发行管制条件下的股权再融资市场时机行为及其对资本结构的影响

本文基于A股市场再融资管制环境,检验了A股上市公司股权再融资行为中的市场时机特征及其对资本结构的影响.研究发现,再融资中的市场时机行为显著,表现为两方面:(1)市场高涨时,会有更多的公司申请再融资;(2)申请再融资成功的公司,市场时机适合时融资规模更大.进一步分析发现,无论是申请再融资公司的数量还是再融资规模,市场时机都包括了两部分:一部分是基于股价的时机,另一部分是基于再融资管制政策的时机,后者在配股中约占36%.基于市场时机的更大融资规模导致再融资当年杠杆率下降更多,但由于存在发行价格和规模限制,市场时机对资本结构的 影响短暂.     

Robust portfolio planning in the presence of market anomalies

In this study, a short-term portfolio modeling formulation is developed using existing anomalies as a single determinant for daily Istanbul Stock Exchange National 100 Composite Index (ISE) and US dollars (USD) returns in a Robust optimization (RO) framework. Using anomalies in planning within an RO framework establishes a balance between risk seeking and risk averse behaviors, as generating profit from anomalies is risky and RO enables to settle down the extreme risk seeking behavior. Applications of the model using various data sets result in real profit generation such that terminal wealth figures increase considerably more than Wholesale Price Index (WPI). This study demonstrates that RO is a viable approach to make use of anomaly information for short-term profits.     

A decomposition technique for quantifying real process performance

A decomposition technique for quantifying the impacts of changes in product mix and process performance on aggregate process-related indicators is presented. Through application of the technique, the real performance of a process can be quantified. Changes in real performance over time can be monitored to provide useful information for process evaluation and production planning. Two case studies, one related to the aggregate defective rate for an assembly line of an integrated circuit fabrication plant and the other to the aggregate inventory turnover for a tyre distribution company, are presented to illustrate the application of the technique.     

结构性差异视角下的话语分析

有的学者把东西方文化之间对话存在障碍的主要原因归结为东西方之间的思想传统的结构性差异。中国人的思想具有互系性和通变的特点，而西方人秉持二元对应的思维传统。结构性差异视角下的话语分析可以在词汇、小句和价值观念三个层面上进行。实例分析验证了结构性差异是真实存在的，可使读者对所选语话材料有更加深刻细致的理解。     

浅析现代资本市场体系下的保险资金

本文对现代资本市场体系下的保险资金进行了分析，首先分析了保险资金的构成，接着对保险资金和资本市场的相互关系进行了考察，并分析了当前保险资金运用的现状，最后提出了对当前保险资金运用的思考。     

中国各地区经济发展水平的实证分析

利用1995-2006年数据,采用时序多指标综合评价法,对中国各地区经济发展水平进行评价研究。结论表明：虽然中国1995-2006年经济增长迅速,但是经济发展水平并未得到显著提高;各地区经济发展不均衡,地域差距较大且有逐年扩大的倾向。     

A new random permutation test in ANOVA models

This paper developed an exact method of random permutations when testing both interaction and main effects in the two-way ANOVA model. The method of this paper can be regarded as a much improved model when compared with those of the previous studies such as Still and White (1981) and ter Braak (1992). We further conducted a simulation experiment in order to check the statistical performance of the proposed method. The proposed method works relatively well for small sample sizes compare with the existing methods. This work was supported by Korea Science and Engineering Foundation Grant (R14-2003-002-0100)     

对当前我国学校德育问题的思考

社会主义市场经济体制的建立,使学校德育工作面临着许多新的情况和问题.本文分析了长期来我国学校德育中存在的目标过高、缺乏层次性,内容单一、缺乏全面性,方法简单、缺乏人文关怀等问题,并提出了改进措施,以加强和改善学校德育工作,使之适应新的形势和要求,逐步走向科学化.     

坚持和发展马克思劳动价值论的市场经济视角

本文认为价值理论与市场经济的实践共同发展,西方价值理论的演化轨迹,反映了市场经济从产生到成熟的历史进程,而马克思的劳动价值论为揭示市场经济一般规律做出了伟大贡献,两者在对市场经济的理论反映上具有统一性。本文认为现代市场价值概念是联系西方价值理论与马克思劳动价值论的桥梁和纽带。只有在马克思劳动价值论的基础上,吸收西方价值理论精髓,发展现代市场价值论,才是真正坚持和发展马克思劳动价值论。     

Online coupon consumption problem

Nowadays, it is popular that the dealer makes profits by selling a kind of discount coupons, which can be used as money to purchase commodities with total cost less than or equal to the face value of the coupon. We can purchase a coupon at a price of 0<s≤1 times its face value and the number of potential purchasable coupons is a given integer l. The customer has the option to buy the goods by cash completely or by a discount coupon. However, each piece of goods can only use one coupon and the coupon used must have enough balance for the goods. The objective is to minimize the total cost for purchasing all the goods. In this paper, we reduce the problem to a special bin packing model. We consider the online problems for all 0<s≤1 and 1≤l≤∞. We present optimal online algorithms for all 0<s≤1 when l=∞ and l=1. For 2≤l<∞, we give both a lower bound and an algorithm, and show the algorithm is optimal for l=2. A preliminary version of this paper appeared in the proceedings of the 1st International Symposium on Combinatorics, Algorithms, Probabilistic and Experimental Methodologies, Lecture Notes in Computer Science. Y. Jiang supported by Natural Science Foundation of Zhejiang Province (Y605316). Z. Tan supported by Natural Science Foundation of China (10671177, 60021201).