The Impact of Short-Sale Constraints on Asset Allocation Strategies via the Backward Markov Chain Approximation Method

This paper considers an asset allocation strategy over a finite period under investment uncertainty and short-sale constraints as a continuous-time stochastic control problem. Investment uncertainty is characterised by a stochastic interest rate and inflation risk. If there are no short-sale constraints, the optimal asset allocation strategy can be obtained analytically. We consider several kinds of short-sale constraints and employ the backward Markov chain approximation method to explore the impact of short-sale constraints on asset allocation decisions. Our results show that the short-sale constraints do indeed have a significant impact on these decisions.     

资本周转的涵义

资本周转是周期性的循环。资本周转与资本循环的区别在于是否从周期性上去考察资本的循环，而不在于资本循环次数的多少。如果从周期性上考察，即使一次资本循环也属于资本周转，离开周期性去考察，即使反复多次的资本循环也不能称之为资本周转。     

利润的技术来源RFID

RFID是一个炙手可热的名词，虽然RFID电子标签的价格居高不下，但凭借它数据采集的实时性，和标签可存储数据的特点，成为人们关注的焦点。那么，企业采用RFID系统到底会为其企业竞争力带来什么样的影响呢?资金利润率、资金周转率和投资回报率是一个企业竞争力的最真实体现，所有成功的企业都在努力的处理好这三者关系。文章从利润率和资金周转率两个方面解释了RFID对资金回报率的影响。     

农地流转约束与农户兼业行为

综述了农地流转的研究概况,讨论了被以往研究所忽视的约束农村土地流转的市场封闭性及土地资产专用性因素,认为农地流转市场信息不畅、充满风险、买方有限,基于专业化目的的农地流转可能为买方提供获利空间和转包激励,但因专业化而伴随农地资产在专用性程度上的增加会限制农地流转。分析了从农地流转到规模经营的过渡的历史与现实。     

考虑到心理账户的行为β值的估计

针对传统CAPM的一些缺陷，给出了考虑到心理账户的行为β值的估计模型，并对该模型和传统CAPM模型各自得到的结果作了比较分析，结果表明，考虑到心理账户的行为β值的估计模型更具有解释能力、更加接近于现实世界。     

资产评估的标准及其选择

资产评估标准是选用资产估价所适用的价格标准的准则．国际通用的价格标准主要有：重置成本标准、收益现值标准、变现净值标准和清算价格标准。每种价格标准都有其特定的内涵和适用性，无论质还是量，它们之间都存在较大差异．因此，在资产评估中，根据特定目的与条件合理选用评估标准，对于解决目前存在的评估标准选用不规范问题、提高评估质量都具有重要意义．     

e制造在现代制造企业中的应用分析

全球的制造业正面临前所未有的挑战。本文认为激烈的竞争环境要求企业比以往任何时候都要更快地响应市场,实施e制造(e-Manufacturing),将制造系统与供应链集成,与供应商和客户无缝耦合连接,使用适合于多领域的工业自动化集成架构控制和信息平台,实施更好的资产管理方案。     

Fate of the 15N-labelled faeces fraction of dairy farm effluent (DFE) irrigated onto soils under different water regimes

Irrigation of dairy farm effluent (DFE) onto pasture is the preferred treatment method in New Zealand for this very dilute organic effluent. Whereas the dynamics of the urine fraction is comparatively well understood, there is a lack of data on the fate of the mainly organic faecal fraction. To improve our understanding of the complex turnover processes, we labelled both the inorganic and organic N compounds of the faecal fraction of DFE with ¹⁵N. We then measured the ¹⁵N dynamics in various soil and plant fractions in a laboratory experiment at two water contents for up to 254 days. Feeding a dairy cow with ¹⁵N-labelled pasture yielded faeces that had a mean ¹⁵N abundance of 2.95 atom%. Unlabelled urine and water were added to the labelled faeces to construct the DFE, which contained 90.4% of the ¹⁵N in the organic nitrogen fraction (2.87 atom%) and 9.6% in the ammonium fraction (1.23 atom%). As N turnover and losses depend on the method of application and the soil structure, we simulated field conditions by surface-applying our DFE onto intact soil cores with pasture. Two soil water treatments were imposed; dry (30% water content) and wet (water table at 17 cm below the soil surface). The surface application resulted in filtration of the DFE, with a high proportion of the ¹⁵N remaining on the soil surface, where it was relatively unavailable for plant uptake but prone to gaseous and physical losses. Of the applied ¹⁵N, 9.9% in the dry and 13.5% in the wet treatment were still recovered as DFE on the soil surface at day 254. Plant uptake of faecal ¹⁵N accounted for 9.3% and 13.0% in the dry and wet treatments, respectively. The bulk of the ¹⁵N was recovered in the soil organic nitrogen fraction (35.1% in dry, 42.5% in wet), whereas ¹⁵N in inorganic and microbial nitrogen accounted for only very small amounts (< 2%). Total recoveries of the applied ¹⁵N in plant, soil and DFE remaining on the surface at day 254 were 58.4% in the dry, and 71.5% in the wet treatment. Separate analysis of the total and ammonium nitrogen contents and ¹⁵N enrichments of the constructed DFE and filtered subsamples (0.5 mm, 0.2 m) showed that the faecal fraction was not labelled homogeneously. Due to this heterogeneity, which was exacerbated by the filtration of DFE on the soil surface, it was difficult to calculate the turnover of the total faecal fraction based on ¹⁵N results.     

A comparison of linear and nonlinear relations between organizational commitment and work outcomes.

The authors compared linear and nonlinear relations between affective and continuance commitment and 3 commonly studied work outcomes (turnover cognitions, absenteeism, and job performance), observed in 3 separate research settings. Using a linear model, they replicated the common observation in the literature that affective commitment is more strongly related to work outcomes than continuance commitment. Introducing a higher order continuance commitment term into the same equations, however, they found that the linear model seriously understated the magnitude of continuance commitment's effect on all 3 criterion measures. These findings are consistent with recent developments that identify different motivational mindsets associated with affective and continuance commitment (J. P. Meyer, T. E. Becker, & C. Vandenberghe, 2004). (PsycINFO Database Record (c) 2010 APA, all rights reserved)     

公路通行费收入的灰色关联分析

高速公路股份有限公司的流动资产结构变化与通行费收入的增减是具有关联性的,正确分析其对通行费收入的变动敏感程度,对制定高速公路股份有限公司财务策略具有重要影响。运用灰色理论,以华北高速公路股份有限公司（2001-2005年）数据为例,研究了高速公路股份有限公司的流动资产中主要项目与通行费收入的关联程度;并以此为基础,提出了制定高速公路股份有限公司流动资产财务管理的对策建议。