Detection of correlation characteristics between financial time series based on multi-resolution analysis

Interactions between financial time series are complex and changeable in both time and frequency domains. To reveal the evolution characteristics of the time-varying relations between bivariate time series from a multi-resolution perspective, this study introduces an approach combining wavelet analysis and complex networks. In addition, to reduce the influence the phase lag between the time series has on the correlations, we propose dynamic time-warping (DTW) correlation coefficients to reflect the correlation degree between bivariate time series. Unlike previous studies that symbolized the time series only based on the correlation strength, the second-level symbol is set according to the correlation length during the coarse-graining process. This study presents a novel method to analyze bivariate time series and provides more information for investors and decision makers when investing in the stock market. We choose the closing prices of two stocks in China’s market as the sample and explore the evolutionary behavior of correlation modes from different resolutions. Furthermore, we perform experiments to discover the critical correlation modes between the bull market and the bear market on the high-resolution scale, the clustering effect during the financial crisis on the middle-resolution scale, and the potential pseudo period on the low-resolution scale. The experimental results exactly match reality, which provides powerful evidence to prove that our method is effective in financial time series analysis.     

试论融资租赁项下的进口贸易

阐述了当前跨国公司在合同中普遍采用的融资租赁的性质及融资租赁项下的进口贸易特点。     

An approach to efficient business intelligent system for financial prediction

A concept of business intelligent system for financial prediction is considered in this paper. It provides data needed for fast, precise and good business decision support to all levels of management. The aim of the project is the development of a new online analytical processing oriented on case-based reasoning (CBR) where a previous experience for every new problem is taken into account. Methodological aspects have been tested in practice as a part of the management information system development project of “Novi Sad Fair”. A case study of an improved application of CBR in prediction of future payments is discussed in the paper. This paper is originally presented at The International Conference on Hybrid Information Technology 2006, at the special session on “Intelligent Information Systems for Financial Engineering”, November 2006 in Cheju Island, Korea.     

A multicriteria approach to identify investment opportunities for the exploitation of the clean development mechanism

The aim of the present paper is to investigate the prospects for the exploitation of the Kyoto Protocol's Clean Development Mechanism (CDM) in Greece. The paper is addressing 3 questions: in which country, what kind of investment, with which economic and environmental return? The proposed approach is based on a multicriteria analysis for identifying priority countries and interesting investment opportunities in each priority country. These opportunities are then evaluated through a conventional financial analysis in order to assess their economic and environmental attractiveness. To this purpose, the IRR of a typical project in each investment category is calculated by taking into account country-specific parameters, such as baseline emission factors, load factors, costs, energy prices etc. The results reveal substantial differences in the economic and environmental return of different types of projects in different host-countries and show that for the full exploitation of the CDM a multifaceted approach to decision-making is necessary.     

MULTICRITERIA SORTING METHODOLOGY: APPLICATION TO FINANCIAL DECISION PROBLEMS

Abstract

The primary objective in the sorting approach is to assign a set of alternatives into predefined classes. This type of problem is often encountered in many real world decision problems. During the last two decades several new approaches have been proposed to overcome the shortcomings of traditional statistical and econometric techniques. This paper focuses on the multicriteria decision aid (MCDA) approach; it briefly reviews the main MCDA sorting techniques, and presents the multigroup hierarchical discrimination method. This new MCDA sorting technique is applied to the portfolio selection problem. A comparison with discriminant analysis is also performed. Furthermore, the efficiency of the proposal approach can be easily improved for solving large-scale problems in a multiprocessing environment.     

高职学院财务管理信息系统的设计与实现

阐述了基于B/S模式开发湖南高速铁路职业技术学院财务管理信息系统,并详细介绍了系统的功能需求和数据库设计,以及主要功能模块的设计与实现代码。该系统将Web技术和数据库技术很好的融合在一起,使数据库成为Web的重要组成部分,实现了数据库技术和网络技术的有机结合。     

零库存流程管理在医院成本核算中的应用

随着各类医用耗材、消毒品数量和种类的增加,医院物资管理在医院运营中的作用越来越显著。在提倡以患者为中心,提高患者满意度的宗旨下,与患者直接接触的HIS、LIS、PACS、CIS等医疗系统发展十分迅速,而医院内部使用的物资管理系统却比较落后。针对在医院实际医用物资管理中,时常发生医疗物资积压和医疗耗材缺货导致医疗时机延误等问题,对现有物资管理系统中的不足进行分析,并提出一种以零库存管理为基础的新工作流程,以解决现有的一些问题,并在继续深入探讨和研究。     

一种面向金融数据的基于ARIMA的模糊时间序列预测模型

时序分析方法在金融数据挖掘中扮演着越来越重要的角色,然而,历史数据的不完整、不确切性制约着传统金融时间序列预测方法的准确性。创新地定义ARIMA模型的相似性和模,并融合模糊时间序列方法,提出新的基于ARIMA的模糊时间序列预测模型。该模型能够高效处理不完整的、含糊的历史数据,并对未来走势进行有效预测。一方面, ARIMA模型的简约灵活性使得对高维金融时间序列的特征提取大为简化;另一方面,由于结合模糊逻辑的理论,该方法能够有效发现历史数据中的相似模式。以人民币兑美元汇率为例,通过对预测结果的分析,验证了的新模型的有效性。     

IT环境下财务审计面临的主要障碍及对策

本文在论述了IT环境下财务审计的特点的基础上,阐述了IT环境下财务审计面临的主要障碍,并提出了做好新形势下财务审计的相关对策及建议。     

基于金融危机的中小企业财务管理对策研究

金融危机影响下,我国的中小企业面临着严重的生存问题,而维持中小企业生存的关键在于企业的财务管理。面对这场危机,自身还不够完善的我国中小企业,该如何加强财务管理则是一个重要的问题。因此,本文对金融危机给我国中小企业财务管理带来的冲击进行分析,提出了我国中小企业在金融危机下如何加强财务管理的对策,以期我国中小企业能在金融危机下生存与发展。