分权格局下投资膨胀的成因及对策

几年来,我国对固定资产投资管理体制进行了一系列的改革,打破了过去单纯依靠国家预算资金搞建设的一统局面,形成了多元主体投资、多条渠道筹集资金的分权格局。投资体制的分权改革在培育充满生机活力的投资机制方面跨出了一步。但是,投资分权格局的形成却仍未解决投资规模过大的问题。这是值得研究的一个问题。

Recovering implied risk-neutral probability density function using SVR

Using support vector regression （SVR）, a novel non-parametric method for recovering implied risk-neutral probability density function （IRNPDF） is investigated by solving linear operator equations. First, the SVR principle for function approximation is introduced, and an SVR method for solving linear operator equations with knowing some values of the right-hand function and without knowing its form is depicted. Then, the principle for solving the IRNPDF based on SVR and the method for constructing cross-kernel functions are proposed. Finally, an empirical example is given to verify the validity of the method. The results show that the proposed method can overcome the shortcomings of the traditional parametric methods, which have strict restrictions on the option exercise price; meanwhile, it requires less data than other non-parametric methods, and it is a promising method for the recover of IRNPDF.

TWO-STEP MOBILE AGENT BASED AUTHENTICATION ARCHITECTURE:TOWARDS EFFECTIVE GRID AUTHENTICATION

The grid technology is recognized as the next generation of Internet and becomcs the center of recent researches in the computer society. Security is one of the most crucial issues to address in Internet and is of the same importance in the application of grid technology. As a critical component of grid security, the secure authen- tication needs to be well studied. In this paper, a two-step mobile agent based（TSMAB） authentication architecture is proposed based on Globus security infrastructure （GSI）. By using mobile agent （MA） technology, the TSMAB authentication architecture is composed of the junior-authentication and the senior-authentication. Based on the design and the analysis of TSMAB model, the result shows that the efficiency of grid authentication is improved compared with the GSI authentication.

展品讯息

长城主题瓷艺系列由天津市陈塘庄瓷艺坊有限公司成功烧制,采用景德镇高白泥手拉坯为坯体,天津画院知名画家,中国美术家协会会员,天津美术家协会理事,国家高级工艺美术师,陈钢,亲手绘制长城的470多处烽火楼台,完全将两大中国代表符号瓷和长城融为一体。

汽车许可证内幕

将要颁发的进口汽车许可证牵动多方市场力量的关心。对进口车经销商来说,他们终于感受到了春天的气息;而对于国产中高档车厂商来说,近80亿美元的进口配额不亚于一场7级地震,他们的好日子确实快到头了;最感振奋的应当是消费者,正如此前媒体所言,消费者决心持币待购。

2.5D induced polarization forward modeling using the adaptive finite-element method

The conventional finite-element（FE） method often uses a structured mesh, which is designed according to the user’s experience, and it is not sufficiently accurate and flexible to accommodate complex structures such as dipping interfaces and rough topography. We present an adaptive FE method for 2.5D forward modeling of induced polarization（IP）. In the presented method, an unstructured triangulation mesh that allows for local mesh refinement and flexible description of arbitrary model geometries is used. Furthermore, the mesh refinement process is guided by dual error estimate weighting to bias the refinement towards elements that affect the solution at the receiver locations. After the final mesh is generated, the Jacobian matrix is used to obtain the IP response on 2D structure models. We validate the adaptive FE algorithm using a vertical contact model. The validation shows that the elements near the receivers are highly refined and the average relative error of the potentials converges to 0.4 % and 1.2 % for the IP response. This suggests that the numerical solution of the adaptive FE algorithm converges to an accurate solution with the refined mesh. Finally, the accuracy and flexibility of the adaptive FE procedure are also validated using more complex models.

Impact of Accessibility on Housing Prices in Dalian City of China Based on a Geographically Weighted Regression Model

This paper studies the relationship between accessibility and housing prices in Dalian by using an improved geographically weighted regression model and house prices, traffic, remote sensing images, etc. Multi-source data improves the accuracy of the spatial differentiation that reflects the impact of traffic accessibility on house prices. The results are as follows: first, the average house price is 12 436 yuan(RMB)/m^2, and reveals a declining trend from coastal areas to inland areas. The exception was Guilin Street, which demonstrates a local peak of house prices that decreases from the center of the street to its periphery. Second, the accessibility value is 33 minutes on average, excluding northern and eastern fringe areas, which was over 50 minutes. Third, the significant spatial correlation coefficient between accessibility and house prices is 0.423, and the coefficient increases in the southeastern direction. The strongest impact of accessibility on house prices is in the southeastern coast, and can be seen in the Lehua, Yingke, and Hushan communities, while the weakest impact is in the northwestern fringe, and can be seen in the Yingchengzi, Xixiaomo, and Daheishi community areas.

Reserve estimation of an open pit mine under price uncertainty by real option approach

Reserve estimation is a key to find the correct NPV in a mining project. The most important factor in reserve estimation is the metal price. Metal price fluctuations in recent years were exaggerated, and imposed a high degree of uncertainty to the reserve estimation, and in consequence to the whole mine planning procedure. Real option approach is an efficient method of decision making in the uncertain conditions. This approach has been used for evaluation of defined natural resources projects until now. This study considering the metal price uncertainty used real option approach to prepare a methodology for reserve estimation in open pit mines. This study was done on a copper cylindrical deposit, but the achieved methodology can be adjusted for all kinds of deposits. This methodology was comprehensively described through the examples in such a manner that can be used by the mine planners.

An Improved Method for Modeling Spatial Distribution of δD in Surface Snow over Antarctic Ice Sheet

Using the recent compilation of the isotopic composition data of surface snow of Antarctic ice sheet, we proposed an improved interpolation method of δD, which utilizes geographical factors （i.e., latitude and altitude） as the primary predictors and incorporates inverse distance weighting （IDW） technique. The method was applied to a high-resolution digital elevation model （DEM） to produce a grid map of multi-year mean δD values with lkm spatial resolution for Antarctica. The mean absolute deviation between observed and estimated data in the map is about 5.4‰, and the standard deviation is 9‰. The resulting δD pattern resembles well known characteristics such as the depletion of the heavy isotopes with increasing latitude and distance from coast line, but also reveals the complex topographic effects.

An alternative lattice algorithm for option pricing

This paper proposes a dimension reduction technique on lattice model, an extension of the discrete CRR （1979） model, for option pricing. Applications are demonstrated on pricing some vulnerable options with the payoff functions including two stochastic processes： the underlying stock price and the assets value of the option writer. Instead of building a bivariate tree structure for these correlated processes, a univariate binomial tree for the underlying stock price is only constructed. The proposed univariate binomial tree model is sufficient to undertake, though two underlying assets are involved.

Trinomial tree model of the real options approach used in mining investment price forecast and analysis

In order to effectively avoid the defects of a traditional discounted cash flow method, a trinomial tree pricing model of the real option is improved and used to forecast the investment price of mining. Taking Molybdenum ore as an example, a theoretical model for the hurdle price under the optimal investment timing is constructed. Based on the example data, the op- tion price model is simulated. By the model, mine investment price can be computed and forecast effectively. According to the characteristics of mine investment, cut-off grade, reserve estimation and mine life in different price also can be quantified. The result shows that it is reliable and practical to enhance the accuracy for mining investment decision.

The Appearances of Power： Its Violent and Popular Geneses According to Machiavelli and La Bo6tie

This paper develops a phenomenology of power in its various forms based on the account of the relationship between domination and freedom given by Niccol6 Machiavelli and ttienne de La Bo6tie. These authors are read in such a way as to extract the contemporary meaning of power in relation to the concept of appearance. Both authors link domination to other forms of violent power （oppression, exploitation, and exclusion）, and while they recognize the inevitable role of appearances in politics, they oppose the tendency of rulers to use appearances to maintain their power over the people. The sharing of intellectual power is then the most likely way for popular power, once it makes its appearance in society, to lead to transformations in governmental and economic power.

Evaluation of call options

The European and American call options, for which the prices of their underlying asset follow compound Poisson process, are evaluated by a probability method. Formulas that can be used to evaluate the options are obtained, which include not only the elements of an option: the price of the call option, the exercise price and the expiration date, but also the riskless interest rate, nevertheless exclude the volatility of the underlying asset. In practice, the evaluated results obtained by these formulas can provide references of making strategic decision for an investor who buys the call option and a company who sells the call option.

Superior vs. Inferior Voting Shares： Price Premium or Discount？

This paper analyzes the price difference between superior voting （SV） and inferior voting （IV） shares for three dual-class firms： Farmer Mac as a big price discount case, Fox as a price similarity case, and Heico as a big price premium case. We show that the price difference is mainly affected by the control benefit, while voting power and liquidity are also relevant factors. We suggest that the control benefit can be revealed by examining share accumulation and firm performance.

Extracting Information on Implied Volatilities and Discrete Dividends From American Option Prices

This paper deals with options on assets, such as stocks or indexes, which pay cash dividends. Pricing methods which consider discrete dividends are usually computationally expensive and become infeasible when one considers multiple dividends paid during the option lifetime. This is the case of long-term options and options on indexes. The first purpose of this paper is to assess efficient and accurate numerical procedures which yield consistent prices for both European and American options when the underlying asset pays discrete dividends. The authors then analyze some methodologies to extract information on implied volatilities and dividends from quoted option prices. Implied dividends can also be computed using a modified version of the well-known put-call parity relationship. This technique is straightforward, nevertheless, its use is limited to European options, and when dealing with equities, most traded options are of American type. As an alternative, the numerical inversion of pricing methods, such as efficient interpolated binomial method, can be used. This paper applies different procedures to obtain implied volatilities and dividends of listed stocks of the Italian derivatives market （IDEM）.

PARAMETERIZATION OF TRIANGULAR MESHES

A new algorithm called the weighted least square discrete parameterization (WLSDP) is presented for the parameterization of triangular meshes over a convex planar region. This algorithm is the linear combination of the discrete Conformal mapping(DCM) and the discrete Authalic mapping(DAM). It provides the good properties of both DCM and DAM, such as robustness and low distortion. By adjusting the scaling factor q embedded in the WLSDP, satisfactory parameterizations in different special applications can be achieved.

Brief Analysis on the Right of Privacy in a Perspective of Law and Economic

The development of the technology of network had been of great convenience to get access to information. However, it was undeniable that a bad phenomenon had become even more and more serious that others＇ information would be obtained by illegal means, and the research on the protection of privacy had increasingly aroused people＇s concern. The right of privacy not only had the usually outside personality characteristics, but also had a certain characteristics of property. This paper had attempted to study the right of privacy from the perspective of law and economics by interpreting the property in the right of privacy, in order to perfect the protection system of privacy in our country.

On the initiative of painting style --Speaking from Disney animation

Why it needs to take the initiative in the shape in the painting？ Refine images of the shape of the objective initiatively, not only can enhance the artistic appeal and creators emotions, can also highlight the aesthetic orientation creators to make their paintings to impress the audience and resonate, so works of art have a higher aesthetic value. Similarly, in the entire animation movie, animation character modeling also has an important position, and a good cartoon must have a good role model to fully convey the story and character. This article attempts to analyze the shape of the image of the Disney animated start, make deep analysis on necessity of initiative modeling in the art of painting and development of initiative modeling, to enhance the performance of artists and diverse personality development, which is a requirement of modem art, but also the law of development of the arts.

The Impacts of Carbon Sequestration on Oil Production Projects Decision-Making： A Real Option Valuation Approach

A traditional real option model is applied to a simulation of an oil production project. This analysis includes a carbon sequestration structure cost and possible revenues from carbon credit markets. The evaluation focuses on the determination of an optimal timing for the investment in different scenarios, regarding the volatility of the uncertain variable, oil prices. Historical prices data from different moments are used to estimate different prices uncertainty scenarios and its impacts on the decision making on building a carbon sequestration structure. The results are compared between a real option model to the ones obtained using the traditional net present value evaluation. Trigger point of investments are defined for different scenarios with and without carbon sequestration. There is also an analysis of the effects on decision-making in different scenarios for carbon market prices. It is perceived an important difference in the decision making considering the different methods of economic analysis. The real option model is a fundamental valuation tool in periods of high price volatility and higher sunk costs added to a project such as the carbon sequestration structure. Greenhouse gas projects demand high oil prices, positive market trend expectation and volatility.

Radio Espana Independiente, La Pirenaica： The Voice of the Victims of the Franco Regime

Radio Espana Independiente [REI] [1941-1977], La Pirenaica, was the repository for the public remembrance of the victims of the Franco regime, through letters that its listeners regularly sent to the broadcaster＇s headquarters in Bucharest. A study of the 15,500 letters contained in the Spanish Communist Party＇s [PCE] Historical Archive in Madrid confirms this broadcaster＇s major role in the construction of the mythical symbolic image of the anti-Franco movement. Beyond their function as propaganda instruments of the PCE, La Pirenaica＇s letters reveal the radio station＇s role as a vehicle for the expression of public solidarity and ideological and cultural resistance. La Pirenaica was the voice of the defeated after the Spanish Civil War, and was their confidante and advisor. La Pirenaica＇s letters are the chronicle of the horror that anti-Franco society suffered and endured in Spain.