Informed trading,heterogeneity investment,liquidity shocks and the valuation of credit default swaps

This paper explores the effect of informed trading, heterogeneity investment and liquidity shocks on the valuation of credit default swaps (CDSs). Under the condition of asymmetric information, the informed trading plays an important role in the valuation of CDS. Instruction order flow has a significant influence on CDS price. And the scope of influence changes in accordance with different time interval, company status and the size of bid-ask spread. Heterogeneity of investors seriously affects the market liquidity and subsequently affects the CDS price. The bigger heterogeneity of the investment philosophy, investment habits, investment preference and so on is the bigger risk for market liquidity, and the higher price for CDS shall be. On the contrary, the conclusion is also consistent. The effectiveness of liquidity, whether it is before or after the financial crisis, dominates the fluctuation of CDS price. The premium of liquidity accounts for 36% to 50% of the CDS price.     

我国开放式基金投资者流动性需求影响因素研究

我国的开放式基金在迅速发展的同时也经历了大规模的赎回,而基金投资者的流动性需求是导致赎回行为的主要原因.本文运用2004年和2005年开放式基金的季度数据,研究了不同类型开放式基金投资者流动性需求的影响因素.研究表明,投资者流动性需求受多种因素的影响,并且不同类型基金投资者流动性需求的影响因素也是有差异的.     

自媒体时代话语权的舆论应对研究

现代自媒体迅猛发展,网络谣言频繁发生,形式也多样化。有通过模仿来讽刺现象、来折射民意的;有为获取公众的支持和关注的;更多的是对突发事件进行信息披露来引发各种猜疑的。在当今社会转型时期,由于信息不对称和社会诚信缺失等因素影响,加剧了网络谣言滋生和蔓延。如何消除流言,减少流言对社会的危害是当务之急。     

清水混凝土施工质量控制要点分析

清水混凝土施工是一项非常细致的工作,比一般混凝土的施工要求严格。清水混凝土施工必须有严格的分工,钢筋、混凝土、模板必须有专项负责人,每一道工序都必须有技术方案作指导,技术交底必须全面到位并严格执行清水混凝土施工前制定的各项质量控制措施。只有这样,才能保证清水混凝土达到预期的效果。     

完善我国资本市场可有效缓解流动性过剩

流动性过剩是我国经济体系面临的一个严峻问题,研究其发生的真正原因和解决途径对我国经济发展具有十分重要的意义。本文重点分析引起我国资本流动性过剩的真正原因是我国资本市场发展的不完善,并提出了发展我国资本市场,尤其是通过发展股票市场和债券市场来吸收我国过多的流动性的建议。     

浅谈桥面铺装防水层

桥面防水层作为桥面铺装层的重要组成部分,对延长桥粱的使用寿命起到了关键性的作用。设计、施工、监理以及质量监督人员应做好相关工作,进一步加强施工管理及工序控制,以确保桥面防水层的质量。     

房地产行业股权融资成本与信息披露质量的实证研究

本文以2005-2006年度房地产行业上市公司作为样本,研究股权融资成本与信息披露质量之间的关系。在对变量的描述和样本检验的基础上,我们可以得出结论,即信息披露质量越高,股权融资成本越低。最后,本文通过实验研究,提出了一系列降低股权融资成本的政策建议。     

基于有向图的传统村落建筑群火灾蔓延风险分析

在传统村落开发保护过程中,建筑消防改造及建筑布局改变等会导致火灾风险发生变化.火灾蔓延模拟工作量大、成本高及基础资料获取困难.为克服这些难点,首先,将单体建筑视为有向图的节点、建筑间的火灾蔓延关系视为节点间的边,通过火灾蔓延模拟判断节点周边局部蔓延路径,并建立有向图的邻接矩阵,利用有向图遍历算法确定特定火灾场景下的蔓延...     

Executive Stock Option, Mediation of Agency Costs and Allocation of Power in Levered Firms

The relationship between options and agency costs in levered firms is studied by modeling the effect of executive stock options on the manager‘s investment strategy in levered firms. Stock options do not necessarily aggravate agency costs in levered finns. The corporate governance affects agency costs greatly. If debt-holders were entitled to design executive stock options together with stockholders, by allocating power properly between stockholders and debt-holders, firm value could be enhanced greatly. The following way of allocating power between the two parties is proposed: the exercise price should be the weighted average of the stockholders‘ and debtholders‘ suggested exercise prices. The weight allocated to debt-holders is positively related to the amount of debts that debt-holders lend to stockholders.     

机构投资者持股与上市公司信息披露行为研究

研究采用我国上市公司2005年至2008年会计年报数据,实证检验机构投资者持股对于多角度公司信息披露行为的影响。研究发现机构持股比例越高的公司年报披露越及时,但是持有同一家上市公司的机构数量越多反而会延迟年报的披露;同时还发现机构持股对于上市公司年报的审计意见类型和年报的补充公告影响并不显著,说明我国机构投资者对于上市公司的内部治理作用还十分有限。     

考虑品牌忠诚度的追随品跨周期质量与定价决策

国际知名时尚品牌通常以其较高的质量和独特的文化价值吸引和培育众多忠诚顾客，国内同类本土品牌在追随时面临顾客黏性以及策略性消费行为的影响，如何突破既有的壁垒，吸引策略型顾客购买性价比高的本土品牌产品成为了重要课题. 为此，基于时尚产品价值衰减的假设，构建了两周期竞争企业的策略性博弈模型，分析了追随企业该如何决策追随品的质量与价格. 研究表明:原品顾客忠诚度越高，对其需求越有利，但对其利润却不总是有利；给定原品贬值程度，若消费者策略性较弱，追随品的利润反而可能随原品忠诚度递增，这是因为追随品价格随顾客忠诚度递增的正效应大于市场需求随之递减的负效应，促使追随品利润递增；作为追随品，收益并不是随与原品的相似度单调递增，应当保留一定程度的品牌原创性才能实现利润最大化.      

中国股市小市值组合的界定方法与实证研究

股票市场的规模效应主要指小市值股票能够在市场中获得超额收益的现象。但由于中国股市特殊的股权结构，近年来在国内规模效应研究和风格投资指标中应用了多种未统一的小市值组合界定方法。本文从规模效应的收益特征出发，以实证研究确定中国股市小市值组合的界定方法。研究结果说明，以股票总市值排序后的最小20％家上市公司构建组合，具有最显著的规模效应特征，是最具有风格投资导向价值的划分标准。     

Model of Vertical Product Differentiation Based on Triangular Distribution

IntroductionMany researchers[1-6]investigated the product dif-ferentiation from the premise that consumer prefer-ences comply with uniform distribution. But thispremise is not completely correct; it obviously neg-lects such a fact that considering consume…     

直接序列扩频通信中扩频码捕获系统的研究

围绕扩频通信中的关键技术-扩频码的捕获展开讨论．针对直接序列扩频通信中的同步速度问题。研究了扩频码的捕获原理；通过状态分析，利用编码序列相位转移图，研究了扩频码的捕获过程；论述了虚警产生的原因、虚警概率和虚警对同步捕获速度的影响．在此基础上，提出了一种带有辅助电路的扩频码捕获系统，该系统可大大降低非相关状态下输入门限检测器的等效噪声电压，从而降低虚警概率，缩短捕获时间，提高通信效率．     

公司治理结构与会计信息披露

本文运用代理契约理论和信息学理论,从理论上来分析公司治理结构与会计信息披露的内在逻辑关系.结合分析对健全和完善我国的上市公司治理结构,改善会计信息披露的环境提出了自己的建议.     

Research on High Power Inter-Channel Crosstalk Attack in Optical Networks

While all-optical networks become more and more popular as the basis of the next generation Internet(NGI)infrastructure,such networks raise many critical security issues.High power inter-channel crosstalk attack is one of the security issues which have negative effect on information security in optical networks.Optical fiber in optical networks has some nonlinear characteristics,such as self phase modulation(SPM),cross phase modulation(XPM),four-wave mixing(FWM)and stimulated Raman scattering(SRS).They can be used to implement high power inter-channel crosstalk attack by malicious attackers.The mechanism of high power inter-channel crosstalk attack is analyzed.When an attack occurs,attack signal power and fiber nonlinear refractive index are the main factors which affect quality of legitimate signals.The effect of high power inter-channel crosstalk attack on quality of legitimate signals is investigated by building simulation system in VPI software.The results show that interchannel crosstalk caused by high power attack signal leads to quality deterioration of legitimate signals propagated in the same fiber.The higher the power of attack signal is,the greater the fiber nonlinear refractive index is.The closer the channel spacing away from the attack signal is,the more seriously the legitimate signals are affected by attack.We also find that when attack position and power of attack signal are constant,attack signal cannot infinitely spread,while its attack ability shows a fading trend with the extension of propagation distance.     

Analytics: The real-world use of big data in financial services studying with judge system events

“Big data” which admittedly means many things to many people is no longer confined to the realm of technology. Today it is a business imperative and is providing solutions to long-standing business challenges for banking and financial markets companies around the world. Financial services firms are leveraging big data to transform their processes, their organizations and the entire industry. Since 2012, the term “big data” has frequently been mentioned and used to describe and define the huge amount of data in the information explosive era and to name related technological development and innovation. As to the police work, the coming of big data era is not only a challenge but also an opportunity. Police agencies should go with the tide of development to start with such aspects as work thinking, top design, public information sharing and application and talent provision so as to promote the new development and progress of police work. This paper expounds the practical effect and significance of police big data application by cases happened in some areas.     

马尔科夫分析法在旅客运输市场中的应用

在综合交通运输市场中,旅客出行方式的选择是一个复杂而重要的问题;通过对铁路运输、公路运输、水路运输和航空运输等多种运输方式旅客流动变化的趋势和规律进行分析,采用马尔科夫分析法对交通运输市场的旅客流动变化进行科学预测,为交通运输部门调整运输营销策略提供决策依据。     

基于改进SEIR模型的新冠肺炎疫情沿交通线路传播机制

考虑了新冠肺炎通过接触和飞沫传染、在潜伏期具有传染性等特性, 结合交通工具空间狭小、环境密闭的特点, 基于SEIR模型, 建立了考虑交通工具内病毒密度、乘客之间接触率与感染率、乘客乘坐时间等因素的交通工具内部疫情传播模型; 基于交通工具内部疫情传播形式, 考虑交通工具在多个停靠站点上下乘客的过程将疫情传播到非疫区, 建立了基于人口迁徙的疫情沿交通线路传播的模型; 利用建立的2个模型, 分析了疫情沿交通线路传播机制, 研究了武汉人口迁徙指数与确诊人数的关系, 并模拟了疫情沿高铁线路传播的过程。研究结果表明: 各省、市级累计确诊人数与人口迁徙指数有着较强的正相关性, 表明交通对疫情传播具有一定的助推作用, 在交通运输工具内有可能造成一定数量乘客被感染; 依据潜伏期的推后效应, 在一定程度上解释了除武汉之外中国其他各省市区在2020年1月31日至2月5日每日新增确诊人数处于高峰状态; 采取隔离与降低乘客上座率等措施减少乘客相互之间接触机会, 可以有效降低乘客被感染风险, 且效果显著好于通风和消毒措施。可见, 为了合理控制疫情沿交通线路传播, 在交通运输工具内应以降低上座率, 加大乘客之间的乘坐距离, 降低相互接触率等措施为主, 辅以增加通风和消毒措施。      

我国上市公司信息披露诚信问题探析

诚信的信息披露是资本市场的基石,是确保建立公平、公开、公正资本市场的基本前提。我国证券市场由于发展迅速,在信息披露方面存在很多不完善的地方,从而造成财务舞弊事件时常发生,引起投资人及社会公众对上市公司的信任危机,严重影响了资本市场的发展。因此,建立完善的诚信信息披露机制是保证资本市场健康发展的有效途径。