收益

It mainly studies the choice of mode for competitive tender offer under different bidders' type.

首先，借鉴Perry，Wolfstetter和Zamir（2000）的有关理论，从基于两阶段密封价格投标的竞争性要约收购过程开始，讨论了其中的一些性质，结果表明，同质收购者前提下该过程不但能够获得和基于英式竞价的竞争性要约收购过程相同的期望收益，还能够克服后者存在的一些问题；随后，在异质收购者内生参与条件下就基于英式竞价和密封投标的竞争性要约收购过程进行了比较研究，得到了不同方式下收购结果的特征；最后，针对异质收购者不同知情程度的情况研究了竞争性要约收购方式的选择问题，借鉴Povel和Singh（2004）提出的机制，得到了具备"胡萝卜加大棒"性质的序贯出售过程是这种情况下控股股东的最优选择。

Chapter 4 firstly explains the contents and characteristics of management labor, the defect of the wealth signal revealing mechanism, then analyses systematically the emerging reason, general composition and damages of both operator inside control and big shareholder inside control, and finally points out that insider control is the byproduct of the modern enterprises system, whose damages is far less than the benefit of the modern enterprises system.

第四章首先阐述了管理劳动的内容和特点以及财富信号显示机制的缺陷，然后分别系统分析了经营者内部控制问题与大股东内部控制问题的产生原因、基本构成以及所造成的危害，最后论述了"内部人控制"问题是现代企业制度所带来的副产品，其危害要远远小于采用现代企业制度而取得的收益。

Finally, the optimization warehousing allocation policy is achieved by digital simulation, which shows that expecting revenue is concave function of surplus capacity, and is also concave function of booking leading time, the opportunity costs is a non-increase function of surplus capacity, and is also is a non- increase function of booking leading time.

论文按照随机背包问题思路建立了考虑第三方仓储能力分配动态随机规划模型，对模型性质进行了分析，得到了基于阈值的舱位预订动态控制策略，并通过数值仿真，得知期望收益是剩余仓储能力的凹函数，是时间的凹函数；机会成本是剩余仓储能力的非增函数，是时间的非增函数。

Under the concave transaction costs function, using the variance of profolio return rate to express profolio risk, and taking the risk-return combination difference as the objective function, we propose Mean-variance D.C- integer optimization model under concave transaction costs and minimal transaction unit constraints.

2考虑凹交易费用函数，用投资组合收益率的方差反映组合风险，以风险-收益的组合差作为目标函数，提出了考虑交易费用及最小交易量的均值—方差D.C-整数优化模型。

Countries to invest 4 trillion yuan for infrastructure, Conch Cement is the largest share of the proceeds.

国家投资基础设施40000.0亿元，海螺水泥是收益的最大份额。

Therefore, research of long-term asset allocation under loss aversion is important and significance to conciliate contravention between safety and performance of pension funds.

因此研究损失厌恶下的长期资产配置对于调和养老基金中收益和安全的矛盾是很重要和有意义的。

Both sorts of faith, they held, are meritorious works, though the quality of merit attaching to the first is merely congruent (rendering divine reward fit, though not obligatory), and only the second gains condign merit (making divine reward due as a matter of justice).

无论各种各样的信仰，他们举行，是有功的工程，虽然品质优异依附第一只是全等（渲染神悬赏适合，但并非强制性的），而只有第二收益适宜优异（使神圣的悬赏由於作为事司法部）。

This paper uses mixture density networks to forecast the time-varying conditional density values of financial time series, and puts forth a new numerical algorithm to calculate Expected Shortfall. The application in Hong Kong Hangseng index approves that Value-at-Risk at high probability levels is accurate, and that it also has good forecasting ability in fluctuation. MDNs can effectively describe the empirical distribution of returns and the volatility mechanism, and is a new model for measuring financial market risk.

基于混合密度网络模型估计金融时间序列的时变条件密度，提出采用数值模拟方法计算Expected Shortfall的新途径，对香港恒生指数的实证研究表明，VaR的预测精度在高端分位点较好，模型评估指标反映出预测效果良好，混合密度网络可以有效地描述收益的经验分布统计特征和波动规律，是一种有效的金融市场风险测量模型。

Stochastic volatility model assumes that the conditional distribution of returns is normal during most of the empirical applications.

SV模型在实际应用中大多都假定以潜在波动为条件的收益的分布是正态的，本文分析并比较了正态SV模型和具有厚尾分布，特别是t分布的SV模型。

In a sign of where the congressional debate might lead, Boehner called for lowering capital gains and corporate income taxes.

显示出地方国会辩论可能导致，Boehner呼吁降低资本收益和企业所得税。

Recall that, in the Kolmogorov axiomatization, measurable sets are the sets which have a probability or, in other words, the sets corresponding to yes/no questions that have a probabilistic answer.

延期开工的Kolmogorov宣布要衡量所有套职能有限许多坐标限制在于衡量子寅。换句话说，如果是/否的问题回答f可看的价值观念在许多最有限坐标，然后它有一个概率的答案。

The experimental results showed that the algorithm can filter singular points and remain fixity of the target edge.

实验表明：基于模糊理论的图像智能滤波方法比常规图像滤波方法运算量小，它既能去除奇异点，又能保持图像中目标的边缘不变性，具有很好的滤波效果。