Asset Price Anomalies under Bounded Rationality

We analyze the classical asset pricing model assuming non fully rationalagents.Agents forecast future prices cum dividend through an adaptive learning rule.This assumption provides an explanation of some anomalies encounteredin the empirical analysis of asset prices under full rationality:returns are serially correlated(positively over a short horizon and negatively over a longer horizon)and the dividend yield predicts future returns (positive correlation).Considering the continuous time limit process,the same regularities are established analytically for price increments.     

人力资产产权特性与企业制度变迁

市场里的企业是人力资产与非人力资产的一个特别契约。具体分析了该资产具有不可分性、专用性和难以计量性等特征。随着经济的不断发展 ,人力资产的不可分性则呈逐渐弱化的趋势 ,资产专用性与难以计量性却不断加强。这些变化可以部分解答企业由古典的“资本雇佣劳动”制度向“经理革命”及现代企业制度变迁的内在原因     

Intangible Asset Dynamics and Firm Behaviour

We study the adoption of different patterns of intangible asset (IA) accumulation in manufacturing firms. Contrary to most of the previous literature, we find such patterns to be highly differentiated. In particular, we identify three types of firm behaviour: high and persistent, low and persistent, and discontinuous. We link the capability-based view of the firm to theories of asset complementarities and market signalling to explain how firm-specific traits affect such behaviours. We obtain the following results: first, the persistent accumulation of IAs is favoured by the internal availability of highly skilled personnel; second, firms with (a) large IA base and (b) high propensity to exploit complementarities in the asset stocks are more likely to persistently accumulate IAs than to discontinuously or never accumulate IAs and third, the adoption of quality management standards facilitates the accumulation of IAs, especially if this is done discontinuously. This paper adds to the previous literature in two ways: first, it highlights the existence of great heterogeneity in the dynamics of IA accumulation and, second, it provides an explanation for such heterogeneity.     

基于洛伦兹变换和PageRank算法的数据资产估值

数据资源是组成数字社会的重要生产资料,数据资源价值的评估是数据交易、数据流通和数据升值变现的重要基础.以洛伦兹变换和PageRank算法为理论基础依据,首先利用PageRank算法计算其在数据资产参价体系中的权重系数,进而得到数据资产初始估值.然后再利用质速关系映射的数据资产估值模型对给定的数据资产进行估值.实验结果表明,提出的数据资产估值方法,具有一定的高效性和市场参照效用.     

水电站项目资产证券化融资模式选择

资产证券化作为一种金融创新,在国内外均进行了很多的研究,其作为沟通传统直接融资和间接融资的有效渠道得到 大家的认可。水电站建设所需资金巨大,可以利用资产证券化进行水电站建设资金筹集。在现阶段,水电站资产证券化融资可选择离岸模式为突破口,在国内制度、环境成熟时,可大规模进行在岸资产证券化为水电站建设融资。     

测试过程支持系统TPSS的设计和实现

为了提高软件过程执行效率和效果、保证软件质量,使用必要的计算机辅助工具是不可缺少的。该文介绍软件测试过程支持系统TPSS,探讨软件组织为什么要引入软件过程支持系统及如何应用。同时介绍TPSS各部分功能及其在J2EE环境下的具体实现,旨在通过该系统为软件组织设计过程管理和项目管理支持系统提供参考。     

An unsupervised approach for fault diagnosis of power transformers

Electrical utilities apply condition monitoring on power transformers (PTs) to prevent unplanned outages and detect incipient faults. This monitoring is often done using dissolved gas analysis (DGA) coupled with engineering methods to interpret the data, however the obtained results lack accuracy and reproducibility. In order to improve accuracy, various advanced analytical methods have been proposed in the literature. Nonetheless, these methods are often hard to interpret by the decision-maker and require a substantial amount of failure records to be trained. In the context of the PTs, failure data quality is recurrently questionable, and failure records are scarce when compared to nonfailure records. This work tackles these challenges by proposing a novel unsupervised methodology for diagnosing PT condition. Differently from the supervised approaches in the literature, our method does not require the labeling of DGA records and incorporates a visual representation of the results in a 2D scatter plot to assist in interpretation. A modified clustering technique is used to classify the condition of different PTs using historical DGA data. Finally, well-known engineering methods are applied to interpret each of the obtained clusters. The approach was validated using data from two different real-world data sets provided by a generation company and a distribution system operator. The results highlight the advantages of the proposed approach and outperformed engineering methods (from IEC and IEEE standards) and companies legacy method. The approach was also validated on the public IEC TC10 database, showing the capability to achieve comparable accuracy with supervised learning methods from the literature. As a result of the methodology performance, both companies are currently using it in their daily DGA diagnosis.     

A longitudinal study of the moderating role of extraversion: Leader-member exchange, performance, and turnover during new executive development.

Identifying factors that help or hinder new executives in "getting up to speed" quickly and remaining with an organization is vital to maximizing the effectiveness of executive development. The current study extends past research by examining extraversion as a moderator of relationships between leader-member exchange (LMX) and performance, turnover intentions, and actual turnover for an executive sample. The sample consisted of 116 new executives who were surveyed prior to starting their employment and at 3 months postentry. A total of 67 senior executives rated these new executives in terms of overall performance at 6 months postentry. Turnover data were gathered from company records 3 1/2 years later. Hierarchical regression results showed that LMX was not related to performance or turnover intentions for those high in extraversion; but for individuals low in extraversion, there was a relation between LMX, performance, and turnover intentions. Furthermore, survival analyses showed that LMX was only related to turnover-hazard rate for individuals low in extraversion. (PsycINFO Database Record (c) 2011 APA, all rights reserved)     

电视台媒体资产管理系统的构建与应用

从媒体资产管理系统的概念、关键技术等方面介绍了电视台媒体资产管理系统的构建与应用     

特种工程塑料-我国拥有强势自主创新知识产权的新一代塑料急待产业化

根据国内外文献资料总结了特种工程塑料领域的发展历程和现状,分析了产生这种差距的原因,并提出今后应采取的对策。