Investor behaviour and reaching for yield: Evidence from the sterling corporate bond market

We provide evidence on how corporate bond investors react to a change in yields, and how this behaviour differs in times of market‐wide stress. We also investigate ‘reaching for yield’ across investor types, as well as providing insights into the structure of the corporate bond market. Using proprietary sterling corporate bond transaction data, we show that insurance companies, hedge funds and asset managers are typically net buyers when corporate bond yields rise. Dealer banks clear the market by being net sellers. However, we find evidence for this behaviour reversing in times of stress for some investors. During the 2013 ‘taper tantrum’, asset managers were net sellers of corporate bonds in response to a sharp rise in yields, potentially amplifying price changes. At the same time, dealer banks were net buyers. Finally, we provide evidence that insurers, hedge funds and asset managers tilt their portfolios towards higher risk bonds, consistent with ‘reaching for yield’ behaviour.     

关于企业成本管理的探讨

成本管理是预算管理和绩效管理的前提,企业需要正确地将成本进行分类、计量和归集。恰当的成本管理制度可以帮助企业提升运营效率和业务绩效,同时企业的流程改善、突破和优化与成本管理密不可分。另外,管理者需要令客户对产品和服务满意,并且有效控制各项成本。企业成本管理不是单纯地降低成本,而是通过利用成本分析工具,有效地管理和规划资源,进而提高总体运营效率,保证企业总体绩效的持续改善。论文通过成本计算制度的制定方法和业务流程改善分析技术两方面对成本管控进行探讨。     

离心泵并联运行工况点的数值求解

建立了求解多台不同型号离心泵并联运行工况点的数学模型,给出了用数值计算中的“二分法”求解该模型的方法,并附有用Exce l计算的实例。     

地统计克立格插值法在工程土方计算中的应用

土方计算是工程中经常碰到的问题。尝试利用地统计学的克立格插值法来计算土方，将其应用于余姚市泗门镇土地整理工程中进行实测试验。介绍了其基本的原理和公式，并与利用数字高程模型计算得到的土方工程量进行了比较，发现地统计插值法可较精确地确定设计标高和土方量，证明该方法的可行性和优越性。     

地下埋藏式钢岔管抗外压稳定性分析

考虑了钢岔管与混凝土垫层的初始缝隙和初始几何缺陷,给出了一套地下埋藏式钢岔管抗外压稳定性的三维有限元分析和求解方法。采用该方法分析某工程实例,将其成果与阿氏公式计算的结果进行了比较,证明了该方法的可行性,并得到一些对工程设计有参考价值的成果。     

西气东输对南水北调穿黄隧洞影响动力分析计算

西气东输管线距离南水北调工程穿黄河隧道的最近距离:河漫滩仅150 m,主河槽仅205 m.输气管线在运行过程中,存在着因误操作、管道腐蚀、自然灾害或人为破坏等因素引发事故发生爆炸的可能.对深泓区穿黄隧洞地下部分在天然气爆炸冲击波作用下的安全性进行动力分析计算,认为西气东输管道破裂引起的天然气爆炸,不会对南水北调输水隧洞产生破坏影响.     

Expanding the analytical potential of channel locational probability maps using cellular statistics

The planimetric shifts in channel location of large alluvial rivers are a critical component in the creation of diverse structures and functions in riverine habitats. Engineered management schemes must also compensate for this type of channel change to protect resources and maintain navigation channels. The stability of the Lower Mississippi River channel was assessed through an analysis of historical records of channel position produced and archived by the United States Army Corps of Engineers. Channel location was recorded for the years 1765, 1820, 1881, 1915, 1930, 1937, 1960 and 1970. Channel stability was measured by two introduced metrics on a cell‐by‐cell basis: (1) the standard deviation of Euclidean distance to a channel cell for the entire period of record, and (2) the rate of Euclidean distance change between years in the period of record. At a coarse spatial scale, channel instability increased in the downstream direction. The variability of channel stability also increased in the downstream direction. Analysis of this variability identified alternating areas of high and low stability occurring with greater frequency as distance downstream increased. These findings are validated by past studies of channel stability along the Lower Mississippi River. As a result, the proposed metrics provide a consistent, quantitative, efficient and cost‐effective means of identifying areas of channel instability at several spatial scales. Copyright © 2006 John Wiley & Sons, Ltd.     

牛头山水电站混凝土双曲拱坝设计和水库提前蓄水研究

牛头山水电站大坝为抛物线形混凝土双曲拱坝,最大坝高108.0 m,采用坝顶5孔开敞式溢洪道泄洪,挑流消能。为提前发挥水电站效益,在拱坝尚未完全封拱的情况下,通过计算分析,得出了水库可以下闸蓄水的结论。     

城市规划中的水资源承载力计算——以惠州市为例

探讨水资源承载力综合评估和多目标计算理论在城市规划中的应用。运用灰色多层次综合评估模型对惠州市水资源承载力进行定性的综合评价,应用多目标规划理论对城市经济发展规划不同方案下的惠州市水资源承载力作了定量计算。