Bitcoin price and its marginal cost of production: support for a fundamental value

This study back-tests a marginal cost of production model proposed to value the digital currency Bitcoin. Results from both conventional regression and vector autoregression (VAR) models show that the marginal cost of production plays an important role in explaining Bitcoin prices, challenging recent allegations that Bitcoins are essentially worthless. Even with markets pricing Bitcoin in the thousands of dollars each, the valuation model seems robust. The data show that a price bubble that began in the Fall of 2017 resolved itself in early 2018, converging with the marginal cost model. This suggests that while bubbles may appear in the Bitcoin market, prices will tend to this bound and not collapse to zero.     

繁峙县孤山水库帷幕灌浆工程施工

文中叙述了繁峙孤山水库险加固工程帷幕灌浆的施工方案选择、施工过程及工程的质量检查。     

Organizational versus Market Knowledge: From Concrete Embodiment to Abstract Representation

Synopsis In contrast to the neoclassical economic presumption in favor of markets, we argue that organizations, not markets should be taken as our default assumption. We do so on information processing grounds. We distinguish between Zen and market Knowledge. The first is embodied and hard to articulate and the second abstract-symbolic. In human evolution, the first type of knowledge came first, and, on any pragmatic definition of knowledge, it still incorporates most of what we mean by the term. We take codification and abstraction as the two data processing activities that lead to the articulation of knowledge into an abstract-symbolic form. We develop a conceptual framework, the Information-Space (I-Space) to show how far the articulation of knowledge leads to its being shared. Whereas an unlimited sharing of information and knowledge leads to market-oriented outcomes, a more limited sharing leads to organizational outcomes. A market-oriented economics has tended to look to physics for its models; the field of organization theory has tended to look to biology. A more organization-oriented economics would thus look more to biology for its models.     

如何计算认股权证的资本成本

认股权证作为一种长期资金的筹资方式 ,其资本成本必须予以考虑。但是使用传统资本成本计算方法不能反映其真实成本。本文尝试使用B -S和CAPM模型来计算其资本成本 ,并用实例说明     

An Examination of the Interaction Between Modelling and Its Relationship with Construction Kits: Lessons from the Past and for the Future

Construction kits have played a significant part in nurturing the growth and development of the minds and manipulation-based skills of children (and adults) in formal and non-formal education settings. These kits have origins rooted in the representation of the built world and now have a diversity of form and function, including technical versions with moving parts. This article examines some of the historically based ideas that lie behind the role that kits may have in terms of physical modelling. The article traces the transformation of kits from simple bricks and blocks into more complicated pieces for space-filling and achieving the transfer of forces and motion. This transformation occurred during the Victorian era when the influence of the ideas of educationalists and, perhaps rather strangely, exponents of early aviation, played major roles in determining the diversity of forms of construction kit and modelled possibilities that are now to be seen in classrooms and homes. The article ends with a review of some of the lessons from the past and present that will need to be considered in relation to concrete modelling in schools for the future. This revised version was published online in July 2006 with corrections to the Cover Date.     

船闸直立墙基坑开挖与锚固施工程序

三峡船闸深槽开挖与锚固工程量大，工期紧，施工强度高，施工难度大。因此，合理的施工程序有利于边坡稳定和施工，是快速和高质量施工的关键。分析了永久船闸直立墙基坑开挖与锚固施工程序的复杂性和进行研究的必要性。介绍了设计阶段研究船闸开挖与锚固的施工程序。对施工过程中研究施工程序时考虑的因素，研究的主要内容以及实际采用的施工程序作了简要的分析，归纳和总结。     

永定新河治理工程几个关键问题的研究

永定新河是天津市防洪的北部防线。由于受海相来沙淤积 ,河道行洪能力大幅度下降。针对永定新河治理工程设计中涉及到的河道淤积治理方案、闸位比选、防潮闸结构型式及施工方法、闸下减淤清淤措施等诸多问题进行了分析和研究 ,提出了相应的措施和建议     

招标工程量清单与工程造价控制

合理确定招标工程量清单是有效实施工程造价事前控制的重要环节。通过对一些工程的招标工程量清单暴露出来的问题进行分析 ,阐述了招标工程量清单的合理性对有效实施工程造价事前控制的重要作用 ;合理确定招标工程量清单 ,关键是要以工程的质量和造价控制目标为出发点 ,在遵循一般项目划分习惯的同时 ,密切结合工程实际以及合同条款的要求 ,进行具体分析     

浅议如何充分发挥银行内部审计建设性职能

目前，中国建设银行已建立了总行垂直管理的内部审计体制，内部审计的地位得到了进一步的巩固和加强，管理层对内部审计也提出了更高的要求。本文就如何发挥审计的建设性职能，最大程度地做好审计增值服务，促进银行价值和运作效率的提升，实现审计职能从查错防弊向防护决策和建设性方面转变做初步探讨。     

振兴东北老工业基地的高端人才支撑——关于沈阳市职业经理人队伍建设的思考

在现今经济发展日新月异的社会,企业作为社会财富的创造者和社会经济运营的最基本细胞,始终处于社会中坚地位。职业经理人队伍就是为企业而生,因企业发展需求而发展壮大的,并成为企业巨轮的船长主宰着企业的前途与命运。本文采用用事实说话的方法,围绕着沈阳市职业经理人队伍建设核心议题,从沈阳城市振兴的人力资源建设出发,结合国内外对这一问题的认识和研究,叙述了沈阳城市职业经理人队伍现状,深入分析了队伍建设面临的问题,指出了职业经理人应该具备的职业素养和个人修为,从企业、政府、社会以及猎头公司角度探讨了加强队伍建设的方法,试图寻求一条加强城市职业经理人队伍建设的有效路径。