Analysing the performance of managed funds using the wavelet multiscaling method

We propose a new approach for investigating the performance of managed funds using wavelet analysis and apply it to an Australian dataset. This method, applied to a multihorizon Sharpe ratio, shows that the wavelet variance at the short scale is higher than that of the longer scale, implying that an investor with a short investment horizon has to respond to every fluctuation in the realized returns, while for an investor with a much longer horizon, the long-run risk associated with unknown expected returns is not as important as the short-run risk. Using multihorizon Sharpe ratios of six groups of managed funds, we find that none of the fund groups are dominant over all time scales.

国外转让定价税制发展研究

本文将国外转让定价税制的发展过程归结为早期和近期两个发展时期,并对这两个时期转让定价税制发展变化的历史背景、各个时期发展的特点和发展要点做了简要阐述。     

单信道连续波应答机距离零值仿真测试技术

本文阐述了单信道连续波应答机距离零值仿真测试方法。以及智能化高精度仿真测试仪的工作原理、设计及校准方法,并给出了测试结果。     

Real effects of private equity investments: Evidence from European buyouts

This study investigates the effects of buyout deals on the ex-post performance of target companies. The analysis is based on a sample of 241 private-to-private buyouts involving European companies between 1997 and 2004 and a control sample of non-buyouts selected through a propensity score matching methodology. The paper explores three different dimensions of firm performance: size, profitability and productivity. The results indicate a positive impact of buyouts on the growth of total assets and of employment in target firms in the short- and mid-term. An equivalent clear pattern cannot be identified for productivity, while we estimate a lower operating profitability for buyout companies with respect to the control group three years after a deal is made. When we restrict the analysis to the sub-sample of buyout companies, we find that generalist funds negatively and significantly impact the mean ex-post operating profitability of PE-backed firms, while turnaround specialists are positively associated with operating profitability. The evidence also highlights that target companies whose lead investor is located in the same country show relatively higher ex-post profitability performance.     

论工业设计在数字化技术推动下的变革

人类已步入数字化时代,工业设计相关设计方法和理念等也受到很大影响和冲击。通过对数字化与工业设计关系的论述,指出工业设计的数字化和智能化趋势。介绍了数字化设计的概念,根据当前的数字化技术现状和发展方向,分别从设计理念、设计展示方式、信息获取途径、设计效率、设计教育变化以及设计推广六个方面总结并预测了工业设计在数字化技术推动下发生的一系列变革和趋势,为未来工业设计研究提供了一定方向和借鉴。     

论政府间转移支付的分类

进一步完善我国政府间转移支付体系是当前和今后面临的一个重大课题.我们认为,政府间转移支付按照目标和功能的不同,可分为以下4类:以均等化为目标的转移支付、解决辖区间外溢性问题的转移支付、中央委托地方事务引致的转移支付、以增强国家政治控制力为目标的转移支付.     

财政分权视角下中国农村义务教育落后的原因分析

本文认为,中国农村义务教育落后与财政分权有密切关系.分税制特别是偏离公平目标的政府间财政转移支付制度,使得贫困地区具有极强的压缩农村义务教育投入的内在动力,这是导致20世纪90年代中期以来中国农村义务教育状况不断恶化的重要原因.缓解中国城乡义务教育发展差距,必须全面改革分税制,特别是政府间财政转移支付制度.     

乙醛酸的生产、市场及其衍生物的开发

介绍了国内外乙醛酸的主要合成方法,着重简述了乙醛酸在香料、医药中间体、农药中间体等方面的应用.同时分析了乙醛酸的市场情况,最后对我国乙醛酸的发展提出了一些建议.     

高科技企业跨国创新生态系统:结构、形成、特征

跨国创新生态系统以技术标准化战略为纽带,由高科技企业在全球范围内通过开展协作研发、知识产权许可、技术标准合作,形成基于构件/模块的知识异化、共存共生、共同进化的配套性技术创新体系.其内部的企业、创新种群、创新群落、创新网(键)、创新环境分别与一般自然生态系统中生物、种群、群落、食物网(链)、自然环境具有类似的生态特征及规律,而且,跨国创新生态系统与其它生态组织相比,还具有集群的高度虚拟性、创新的跨国性、合作共生的必然性等特征.     

转让定价税制中的举证责任分析

本文比较了由纳税人或税务机关承担举证责任两种模式的差别,以及相应的举证责任的倒置,提出应当由税务机关承担转让定价调整的举证责任,并在纳税人未履行相应的资料提供义务时减轻税务机关的证明程度,以解决税务机关所面临的举证困难。