Cash farming in building and construction: a stochastic analysis

Cash flow management is a significant issue in the management of a building or construction firm. This paper steps back from the well researched area of poor cash management and its relationship with failure, to focus on the funds which are generated through operations, and the positive benefits which can follow in a well managed organization. A stochastic model is developed which illustrates how an average of 16% of turnover can be available for reinvestment. This is sufficient to allow investment in non-liquid assets, provided that this is managed carefully and precautions are taken against a severe reduction in turnover. This level of funds is sufficient to encourage firms to enter the industry with the motivation of generating funds, rather than a desire to build. This has implications for large clients and for government when dealing with the industry.     

Evaluation of shear strength of clayey soils by using their liquidity index

 It is well known that overconsolidated clays have higher shear strength than unconsolidated clays. The liquidity index makes possible an evaluation of the consolidation degree of clays. However, there is no empirical information about this relation. In this study, clayey soil samples have been collected from various locations and tested. The tests include the determination of liquidity index and shear strength. Obtained parameters were correlated and regression equations were established among liquidity index and undrained shear strength, presenting high coefficients of correlation (R=–0.93). So, an equation [c_u=e^{(0.026–1.21 IL)}] that makes possible a rough evaluation of the shear strength of clayey soils by using their liquidity index value is an improvement. Received: 10 December 1999 · Accepted: 4 April 2000     

证券投资基金对证券市场质量影响的指标检验

在证券市场中,机构投资已经成为国际证券市场发展的特点。在我国证券市场不断发展的过程中, 机构投资者在证券投资基金领域所持股份可达40%,其对市场质量的影响不断扩大。但是,投资基金行为对提高证 券市场质量能否起到积极作用,还需要进行进一步的探讨。界定了证券市场质量的内涵,并选取其流动性及波动性 来探讨基金行为对证券市场质量的影响,并检验引入机构投资者对增强市场流动性及降低市场波动性的有效性。 最后得出如下结论:在非牛市市场中,基金行为能够对市场流动性的改善起到积极作用。     

我国扩大内需的机制和对策 ——由凯恩斯的“三大规律”引出的思考

借鉴凯恩斯在30年代提出的造成资本主义失业和危机原因的理论，分析我国目前内需不足的成因、相关政策机制及其成效，提出进一步扩大内需的政策选择。     

Computation of estimates in segmented regression and a liquidity effect model

Weighted least squares (WLS) estimation in segmented regression with multiple change points is considered. A computationally efficient algorithm for calculating the WLS estimate of a single change point is derived. Then, iterative methods of approximating the global solution of the multiple change-point problem based on estimating change points one-at-a-time are discussed. It is shown that these results can also be applied to a liquidity effect model in finance with multiple change points. The liquidity effect model we consider is a generalization of one proposed by Çetin et al. [2006. Pricing options in an extended Black Scholes economy with illiquidity: theory and empirical evidence. Rev. Financial Stud. 19, 493-529], allowing that the magnitude of liquidity effect depends on the size of a trade. Two data sets are used to illustrate these methods.     

Relationship between liquidity index and stabilized strength of local subgrade materials in a tropical area

This paper presents the effect of soil liquidity index and cement stabilizer on strength properties for the usage of low traffic volume subgrade roads. Three types of soil were used to represent a different soil based on liquid limit value. Standard proctor tests have been conducted to determine the Optimum Moisture Content (OMC) and Maximum Dry Density (MDD) of stabilized soils with 0%, 7%, and 13% Ordinary Portland Cement (OPC). In order to study the effect of the soil Liquidity Index, various moisture contents are used based on the OMC value from the compaction test (0.9, 1.0, and 1.1 from OMC). The California Bearing Ratio (CBR) and Unconfined Compressive Strength (UCS) tests were conducted to determine the strength of all soil samples at optimum moisture content after 7 days curing period. It has been observed that the CBR and UCS values increased by increasing the percentage of cement content. This study found that 7% of cement content was the optimum percentage of cement content to be added to all tested soils to achieve the minimum required strength of 0.8 MPa and 80% CBR for low traffic volume roads. The presented results could provide a guideline for engineers as regards the property changes of the local subgrade materials in a tropical area due to the addition of cement content.     

明长城军事防御体系内部机制解读

明长城军事防御体系历史悠久,地域广阔,加之特殊的地理背景,内部结构及运作机制十分庞杂。过往研究多关注单一或主要元素等分析,而其作为一个有机的整体,多要素、多层次、多元化背景缺一不可,其整体属性亦应深入剖析。结合历史地理学、人类学、民族学相关理论,运用总体论方法、地图法、文献资料法等,逐层剖析明长城的系统结构与层级体系,以整体史观,着眼长城两侧明蒙双方,从文化传播、经济流通、人口迁移等方面,解读＂边缘＂地带的特殊机制,从而指出其表现出的层级性、防御性、流通性。     

我国债券市场流动性实证分析

对债券的流动性指标在上海证券交易所债券市场、银行间市场及固定收益证券交易平台的表现进行了分析。并根据流动性指标进行了实证分析,结果表明,固定收益证券交易平台使市场在深度及宽度等方面均得到了改善;通过横截面数据分析,可知银行间市场与交易所市场及固定收益证券交易平台比较,在市场深度方面表现出较大优势。因此,固定收益证券交易平台的引进,使债券流动性得到较大提高,对促进市场流动性有明显的作用。虽然固定收益证券交易平台的债券品种较少,但是当债券品种不断增多后,债券流动性将会得到改善。     

用液性指数评价粘性土稠度状态的探讨

本文根据实际工作经验,指出用液性指数评价粘性土稠度状态的矛盾性,应用土力学的理论分析了矛盾产生的原因,并提出在具体工作中应如何评价粘性土的地基承载力。     

银行资产流动性模型及预测和优化控制

根据银行资产量、偿付期信息及其相互关系建立了分布参数模型，刻画了银行资产流动性的动态规律，提出了解决流动性信息统计因费时、费力、滞后期长而不具实用价值问题的一种方法。在考虑经济波动对银行资产流动性影响的情况下，利用银行资产的分布参数模型进行了资产量、资产收益(或成本)和收益风险的预测，并在动态地平衡收益与风险的基础上探讨了资产流动性结构的优化控制。