: This study was conducted over the 1-year observation period of the EINSTEIN-EXT trial, which limited “real-world” applicability and examination of long-term economic impact. Assumptions on drug and clinical event costs were US-based and, thus, not applicable to other healthcare systems.

Conclusions: Total healthcare costs were estimated to be lower for patients continuing rivaroxaban therapy compared to those receiving placebo in VTE patients who had completed 6–12 months of VTE treatment.     

《技术制图》新旧标准对照

以对照方法介绍了《技术制图》与《机械制图》中三个基础标准的适用范围、采标情况及基本内容。     

网上证券交易的国际比较和借鉴

网上证券交易是全球证券经纪业务发展的一大趋势，而我国在这方面尚处于初步发展阶段，文章主要阐述借鉴其他国家在网上证券交易的相关做法，结合我国现状提出对发展我国网上证券业务的建议。     

Learning in Design and Technology: The Impact of Social and Cultural Influences on Modelling

The paper introduces the highly problematic nature of modelling in design and technology education and examines the relationship between cognitive and concrete modelling. Its aim is to gain insight into what learners do, rather than what others say they ought to do in their learning activities. The variety of purposes that educators have for learners’ modelling are discussed through examining the contested curriculum justification for design and technology education itself. The paper proposes that learners’ modelling cannot be extracted from the social milieu in which they act and it provides some insights of these social influences through the analysis of two case studies. Their settings are a girls’ secondary school and a college of higher education. Each case study is presented independently but organised with a common format to consider a) the impact of assessment on learning intentions and outcomes; b) cultural influences on learning and modelling; c) social influences on learning and modelling. A discussion of the emergent themes considers implications for teachers. This revised version was published online in July 2006 with corrections to the Cover Date.     

以企业再造思想振兴东北老工业基地

从企业再造理论产生的背景和东北老工业基地的实际情况来看,在振兴东北老工业基地的实践中应贯彻企业再造思想.要以企业再造思想为指导,把整个东北地区看做一个大组织,搞好地区的文化建设;要从企业再造理论的精神实质出发,建立新的完善的市场机制;要坚持企业再造思想所强调的三个核心原则,搞好东北地区的行政改革.     

Cultural industry development and multiple group participation in Taiwan

Based on the unique historical site culture assets, series of culture activities and constructions are held by Taiwan municipal government positively in recent years to raise local strength. Though the city landscape of Taiwan is far away from the traditional one, the comparison and analysis of foundation of cultural industry and the situation of cultural participation should be carried on to find out the real issues in Taiwan＇s cultural industry and cultural marketing so as to strengthen the ability of local development. This study finds out the resources of culture administration and the social participation in hope for clearing up the matters of Taiwan＇s cultural industry development, avoiding type Ⅲ errors, and giving suggestions.     

文化差异对中国大学生英语写作的影响

文化差异对学生的外语学习尤其是写作影响很大。文化差异对篇章结构、语句结构、措词和修辞都产生影响。     

发展先进文化在发展中国社会主义市场经济中的作用

发展先进文化在发展社会主义市场经济中具有重要作用 ,它对于市场机制的建立具有促进作用 ,对市场经济具有文化制约作用 ,此外 ,文化是社会生产力 ,发展先进文化对市场经济的发展具有要素性作用。     

弘扬创新精神 实现跨越发展——上海商业职业技术学院精神文明建设创新的实践

上海商职院坚持创新领导观念,抢抓发展机遇;坚持创新培养措施,提升教师素质;坚持创新管理制度,凝聚发展能量,推动学院办学条件根本改变、办学规模迅速扩展、办学特色日益鲜明、办学质量和效益稳步提高、文明程度显著增强,荣获上海市“文明单位”称号。