T+0交易制度的计算实验研究

利用计算实验方法考察T+0交易制度对市场质量的影响.实验结果表明,无论是在正常还是异常波动的市场中,相对于T+1,T+0制度降低了日内波动性、增加了日内流动性和定价效率,因而改善了市场质量.这是由于在T+1制度下,投资者买入股票后,如果当天的市场价格发生较大波动或其预测价格发生了变化,投资者无法进行日内卖出,只能把需要当天卖出的订单累积到下一天早盘集中卖出,从而导致市场价格发生大的波动,如果由此又触发其他投资者的止损点,会导致市场进一步下跌并加大市场波动.T+0制度则避免了上述问题,使得基本价值波动能够在日内消化,同时活跃的日内交易又改善了流动性,从而提高了市场质量.     

T + 0交易制度的计算实验研究

利用计算实验方法考察T + 0交易制度对市场质量的影响。实验结果表明,无论是在正常还是异常波动的市场中,相对于T + 1,T + 0 制度降低了日内波动性、增加了日内流动性和定价效率,因而改善了市场质量。这是由于在T + 1制度下,投资者买入股票后,如果当天的市场价格发生较大波动或其预测价格发生了变化,投资者无法进行日内卖出,只能把需要当天卖出的订单累积到下一天早盘集中卖出,从而导致市场价格发生大的波动,如果由此又触发其他投资者的止损点,会导致市场进一步下跌并加大市场波动。T + 0制度则避免了上述问题,使得基本价值波动能够在日内消化,同时活跃的日内交易又改善了流动性,从而提高了市场质量。     

100-1=0

新上的一条生产线提前两天安装完成,负责人小江喜滋滋地向我报告.我们直奔安装现场,只见绿的水管、红的汽管和黄的进料管,像集成电路板那样清晰.     

项目后评估的研究综述

简述项目后评估的定义与作用;回顾其在国内外的发展历程,概述了世行等机构的后评估程序,从中总结经验教训;详细地介绍并评析常用的后评估方法;总结出项目后评估的四个发展趋势,最后提出未来有价值的研究方向.     

Robust trading mechanisms over 0/1 polytopes

The problem of designing a trade mechanism (for an indivisible good) between a seller and a buyer is studied in the setting of discrete valuations of both parties using tools of finite-dimensional optimization. A robust trade design is defined as one which allows both traders a dominant strategy implementation independent of other traders’ valuations with participation incentive and no intermediary (i.e., under budget balance). The design problem which is initially formulated as a mixed-integer non-linear non-convex feasibility problem is transformed into a linear integer feasibility problem by duality arguments, and its explicit solution corresponding to posted price optimal mechanisms is derived along with full characterization of the convex hull of integer solutions. A further robustness concept is then introduced for a central planner unsure about the buyer or seller valuation distribution, a corresponding worst-case design problem over a set of possible distributions is formulated as an integer linear programming problem, and a polynomial solution procedure is given. When budget balance requirement is relaxed to feasibility only, i.e., when one allows an intermediary maximizing the expected surplus from trade, a characterization of the optimal robust trade as the solution of a simple linear program is given. A modified VCG mechanism turns out to be optimal.     

基于收益分成的多受让方两部技术转移定价策略研究

首先,从一般需求函数出发,得出两部技术转移定价法的一般解析表达式。然后,以线性需求函数为例,通过数值计算,对比分析了收益分成比例、最终产品价格、研发企业利润和受让方企业利润随着转让方和受让方股权比例的不同而变化的趋势。最后,分析得出,通过采用前期固定费用加后期收益分成的两部转移定价方法,不仅可以使研发企业的利润最优,同时还可以缓解技术受让方在单一定价方法下的一次性支出所带来的巨大资金压力和较高风险水平,并且将研发企业的利润与受让方的未来收益紧密联系,实现了双方的收益共享和风险共担。     

Modified linear programming and class 0 bounds for graph pebbling

Given a configuration of pebbles on the vertices of a connected graph G, a pebbling move removes two pebbles from some vertex and places one pebble on an adjacent vertex. The pebbling number of a graph G is the smallest integer k such that for each vertex v and each configuration of k pebbles on G there is a sequence of pebbling moves that places at least one pebble on v. First, we improve on results of Hurlbert, who introduced a linear optimization technique for graph pebbling. In particular, we use a different set of weight functions, based on graphs more general than trees. We apply this new idea to some graphs from Hurlbert’s paper to give improved bounds on their pebbling numbers. Second, we investigate the structure of Class 0 graphs with few edges. We show that every n-vertex Class 0 graph has at least \(\frac{5}{3}n - \frac{11}{3}\) edges. This disproves a conjecture of Blasiak et al. For diameter 2 graphs, we strengthen this lower bound to \(2n - 5\), which is best possible. Further, we characterize the graphs where the bound holds with equality and extend the argument to obtain an identical bound for diameter 2 graphs with no cut-vertex.     

A Note on the Max-Min 0-1 Knapsack Problem

In this paper we propose new lower and upper bounds for the max-min 0-1 knapsack problem, employing a mixture of two relaxations. In addition, in order to expose whether the bounds are practical or not, we implement a method incorporating the bounds to achieve an optimal solution of the problem.     

Leadership déjà vu all over again

Much leadership literature neglects its historical-contextual antecedents and as a result over-emphasizes zeitgeist, or tenor of the time's social forces. This neglect impedes leadership research by encouraging academic amnesia and promoting a strong feeling of research déjà vu among many researchers and practitioners. In this article, we develop a leadership historical-contextual superstructure consisting of evolutionary antecedents, paradigmatic antecedents, purpose and definitional antecedents, stakeholder antecedents, levels of analysis and temporal antecedents, and research dissemination antecedents. We use this superstructure to analyze current work in the increasingly important relational leadership research stream to illustrate how the superstructure's use can aid leadership researchers and practitioners in avoiding leadership déjà vu and academic amnesia and help build a more cumulative field.     

基于0-1半无限规划的新产品开发计划方法

开发新产品,加速产品更新换代,是企业持续经营和不断发展的重要手段.近年来随着CIMS技术的不断发展,生产管理集成化程度的提高,只对产品作定性的分析已远远不能满足企业发展的需要.本文提出一种新产品开发计划的定量分析方法.该方法将所有产品分为四种具有不同收益曲线与参数的产品类型.每种类型产品的曲线参数由其经济特性确定.在产品量化描述的基础上,给出了一种利用0-1半无限规划(0-1 SIP)制订新产品开发计划的数学模型方法.     

和合管理：探索具有中国特色的管理理论

在管理学对于经济社会发展的重要程度越来越大的今天,创新发展有中国特色的管理学便成为具有重大历史意义和现实意义的课题。“和合管理”就是立足于中华民族5000年的历史文化扬弃,以中国和合哲学思想为基本指导原则,以中国传统的和合管理为历史借鉴,贯彻“古为今用”和“洋为中用”的原则,结合今天中国改革开放和市场经济深入发展的实际,同时吸收西方管理理论和管理实践中的有益内容,从而探索具有中国特色的管理理论。     

Strengthened 0-1 linear formulation for the daily satellite mission planning

In this paper, we compare several 0-1 linear programs for solving the satellite mission planning problem. We prove that one of them presents a smaller integrality gap. Our explanation is based on stable set polytope formulations for perfect graphs.     

资源受限下平行工序顺序对优化的0-1规划模型

资源受限是工程项目时刻都可能面对的挑战。由于资源限制,需要将原项目计划中相互之间无优先关系的平行工序调整为顺序工序。平行工序顺序化可导致项目工期延迟,因此需考虑如何使项目工期延迟最小。该平行工序顺序优化问题是项目调度问题,也是排列组合问题,通常难度很大,包括一些NP-hard问题。本文主要研究该问题的一类典型子问题——平行工序顺序对优化,即如何将项目中某2n个平行工序调整为n个顺序工序对,并且对项目工期的影响最小。该问题的总方案数可达到（2n）!/n!。本文借助工序网络（如CPM网络）,运用简单的时间参数量化了平行工序顺序化对项目工期的影响,进而降低问题的求解难度,建立了纯0-1规划模型。实验验证了该模型的求解效率,求解100个平行工序规模的问题平均耗时0.2605秒,而求解500个平行工序规模的问题平均耗时10.66秒。     

基于损失程度变化的CreditRisk+的鞍点逼近

传统的CreditRisk⁺模型在度量信用风险过程,假定违约损失是给定不变的,而近年的实证研究表明在实际的金融市场中违约损失是变化的。针对传统模型这一假设的不合理性,本文对模型作了发展。新模型充分考虑了违约时损失程度的变化,用β分布来刻画这种变化,并利用鞍点逼近给出了信用风险的度量,改进了传统递推算法的不足。最后进行数值模拟以说明方法的有效性。     

A+H双重上市与公司业绩关系的实证分析

从纵向和横向两个维度,用单指标 (ROA 和托宾 Q)和综合指标(采用主成分分析法将 11 个财务指标合成而得)两种比较方法,对 2007 年以前完成A+H双重上市的 45 家非金融类公司在A股市场上市后的业绩变化进行实证研究.单指标和综合指标的纵向比较发现,整体而言,双重上市后公司业绩并未得到提高.为每一家双重上市公司按一定规则选取单纯A股上市公司作为对照样本,继续采取单指标和综合指标进行横向比较.结果表明,双重上市第1年的 ROA 明显低于对照组,双重上市后各年的综合业绩均值也没有表现出显著优势;而从托宾Q值看,双重上市公司明显不如对照组.在中国特殊的制度背景下,双重上市的积极效应难以发挥,导致双重上市难以提高公司业绩.