LOG-PERIODOGRAM ESTIMATION OF LONG MEMORY VOLATILITY DEPENDENCIES WITH CONDITIONALLY HEAVY TAILED RETURNS

ABSTRACT

Many recent papers have used semiparametric methods, especially the log-periodogram regression, to detect and estimate long memory in the volatility of asset returns. In these papers, the volatility is proxied by measures such as squared, log-squared, and absolute returns. While the evidence for the existence of long memory is strong using any of these measures, the actual long memory parameter estimates can be sensitive to which measure is used. In Monte-Carlo simulations, I find that if the data is conditionally leptokurtic, the log-periodogram regression estimator using squared returns has a large downward bias, which is avoided by using other volatility measures. In United States stock return data, I find that squared returns give much lower estimates of the long memory parameter than the alternative volatility measures, which is consistent with the simulation results. I conclude that researchers should avoid using the squared returns in the semiparametric estimation of long memory volatility dependencies.     

An algorithm to compute the cdf of the product of two normal random variables

This paper provides a fortran algorithm that can be used to compute the cdf of the product of two normal distribution random variables. We also give references that provide mathematical properties, tables, and applications of this distribution     

和谐社会建设中法治文化基本问题研究

运用比较分析、语义分析和规范分析的方法,以正义为视角,研究和谐社会建设中的法治文化的基本问题.结果表明:法治文化不同于法律文化,它是以正义为价值取向、规范公权力、保障公民权利的理性法律文化状态;它有利于公民遵守法律及和谐社会的构建;法治文化的构成体系是以制度正义和个人正义为核心形成的有机文化联系整体.以上基本问题的研究有助于为法治文化的建设指明路径.     

网络环境下英语专业语法教学资源的整合

多媒体和网络技术的飞速发展为英语专业语法教学带来了契机和活力.本文从多媒体教学、网络资源和课堂教学三个方面,阐述了网络环境下英语专业语法教学资源的整合和利用,旨在达到外语多媒体网络教学资源的合理配置,使其发挥最大效能,从而提高语法教学的效率和质量.     

构建和谐班级的艺术与方法

班级是一个特殊的"社会",学生是"班级社会"的主人,实施民主管理、培养协作精神、加强情感交流、培育竞争意识、推行多元评价是实施班级人性化管理的重要手段,能够更好地培养学生的"自我约束,自我教育、自我管理"的能力,督促其"自我发展、自我完善",调动全体学生的积极性和主动性,培养和提高学生的自理自立和自我教育能力,促进班级的和谐和可持续发展。     

Chapter 18: Australian Perspectives on the Organizational Integration of Employee Assistance Services

Abstract

This article considers the commonalities and differences between Australian EAPs and their counterparts in the United Kingdom and the U.S.A. The unique characteristics of Australian EAPs are examined, including an account of the approach taken to the integration of EAP services and other employee services such as work-life and wellness. Three case studies illustrate the forms of integration presently being explored in Australia. It is concluded that efforts to engage in the type of “big picture” thinking characteristic of integration are apparent, even though there is little evidence of the type and degree of collaboration seen to be emerging in the U.S.A.     

致用与会通——薛凤祚水利思想蠡测

薛凤祚治学方法的特点,即＂致用＂与＂会通＂。其中,会通包含古今的会通与中西的会通。由《两河清汇》解读薛凤祚的水利思想,比较突出的是其治河和海运的思想。《两河清汇》从体例上言,可谓＂编述之体＂,薛凤祚不仅继承发扬了儒家圣贤的一些学说,也吸收了其前代潘季驯、邱濬等人的观点。观其采择去取,无不以＂致用＂为宗。而其热心译介当时西方的水利器械,可以看作他在中西会通中所作的努力。虽然如此,对于薛凤祚《两河清汇》及其水利思想不可刻意拔高。     

传统荣辱观之于和谐社会构建的价值

构建和谐社会需要整合多种文化资源,传统荣辱观有其合理的价值内核,其对知耻心的关注、对精神不朽的追求、对以义制利的强调,在发扬社会主义荣辱观的今天,对于社会的政治和谐、经济和谐、精神和谐的构建,都具有积极的意义。因此,彰显传统荣辱观的有益价值,在今天看来仍然具有重要意义。     

缝洞型油藏储集体分类建模方法研究

为了表征缝洞型碳酸盐岩油藏储集体类型多样、尺度差异大、空间分布规律复杂的特征，采用"分级分类、岩溶相控、多类型融合"的方法，分别对不同类型缝洞储集体的规模大小、外部几何形态及内部属性特征进行建模，建立了基于岩溶成因的融合原则，实现了不同类型缝洞储集体的融合，并通过新钻井验证了模型可靠性。结果表明，该方法适用于此类强非均质性油藏的地质建模，能够有效表征不同类型储集体及属性参数的空间分布特征。基于模型，细化了XX单元的储量构成，其中，溶洞储量占63.1%，溶蚀孔洞储量占34.5%，大尺度裂缝储量占2.4%。该模型在油藏数值模拟中取得了较好的拟合效果和模拟结果。     

中国现代化进程中修正资本逻辑的必要性

资本逻辑是市场经济内在的运行机制,不同政治制度下资本逻辑有着异质特征,西方国家对资本逻辑的修正走过曲折的道路。在中国的社会主义市场经济中资本逻辑也发挥了重要作用,应当看到,无限追求价值的资本逻辑造成了经济、社会的巨大变化,也由此引发了诸多社会矛盾。因此,中国有必要修正资本逻辑,从坚持公有制为主体、宏观调控、政府监管等方面作出努力,以达到坚持社会主义方向,实现共同富裕和社会公平、和谐的根本目的。