中美房贷险风险保障机制的比较研究

针对当前房贷险颓势引致运行不畅现象,应用比较分析方法,借鉴美国房贷险风险保障机制的先进经验,并结合我国的国情,找出并剖析影响房贷险正常运行的诸多因素,提出建立有效房贷险风险保障机制的解决方案与政策建议。     

高阶非完整非保守系统的广义Noether定理

应用万有D＇Alembert微分变分原理研究了高阶非完整非保守力学系统的守恒定律 得到了高阶非完整非保守力学系统的广义Noether定理。     

语境对语篇意义的选择与制约

语境在语篇推理中有着重要的意义。关联理论认为 ,语篇语用推理用到的是内在化的、认知化了的认知语境 ,是听话人的一组关于具体语境的心理表征。从认知语用学的角度来进一步探讨语言交际主体在交际中如何利用语境来对语篇语义进行认知和认同 ,能更好地达到交际的目的。     

论家长式法律强制的人性基础与合理界限

家长式法律强制以设定义务为实质内容而以实现权利为价值目标 ,其合理性在于它正确反映了人性中物质利益与意志自由两个因素的关系 ,但立法者应当在分析被强制者的不同利益与协调法的不同价值冲突的基础上把握好其合理界限     

Pricing and momentum of syndicated credit in Europe

We investigate the determinants of syndicated loan prices for European borrowers, spanning the entire period of credit expansion and crisis. We construct a large data base consisting of 2102 rated syndicated loan deals from 1990 to 2008 in twenty three countries and ten economic sectors. We investigate the effects on the spread paid over the risk free rate of three major groups of factors: loan characteristics, borrower characteristics and characteristics of country of the borrower, using both qualitative and quantitative variables in a hedonic regression. The results show that all three groups are significant joint determinants of prices of syndicated credit. Our results confirm the existing literature but also provide for first time results stemming form the risk characteristics of the borrower and the country of the borrower. It is shown that distance-to-default as well as aggregate risk associated with country of the borrower are of great concern to the lenders and hence significantly affect the pricing of syndicated loans. Furthermore, we report that financial institutions and public utilities are able to negotiate for cheaper loans, but this result is reversed when financing is for acquisition purposes. Overall, risk, liquidity, solvency and sustainable performance by both the borrower and its domicile country are key determinants of syndicated loan prices.     

制度约束、行为变迁与乡村人居环境演化

从制度约束和行为变迁的视角出发,构建一个乡村人居环境演变的理论框架,即从外部和内部两个维度来考察乡村人居环境演变。外部维度是指国家制度约束,乡村人居环境建设是在国家制度主导下发展的;而内部维度就是农户空间行为,即乡村人居环境建设的内生变量,包括农户的居住、就业、消费和交往等空间行为。乡村人居环境正是在国家制度主导和空间行为双重因素的作用下发展的。对中国改革开放以来的乡村人居环境演变进行了总结和反思,认为不同的制度安排背景下,农户空间行为特征、乡村人居环境演变动力及其效应存在较大差异;乡村人居环境建设过程的空间问题一直无法实现预期目标,需要我们给予反思和调整。     

新时期地方政府诚信问题分析

诚信是社会主义核心价值观的重要内容,是发展市场经济和构建和谐社会的基石。地方政府诚信处于社会诚信体系的核心地位,对经济健康发展与社会和谐进步具有决定性影响。新的历史时期,地方政府诚信缺失问题突出,对区域发展、社会和谐和政府权威等构成了危害和挑战。本文在分析地方政府诚信现状的基础上,剖析了地方政府失信的成因,有针对性地提出了加强地方政府诚信建设的对策建议。     

欧洲学分转换与积累系统:发展历程、运行机制及启示

创立于1989年的欧洲学分转换与积累系统经历了萌芽、确立、推广和完善四个阶段,从仅具有转换单一功能发展到具有转换与积累双重功能,从只为高等教育服务拓展到为终身教育服务,在欧盟教育发展中扮演了重要角色。分析欧洲学分转换与积累系统的运行机制,剖析其关键要素、运行流程、证明文件等,对于中国区域学分银行的建设具有如下启示:加强法律政策保障、着眼组织保障、强化校际合作、开发系统平台和完善核心要素。     

ROBUST TESTS FOR THE SIGNIFICANCE OF ORTHANT RESTRICTED MEAN VECTOR

Mudholkar and Srivastava [1] Mudholkar, G. S. and Srivastava, D. K. A class of robust stepwise alternatives to Hotelling's T²tests. Submitted to the Journal of Applied Statistics 1999 [Google Scholar]adapted Mudholkar and Subbaiah's [2] Mudholkar, G. S. and Subbaiah, P. 1980. Testing significance of a mean vector–a possible alternative to Hotelling's T². Ann. Inst. Statist. Math., 32(A): 43–52.  [Google Scholar]modified stepwise procedure, using the trimmed means in place of the means and appropriate studentization, to construct robust tests for the significance of a mean vector. They concluded that the robust alternatives provide excellent type I error control, and a substantial gain in power over Hotelling's T ²test in case of heavy tailed populations without significant loss of power when the population is normal. In this paper we adapt the modified stepwise approach to construct simple tests for the significance of the orthant constrained mean vector of a p-variate normal population with unknown covariance matrix, and also for constructing robust tests without assuming normality. The simple normal theory tests have exact type I error, whereas the robust tests provide a reasonably type I error control and substantial power advantage over Perlman's [3] Perlman, M. D. 1969. One-sided testing problems in multivariate analysis. Annals of Mathematical Statistics, 40: 549–567. [Crossref] , [Google Scholar]likelihood ratio test.     

Maximum likelihood estimation of parameter structures for the Wishart distribution using constraints

Maximum likelihood estimation under constraints for estimation in the Wishart class of distributions, is considered. It provides a unified approach to estimation in a variety of problems concerning covariance matrices. Virtually all covariance structures can be translated to constraints on the covariances. This includes covariance matrices with given structure such as linearly patterned covariance matrices, covariance matrices with zeros, independent covariance matrices and structurally dependent covariance matrices. The methodology followed in this paper provides a useful and simple approach to directly obtain the exact maximum likelihood estimates. These maximum likelihood estimates are obtained via an estimation procedure for the exponential class using constraints.