2009, Vol. 22 No.1
Publication date: 25 March 2009
This paper uses a mean-variance portfolio selection framework to examine the Ch inese household's optimal asset allocation in the presence of housing. We analyz e the efficient frontiers and optimal portfolio weights of different constraints on housing to net wealth ratio. Our analysis indicates that housing varies the balance of risk and benefit of portfolio. Household improves the risk and benefi t of his asset with the increase of the value of h. Owing to the high value of h and strong liquidity constraints, young resident reduces stock to finan cial asset ratio. In order to achieve more benefits, the resident increases stoc k to financial asset ratio with the decrease of h. Old resident selects a co nservative asset portfolio, and reduces his stock to financial asset ratio becau se of low value of h.
We confirm that the negative relation between lagged idiosyncratic volatility an d future average returns cannot be explained by exposure to various cross-secti onal risk factors and market frictions such as illiquidity, trading cost and pri ce delay. Different from studies in US stock markets, we find that the negative relation is stronger with equal-weighted idiosyncratic volatility quintile port folios than value weighted portfolios. We also find that the abnormal low future returns with high past idiosyncratic volatility is not significant after contro lling for turnover effect in Chinese stock market. We propose that short sale co nstraints and retail investors dominating trading in Chinese stock market can he lp to explain the differences.
This paper investigates the differences of financial reports' conservatism betwe en Hong Kang and the Chinese Mainland markets. We measure accounting conservatis m with Basu conservatism model. The study results do not find significant differ ence in the conservatism, using data of financial reports of cross-listed firms in Hong Kong and Chinese A-share markets.
The balanced score card is a series of financial evaluation indices and non-fin ancial evaluation system, which provides prompt, overall and objective support f or managements to understand the operation situation. The balanced score card se rves the informationalization of the commercial bank. IT balanced score card sta rts from the business strategy, focusing on the information system construction, contributing to the enterprise value. The right evaluation of the informational ization level relies on the scientific, reasonable and feasible evaluation indic es system. The construction of the comprehensive evaluation system for the comme rcial bank's IT department, using AHP, will reflect the situation of the informa tion system, single out the major factors, and ensure the credibility of the eva luation. And the evaluation indices might be operable.
Based on theory model of "the Triple Helix" for SP, this paper introduces the concept of "knowledge filter" and divides the growth of SP into innovation an d commercialization of knowledge, university-industry relations as well as exte rnal factors of industry agglomeration and spillover effect. The empirical study on the panel data of the economic growth of SP shows that the driving factors h ave turned out to be better ones when China's SP are at their mature stage since the 21st century.
Design structure matrix is an effective tool for design process optimization of complex product. The fixation of coupling intensity among tasks is the key to co nstruct design structure matrix (DSM), which plays a good role in the layout of DSM. This paper uses fuzzy analytic hierarchy process (FAHP) to construct sensit ive and variable fuzzy consistent judgment matrix (FCJM), and changes them into coupling intensity in DSM by a special algorithm. At last, the fixation of coupl ing intensity in second-hierarchy decelerating machine is given as the example to apply FAHP to fixation of coupling intensity in DSM. Compared with other meth ods, it has strong applicability and is easy to operate.
This article analyzes the modern technology view from the three-dimensional ang le of technology, that is, on the technical determinism-on the part conditions theory-on the total conditions theory evolutionary process. Modern technology v iew separates the links between technology and economy, nature and society, whic h is distant from the harmonious society's goal. Therefore, it is the inevitably choice for realizing social harmony by constructing a harmonious technical view . This paper proposes the thoughts of constructing harmonious technology view.
In a famous scholar of American named A John Simmons' article "Justification an d Legitimacy", he discussed two dimensions of institutional evaluation—the jus tification of the state and state legitimacy. Aiming at the familiar mixture or improper definition of them in contemporary political philosophy, Simmons adopte d Lockean approach and Kantian approach to show the relations between justificat ion and legitimacy. And differentiating the two concepts has a very important si gnificance in the research of the normative theories of the state.
The Outer Space Treaty and the other four main treaties constitute the foundatio n of the international outer space law. They established the main system of the outer space activities. Now they are confronting many problems and challenges. T his article focus on these problems and challenges and gives some advice as to t he status of the astronauts, the concept of the lunching states, etc.
No clear definition and detailed rules have been provided for the issue of delay in civil aviation so far. Such indeterminacy has further confused or delayed th e proper resolution in practice. The issue of delay in international air transpo rtation is itself a serious problem requiring international co-ordinance. Warsa w Convention took the first step to put the burden on the carrier and regulate i ts liability. When approaching the new century, increasing occurrence of interna tional aviation brings forward the demand on more detailed rules on delay, which to a certain extent contribute to the new Montreal Convention. The Warsaw Conve ntion shall remain as the basic document for the present discussion and the pape r concludes by offering suggestions for further improvement in resolving dispute s over liability resulting from delay in civil aviation.
MOBY DICK is the masterpiece of Herman Melville, a famous American novelist of t he 19th century, who uses the symbolic methods in the novel and creates the perm anent artistic charm and literary value beyond time and space. Pragmatic presupp osition theory has a strong explanatory force on multiple symbolic meanings. Fro m the perspectives of multi-dimensions of contexts, concealment, pragmatic pres upposition in culture and quantity of pragmatic presupposition, this paper makes a tentative analysis in the four aspects respectively: MOBY DICK, the Pequod, c aptain Ahab and the voyage itself, and then argues that pragmatic presupposition theory provides the effectiveness of construction and account of multiple symbo lic meanings in literary language.
LI Zhi's "Tongxin Shuo" is a famous notion of literary theory. On the basis of idealistic characteristic and literary production, the theory background of "T ongxin Shuo" is to criticize Song-Ming Neo-Confucianism and to rectify the re turn to the ancients. The aesthetic meaning of LI Zhi's "Tongxin Shuo" rests w ith reality of content and naturalness of form about literary production accordi ng to "Tongxin" and "the best article".
The structure of Ba Jin's HAN YE is quite clear——the mother defends her son an d releases her daughter-in-law, the son defends both the mother and wife, and the wife defends another man and releases her husband. All of them are closely c onnected. The mother loves her son and defends him. The son does the same to his wife while the wife loves another man. However, they also abandon someone——th e mother abandons her daughter-in-law and the wife abandons her husband. Doubt ing and criticizing the traditional norms, she wants to be free. The deep signif icance derives from the structure of HAN YE diachronically and synchronically.
Based on the view of collective unconsciousness raised by Swiss psychologist C.G . Jung, and taking Hakka cultural psychology as a case for analysis, the thesis probes into the unconscious impact of cultural psychology, which lies inside and on the deepest level of our mind, on foreign language learning. It holds that t he theory of collective unconsciousness biologically annotates the construction of cultural psychology and the origin of the existing differences, which explore s the inherent causes that affect the exterior activities of foreign language le arning, and enlightens our foreign language teaching.
In Chinese universities, sustentation system for financially poor students inclu des scholarship, loan, part-time job, subsidy and freeing for tuition. Giving m oney to the financially poor students for study is the core of this sustentation system and there are more and more questions. In light of the actual situations of the financially poor students, money, ideal and ability are needed for them, so one new mode of sustentation system is proposed. New sustentation system wil l include scholarship, loan, part-time job, subsidy, education and training.
The absence of main bodies of MPA education is the key reason that affects the e ffectiveness of MPA education. This paper discusses four main bodies of China's MPA education and its features as well as the causes and manifestations of the m ain bodies' absence , then brings forward such a point of view that only by play ing the subjectivity of the teachers' value guidance, respecting the subjectivit y of MPA students' independent building, strengthening the subjectivity of the s chool environmental construction, reinforcing the subjectivity of the government 's incentive policy and making the four bodies into harmonization, can the missi ng issues of teachers, MPA students, schools and the government be fundamentally solved.
Based on the survey of 10 sheets of national excellent doctorial dissertations o f Beijing University of Aeronautics and Astronautics, this paper analyzes the fa ctors of their success from the aspect of discipline construction, supervisors, research projects, quality of postgraduates, and academic atmosphere. Some sugge stions are made in order to improve the level of doctoral dissertations and the overall quality of doctoral programs.