股指期货价格发现功能研究——基于印度Nifty50股指期货的实证分析

使用基于VECM（向量误差修正模型）的Granger因果关系检验法验证了印度Nifty50股指期货与现货市场之间的价格发现过程,结果发现现货市场在价格发现过程中占主导地位,在新兴市场国家的印度,股指期货缺乏价格发现功能。     

货币政策的债券市场传导机制——对利率的预期渠道

从对利率预期的角度探讨债券市场在货币政策传导到实体经济过程中的作用十分重要,将该传导机制细分为两个阶段:货币政策对债券市场的影响和债券市场对实体经济的影响,经理论建模和实证发现:两阶段的传导都非常有效,货币政策的债券市场传导机制确实存在。将两阶段结合起来看债券市场的传导效果,发现存贷款基准利率、法定存款准备金率及公开市场操作利率等货币政策工具能够对经济增长和通胀水平产生显著影响。实证结果还表明:在货币政策的实施过程中应当充分挖掘收益率曲线中包含的信息;央行的货币政策遵循了逆周期的原则,很好地熨平了经济的异常波动;应当提高货币政策体制的可信度和透明度,形成稳定的长期利率目标。     

The contingent futures of the mobile present: automation as possibility

In this article we outline and demonstrate a design anthropological approach to investigating automated mobile futures as a processual opening up of possibilities, rather than as a process of technological innovation. To undertake this we investigate the example of how the car-smartphone relationship is configuring in the contingent circumstances of the mobile present and the implications of this for automated mobile futures. Our discussion is set in the context of the growing possibility that automonous driving (AD) features are increasingly part of everyday mobilities (even if unequally distributed globally) and in which personal mobile smart technologies and artificial intelligence (AI) will exist in some form and will interface with humans and be interoperable with other technologies. In developing this we draw on ethnographic understandings of how people live with the possibilities afforded by technologies in everyday life.     

Asking about the future: methodological insights from energy biographies

Temporality is fundamental to qualitative longitudinal (QLL) research, inherent in the design of returning to participants over time, often to explore moments of change. Previous research has indicated that talking about the future can be difficult, yet there has been insufficient discussion of methodological developments to address these challenges. This paper presents insights from the Energy Biographies project, which has taken a QLL and multimodal approach to investigating how everyday energy use can be understood in relation to biographical pasts and imagined futures. In particular, we detail innovative techniques developed within the project (e.g. SMS photograph activities) to elicit data on anticipated futures, in ways that engender thinking about participants’ own biographical futures and wider societal changes. We conclude by considering some of the significant benefits and challenges such techniques present. These methodological insights have a wider relevance beyond the substantive topic for those interested in eliciting data about futures in qualitative research.     

国债收益率协整关系研究

通过对中国国债收益率与央票利率、基准利率和CPI的协整关系研究,揭示出我国国债市场的收益率走势与各宏观经济变量之间的互动关系。研究结果表明:在不施加任何约束的条件下,我国国债市场的风险长期来看是可以规避的,而国债与央票之间具有互动关系,二者的利率风险具有一定的互补性。     

A Social Problems Framework for the Critical Appraisal of Automobility and Sustainable Systems Innovation

Over the past three decades, critical assessment of the automobile has evolved from a focus on the technical inadequacies of the internal combustion engine to a more comprehensive appraisal of the sociotechnical system for providing mobility. The following study charts the evolution of this discourse by focusing in particular on the way in which the Worldwatch Institute has interpreted the various problems of the motorcar during this timeframe. There are now indications that a more thoroughgoing systems view of automobile dependency is developing predicated upon three problem dimensions: fuel use, urban congestion and sedentary lifestyles. The analysis presents a social‐problems framework for beginning to conceptualize more sustainable modes of mobility in the post‐automobile era.     

布莱克─肖尔斯期权定价模型在公司价值评估中的应用

公司股票、债券在本质上可看成是基于公司资产的期权,因而可用期权定价方法对其价值进行评估。本文介绍了最典型的期权定价模型─布莱克一肖尔斯期权定价模型,分析了该模型在公司证券价值评估中的应用。     

Transparency in the European Bond Market

The European bond market is made up of many segments characterised by varying levels of liquidity and of pre- and post-trade transparency. The possibility of extending the transparency provisions envisioned in the Directive 2004/39/EC, disciplining the functioning of markets in financial instruments in Europe (MiFID), from the equity to the bond market is currently being discussed. This poses risks to the status quo through trading fragmentation and strong negotiating power of a few large dealers, particularly with respect to small retail investors. The main conclusion of the paper is that if MiFID transparency rules are to be extended to the bond market, this must be “real” transparency, meaning pre-trade dissemination of real-time executable prices and a transparent order book. Under current provisions, this kind of information is available if not directly to everybody, at least directly to dealers and indirectly to professional and retail clients through business-to-business electronic platforms.     

烷烃摩尔体积与其分子结构之间定量关系的研究

根据分子中基团的特性和连接性 ,用基团键表征分子结构 ,发展了一种计算烷烃摩尔体积的新方法———基团键贡献法 .该方法既考虑分子中基团的特性 ,又考虑基团间的连接性(化学键 ) ,具有基团贡献法和化学键贡献法的特点 .对 72 5种烷烃的计算结果表明 ,摩尔体积计算值十分接近实验值 ,平均误差 0 .2 4 8% .本方法在一定程度上揭示了烷烃摩尔体积与分子结构之间的定量关系     

功率键合图在液压系统动态特性数字仿真研究中的应用

本文以直动式溢流阀调压系统动态特性的数字仿真研究为例，详细地介绍了功率健合图的符号规则；以及按照其规则由物理模型建立健图模型和由键图模型建立数字仿真模型──状态方程的步骤和方法，对于机电系统的数字仿真研究具有一定的借鉴意义。