Lifetime Portfolio Selection by Dynamic Stochastic
金融决策
1 绪论人类社会产生伊始，就面临着一个基本矛盾，这就是人类需要的无限性与满足需要的手段即资源的稀缺性之间的矛盾。
一方面，人们的需要是无限多样、永无止境的，原有的一种需要满足了，新的需要又产生了。
另一方面，现实社会中，几乎没有什么资源、物品丰富到可以使任何人无需付出什么代价就能得到。
相对于人们的需要来说，绝大多数物品、资源都是数量有限的或稀缺的。
这种资源的稀缺性决定了人类的需要只能得到部分的满足，而不可能完全满足。
因此，如何充分利用稀缺的资源，实现资源的最佳配置以最大限度地满足人们的需要，也就成了任何社会都共同面临的基本经济问题。
整个社会是这样，对于构成社会的个人(或居民、或家庭，以下我们不加区分)来说也是这样。
个人通过消费物品等满足自己的需要，资源的稀缺性导致个人要获得需要的消费品必须付出代价(最常见的就是货币表示的价格)，这必然使得现实世界中，个人无限的欲望的满足受到其有限的货币收入水平等的限制，不可能得到完全的满足。
同样，作为社会生产单位的企业，希望从投资中产生巨大的效益，然而资金的有限性等诸多客观因素的制约，使企业不可能完全得到所需要的。
总之，满足手段的有限性(稀缺性)迫使人们必须做出选择，也就是做出决策，控制和引导自己的行为。
作为个人，为了最大限度地满足自己的消费需要面临的是如何最优地分配自己的收入的决策问题；作为企业，为了使投资得到最大的收益，也面临着诸多方面的决策问题。
决策就是根据对目标的评价，从可行的行为中选出令人满意的策略，作为行动的指南，现实世界中大多数决策是在不确定条件下进行的。
金融决策就是这样，它包括：选择，选择的结果向将来延伸。
由于将来是未知的，金融决策不可避免地是在不确定性条件下进行的。
不确定性(uncertainty)和风险(risk)是不能互相替换的两个概念。
不确定性指的是决策者外部环境的随机性，它超越了决策者的控制，决策者不能改变它的水平，但是它导致决策者目前采取的任何行为的将来结果都是不确定的。
惠普（HPE）办公连接（OfficeConnect）1850交换机系列产品介绍说明书
Data sheetProduct overviewHPE OfficeConnect 1850 Switch Series devices are basic smart managed, fixed configuration Gigabit plus 10 GigabitEthernet Layer 2 switches designed for small businesses looking for high performance in an easy-to-administer solution. The series is part of the HPE OfficeConnect portfolio of small business networking products.The series consists of five switch models. Four are Gigabit switches each with 10-Gigabit10GBASE-T uplink ports. One is an 8-port10-Gigabit aggregator switch. Together, youcan build a high-bandwidth network withGigabit edge port switches interconnectedat 10-Gigabit speeds. Non-PoE and PoE+models are also available.The 24-port models include two 10GBASE-Tports; the 48-port models include four10GBASE-T ports and an 8-port modelincludes eight 10GBASE-T ports withtwo dual-personality SFP+ ports. AllHPE OfficeConnect 1850 Switches support flexible installation options including mounting on a wall, under a table, or on a desktop.These Gigabit switches are plug-and-play out of the box, yet network operation can be fine-tuned through features available from a simple web browser-based GUI, if necessary. Customizable features include VLANs,Rapid Spanning Tree, IGMP Snooping, linkaggregation trunking, and DSCP QoS policies. All models include the latest energy-saving capabilities, including Energy Efficient Ethernet (EEE) and idle-port power down. All models include variable speed fans operating only at the speed necessary to maintain operating temperature to reduce excess noise and power consumption by the switch.HPE OfficeConnect 1850 Switch Series includes a limited lifetime warranty.HPE OfficeConnect1850 Switch SeriesKey features• 10-Gigabit 10GBASE-T on all models for high-speed interconnect • Non-PoE and PoE+ 24- and 48-port models• 8-port 10GBASE-T switch with 2 SFP+ dual-personality ports• Intuitive web management interface for easy switch configuration •Limited lifetime warrantyFeatures and benefits Management• Simple web managementAllows for easy management of the switch—even by nontechnical users—through an intuitive web GUI; supports HTTP and HTTP Secure (HTTPS)• SNMPv1, v2cEnables devices to be discovered and monitored from an SNMP management station• Port mirroringEnables traffic on a port to be simultaneously sent to a network analyzer for monitoring• Dual flash imagesProvides independent primary and secondary operating system files for backup while upgrading• Network time protocol (NTP) Synchronizes timekeeping among distributed time servers and clients; keeps timekeeping consistent among all clock-dependent devices within the network• Manual network time configuration Manually set the date and time on the switch in the absence of an NTP server• Default DHCP client modeAllows the switch to be directly connected to a network, enabling plug-and-play operation; in absence of a DHCP serveron the network, the switch falls back to a default, fixed IP address Quality of Service (QoS)• Traffic prioritizationProvides time-sensitive packets (such asVoIP and video) with priority over othertraffic based on DSCP or IEEE 802.1pclassification; packets are mapped toeight hardware queues for more effectivethroughput• Broadcast controlAllows limiting of broadcast traffic rate toreduce unwanted network broadcast traffic• IEEE 802.1p/QDelivers data to devices based on thepriority and type of traffic; supportsIEEE 802.1Q virtual LANs (VLANs)Connectivity• Auto-MDI/MDIXAdjusts for straight-through or crossovercables on all ports automatically• IEEE 802.3X flow controlProvides a flow throttling mechanismpropagated through the network to preventpacket loss at a congested node• Loop protectionIf the switch detects a loop, it disables thesource port from forwarding data packetsoriginating from the switch to avoidbroadcast storms• IEEE 802.3at Power over Ethernet (PoE+)Provides up to 30 W per port, which allowssupport of the latest PoE+ capable devicessuch as IP phones, wireless access points,and security cameras, as well as any IEEE802.3af-compliant end device; lowers thecost of additional electrical cabling andcircuits that would otherwise be necessaryfor IP phone and WLAN deployments• PoE+ port availabilityProvides PoE+ for Ports 1–12 on theHPE 1850 24G 2XGT PoE+ 185W Switch;provides PoE+ for ports 1–24 on theHPE 1850 48G 4XGT PoE+ 370W Switch• Auto PoE power configurationAssigns the required power to a port fora PD device automatically based on LinkLayer Discovery Protocol (LLDP); optionally,the switch permits manual, per port PoEpower configuration, and more• PoE shutdown modeProvides the ability to define the hoursof PoE power being supplied by a groupof switch ports based on a 24-hour day;the scheduler enables the flexibility toselect individual days of a week as well asrecurrence on a weekly basis with a startand end date• Energy Efficient EthernetIs compliant with IEEE 802.3az standardrequirements to save energy during periodsof low data activity• Auto port shutdownSaves power by automatically shutting downpower to inactive ports; power is restored ona port upon link detection• Energy-efficient coolingIncludes variable speed fans operatingonly at the speed necessary to maintainoperating temperature to reduce excessnoise and power consumption by the switch• Energy savings statusProvides an estimated cumulative energysavings due to green Ethernet featuresenabledSecurity• Secure Sockets Layer (SSL)Encrypts all HTTP traffic, allowing secureaccess to the browser-based managementGUI in the switch• Automatic denial-of-service protectionMonitors nine types of malicious attacksand protects the network by blocking theseattacks• Management passwordProvides security so that only authorizedaccess to the web browser interface isallowedPerformance• Half- or full-duplex auto-negotiatingcapability on every portDoubles the throughput of every port• IGMP snoopingImproves network performance throughmulticast filtering, instead of flooding trafficto all portsLayer 2 switching• VLAN support and taggingSupports up to 64 port-based VLANs and dynamic configuration of IEEE 802.1Q VLAN tagging, providing security between workgroups• Jumbo packet supportImproves the performance of large data transfers; supports frame size of up to 9220 bytesResiliency and high availability• IEEE 802.1D Spanning Tree Protocol (STP) and IEEE 802.1W Rapid Spanning Tree Protocol (RSTP)Provides redundant links while preventing network loops• Link aggregationBrings together groups of ports automatically using Link Aggregation Control Protocol (LACP) or, manually, toform an ultra-high-bandwidth connection tothe network backbone; helps prevent trafficbottlenecks; the 8-port model supports4 trunks, the 24-port models support8 trunks, and the 48-port models support16 trunks; the 8- and 24-port switches cansupport up to 4 ports per trunk, the 48-portswitches can support up to 8 ports pertrunkEase of use• Locator LEDAllows users to set the locator LED on aspecific switch to either turn on blink or turnoff; simplifies troubleshooting by making iteasy to locate a particular switch within arack of similar switches• Comprehensive LED display withper-port indicatorsProvides an at-a-glance view of status,activity, speed, and full-duplex operationFlexibility• Flexible installationAllows mounting on a wall, a desktop, orunder a table with supplied hardware• Rack mountableIncludes rack-mounting hardware formounting in a standard 19-inch telco rackWarranty and support• Limited lifetime warrantySee /officeconnect/support forwarranty and support information includedwith your product purchase.HPE OfficeConnect 1850 Switch SeriesSpecificationsHPE OfficeConnect 1850 6XGT and2XGT/SFP+ Switch (JL169A)HPE OfficeConnect 1850 24G2XGT Switch (JL170A)HPE OfficeConnect 1850 48G4XGT Switch (JL171A)I/O ports and slots 6 RJ-45 1/10GBASE-T ports2 dual-personality ports; each port can beused as either an RJ-45 1/10GBASE-T port oran SFP+ fixed 1000/10000 slot24 RJ-45 auto-negotiating 10/100/1000ports (IEEE 802.3 Type 10BASE-T,IEEE 802.3u Type 100BASE-TX,IEEE 802.3ab Type 1000BASE-T);Duplex: 10BASE-T/100BASE-TX: half or full;1000BASE-T: full only2 RJ-45 1/10GBASE-T ports48 RJ-45 auto-negotiating 10/100/1000ports (IEEE 802.3 Type 10BASE-T,IEEE 802.3u Type 100BASE-TX,IEEE 802.3ab Type 1000BASE-T);Duplex: 10BASE-T/100BASE-TX: half or full;1000BASE-T: full only4 RJ-45 1/10GBASE-T portsPhysical characteristicsDimensionsWeight9.96(w) x 10.26(d) x 1.73(h) in.(25.3 x 26.07 x 4.4 cm) (1U height)3.84 lb (1.74 kg)17.42(w) x 9.7(d) x 1.73(h) in.(44.25 x 24.64 x 4.4 cm) (1U height)5.86 lb (2.66 kg)17.42(w) x 9.7(d) x 1.73(h) in.(44.25 x 24.64 x 4.4 cm) (1U height)7.05 lb (3.2 kg)Memory and processor BCM53412 embedded ARM® Cortex-A9 @600 MHz, 128 MB DDR3 SDRAM; Packetbuffer size: 2 MBBCM53346 embedded ARM Cortex-A9 @400 MHz, 128 MB DDR3 SDRAM; Packetbuffer size: 1.5 MBBCM53346 embedded ARM Cortex-A9 @400 MHz, 128 MB DDR3 SDRAM; Packetbuffer size: 3 MBPerformance100 Mb Latency1000 Mb Latency10 Gbps LatencyThroughputSwitching capacityMAC address table size< 7.6 µs (64-byte packets)< 3.6 µs (64-byte packets)< 3.3 µs (64-byte packets)Up to 119 Mpps160 Gbps16000 entries< 9.1 µs (64-byte packets)< 3.7 µs (64-byte packets)< 3.7 µs (64-byte packets)Up to 65 Mpps (64-byte packets)88 Gbps16000 entries< 9.7 µs (64-byte packets)< 3.7 µs (64-byte packets)< 3.7 µs (64-byte packets)Up to 131 Mpps (64-byte packets)176 Gbps16000 entriesReliabilityMTBF (years)64.59979.4EnvironmentOperating temperatureOperating relative humidityNonoperating/StoragetemperatureNonoperating/Storagerelative humidityAltitudeAcousticAirflow direction32°F to 104°F (0°C to 40°C)15% to 95% @ 104°F (40°C), noncondensing-40°F to 158°F (-40°C to 70°C)15% to 95% @ 149°F (65°C), noncondensingUp to 9,842 ft (3 km)Maximum power: 45 dBSide-to-side32°F to 104°F (0°C to 40°C)15% to 95% @ 104°F (40°C), noncondensing-40°F to 158°F (-40°C to 70°C)15% to 95% @ 149°F (65°C), noncondensingUp to 9,842 ft (3 km)Maximum power: 36 dBSide-to-side32°F to 104°F (0°C to 40°C)15% to 95% @ 104°F (40°C), noncondensing-40°F to 158°F (-40°C to 70°C)15% to 95% @ 149°F (65°C), noncondensingUp to 9,842 ft (3 km)Maximum power: 34 dBSide-to-sideHPE OfficeConnect 1850 6XGT and 2XGT/SFP+ Switch (JL169A)HPE OfficeConnect 1850 24G2XGT Switch (JL170A)HPE OfficeConnect 1850 48G4XGT Switch (JL171A)Electrical characteristicsFrequencyVoltageCurrentMaximum power rating Idle powerNotes 50/60 Hz100–127/200–240 VAC, rated.9/.5 A42.8 W19.4 WIdle power is the actual power consumption ofthe device with no ports connected.Maximum power rating and maximum heatdissipation are the worst-case theoreticalmaximum numbers provided for planningthe infrastructure with fully loaded PoE (ifequipped), 100% traffic, all ports plugged in,and all modules populated.50/60 Hz100–120/200–240 VAC,rated (200–240 VAC, max).6/.4 A29.5 W19.1 WIdle power is the actual power consumption ofthe device with no ports connected.Maximum power rating and maximum heatdissipation are the worst-case theoreticalmaximum numbers provided for planningthe infrastructure with fully loaded PoE (ifequipped), 100% traffic, all ports plugged in,and all modules populated.50/60 Hz100–127/200–240 VAC, rated1/.6 A49.3 W30 WIdle power is the actual power consumption ofthe device with no ports connected.Maximum power rating and maximum heatdissipation are the worst-case theoreticalmaximum numbers provided for planningthe infrastructure with fully loaded PoE (ifequipped), 100% traffic, all ports plugged in,and all modules populated.Safety UL 60950-1; IEC 60950-1; EN 60950-1; CAN/CSA-C22.2 No. 60950-1; EN 60825-1UL 60950-1; IEC 60950-1; EN 60950-1; CAN/CSA-C22.2 No. 60950-1; EN 60825-1UL 60950-1; IEC 60950-1; EN 60950-1; CAN/CSA-C22.2 No. 60950-1; EN 60825-1Emissions VCCI Class A; CNS 13438; ICES-003 Issue 5Class A; FCC CFR 47 Part 15, Class A;EN 55032: 2015/CISPR-32VCCI Class A; CNS 13438; ICES-003 Issue 5Class A; FCC CFR 47 Part 15, Class A;EN 55032: 2015/CISPR-32VCCI Class A; CNS 13438; ICES-003 Issue 5Class A; FCC CFR 47 Part 15, Class A;EN 55032: 2015/CISPR-32ImmunityGenericENESDRadiatedEFT/BurstSurgeConductedPower frequency magnetic fieldVoltage dips and interruptions HarmonicsFlicker EN 55024, CISPR 24EN 55024, CISPR 24IEC 61000-4-2IEC 61000-4-3IEC 61000-4-4IEC 61000-4-5IEC 61000-4-6IEC 61000-4-8IEC 61000-4-11EN 61000-3-2, IEC 61000-3-2EN 61000-3-3, IEC 61000-3-3EN 55024, CISPR 24EN 55024, CISPR 24IEC 61000-4-2IEC 61000-4-3IEC 61000-4-4IEC 61000-4-5IEC 61000-4-6IEC 61000-4-8IEC 61000-4-11EN 61000-3-2, IEC 61000-3-2EN 61000-3-3, IEC 61000-3-3EN 55024, CISPR 24EN 55024, CISPR 24IEC 61000-4-2IEC 61000-4-3IEC 61000-4-4IEC 61000-4-5IEC 61000-4-6IEC 61000-4-8IEC 61000-4-11EN 61000-3-2, IEC 61000-3-2EN 61000-3-3, IEC 61000-3-3Management Web browser Web browser Web browserServices Refer to the Hewlett Packard Enterprisewebsite at /networking/servicesfor details on the service-level descriptionsand product numbers. For details aboutservices and response times in your area,please contact your local Hewlett PackardEnterprise sales office.Refer to the Hewlett Packard Enterprisewebsite at /networking/servicesfor details on the service-level descriptionsand product numbers. For details aboutservices and response times in your area,please contact your local Hewlett PackardEnterprise sales office.Refer to the Hewlett Packard Enterprisewebsite at /networking/servicesfor details on the service-level descriptionsand product numbers. For details aboutservices and response times in your area,please contact your local Hewlett PackardEnterprise sales office.HPE OfficeConnect 1850 Switch SeriesSpecifications (continued)HPE OfficeConnect 1850 Switch Series Specifications (continued)HPE OfficeConnect 1850 24G 2XGT PoE+ 185W Switch (JL172A)HPE OfficeConnect 1850 48G 4XGT PoE+ 370W Switch (JL173A)I/O ports and slots12 RJ-45 auto-negotiating 10/100/1000 PoE+ ports(IEEE 802.3 Type 10BASE-T, IEEE 802.3u Type 100BASE-TX,IEEE 802.3ab Type 1000BASE-T, IEEE 802.3af PoE, IEEE802.3at); Duplex: 10BASE-T/100BASE-TX: half or full;1000BASE-T: full only12 RJ-45 auto-negotiating 10/100/1000 ports (IEEE 802.3Type 10BASE-T, IEEE 802.3u Type 100BASE-TX, IEEE 802.3abType 1000BASE-T); Duplex: 10BASE-T/100BASE-TX: half orfull; 1000BASE-T: full only2 RJ-45 1/10GBASE-T ports 24 RJ-45 auto-negotiating 10/100/1000 PoE+ ports (IEEE 802.3 Type 10BASE-T, IEEE 802.3u Type 100BASE-TX, IEEE 802.3ab Type 1000BASE-T, IEEE 802.3af PoE, IEEE 802.3at); Duplex: 10BASE-T/100BASE-TX: half or full;1000BASE-T: full only24 RJ-45 auto-negotiating 10/100/1000 ports (IEEE 802.3 Type 10BASE-T, IEEE 802.3u Type 100BASE-TX, IEEE 802.3ab Type 1000BASE-T)4 RJ-45 1/10GBASE-T portsPhysical characteristicsDimensions Weight 17.42(w) x 9.7(d) x 1.73(h) in. (44.25 x 24.64 x 4.4 cm)(1U height)7.28 lb (3.3 kg)17.42(w) x 12.7(d) x 1.73(h) in. (44.25 x 32.26 x 4.4 cm)(1U height)10.3 lb (4.67 kg)Memory and processor BCM53346 embedded ARM Cortex-A9 @ 400 MHz, 128 MBDDR3 SDRAM; Packet buffer size: 1.5 MB BCM53346 embedded ARM Cortex-A9 @ 400 MHz, 128 MB DDR3 SDRAM; Packet buffer size: 3 MBPerformance100 Mb Latency 1000 Mb Latency10 Gbps Latency Throughput Switching capacity MAC address table size < 8.6 µs (64-byte packets)< 3.6 µs (64-byte packets)< 3.6 µs (64-byte packets)Up to 65 Mpps (64-byte packets)88 Gbps16000 entries< 10 µs (64-byte packets)< 3.8 µs (64-byte packets)< 3.8 µs (64-byte packets)Up to 131 Mpps (64-byte packets)176 Gbps16000 entriesReliabilityMTBF (years)71.457.1 EnvironmentOperating temperatureOperating relative humidity Nonoperating/Storage temperature Nonoperating/Storage relative humidity AltitudeAcousticAirflow direction 32°F to 104°F (0°C to 40°C)15% to 95% @ 104°F (40°C), noncondensing-40°F to 70°F (-40°C to 21.1°C)15% to 95% @ 149°F (65°C), noncondensingUp to 9,842 ft (3 km)Maximum power: 44 dBSide-to-side32°F to 104°F (0°C to 40°C)15% to 95% (40°C), noncondensing-40°F to 158°F (-40°C to 70°C)15% to 95% @ 149°F (65°C), noncondensingUp to 9,842 ft (3 km)Maximum power: 40 dBSide-to-sideHPE OfficeConnect 1850 24G 2XGT PoE+ 185W Switch (JL172A)HPE OfficeConnect 1850 48G 4XGT PoE+ 370W Switch (JL173A)Electrical characteristicsFrequencyVoltageCurrentMaximum power rating Idle powerPoE powerNotes 50/60 Hz100–127/200–240 VAC, rated2.5/1.3 A222.9 W24.4 W185 W PoE+Idle power is the actual power consumption of the device withno ports connected. Maximum power rating and maximum heatdissipation are the worst-case theoretical maximum numbersprovided for planning the infrastructure with fully loaded PoE(if equipped), 100% traffic, all ports plugged in, and all modulespopulated.PoE Power is the power supplied by the internal power supply,it is dependent on the type and quantity of power suppliesand may be supplemented with the use of an External PowerSupply (EPS).50/60 Hz100–127/200–240 VAC, rated5/2.4 A446.4 W46.5 W370 W PoE+Idle power is the actual power consumption of the device withno ports connected. Maximum power rating and maximum heatdissipation are the worst-case theoretical maximum numbersprovided for planning the infrastructure with fully loaded PoE(if equipped), 100% traffic, all ports plugged in, and all modulespopulated.PoE Power is the power supplied by the internal power supply,it is dependent on the type and quantity of power suppliesand may be supplemented with the use of an External PowerSupply (EPS).Safety UL 60950-1; IEC 60950-1; EN 60950-1; CAN/CSA-C22.2No. 60950-1; EN 60825-1UL 60950-1; IEC 60950-1; EN 60950-1; CAN/CSA-C22.2 No. 60950-1; EN 60825-1Emissions VCCI Class A; CNS 13438; ICES-003 Issue 5 Class A;FCC CFR 47 Part 15, Class A; EN 55032: 2015/CISPR-32VCCI Class A; CNS 13438; ICES-003 Issue 5 Class A; FCC CFR 47 Part 15, Class A; EN 55032: 2015/CISPR-32ImmunityGenericENESDRadiatedEFT/BurstSurgeConductedPower frequency magnetic field Voltage dips and interruptions HarmonicsFlicker EN 55024, CISPR 24EN 55024, CISPR 24IEC 61000-4-2IEC 61000-4-3IEC 61000-4-4IEC 61000-4-5IEC 61000-4-6IEC 61000-4-8IEC 61000-4-11EN 61000-3-2, IEC 61000-3-2EN 61000-3-3, IEC 61000-3-3EN 55024, CISPR 24EN 55024, CISPR 24IEC 61000-4-2IEC 61000-4-3IEC 61000-4-4IEC 61000-4-5IEC 61000-4-6IEC 61000-4-8IEC 61000-4-11EN 61000-3-2, IEC 61000-3-2EN 61000-3-3, IEC 61000-3-3Management Web browser Web browserServices Refer to the Hewlett Packard Enterprise website at/networking/services for details on the service-leveldescriptions and product numbers. For details about servicesand response times in your area, please contact your localHewlett Packard Enterprise sales office.Refer to the Hewlett Packard Enterprise website at/networking/services for details on the service-level descriptions and product numbers. For details about services and response times in your area, please contact your local Hewlett Packard Enterprise sales office.HPE OfficeConnect 1850 Switch SeriesSpecifications (continued)Sign up for updatesData sheet© Copyright 2016-2018 Hewlett Packard Enterprise Development LP. The information contained herein is subject to change without notice. The only warranties for Hewlett Packard Enterprise products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. Hewlett Packard Enterprise shall not be liable for technical or editorial errors or omissions contained herein.ARM is a registered trademark of ARM Limited. All other third-party trademark(s) is/are property of their respective owner(s).4AA6-8123ENW, April 2018, Rev. 2Standards and Protocols(Applies to all products in series)Denial of service protection CPU DoS ProtectionGeneral protocolsIEEE 802.1AB-2005 Link Layer Discovery Protocol (LLDP)IEEE 802.1D Spanning Tree Protocol IEEE 802.1p PriorityIEEE 802.3X Flow Control RFC 1534DHCP/BOOTP InteroperationRFC 2030 Simple Network Time Protocol (SNTP) v4IEEE 802.1Q VLANsIEEE 802.1W Rapid Spanning Tree Protocol IEEE 802.3ad Link Aggregation Control Protocol (LACP)HPE OfficeConnect 1850 Switch Series accessoriesHPE OfficeConnect 1850 6XGT and 2XGT/SFP+ Switch (JL169A)Aruba 1G SFP LC SX 500m OM2 MMF Transceiver (J4858D)Aruba 1G SFP LC LX 10km SMF Transceiver (J4859D)Aruba 10G SFP+ LC SR 300m OM3 MMF Transceiver (J9150D)Aruba 10G SFP+ LC LR 10km SMF Transceiver (J9151D)Aruba 10G SFP+ LC LRM 220m OM2 MMF Transceiver (J9152D)Aruba 10G SFP+ to SFP+ 1m Direct Attach Copper Cable (J9281D)Aruba 10G SFP+ to SFP+ 3m Direct Attach Copper Cable (J9283D)Aruba 10G SFP+ to SFP+ 7m Direct Attach Copper Cable (J9285D)HPE OfficeConnect 1850 24G 2XGT Switch (JL170A)HPE X410 1U Universal 4-post Rack Mounting Kit (J9583A)HPE OfficeConnect 1850 48G 4XGT Switch (JL171A)HPE X410 1U Universal 4-post Rack Mounting Kit (J9583A)HPE OfficeConnect 1850 24G 2XGT PoE+ 185W Switch (JL172A)HPE X410 1U Universal 4-post Rack Mounting Kit (J9583A)HPE OfficeConnect 1850 48G 4XGT PoE+ 370W Switch (JL173A)HPE X410 1U Universal 4-post Rack Mounting Kit (J9583A)Learn more at/networking。
基于动态模型的油田勘探开发项目的投资优化_闫伟
收稿日期:2005-05-31基金项目:国家 973 项目(2004CB318000)作者简介:闫伟(1980-),男(汉族),山东东营人,博士研究生,研究方向为最优化与最优控制理论及应用。
文章编号:1673-5005(2006)06-0141-04基于动态模型的油田勘探开发项目的投资优化闫 伟(中国石油大学信息与控制工程学院,山东东营257061)摘要:应用均值方差理论,建立了油田勘探开发项目投资组合的动态数学模型,该模型是一个带约束的随机线性二次型(L Q)控制方程。
在得出该动态数学模型对应的随机哈密顿雅克比贝尔曼(HJB)方程后,运用随机LQ 控制的相关理论讨论了该随机HJB 方程的解。
利用该模型,针对某个油田勘探开发项目的实际情况,求出了其投资的有效边界和最佳策略。
关键词:油田勘探开发;投资优化;动态模型;均值方差理论;有效边界中图分类号:T E 213 文献标识码:APortfolio in oilfield exploitation and development based on dynamic modelYAN Wei(College of I nf or mation and Control Engineering in China Univer sity of Petr oleum,Dongying 257061,Shandong Pr ovince,China)Abstract :A dynamic model for portfolio of oilfield exploitation and development w as established by using mean -variance cr -i terion.T he model is concerned w ith a stochastic linear -quadratic (L Q)control problem.T he cor responding Hamilto n -Jaco -b-i Bellman (HJB)equation of the problem was presented.And the solut ion of t he stochastic HJB equation w as demonstrat -ed with stochastic L Q co ntrol theor y.T he protfolio in ex ploitation and development of certain oil field was researched by us -ing the mo del.T he efficient frontier and optimal strateg ies of t he investment were obtained.Key words :o ilfield exploitation and development;portfolio ;dy namic mo del;mean -variance criterion;efficient frontier在油田勘探开发投资项目中,项目投资分配的早期传统方法是孤立地评价项目,这种方法比较单一且不是很主动地作出方案。
不同效用函数下的最优投资组合策略
不同效用函数下的最优投资组合策略张夏洁;刘宣会;贾丹琴【摘要】当股价受到重大信息冲击时，会出现不连续的跳跃，将股价考虑为服从跳跃-扩散过程。
为了研究当股价服从跳跃-扩散过程时，不同效用函数下投资者投资组合的最优策略问题，基于随机微分对策思想，在股票价格服从跳跃-扩散过程时，通过建立投资组合的数学模型，根据 Ito 公式和泛函变分法，分别采用对数效用函数和幂效用函数研究两人竞争的投资组合优化问题，并得到在各自效用函数下最优策略的表达式，为投资者提供多种投资策略。
%When the stock is impacted by the significant information,the share price will be dis-continuous jumps,generally considered following jump-diffusion process.When stock price follows the jump diffusion process,in order to study the optimal strategy of the investors′port-folio under different utility functions,based on the stochastic differential game,the optimal portfolio strategy problem of the two person competition was studied respectively,under the logarithmic utility function and the power utility function by building the mathematical model of the investment portfolio,and using the Ito formula and functional variational method.Then the optimal portfolio strategy expression was obtained respectively under the different utility functions to provide investors with a variety of alternative investment strategies.【期刊名称】《纺织高校基础科学学报》【年(卷),期】2016(029)001【总页数】8页(P39-46)【关键词】随机微分对策;跳跃-扩散过程;对数效用函数;幂效用函数;Ito 公式;最优投资组合策略【作者】张夏洁;刘宣会;贾丹琴【作者单位】西安工程大学理学院，陕西西安 710048;西安工程大学理学院，陕西西安 710048;西安工程大学理学院，陕西西安 710048【正文语种】中文【中图分类】O211.63投资组合理论的核心思想是选择投资组合,达到风险分散化,追求收益最大化和风险最小化．投资者通过组合投资在投资收益和投资风险中找寻平衡点,即在风险一定的条件下实现收益的最大化或在收益一定的条件下使风险尽可能地降低．该理论最早是由美国著名经济学家Markowitz[1]于1952年提出的,他在利用均值-方差进行投资组合选择的问题上,首次将风险数量化,此后大量有关投资组合的问题开始得到深入研究[2-5]．随着金融学和随机学等近代数学理论的发展,最优投资组合策略问题已成为金融数学中的热门问题之一．其中,博弈论成为研究最优投资组合问题的主要理论之一[6-8]．Browne[9]研究了股价服从几何布朗运动时两人零和随机微分对策问题,但是当受到重大信息(如经济危机,政治事件等)冲击时,股价会出现不连续的跳跃[10-12]．一般的布朗运动已然无法满足实际市场股票价格变化的需求,因此研究股价服从跳跃-扩散过程对金融市场的需求具有重要意义．本文将Browne的模型进行推广，当股价服从跳跃-扩散过程时,基于随机微分对策思想,运用Ito公式和泛函变分法,分别研究在对数效用函数和幂效用函数下的两人投资竞争的最优投资组合策略问题．定义1[13] 设ft,gt(t∈[0,T])均为Ft适应过程,且满足,则称ft,gt为可容许策略．引理1[14] (Ito公式)设跳扩散过程其中W(t)为标准布朗运动,N(t)是强度为λ的Poisson过程,W(t)、N(t)彼此相互独立,函数f(t,xt)关于t是一阶可导,关于x是连续可导,那么有定义2[15] (效用函数)非减上凸函数U:R→(-∞,+∞)称为效用函数,若满足(1) U′(x)存在且连续;(2) U′(x)为正的,且严格递减;(3) U′(+∞)≜常见的效用函数有U(x)=lnx(x>0)(对数函数),U(x)<1且p≠0)(幂函数),U(x)=1-exp(-px)(p>0)(指数函数)等．其中,p被称为风险厌恶指数．定义3[9] (最优策略)在有限时间段[0,T]内,投资者甲寻求策略ft,使得期望效用最大．同时投资者乙寻求策略gt,使得期望效用最小．令则满足的ft,gt为投资者的最优策略．其中分别表示投资者甲,乙可容许策略所组成的集合．定义4 设J(y)为泛函,y为规定的域内可以取得的曲线(简称可取曲线),为极值曲线,若,则称泛函有极大值;若,则称泛函有极小值．引理2[16] 如果设(y在可取域内变化，F为x,y(x)的函数),极值曲线为(x),可取曲线为y=y(x),令π(x),则为极值的充要条件为δJ=0⟺Fy=0．当δ2J>0时，取得极小值；δ2J<0时，取得极大值．当有重大信息出现时(如经济危机,政治事件等),股价受到冲击,出现不连续的跳跃,这时将股票价格考虑为跳跃-扩散模型．假设金融市场上仅有3种证券,一种是无风险资产,称为债券p0,另2种是风险资产,称为股票S(1)和S(2),其价格分别满足其中,μi>r,i=1,2,μi,σi,φi均为常数,Wt为一维标准布朗运动,Nt是参数为λ的Poisson过程．设定投资者甲,乙均可在无风险资产(即债券)上投资．另外,投资者甲仅限于在股票S(1)上投资,投资者乙仅限于在股票S(2)上投资．设Xt表示甲t时刻的投资财富过程,Yt表示乙t时刻的投资财富过程．ft表示投资者甲t时刻在股票S(1)上投资的财富比例;gt表示投资者乙t时刻在股票S(2)上投资的财富比例．设表示t时刻投资者甲的财富,并有X0=x,因为投资者甲的财富不是投资在股票S(1)上,便会投资在债券上,那么甲的财富过程为同理,表示时刻t时投资者乙的财富,且有Y0=y,那么投资者乙的财富过程为如果令表示投资者甲、乙在t时刻的财富比值,可以得到的具体表达式,即其中,mi,ni分别表示在[0,T]时间内第1种与第2种股票价格在第i次发生跳跃的时间．NT表示在[0,T]时间内股票价格发生跳跃的次数,并假设2种股票均为NT．证明对式(2)和(3)分别应用Ito公式得其中则3.1 对数函数效用下的最优投资组合策略令U(x)=lnx(x>0),则,有如下定理.定理1 如果满足,则投资者甲、乙的最优投资策略分别是其中[0,T].证明由于所以又因为在和式中,mi表示过程Nt中股票S(1)价格发生跳跃的时间,由Poisson的特性可知m1…mn是Poisson过程Nt中的点所发生的时间的一个随机排列,而有限和式的值与次序无关,所以它们是相互独立同分布的随机变量．且其密度函数为fm(x)=λ/T,(0≤x≤T),则所以同理可得则这时分别为因而,要使(z),只需求解式(6)和(7)就能得到最优投资策略．根据引理2有解之可得其中由于因而式(6)的最优解为即在确定性对数效用函数下,投资者甲的最优投资组合策略为:在股票S(1)上投资的财富比例为,在债券P0上投资的比例为同理可得式(7)的最优解为其中).即在确定性对数效用函数下,投资者乙的最优投资组合策略为:在股票S(2)上投资的财富比例为,在债券p0上投资的比例为3.2 幂函数效用下的最优投资组合策略令,其中p为常数,且满足0<p<1,p≠0,则幂效用函数有常系数的相对风险厌恶指数1-p．此时,).再令则根据exp(x)的泰勒展开式有exp(x),所以).定理2 如果满足且,则投资者甲、乙的最优投资策略分别是:满足方程组的隐式解ft,即和满足方程组的隐式解gt,即证明令则由于,所以故此时分别为要使(z),只需求解(9)和(10)就能得到最优投资策略．根据引理2有由于,所以故式(9)的最优解存在且唯一,且满足以下方程组的隐式解：即在确定性幂效用函数下,投资者甲的最优投资组合策略为:在股票S(1)上投资的财富比例为,在债券p0上投资的比例为同理可得式(10)的最优解为满足以下方程组的隐式解:即在确定性幂效用函数下,投资者乙的最优投资组合策略为:在股票S(2)上投资的财富比例为,在债券p0上投资的比例为将Browne的模型进行推广,考虑到当股价受到重大信息冲击时,会出现不连续的跳跃,研究股价服从跳跃-扩散过程时的最优策略对实际金融市场具有重要意义．在股价服从跳跃-扩散过程时,基于随机微分对策思想,分别选用对数效用函数和幂效用函数来研究两人竞争的投资组合优化策略问题,投资者甲选择投资策略期望效用最大化,投资者乙选择同一期望效用最小化,运用Ito公式和泛函变分法,分别得到各自投资组合最优策略．由此可知,投资者选用不同的效用函数得到的最优策略也不同,这也将影响投资者的决策．文中仅是对幂效用函数以及对数效用函数下股价服从跳-扩过程的最优策略进行了研究,对指数效用函数下两人竞争投资组合最优策略问题还需作进一步的研究．ZHANG Xiajie,LIU Xuanhui,JIA Danqin.The optimal portfolio strategy underdifferent utility functions[J].Basic Sciences Journal of Textile Universities,2016,29(1):39-46.【相关文献】[1] MARKOWITZ H. 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Systematic risk and international portfolio choice
THE JOURNAL OF FINANCE•VOL.LIX,NO.6•DECEMBER2004Systemic Risk and International Portfolio Choice SANJIV RANJAN DAS and RAMAN UPPAL∗ABSTRACTReturns on international equities are characterized by jumps;moreover,these jumpstend to occur at the same time across countries leading to systemic risk.We capturethese stylized facts using a multivariate system of jump-diffusion processes where thearrival of jumps is simultaneous across assets.We then determine an investor’s opti-mal portfolio for this model of returns.Systemic risk has two effects:One,it reducesthe gains from diversification and two,it penalizes investors for holding levered posi-tions.We find that the loss resulting from diminished diversification is small,whilethat from holding very highly levered positions is large.R ETURNS ON INTERNATIONAL EQUITIES are characterized by jumps;1moreover,these jumps tend to occur at the same time across countries,implying that conditional correlations between international equity returns tend to be higher in periods of high market volatility or following large downside moves.2Our objective in ∗Sanjiv Ranjan Das and Raman Uppal are with Santa Clara University,and CEPR and London Business School,respectively.We are grateful to Stephen Lynagh for excellent research assistance. We thank an anonymous referee,Andrew Ang,Pierluigi Balduzzi,Suleyman Basak,Greg Bauer, Geert Bekaert,Harjoat Bhamra,Michael Brandt,John Campbell,George Chacko,Jo˜ao Cocco, Glen Donaldson,Darrell Duffie,Bernard Dumas,Ken Froot,Francisco Gomes,Eric Jacquier,Tim Johnson,Andrew Karolyi,Andrew Lo,Michelle Lee,Jan Mahrt-Smith,Scott Mayfield,Narayan Naik,Vasant Naik,Roberto Rigobon,Geert Rouwenhorst,Piet Sercu,Milind Shrikhande,Rob Stambaugh,Raghu Sundaram,Luis Viceira,Jiang Wang,Tan Wang,Greg Willard,Wei Xiong,and Hongjun Yan for their suggestions.We also gratefully acknowledge comments from seminar par-ticipants at Bank of England,Boston College,Erasmus University,HEC Paris,London Business School,Maryland University,MIT,Swiss National Bank,University of Essex,University of Exeter, University of Maryland,University of Rochester,the1999Global Derivatives Conference,VIIth International Conference on Stochastic Programming,International Finance Conference at Geor-gia Institute of Technology,Conference of International Association of Financial Engineers,NBER Finance Lunch Seminar Series,the1999meetings of the European Finance Association,the2001 meetings of the Western Finance Association,the2002meetings of INQUIRE,the2003meetings of the American Finance Association,and the2003CIRANO Conference on Portfolio Choice.1Evidence on jumps in international equity returns is provided by Jorion(1988),Akgiray and Booth(1988),Bates(1996),and Bekaert et al.(1998).2For example,on July19,2002,the Dow fell by4.6%,the Dax by5.0%,the Cac by5.4%,the FTSE by4.6%,and the Nikkei by2.8%.Similarly,world equity markets fell in lockstep on October27, 1997,when the drop from the12-month peak was9.2%in Britain,35.4%in Hong Kong,21.3% in Japan,2.1%in Australia,10.7%in Mexico,27.9%in Brazil,and9.1%in the United States. Other events with large correlated price drops include the Debt crisis of1982,the Mexican crisis in December1994,and the Russian crisis in August1998;see Rigobon(2003)for a complete list of dates with large market moves.For evidence on changing conditional correlations see,for instance, Speidell and Sappenfield(1992),Odier and Solnik(1993),Erb,Harvey,and Viskanta(1994),Longin and Solnik(1995),Karolyi and Stulz(1996),Chakrabarti and Roll(2000),and Ang and Chen(2002).28092810The Journal of Financethis paper is to evaluate the effect on portfolio choice of systemic risk,defined as the risk from infrequent events that are highly correlated across a large number of assets.Our contribution is to provide a mathematical model of security returns that captures the stylized facts about international equity returns described above. We do this by modeling security returns as jump-diffusion processes where jumps across assets are systemic(occur simultaneously),though the size of each jump is allowed to differ across assets.Next,we derive the optimal portfo-lio weights for this model of returns.Then,we calibrate the portfolio model to the U.S.equity index and to five international equity indexes.For robustness, we consider two sets of international indexes:the first for developed countries and the second for emerging countries.Systemic risk has two effects:It reduces the gains from diversification and also penalizes investors for holding levered positions.We find that the loss resulting from diminished diversification is small,while that from holding highly levered positions is large.For instance, the certainty equivalent cost of ignoring systemic risk for a conservative agent with relative risk aversion of3who is investing$1,000for1year is on the or-der of$0.10for the developed-country indexes and$3for the emerging-country indexes.However,for more aggressive investors who hold heavily levered port-folios,the cost of ignoring systemic risk is substantial:For example,an investor with a risk aversion of1who ignores systemic risk has a positive probability of losing all her wealth.Our work can be distinguished from the literature on portfolio choice with idiosyncratic jumps in returns,for example,Aase(1984),Jeanblanc-Picque and Pontier(1990),and Shirakawa(1990).In more recent work,Liu,Longstaff,and Pan(2003)study a model of portfolio choice with event risk.In contrast to these theoretical models,our motivation is to evaluate the effect of systemic jumps on portfolio selection by empirically estimating the parameters of the returns in our model,and implementing the model based on these estimates. In contrast to the static model in Chunhachinda et al.(1997),where polynomial goal programming is used to examine the effect of skewness on portfolio choice by assuming a utility function defined over the moments of the distribution of returns,our model is dynamic,with preferences given by a standard constant relative risk-averse utility function,and in our model the effect of skewness (and higher moments)arises because of jumps in the returns process rather than being introduced explicitly through the utility function.3Our work is also related to Ang and Bekaert(2002),who embed an inter-national portfolio choice problem in a dynamic model with a regime-switching data-generating process.Two regimes are considered that correspond to a 3For early work on how skewness influences portfolio choice,see Samuelson(1970),Tsiang (1972),and Kane(1982).Kraus and Litzenberger(1976)show the implications for equilibrium prices of a preference for positive skewness,while Kraus and Litzenberger(1983)derive the suf-ficient conditions on return distributions to get a three-moment(mean,variance,and skewness) capital asset pricing model.Harvey and Siddique(2000)provide an empirical test of the effect of skewness on asset prices.Systemic Risk and International Portfolio Choice2811 normal regime with low correlations and a downturn regime with higher cor-relations.In their setup,regimes can be persistent,and their paper includes an analysis of portfolio choice when the short interest rate and earnings yields predict returns.The framework in Ang and Bekaert,however,does not accom-modate intermediate consumption,admits only a numerical solution even in the absence of intermediate consumption,and is difficult to estimate when there are more than two regimes or three risky assets.In contrast to Ang and Bekaert,we develop a theoretical framework along the lines of Merton(1971);because our model nests the well-understood Merton model as a special case,it allows one to interpret cleanly the effect of systemic jumps.Also,we provide analytic expressions for the optimal portfolio weights. Moreover,our model can incorporate intermediate consumption(the solution to the portfolio problem stays the same),and can be estimated and implemented for any number of assets.While in the paper we consider only a simple IID en-vironment where the unconditional correlations between returns are constant over time,we argue that this is sufficient to show that the effect of systemic jumps will not be large even in the presence of regime shifts.4Our framework can also allow for predictability in returns and for other state variables,just as they are incorporated in Merton,but because this is tangential to our main objective,we do not include these features in the model we present.The rest of the paper is organized as follows.In Section I,we develop a model of asset returns that captures systemic risk.In Section II,we derive the opti-mal portfolio weights when asset returns have a systemic-jump component.In Section III,we describe our data,give the moments for the returns in the pres-ence of systemic risk,and estimate the parameters of the returns processes. We then calibrate the portfolio model to the estimated parameters in order to compare the portfolio weights of an investor who accounts for systemic risk and an investor who ignores systemic risk.We conclude in Section IV.Proofs for propositions are presented in the Appendix.I.Asset Returns with Systemic RiskIn this section,we develop a model of asset prices that allows for systemic jumps and compare it to a pure-diffusion model without jumps.The two features of the data that we wish our returns-model to capture are(1)large changes in asset prices,and(2)a high degree of correlation across these changes.To allow for large changes in returns,we introduce a jump component in prices;to model these jumps as being systemic,we assume that this jump is common across all assets,though the distribution of the jump size is allowed to vary across assets. We start by describing the standard continuous-time process that is typically assumed for asset returns:dS n=ˆαn dt+ˆσn dz n,n=1,...,N,(1)S n4Das and Uppal(2003)show how to extend the model to allow for persistence in jumps.2812The Journal of FinancewithE tdS nS n=ˆαn dt(2)E tdS nS n×dS mS m=ˆσnm dt=ˆσnˆσmˆρnm dt,(3)where S n is the price of asset n,N is the total number of risky assets being considered for the portfolio,and the correlation between the shocks dz n and dz m is denoted byˆρnm dt=E(dz n×dz m).We will denote the N×N matrix of the covariance terms arising from the diffusion components by Σ,with its typ-ical element beingˆσnm≡ˆσnˆσmˆρnm.We adopt the convention of denoting vectors and matrices with boldface characters in order to distinguish them from scalar quantities;parameters of the pure-diffusion returns process,and other quan-tities related to the pure-diffusion model,are denoted with aˆ(carat)over the variable.To allow for the possibility of infrequent but large changes in asset returns,5 we extend the specification in equation(1)by introducing a jump component to the process for returns,as in Merton(1976).In order to capture the systemic nature of these jumps,we impose two restrictions on the jump-diffusion pro-cesses:one,the jump is assumed to arrive at the same time across all risky assets;two,conditional on a jump,the jump size is assumed to be perfectly correlated across assets;that is,the value of all the assets jumps in the same direction.Below,we formally describe a returns process for the risky assets that has these properties.Introducing a jump component to the process of returns in(1),we have dS nS n=αn dt+σn dz n+(˜J n−1)dQ(λ),n=1,...,N,(4)where Q is a Poisson process with intensityλ,and(˜J n−1)is the random jump amplitude that determines the percentage change in the asset price if the Poisson event occurs.Given our desire to model the large changes in prices as occurring at the same time across the risky assets,we have assumed that the ar-rival of jumps is coincident across all risky assets;that is,dQ n(λn)=dQ m(λm)= dQ(λ),∀n={1,...,N},m={1,...,N}.6We also assume that the diffusion shock,the Poisson jump,and the random variable˜J n are independent and that J n≡ln(˜J n)has a normal distribution with meanµn and varianceν2n,implying that the distribution of the jump size is asset-specific(below we will assume5In contrast to systemic risk,systematic risk refers to correlation between assets and a common factor,but does not require that the size of this correlation be large or that the correlated changes be infrequent.6The returns process described above is IID;in particular,and in contrast to Ang and Bekaert (2002),there is no persistence in jumps.Das and Uppal(2003)show how one could extend this model to allow for persistence in systemic jumps by making the arrival rate of jumps,λ,stochastic.Systemic Risk and International Portfolio Choice 2813that,conditional on a jump,the jump sizes for different assets are perfectly correlated).Thus,for the process in (4),the total expected return in equation (5)has two components:One part comes from the diffusion process,αn and the other,denoted αJ n ,comes from the jump process:E t dS n S n=αn dt +αJ n dt .(5)We also assume that the jump size is perfectly correlated across assets;as we shall see in Section III,this turns out to be a conservative assumption,and has the further advantage of reducing the number of parameters to be estimated.The total covariance between dS n and dS m ,given in the equation below ,E t dS n S n × dS m S m=σnm dt +σJ nm dt ,(6)arises from two sources:The covariance between the diffusion components of the returns,σnm ≡σn σm ρnm ,and the covariance between the jump compo-nents,σJ nm .The N ×N matrix containing the covariation arising from the jump terms is denoted by J ,while the N ×N matrix of the covariance terms aris-ing from the diffusion components is denoted by ,with its typical elementbeing σnm ≡σn σm ρnm .Explicit expressions for αJ n in (5)and σJ nm in (6),in termsof the parameters of the underlying returns processes,{λ,µn ,νn },are given in equations (26)and (27).In our experiment,we wish to compare the portfolio of an investor who models security returns using the pure-diffusion process in (1)with that of an investor who accounts for systemic risk by using the jump-diffusion process in (4)but matches the first two moments of returns.Thus,we need to choose the parame-ters of the jump-diffusion processes in such a way that the first two moments for this process given in equations (5)and (6)match exactly the first two moments of the pure-diffusion returns process in equations (2)and (3).7Even though it is straightforward to do this,we highlight it in a proposition because this result is important for understanding our analysis.P ROPOSITION 1:In order for the first and second moments from the jump-diffusion process to match the corresponding moments from the pure-diffusion process,we set,for n ,m ={1,...,N },αn =ˆαn −αJ n ,(7)σnm =ˆσnm −σJ nm .(8)One interpretation of the above compensation of the parameters is that the in-vestor using the jump-diffusion returns process takes the total expected 7An important difference between our work and that of Liu et al.(2003)is that while we control for the magnitude of the first two moments when comparing the portfolio strategy that accounts for jumps with the one that ignores jumps,they do not.2814The Journal of Financereturn on the asset,ˆαn,and the covariance,ˆσnm,and subtracts from themαJ n and σJ nm,respectively,with the understanding that this will be added back through the jump term,(˜J n−1)dQ(λ).In this way,she reduces the expected return and covariance coming from the diffusion terms in order to offset exactly the contribution of the jump.Even though the unconditional expected return and covariance under the compensated jump-diffusion process will match those from the pure-diffusion process,the two processes will not lead to identical portfolios.This is because the jump also introduces skewness and kurtosis into the returns process(see equations(24)and(25)).8In the next section,we analyze the difference between the portfolio of an investor who allows for systemic jumps in returns and an investor who ignores this effect.II.Portfolio Selection in the Presence of Systemic RiskIn this section,we formulate and solve the portfolio selection problem when returns are given by the jump-diffusion process in(4).Given that financial markets are incomplete in the presence of jumps of random size,we determine the optimal portfolio weights using stochastic dynamic programming rather than the martingale pricing approach.Our modeling choices are driven by the desire to develop the simplest possible framework in which one can examine the portfolio selection problem in the presence of systemic risk.Hence,we work with a model that has a constant investment opportunity set;an extension of this model to the case where the investment opportunity set is changing over time,via shifts in the likelihood of systemic jumps,is considered in Das and Uppal(2003).Also,we model the portfolio problem in continuous time because of the analytical convenience this affords.Finally,we describe the model in the context of international portfolio selection,but the model applies to any set of securities with appropriate returns processes.A.Optimal Portfolio WeightsWe consider a U.S.investor who wishes to maximize the expected utility from terminal wealth,9W T,with utility being given by U(W T)=W1−γT,whereγ>0,1−γγ=1,so that constant relative risk aversion is equal toγ.10The investor can allocate funds across n={0,1,...,N}assets:a riskless asset denominated in U.S.dollars(n=0),a risky U.S.equity index(n=1),and risky foreign equity indexes,n={2,...,N}.8Jumps are not the only way of introducing skewness and kurtosis into the process for returns—stochastic volatility would also generate such effects.Of course,jumps have the additional effect that they constrain portfolio weights in order to prevent wealth from becoming negative.9We do not consider intermediate consumption because it has no effect on the optimal weights in our model.10For the case whereγ=1,the utility function is given by U(W T)=ln W T.Systemic Risk and International Portfolio Choice2815 The price process for the riskless asset,S0,isdS0=r S0dt,(9) where r is the instantaneous riskless rate of interest,which is assumed to be constant over time.The stochastic process for the price of each equity index(in dollar terms)11with a common jump term is as given in equation(4),which is restated below:dS nS n=αn dt+σn dz n+(˜J n−1)dQ(λ),n=1,...,N,(10)withαn andσnm defined in equations(7)and(8).Denoting the proportion of wealth invested in asset n by w n,n={1,...,N}, the investor’s problem at t can be written asV(W t,t)≡max{w n}EW1−γT1−γ,(11)subject to the dynamics of wealthd W tW t=[w R+r]dt+w (σ·dZ t)+w J t dQ(λ),W0=1,(12)where w is the N×1vector of risky-asset portfolio weights,R≡{α1−r,...,αN−r} is the excess-returns vector,σis the vector of volatilities,dZ is the vector of diffusion shocks,with the dot productσ·dZ t denoting element-by-element multiplication ofσn and dZ n,and J t≡[˜J1−1,˜J2−1,...,˜J N−1] is the vector of random jump amplitudes for the N assets at time t.The covariance matrix of the diffusion component of the joint stochastic process is given byΣ. Using the standard approach to stochastic dynamic programming and the appropriate form of Ito’s lemma for jump-diffusion processes,one can obtain the following Hamilton–Jacobi–Bellman equation0=max{w}∂V(W t,t)+∂V(W t,t)W t[w R+r]+12∂2V(W t,t)2W2t w Σw+λE[V(W t+W t w J t,t)−V(W t,t)],(13)where the terms on the first line are the standard terms when the processes for returns are continuous,and the term on the second line accounts for jumps in returns.11The dollar return on a foreign equity index includes the return on currency and the return on the international equity index in local-currency terms.For international equity returns,one could model separately the equity return in local-currency terms and the return on currency.We do not do this because it complicates the notation without adding any insights.2816The Journal of FinanceWe guess(and verify)that the solution to the value function is of the following form:V(W t,t)=A(t)W1−γt1−γ.(14)Expressing the jump term using this guess for the value function(details are in the proof for the proposition below),and simplifying the resulting differential equation,we get an equation that is independent of wealth:0=max{w}1A(t)dA(t)dt+(1−γ)[w R+r]−(1−γ)γ2w Σw+λE(1+w J t)1−γ−1.(15)Differentiating the above with respect to w,one gets the following result.P ROPOSITION2:The optimal portfolio weights in the presence of systemic risk are given by the solution to the following system of N nonlinear equations:0=R−γΣw+λEJ t(1+w J t)−γ,∀t.(16)Note that(16)gives only an implicit equation for the unconditional portfolio weights,w.Thus,to determine the magnitude of the optimal portfolio weights, one needs to solve this equation numerically,which we do in Section III.In contrast to the above solution,an investor who ignores the possibility of systemic jumps and assumes the standard model in which price processes are multivariate diffusions without jumps will choose the portfolio weights given by the familiar Merton(1971)expression below.C OROLLARY1:The weights chosen by an investor who assumes that returns are described by the pure-diffusion process in equation(1)areˆw=1Σ−1ˆR.(17)The difference between the portfolio of the investor who accounts for systemic jumps,w,and that of an investor who ignores this feature of the data and chooses portfolioˆw can be understood by comparing equation(16)and(17): The two equations are the same when there are no jumps(λ=0).Thus,the difference between w andˆw arises from the higher moments ignored in(17).12 12This also shows how our model is related to that of Chunhachinda et al.(1997),who use polynomial goal programming in a single-period model to examine the effect of skewness on portfolio choice by assuming a utility function defined over the moments of the distribution of returns.In contrast,we work with the standard power utility function that is commonly used to examine optimal portfolio selection and instead modify the returns process to allow for the possibility of skewness and higher moments.Systemic Risk and International Portfolio Choice2817B.Certainty Equivalent Cost of Ignoring Systemic RiskAbove,we have compared the optimal portfolio weights for an investor who accounts for systemic jumps in returns and the investor who ignores this feature of the data.In this section,we compare the certainty equivalent cost of following the suboptimal portfolio strategy.The objective of this exercise is to express in dollar terms the cost of ignoring systemic risk.In order to quantify the cost of ignoring systemic jumps,we compute the addi-tional wealth needed to raise the expected utility of terminal wealth under the suboptimal portfolio strategy to that under the optimal strategy.In this com-parison,we denote by CEQ the additional wealth that makes lifetime expected utility underˆw,the portfolio policy that ignores systemic risk,equal to that under the optimal policy,ing the notation V(W t,t;w i),where w i={w,ˆw} indicates the particular portfolio weights used to compute the value function,the compensating wealth,CEQ,is computed as follows:V((1+CEQ)W t,t;ˆw)=V(W t,t;w).(18) Then,from equations(14)and(18),we haveA(t;ˆw)11−γ((1+CEQ)W t)1−γ=A(t;w)11−γW1−γt,(19)which implies thatCEQ=A(t;w)A(t;ˆw)1/(1−γ)−1,(20)where,from the proof for Proposition2,A(t;w i)≡e((1−γ)[w i R+r]−12γ(1−γ)w iΣw i+λE[(1+w i J t)1−γ−1])(T−t),(21) with w i={w,ˆw}.III.Calibrating the Effect of Systemic RiskIn this section,we evaluate the effect of systemic risk on portfolio choice by calibrating the jump-diffusion model to returns on the U.S.equity index,and to five international equity indexes.This section is divided into three subsections. In the first,we describe the data and explain how we use the method of moments to estimate the parameters of the returns processes.In the second,we evalu-ate the effect of systemic risk on portfolio policies using the estimated values for the parameters of the returns process.In the third subsection,we evaluate the sensitivity of our results to the choices we have made in undertaking the calibration exercise.2818The Journal of FinanceA.Description of the Data and Estimation of the ModelThe data for the developed countries consist of the month-end U.S.dollar values of the equity indexes for the period January 1982to February 1997for the United States (U.S.),United Kingdom (U.K.),Switzerland (SW),Germany (GE),France (FR),and Japan (JP).The data for emerging economies are for the period January 1980to December 1998,and consist of the beginning-of-month value of the equity index for the United States (USA),Argentina (ARG),Hong Kong (HKG),Mexico (MEX),Singapore (SNG),and Thailand (THA).To distinguish the two sets of data,we abbreviate the countries in the developed-economy data set with two characters and denote countries in the emerging-economy data set with three characters.Table I reports the descriptive statistics for the continuously compounded monthly return on index j in U.S.dollars,r jt ,which is defined as the ratio of the log of the index value at time t and its lagged value:r j t =ln S j t j ,t −1 ,where S jt is the U.S.dollar value of the index at time t .Examining first the moments for developed economies,we observe from Panel A of Table I that the excess kurtosisTable IDescriptive Statistics for Equity Returns—UnivariatePanel A of this table gives the first four moments of the monthly returns in U.S.dollar terms for the developed-country indexes and Panel B gives the same information for the U.S.and five emerging markets.The data for the developed countries are for the period January 1982to February 1997,and include 182observations of month-end values of the equity indexes for the United States (U.S.),United Kingdom (U.K.),Japan (JP),Germany (GE),Switzerland (SW),and France (FR).The data for emerging economies consist of 227observations of the beginning-of-month value of the equity indexes for the USA,Argentina (ARG),Hong Kong (HKG),Mexico (MEX),Singapore (SNG),and Thailand (THA)for the period January 1980to December 1998.Panel A:Developed CountriesU.S.U.K.JP GE SW FR Avg.Mean0.01020.00840.00800.01200.01020.01130.0100Standard deviation0.04200.05670.06970.05760.05150.06110.0564Skewness−1.1648−0.4623−0.0508−0.2308−0.6382−0.4325−0.4966Significance level0.00000.01150.78150.20740.00040.0181Excess kurtosis7.2236 1.92120.8754 2.9546 5.5405 1.5780 3.3489Significance level 0.00000.00000.01800.00000.00000.0000Panel B:Emerging CountriesUSAARG HKG MEX SNG THA Avg.Mean0.01040.00400.00760.00340.00650.000040.0053Standard deviation0.04140.21530.10260.14370.07720.10370.1140Skewness−1.13530.1187−1.4163−2.0224−0.7684−0.6077−0.9719Significance level0.00000.46810.00000.00000.00000.0002Excess kurtosis6.1823 6.2377 6.93889.1851 4.8603 3.7800 6.1974Significance level 0.00000.00000.00000.00000.00000.0000of returns is substantially greater than that for normal distributions(in the table,we report kurtosis in excess of3,which is the kurtosis for the normal distribution).The excess kurtosis in the data ranges from0.87for France to7.22 for the U.S.For the data on emerging economies,as one would expect,the excess kurtosis is much greater,ranging from3.77for Thailand to9.18for Mexico.All 12kurtosis estimates are significant.There are two possible reasons for the kurtosis:(1)When the multivariate return series is not stationary,the mixture of distributions results in kurtosis;and(2),if the returns are characterized by large shocks,then the outliers inject kurtosis.The second feature of the data is that the skewness of returns for all the developed-market indexes is negative,and for the emerging-country indexes it is more strongly negative,except for Argentina,where it is insignificantly different from zero.The negative skewness is a well-known feature of equity index time series over this time period(1982–1997).Within this period,there were several large negative shocks to the markets contributing to the negative skewness:for instance,the market crash of October1987,the outbreak of the Gulf War in August1990,the Mexican crisis in December1994,and the Russian crisis in August1998.13Table II reports the covariances and correlations between the returns on the international equity indexes.The correlations for the developed countries range from a low of0.33between the United States and Japan,to a high of 0.68between Germany and Switzerland.The average correlation between the equity markets for developed countries is0.51.For the emerging countries,the correlations range from the very low0.05between Hong Kong and Argentina to0.55between Singapore and the United States.The average correlation for the emerging countries is0.31,which,as one would expect,is much lower than that for the developed countries.For the benchmark case of the pure-diffusion process in equation(1),the parameters to be estimated are{ˆα, Σ},with the moment conditions available being the ones in equations(2)and(3).From these moment conditions we see that{ˆα, Σ}can be estimated directly from the means and the covariances of the data series.To derive the unconditional moments of the jump-diffusion returns processes in(4),we identify the characteristic function by exploiting its relation to the Kolmogorov backward equation.14Differentiating the characteristic function then gives the moments of the returns process.The expressions for the moments of the continuously compounded returns are the following:for n,m={1,...,N},mean=tαn−12σ2n+λµn,(22)covariance=t[σnm+λ(µnµm+νnνm)],(23) 13The negative skewness arises also because volatility tends to be higher when returns are negative.14Details of this derivation are given in Das and Uppal(2003).。
萨缪尔森
Major Works of Paul A. Samuelson
In international trade theory, he is responsible for the StolperSamuelson Theorem and, independently of Lerner, the Factor Price Equalization theorem (1948, 1949, 1953) as well as (finally) resolving the age-old "transfer problem" relating terms of trade and capital flows a well as the Marxian transformation problem (1971) and other issues in Classical economics (1957, 1978).
Paul A. Samuelson, 1915-
Photo of P.A. Samuelson
Perhaps more than anyone else, Paul A. Samuelson has personified mainstream economics in the second half of the twentieth century. The writer of the most successful principles textbook ever (1948), Paul Samuelson has been not unjustly considered the incarnation of the economics "establishment" and as a result, has been both lauded and vilified for virtually everything right and wrong about it.
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interview)组织变化与人力资源开发培训：(training)开发：(development)定位：(orientation)训练：(coaching)辅导：(mentoring)经营治理策略：(business games)案例研究：(case study)会议方法：(conference method)角色扮演：(role playing)媒介：(media)企业文化与组织进展企业文化：(corporate culture)调查反馈：(survey feedback)质量圈：(quality circles)职业打算与进展职业打算：(career planning)绩效评判绩效评判：(Performance Appraisal，PA)晕圈错误：(halo error)宽松：(leniency)严格：(strictness)360°反馈：(360-degree feedback)集中趋势：(central tendency)酬劳：(compensation)直截了当经济酬劳：(direct financial compensation)间接经济酬劳：(indirect financial compensation)公平：(equity)外部公平：(external equity)内部公平：(internal equity)职员公平：(employee equity)小组公平：(team equity)现行工资率：(going rate)排列法：(ranking method)分类法：(classification method)海氏指示图表个人能力分析法：(Hay Guide Chart-profile Method) 工作定价：(job pricing)工资等级：(pay grade)工资曲线：(wage curve)12. 福利和其它酬劳咨询题福利(间接经济补偿)职员股权打算：(employee stock ownership plan，ESOP)值班津贴：(shift differential)奖金：(incentive compensation)安全与健康的工作环境安全：(safety)健康：(health)频率：(frequency rate)紧张：(stress)催眠法：(hypnosis)酗酒：(alcoholism)地点工会：(local union)行业工会：(craft union)产业工会：(industrial union)全国工会：(national union)谈判组：(bargaining union)罢工：(strike)内部职员关系：(internal employee relations) 纪律：(discipline)纪律处分：(disciplinary action)申诉：(grievance)降职：(demotion)调动：(transfer)晋升：(promotion)目标mission/ objective集体目标group objective内部环境internal environment外部环境external environment组织organizing人事staffing领导leading步骤process原理principle方法technique经理manager总经理general manager行政人员administrator主管人员supervisor企业enterprise商业business产业industry公司company成效effectiveness效率efficiency权益power职责responsibility科学治理scientific management现代经营治理modern operational management 生产率productivity法律law法规regulation产品product利润profit中意satisfaction归属affiliation尊敬esteem自我实现self-actualization人力投入human input盈余surplus收入income成本cost资本物资capital goods机器machinery设备equipment建筑building存货inventory体会法the empirical approach人际行为法the interpersonal behavior approach集体行为法the group behavior approach协作社会系统法the cooperative social systems approach 社会技术系统法the social-technical systems approach决策理论法the decision theory approach数学法the mathematical approach系统法the systems approach随机制宜法the contingency approach治理任务法the managerial roles approach经营法the operational approach人际关系human relation心理学psychology态度attitude压力pressure冲突conflict聘请recruit鉴定appraisal选拔select培训train酬劳compensation授权delegation of authority和谐coordinate业绩performance考绩制度merit system表现behavior下级subordinate偏差deviation检验记录inspection record误工记录record of labor-hours lost 销售量sales volume产品质量quality of products先进技术advanced technology策略strategy结构structure领先性primacy普遍性pervasiveness担忧fear忿恨resentment士气morale批发wholesale零售retail程序procedure规则rule规划program预算budget共同作用synergy大型联合企业conglomerate资源resource购买acquisition增长目标growth goal专利产品proprietary product晋升promotion治理决策managerial decision有竞争力的价格competitive price 供货商supplier小贩vendor利益冲突conflict of interests派生政策derivative policy开支帐户expense account批准程序approval procedure病假sick leave休假vacation工时labor-hour机时machine-hour资本支出capital outlay税收率tax rate现金状况cash position资金短缺capital shortage总预算overall budget可行性feasibility投入原则the commitment principle 投资回报return on investment实际工作者practitioner最终结果end result业绩performance个人利益personal interest市场占有率market share生产率productivity利润率profitability社会责任public responsibility董事会board of director组织文化organizational culture目标治理management by objectives 评判工具appraisal tool鼓舞方法motivational techniques操纵手段control device个人价值personal worth优势strength弱点weakness机会opportunity威逼threat个人责任personal responsibility顾咨询counselor定量目标quantitative objective定性目标qualitative objective可考核目标verifiable objective优先priority工资表payroll策略strategy政策policy灵活性discretion多种经营diversification评估assessment一致性consistency应变策略consistency strategy公共关系public relation价值value抱负aspiration偏见prejudice审查review批准approval要紧决定major decision分公司总经理division general manager 资产组合距阵portfolio matrix明星star咨询号question mark赖狗dog采购procurement人口因素demographic factor地理因素geographic factor公司形象company image产品系列product line合资企业joint venture破产政策liquidation strategy紧缩政策retrenchment strategy战术tactics追随followership个性individuality性格personality安全safety自主权latitude悲观的pessimistic静止的static乐观的optimistic动态的dynamic灵活的flexible抵制resistance敌对antagonism折中eclectic鼓舞motivation潜意识subconscious地位status情感affection欲望desire压力pressure满足satisfaction自我实现的需要needs for self-actualization 尊敬的需要esteem needs归属的需要affiliation needs安全的需要security needs生理的需要physiological needs坚持maintenance保健hygiene鼓舞因素motivator概率probability强化理论reinforcement theory反馈feedback奖金bonus股票期权stock option缺勤率absenteeism奖励reward热诚zeal信心confidence鼓舞inspire要素ingredient忠诚loyalty奉献devotion作风style品质trait适应性adaptability进取性aggressiveness热情enthusiasm毅力persistence行政治理能力administrative ability治理方格图the managerial grid工作效率work efficiency服从obedience领导行为leader behavior支持型领导supportive leadership参与型领导participative leadership指导型领导instrumental leadership成就取向型领导achievement-oriented leadershipAction learning：行动学习Application forms：工作申请表Appraisal interview：评判面试Aptitudes：资质Arbitration：仲裁Authority：职权Behavior modeling：行为模拟Behaviorally anchored rating scale (bars)：行为锚定等级评判法Benefits：福利Bias：个人偏见Boycott：联合抵制Bumping/layoff procedures：工作替换/临时解雇程序Candidate-order error：候选人次序错误Capital accumulation program：资本积存方案Central tendency：居中趋势Citations：传讯Civil Rights Act：民权法Classes：类Classification (or grading) method：归类（或分级）法Comparable worth：可比价值Davis-Bacon Act (DBA)：戴维斯─佩根法案Day-to-day-collective bargaining：日常集体谈判Decline stage：下降时期Deferred profit-sharing plan：延期利润分享打算Defined benefit：固定福利Department of Labor job analysis：劳工部工作分析法Discipline：纪律Downsizing：精简Early retirement window：提早退休窗口Employee compensation：职员酬劳Employee Retirement Income Security Act (ERISA) ：雇员退休收入保证法案Equal Pay Act：公平工资法Establishment stage：确立时期Expectancy chart：期望图表Experimentation：实验Exploration stage：探究时期Fact-finder：调查Fair day's work：公平日工作Fair Labor Standards Act：公平劳动标准法案Flex place：弹性工作地点Four-day workweek：每周4天工作制Frederick Taylor：弗雷德里克．泰罗Functional control：职能操纵Functional job analysis：功能性工作分析法Gain sharing：收益分享General economic conditions：一样经济状况Golden offerings：高龄给付Good faith bargaining：真诚的谈判Grade description：等级讲明书Grades：等级Grid training：方格训练Grievance：埋怨Grievance procedure：埋怨程序Group pension plan：团体退休金打算Growth stage：成长时期Guaranteed fair treatment：有保证的公平对待Guaranteed piecework plan：有保证的计件工资制Health maintenance organization (HMO) ：健康坚持组织Illegal bargaining：非法谈判项目Impasse：僵持Implied authority：隐含职权Incentive plan：鼓舞打算In-house development center：企业内部开发中心Insubordination：不服从Insurance benefits：保险福利Interviews：谈话；面谈Job analysis：工作分析Job description：工作描述Job evaluation：职位评判Job posting：工作公告Job rotation：工作轮换Job sharing：工作分组Junior board：初级董事会Leader attach training：领导者匹配训练Lifetime employment without guarantees：无保证终身解雇Line manager：直线治理者Local market conditions：地点劳动力市场Lockout：闭厂Maintenance stage：坚持时期Management grid：治理方格训练Management process：治理过程Mandatory bargaining：强制谈判项目Merit pay：绩效工资Merit raise：绩效加薪Mid career crisis sub stage：中期职业危机时期Nondirective interview：非定向面试Occupational market conditions：职业市场状况Occupational orientation：职业性向Occupational Safety and Health Act：职业安全与健康法案Occupational Safety and Health Administration (OSHA)：职业安全与健康治理局On-the-job training (OJT) ：在职培训Open-door：放开门户Opinion survey：意见调查Organization development(OD)：组织进展Outplacement counseling：向外安置顾咨询Panel interview：小组面试Participant diary/logs：现场工人日记/日志Pay grade：工资等级Pension benefits：退休金福利Pension plans：退休金打算People-first values："以人为本"的价值观Performance analysis：工作绩效分析Performance Appraisal interview：工作绩效评判面谈Personnel (or human resource) management：人事（或人力资源）治理Piecework：计件Plant Closing law：工厂关闭法Point method Policies：政策Position replacement cards：职位调配卡Pregnancy discrimination act：怀孕鄙视法案Qualifications inventories：资格数据库Quality circle：质量圈Rate ranges：工资率系列Ratio analysis：比率分析Reality shock：现实冲击Retirement：退休Retirement benefits：退休福利Retirement counseling：退休前咨询Rings of defense：爱护圈Role playing：角色扮演Salary surveys：薪资调查Savings plan：储蓄打算Scatter plot：散点分析Scientific management：科学治理Self directed teams：自我指导工作小组Self-actualization：自我实现Serialized interview：系列化面试Severance pay：离职金Sick leave：病假Situational interview：情境面试Skip-level interview：越级谈话Speak up! ：讲出来！Special awards：专门奖励Special management development techniques：专门的治理开发技术Stabilization sub stage：稳固时期Staff (service) function：职能（服务）功能Standard hour plan：标准工时工资Stock option：股票期权Straight piecework：直截了当计件制Strategic plan：战略规划Strictness/leniency：偏紧/偏松Strikes：罢工Succession planning：接班打算Supplement pay benefits：补充酬劳福利Supplemental unemployment benefits：补充失业福利Survey feedback：调查反馈Sympathy strike：同情罢工System Ⅳ：组织体系ⅣSystem I：组织体系Team building：团队建设Team or group：班组Termination：解雇；终止Termination at will：随意终止Theory X：X理论Theory Y：Y理论Third-party involvement：第三方介入Training：培训Trend analysis：趋势分析Trial sub stage：尝试时期Unclear performance standards：绩效评判标准不清Unfair labor practice strike：不正当劳工活动罢工Unsafe acts：不安全行为Unsafe conditions：不安全环境V alue-based hiring：以价值观为基础的雇佣Vroom-Yetton leadership trainman：维罗姆-耶顿领导能力训练V ariable compensation：可变酬劳V estibule or simulated training：新雇员培训或模拟V esting：专门爱护权V oluntary bargaining：自愿谈判项目V oluntary pay cut：自愿减少工资方案V oluntary time off：自愿减少时刻Wage carve：工资曲线Work sampling technique：工作样本技术Worker's benefits：雇员福利Adaptability 适应性Aligning Performance for Success 和谐工作以求成功业绩Applied Learning 应用的知识Building a Successful Team 建立成功团队Building Customer Loyalty 对客户忠诚Building Partnerships 建立合作关系Building Strategic Working Relationships 建立战略性工作关系Building Trust 建立互信关系Coaching 辅导Communication 沟通Continuous Learning 持续学习Contributing to Team Success 对团队成功的奉献Customer Focus 以客户为中心Delegating Responsibility 授权Drive for Results 注重实效Energy 精力充沛Facilitation Change 推动变革Follow-up 跟进Formal Presentation 专业演讲技巧Gaining Commitment 具有使命感Impact 阻碍力Information Monitoring 采集信息Initiating Action 主动采取行动Job Fit 胜任工作Leading Through Mission and Values 在使命与价值的认同中的领导才能Managing Conflict 解决冲突Meeting Leadership 会议组织能力Meeting Participation 分享Planning and Organizing 编制打算与组织能力Quality Orientation 质量定位Risk Taking 勇于冒险Safety Awareness 安全意识Sales Ability / Persuasiveness 销售能力/讲服能力Strategic Leadership / Decision Making 战略性领导/决策制定Stress Tolerance 压力忍耐能力Technical / Professional Knowledge and Skills 技术专业知识和技能Tenacity 坚忍不拔Work Standards 操作规范Action learning：行动学习Alternation ranking method：交替排序法Annual bonus：年终分红Application forms：工作申请表Appraisal interview：评判面试Aptitudes：资质Arbitration：仲裁Attendance incentive plan：参与式鼓舞打算Authority：职权Behavior modeling：行为模拟Behaviorally anchored rating scale (bars)：行为锚定等级评判法Benefits：福利Bias：个人偏见Boycott：联合抵制Bumping/layoff procedures：工作替换/临时解雇程序Burnout：耗竭Candidate-order error：候选人次序错误Capital accumulation program：资本积存方案Central tendency：居中趋势Citations：传讯Civil Rights Act：民权法Classes：类Classification (or grading) method：归类（或分级）法集体谈判Comparable worth：可比价值Compensable factor：酬劳因素Davis-Bacon Act (DBA)：戴维斯―佩根法案Day-to-day-collective bargaining：日常集体谈判Decline stage：下降时期Deferred profit-sharing plan：延期利润分享打算Defined benefit：固定福利Department of Labor job analysis：劳工部工作分析法Discipline：纪律Dismissal：解雇；开除Downsizing：精简Early retirement window：提早退休窗口Economic strike：经济罢工Employee compensation：职员酬劳Employee orientation：雇员上岗引导Employee Retirement Income Security Act (ERISA) ：雇员退休收入保证法案Equal Pay Act：公平工资法Establishment stage：确立时期Expectancy chart：期望图表Experimentation：实验Exploration stage：探究时期Fact-finder：调查Fair day’s work：公平日工作Fair Labor Standards Act：公平劳动标准法案Flex place：弹性工作地点Flextime：弹性工作时刻Four-day workweek：每周天工作制Frederick Taylor：弗雷德里克•泰罗Functional control：职能操纵Functional job analysis：功能性工作分析法沟通Communication个人进展Personal Development项目治理Project Management团队建设Team Building治理Management商务治理类行政治理Administrative Support人力资源Human Resources商法Business Law行业Industry市场Marketing金融/财会Finance & Accounting企业运营Operations财务服务Financial Services销售Salesable 有才能的，能干的adaptable 适应性强的active 主动的，活跃的aggressive 有进取心的ambitious 有雄心壮志的amiable 和气可亲的amicable 友好的analytical 善于分析的apprehensive 有明白得力的aspiring 有志气的，有抱负的audacious 大胆的，有冒险精神的capable 有能力的，有才能的careful 办理认确实candid 正直的competent 能胜任的constructive 建设性的cooperative 有合作精神的creative 富制造力的dedicated 有奉献精神的dependable 可靠的diplomatic 老练的，有策略的disciplined 守纪律的dutiful 尽职的well--educated 受过良好教育的efficient 有效率的energetic 精力充沛的expressivity 善于表达faithful 守信的，忠诚的frank 直率的，真诚的generous 宽宏大量的genteel 有教养的gentle 有礼貌的humorous 有幽默impartial 公平的independent 有主见的industrious 勤奋的ingenious 有独创性的motivated 目的明确的logical 条理分明的methodical 有方法的modest 谦虚的objective 客观的precise 一丝不苟的punctual 严守时刻的realistic 实事求是的responsible 负责的sensible 明白事理的sporting 光明正大的steady 踏实的systematic 有系统的purposeful 意志坚强的sweet-tempered 性情温顺的temperate 稳健的tireless 孜孜不倦的name 姓名in. 英寸pen name 笔名ft. 英尺alias 不名street 街Mr. 先生road 路Miss 小姐district 区Ms （小姐或太太）house number 门牌Mrs. 太太lane 胡同，巷age 年龄height 身高bloodtype 血型weight 体重address 地址born 生于permanent address 永久住址birthday 生日province 省birthdate 出生日期city 市birthplace 出生地点county 县home phone 住宅电话prefecture 专区office phone 办公电话autonomous region 自治区business phone 办公电话nationality 民族；国籍current address 目前住址citizenship 国籍date of birth 出生日期native place 籍贯postal code 邮政编码duel citizenship 双重国籍marital status 婚姻状况family status 家庭状况married 已婚single 未婚divorced 离异separated 分居number of children 子女的数health condition 健康状况health 健康状况excellent （躯体）极佳short-sighted 近视far-sighted 远视ID card 身份证date of availability 可到职时刻membership 会员、资格president 会长vice-president 副会长society 学会association 协会secretary-general 秘书长research society 研究会professionalhistory 职业经历specific experience 具体经历responsibilities 职责second job 第二职业achievements 工作成就，业绩administer 治理assist 辅助adapted to 适应于accomplish 完成（任务等）appointed 被认命的adept in 善于analyze 分析authorized 委任的；核准的behave 表现break the record 打破纪录breakthrough 关键咨询题的解决control 操纵conduct 经营，处理cost 成本；费用create 制造demonstrate 证明，示范decrease 减少design 设计develop 开发，发挥devise 设计，发明direct 指导double 加倍，翻一番earn 获得，赚取effect 成效，作用eliminate 排除enlarge 扩大enrich 使丰富exploit 开发（资源，产品）enliven 搞活establish 设置（公司等）；使开业evaluation 估价，评判execute 实行，实施expedite 加快；促进generate 产生good at 擅长于guide 指导；操纵improve 改进，提升initiate 创始，开创innovate 改革，革新invest 投资integrate 使结合；使一体化justified 经证明的；合法化的launch 开办（新企业）maintain 保持；修理modernize 使现代化negotiate 谈判nominated 被提名；被认命的overcome 克服perfect 使完善；改善perform 执行，履行profit 利润be promoted to 被提升为be proposed as 被提名（举荐）为realize 实现（目标）获得（利润）reconstruct 重建recorded 记载的refine 精练，精制registered 已注册的regenerate 更新，使再生replace 接替，替换retrieve 挽回revenue 收益，收入scientific 科学的，系统的self-dependence 自力更生serve 服务，供职settle 解决（咨询题等）shorten 减低……效能simplify 简化，精简spread 传播，扩大standard 标准，规格supervises 监督，治理supply 供给，满足systematize 使系统化test 试验，检验well-trained 训练有素的valuable 有价值的target 目标，指标working model 劳动榜样advanced worker 先进工作者education 学历educational history 学历educational background 教育程度curriculum 课程major 主修minor 副修educational highlights 课程重点部分curriculum included 课程包括specialized courses 专门课程courses taken 所学课程special training 专门训练social practice 社会实践part-time jobs 业余工作summer jobs 暑期工作vacation jobs 假期工作refresher course 进修课程extracurricularactivities 课外活动physical activities 体育活动recreational activities 娱乐活动academic activities 学术活动social activities 社会活动rewards 奖励scholarship 奖学金excellent League member 优秀团员excellent leader 优秀干部student council 学生会educational system 学制cademic year 学年semester 学期（美）term 学期（英）supervisor 论文导师pass 及格fail 不及格marks 分数examination 考试degree 学位post doctorate 博士后doctor(Ph.D) 博士master 硕士bachelor 学士graduate student 研究生abroad student 留学生abroad student 留学生undergraduate 大学肆业生government-supportedstudent 公费生commoner 自费生extern 走读生intern 实习生prize fellow 奖学金生boarder 寄宿生graduate 毕业生guest student 旁听生（英）auditor 旁听生（美）day-student 走读生objective 目标position desired 期望职位job objective 工作目标employment objective 工作目标career objective 职业目标position sought 谋求职位position wanted 期望职位position appliedfor 申请职位for more specializedwork 为更专门的工作for prospectsof promotion 为晋升的前途for higher responsibility 为更高层次的工作责任for wider experience 为扩大工作体会due to close-downof company 由于公司倒闭due to expiryof employment 由于雇用期满sought a betterjob 找到了更好的工作to seek a betterjob 找一份更好的工作hobbies 业余爱好play the guitar 弹吉他reading 阅读play chess 下棋play 话剧long distance running 长跑play bridge 打桥牌collecting stamps 集邮play tennis 打网球jogging 慢跑sewing 缝纫travelling 旅行listening to symphony 听交响乐do some clay scultures 搞泥塑。
AAPEX展览会官方网站说明书
response in 300 words or less detailing ways in which technology could improve their business and why their shop could benefit from a technology makeover—through July 31. Official contest rules are available at /contests.
The Mobile Air Conditioning Society (MACS) Worldwide will host a business development webinar that will focus on helping MACS members to work with their local media, develop a proactive plan and cultivate a crisis management strategy for their dealings with the news media. The webinar will be held Sept. 9 at 2 p.m. EDT and will discuss making friends with local media, how to become the local go-to expert on your business niche for media reference and other related topics. MACS (www.macsw .org) will broadcast the hour-long webinar live on the MACS YouTube channel. MACS members can view the webinar for $25; interested nonmembers can attend for $75.
市场营销第十三版1-5章专业术语翻译
第一章Marketing市场营销 Needs需要 Wants欲望 Demands需求 Market offering市场供应Marketing myopia营销短视 Exchange交换Market市场 Marketing management市场营销管理Production concept生产概念Product concept产品观念 Selling concept推销概念Marketing concept市场营销观念Societal marketing concept社会营销概念Customer relationship management顾客关系管理Customer-perceived value顾客认知价值Customer satisfaction顾客满意度 Consumer-generated marketing消费者产生的营销Partner relationship management伙伴关系管理Customer lifetime value顾客终生价值Share of customer顾客份额 Customer equity顾客资产 Internet互联网第二单元Strategic planning 战略规划 mission statement 使命陈述 business portfolio业务组合portfolio analysis 组合分析growth-share matrix 增长一份额矩阵product/market expansion grid产品/市场扩张矩阵market penetration 市场渗透 market development 市场开发product development 产品开发diversification 多元化downsizing 精简战略value chain 价值链 value delivery network 价值递送网络marketing strategy 市场营销战略 market segmentation市场细分 market segment 细分市场market targeting 市场营销战略positioning 定位differentiation 差异化marketing mix 市场营销组合 SWOT analysis SWOT分析 marketing implementation 市场营销执行 marketing control 营销控制 return on marketing investment 市场营销投资回报率第3章Marketing environment 市场营销环境 microenvironment微观环境Macroenvironment 宏观环境 marketing intermediaries营销中介Public公众 demography人口统计Baby boomers婴儿潮 generation X一代Millennials(generation Y) Y一代 economic environment经济环境Engel’s laws恩格尔定律 natural environment自然环境Environmental sustainability环境的可持续发展technological environment技术环境Political environment 政治环境cultural environment人文环境第四章Customer insights 顾客洞察力（见解） marketing information system 市场营销信息系统internal databases内部报告系统marketing intelligence营销情报系统marketing research 市场营销调研 Exploratory research探测性调研descriptive research描述性调研 Secondary data 二手资料commercial online databases在线商业数据库 Observational research 观察调研 ethnographic research 人种调研 Survey research调查研究 experimental research实验调研 Focus group interviewing 焦点小组访谈online focus groups在线焦点小组访谈Sample样本customer relationship management客户关系管理第五章Consumer buyer behavior 消费者购买行为Consumer market 消费者市场 Culture 文化Subculture 亚文化 Social class 社会阶层 Group 群体 Opinion leader 意见领袖Online social networks 在线社交网络Lifestyle 生活方式Personality 个性 Brand personality 品牌个性 Motive (drive) 动机Perception 认知过程 Learning学习Belief 信仰Attitude 态度Complex buying behavior 复杂购买行为Dissonance-reducing buying behavior 不和谐的购买行为Habitual buying behavior 习惯性的购买行为Variety-seeking buying behavior 追求多样化的购买行为Need recognition 需求识别Information search 信息搜索Alternative evaluation 另类评估Purchase decision 购买决策Postpurchase behavior 购后行为Cognitive dissonance 认知失调New product 新产品Adoption process开发过程第一章Marketing市场营销 p29The process by which companied create value for customers and build strong customer relationships in order to capture value from customers in return.企业为消费者创造价值并建立良好的顾客关系，以此从消费者身上获取利益作为回报的过程。
(1952 JF) Portfolio Selection_Markowitz 资产组合理论经典文章
Portfolio SelectionHarry MarkowitzThe Journal of Finance,Vol.7,No.1.(Mar.,1952),pp.77-91.Stable URL:/sici?sici=0022-1082%28195203%297%3A1%3C77%3APS%3E2.0.CO%3B2-1The Journal of Finance is currently published by American Finance Association.Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use,available at/about/terms.html.JSTOR's Terms and Conditions of Use provides,in part,that unless you have obtained prior permission,you may not download an entire issue of a journal or multiple copies of articles,and you may use content in the JSTOR archive only for your personal,non-commercial use.Please contact the publisher regarding any further use of this work.Publisher contact information may be obtained at/journals/afina.html.Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.The JSTOR Archive is a trusted digital repository providing for long-term preservation and access to leading academic journals and scholarly literature from around the world.The Archive is supported by libraries,scholarly societies,publishers, and foundations.It is an initiative of JSTOR,a not-for-profit organization with a mission to help the scholarly community take advantage of advances in technology.For more information regarding JSTOR,please contact support@.Mon Sep301:12:502007。
Lifetime Portfolio Selection under Uncertainty The Continuous-Time Case
Lifetime Portfolio Selection under Uncertainty:The Continuous-Time CaseRobert C.MertonThe Review of Economics and Statistics,Vol.51,No.3.(Aug.,1969),pp.247-257.Stable URL:/sici?sici=0034-6535%28196908%2951%3A3%3C247%3ALPSUUT%3E2.0.CO%3B2-2The Review of Economics and Statistics is currently published by The MIT Press.Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use,available at/about/terms.html.JSTOR's Terms and Conditions of Use provides,in part,that unless you have obtained prior permission,you may not download an entire issue of a journal or multiple copies of articles,and you may use content in the JSTOR archive only for your personal,non-commercial use.Please contact the publisher regarding any further use of this work.Publisher contact information may be obtained at/journals/mitpress.html.Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.The JSTOR Archive is a trusted digital repository providing for long-term preservation and access to leading academic journals and scholarly literature from around the world.The Archive is supported by libraries,scholarly societies,publishers, and foundations.It is an initiative of JSTOR,a not-for-profit organization with a mission to help the scholarly community take advantage of advances in technology.For more information regarding JSTOR,please contact support@.Wed Mar1910:10:212008You have printed the following article:Lifetime Portfolio Selection under Uncertainty:The Continuous-Time Case Robert C.MertonThe Review of Economics and Statistics ,Vol.51,No.3.(Aug.,1969),pp.247-257.Stable URL:/sici?sici=0034-6535%28196908%2951%3A3%3C247%3ALPSUUT%3E2.0.CO%3B2-2This article references the following linked citations.If you are trying to access articles from anoff-campus location,you may be required to first logon via your library web site to access JSTOR.Please visit your library's website or contact a librarian to learn about options for remote access to JSTOR.[Footnotes]8Mr.Harrod on Hump Saving J.de V.GraaffEconomica ,New Series,Vol.17,No.65.(Feb.,1950),pp.81-90.Stable URL:/sici?sici=0013-0427%28195002%292%3A17%3A65%3C81%3AMHOHS%3E2.0.CO%3B2-G12The Accumulation of Risky Capital:A Sequential Utility Analysis Edmund S.PhelpsEconometrica ,Vol.30,No.4.(Oct.,1962),pp.729-743.Stable URL:/sici?sici=0012-9682%28196210%2930%3A4%3C729%3ATAORCA%3E2.0.CO%3B2-EReferences3Mr.Harrod on Hump Saving J.de V.GraaffEconomica ,New Series,Vol.17,No.65.(Feb.,1950),pp.81-90.Stable URL:/sici?sici=0013-0427%28195002%292%3A17%3A65%3C81%3AMHOHS%3E2.0.CO%3B2-GLINKED CITATIONS-Page 1of 2-6The Accumulation of Risky Capital:A Sequential Utility Analysis Edmund S.PhelpsEconometrica ,Vol.30,No.4.(Oct.,1962),pp.729-743.Stable URL:/sici?sici=0012-9682%28196210%2930%3A4%3C729%3ATAORCA%3E2.0.CO%3B2-E7Risk Aversion in the Small and in the Large John W.PrattEconometrica ,Vol.32,No.1/2.(Jan.-Apr.,1964),pp.122-136.Stable URL:/sici?sici=0012-9682%28196401%2F04%2932%3A1%2F2%3C122%3ARAITSA%3E2.0.CO%3B2-WLINKED CITATIONS-Page 2of 2-。
Portfolio Selection-Markowitz-1952
The Rand Corporation
intotwostages. maybe divided a portfolio OFSELECTING THE PROCESS and endswith and experience withobservation stagestarts The first The of available securities. performances beliefsabout the future performances aboutfuture beliefs withtherelevant secondstagestarts Thispaperis concerned withthe ofportfolio. and endswiththechoice does(orshould) theinvestor therulethat consider We first second stage. This ruleis reor anticipated, returns. maximize discounted expected, to guideinand as a maximum to explain, jectedbothas a hypothesis does(or therulethattheinvestor We next consider behavior. vestment ofrea desirable and variance thing return expected should)consider bothas a This rulehas manysoundpoints, an undesirable thing. turn behavior. We illustrate and hypothesis about,investment maxim for, accordand choiceofportfolio beliefs relations between geometrically of returns" rule. returns-variance the to "expected ing choiceofportfolio is thattheinvestor One typeofruleconcerning the discounted (or capitalized)value of does (or should) maximize it must withcertainty, is notknown Sincethefuture returns.1 future Variations we discount. or "anticipated" returns which be "expected" Hicks,we could let Following of thistypeof rulecan be suggested. an for risk.2 Or,we couldlet include allowance returns "anticipated" from securities the returns rate at we particular which capitalize the risk. varywith (or maxim) that the investordoes (or should) The hypothesis imIf we ignore market discounted return mustbe rejected. nmaximize there is a diversified that the never rule implies foregoing perfections Diversito all non-diversified portfolios. is preferable which portfolio does a of observed rule behavior which is both and sensible; fication as a both be rejected of must thesuperiority diversification notimply and as a maxim. hypothesis
人力资源术语英汉对照(zt)
生产能力 capacity to produce
实际工作者 practitioner
最终结果 end result
业绩 performance
个人利益 personal interest
福利 welfare
市场占有率 market share
外部环境 external environment
计划 planning
组织 organizing
人事 staffing
领导 leading
控制 controlling
步骤 process
原理 principle
方法 technique
经理 manager
总经理 general manager
Annual bonus：年终分红
Application forms：工作申请表
Appraisal interview：评价面试
偏差 deviation
检验记录 inspection record
误工记录 record of labor-hours lost
销售量 sales volume
产品质量 quality of products
先进技术 advanced technology
顾客服务 customer service
优先 priority
工资表 payroll
策略 strategy
政策 policy
灵活性 discretion
多种经营 diversification
评估 assessment
一致性 consistency
Cisco Meraki MS Series 交换机说明书
Meraki MS Series SwitchesCisco Meraki offers a broad range of switches, built from the ground up to be easy to manage without compromising any of the power and flexibility traditionally found in traditional enterprise-class switches.Meraki access & aggregation switches are all managed through an elegant, intuitive cloud interface, freeing administrators to spend less time on configuration and more time on meeting business needs.To set up a Meraki switch, just plug it in; there’s no need for repetitive, command-based configuration, and switches can be up and running within minutes of connecting them to the network. A powerful centralized management interface gives administrators deep visibility into the network and how it is used:• Receive automatic email alerts for power loss, downtime, excessive Layer 1 errors, or configuration changes• Utilize remote diagnostic tools such as packet capture to help isolate and troubleshoot network issues• Stay protected with firmware upgrades andenhancements from the Meraki cloudThe Meraki dashboard provides unified policies, event logs, and monitoring, making it easy to manage network deployments without sacrificing functionality.OverviewFAMILY DATASHEET PRODUCT FAMILY HIGHLIGHTS• Basic L2 to high-performance L3 switches with 1G/10G/40G uplinks, suitable for deployments of all sizes• Range of enterprise switching options built on proven Cisco hardware technologies• Integrated troubleshooting tools, logging, and alerting reduce operational costs• True zero-touch configuration model that scales with organization needs and requirements • Cloud management reduces cost, overhead and time to resolution• Industry-standard features allow for simple integration into existing and mixed infrastructures• Role-based administration and automatic, secure firmware updates delivered via the web• Energy efficient design with low acoustics and fanless optionsInside the Meraki MSMERAKI MS350-48FP SHOWN, VARIES BY MODELVariable Speed FansStacking connectors High Reliability / MTBFExtended Life Components802.3af/802.3at PoE/PoE+Enhanced CPU / Memory Meraki Cloud Management Built-in 4 × 10 GbE SFP+ Uplink Ports for Uplink ConnectivityENTERPRISE-CLASS HARDWAREMeraki switches feature high-end hardware and an exceptional feature set, including:• 1G, 10G and 40G uplink ports for high-speed connectivity to aggregation layer switches or other upstream devices• Multigigabit ports (MS350-24X and MS355 Series) provide up to 10Gbps on a single Ethernet cable, supporting the latest WiFi performance capabilities• Wire-speed, non-blocking switch fabric (up to 800 Gbps) and 6 dedicated QoS queues for high-performance, converged voice, video, and data deployments• Power efficient, quiet acoustic designs, and shallow rack depth options, enabling flexible deployment in wiring closets as well as offices and classrooms• Fanless design on select models• Power over Ethernet and PoE+, up to 30W per port• Up to 740 watt PoE budget with PoE+ support for powering APs, cameras, and other PoE enabled devices (124W for 120-8 series), with UPoE available on the MS350-24X and MS355 series • Lifetime hardware warranty and advanced replacement at no additional cost• Field-replaceable, hot-swappable power supplies and fans on select models. RPS option for mission-critical applicationsMeraki switches include all of the traditional Ethernet features found on the highest end products, including:• Quality-of-Service (QoS) to prioritize mission critical traffic such as voice and video• IEEE 802.1X support for port based network access control • MAC-based RADIUS auth and MAC whitelisting • Voice VLAN support for simplified VoIP deployments• Port Mirroring support for monitoring network traffic at line rate • DHCP snooping to prevent users from adding unauthorized DHCP servers on the network• IGMP Snooping to optimize network performance with multicast traffic• Link Aggregation Control Protocol (LACP) for high-capacity trunking, stacking, and increased availability• Rapid spanning tree, BPDU guard, root guard, UDLD, and other safeguards to help prevent misconfigurations and reduce convergence time• Per port VLAN configuration• Multiple administrative roles with sophisticated security policy management• High-performance layer 3 routing capabilities on select modelsPOWERFUL FEATURE SET FOR DEPLOYMENTS OF ALL TYPESSeries MS120-8MS120MS210MS225Deployment type Compact Small branch & office Branch &Small campus Branch & Small campusInterfaces8 x 1G RJ4524 / 48 x 1G RJ4524 / 48 x 1G RJ45 ports24 / 48 x 1G RJ45 ports Uplinks 2 x 1G SFP 4 x 1G SFP 4 x 1G SFP ports 4 x 10G SFP+ portsPoE capabilities67W (LP model)124W (FP model)370W (P, LP models)740W (FP model)370W (P, LP models)740W (FP models)370W (P, LP models)740W (FP models)Power configuration External PSU (non-PoE, LP model)Internal PSU (FP Model)Internal InternalOptional RPSInternalOptional RPSStacking capabilities Virtual only Virtual only Stacks with MS22580 Gbps physical +virtualStacks with MS21080 Gbps physical +virtualRouting capabilities DHCP Relay DHCP Relay Static onlyDHCP RelayStatic onlyDHCP RelayModels MS120-8-HWMS120-8LP-HWMS120-8FP-HW MS120-24-HWMS120-24P-HWMS120-48-HWMS120-48LP-HWMS120-48FP-HWMS210-24-HWMS210-24P-HWMS210-48-HWMS210-48LP-HWMS210-48FP-HWMS225-24-HWMS225-24P-HWMS225-48-HWMS225-48LP-HWMS225-48FP-HWSeriesMS250MS350MS355 X Series MS355 X2 SeriesDeployment type Branch & CampusCampus & MultigigabitCampus & Multigigabit High-Density Multigigabit Interfaces24 / 48 x 1G RJ45 ports24 / 48 x 1G RJ451 ports(24X model)16 x 1G RJ451 ports 8 x mGig ports (24X model)16 x 1G RJ451 ports 8 x mGig ports (48X model)32 x 1G RJ451 ports 16 x mGig ports(24X2 model)24 x mGig ports(48X2 model)24 x 1G RJ451 ports 24 x mGig portsUplinks 4 x 10G SFP+ ports 4 x 10G SFP+ ports 4 x 10G SFP+ or 2 x 40G QSFP+4 x 10G SFP+ or 2 x 40G QSFP+PoEcapabilities 370W (P, LP models)740W (FP models)370W (P, LP models)740W (FP, 24X models)740W740WPowerconfiguration ModularRedundant PSU optional ModularRedundant PSU optional ModularRedundant PSU optional ModularRedundant PSU optional Stacking capabilities 80 Gbps physical + virtual160 Gbps physical + virtual400 Gbps physical + virtual400 Gbps physical + virtualRouting capabilitiesStatic + Dynamic 2DHCP Server + Relay Warm spare (VRRP)Static + Dynamic 2DHCP Server + Relay Warm spare (VRRP)Static + Dynamic 2DHCP Server + Relay Warm spare (VRRP)Static + Dynamic 2DHCP Server + Relay Warm spare (VRRP)ModelsMS250-24-HW MS250-24P-HW MS250-48-HW MS250-48LP-HW MS250-48FP-HW MS350-24-HW MS350-24P-HW MS350-48-HW MS350-48LP-HW MS350-48FP-HWMS355-24X-HW MS355-48X-HW MS355-24X2-HW MS355-48X2-HW1Interfaces do not support half-duplex on the MS3502Detailed routing specifications are available in series datasheetsSeriesMS410MS425Deployment type 1G fiber aggregation 10G fiber aggregationInterfaces 16 / 32 x 1G SFP 16 / 32 x 10G SFP+Uplinks2 x 10G SFP+ (MS410-16)4 x 10G SFP+ (MS410-32)2 x 40G QSFP+Powerconfiguration ModularRedundant PSU optional (sold separately)ModularRedundant PSU optional (sold separately)Stacking capabilities 160G physical + virtualFront-port 160G + virtualRouting capabilitiesStatic + Dynamic DHCP Server + Relay Warm spare (VRRP)Static + Dynamic DHCP Server + Relay Warm spare (VRRP)ModelsMS410-16-HW MS410-32-HW MS425-16-HW MS425-32-HWMeraki Aggregation Switching PortfolioAll Cisco Meraki MS switches include a limited lifetime hardware warranty that provides next-day advance hardware replacement. Meraki’s simplified software and support licensing model also combines all software upgrades, centralized systems management, and phone support under a single, easy-to-understand model. For complete details, please visit /support .Lifetime Warranty with Next Day Advance ReplacementINTELLIGENT CAMPUS & BRANCH SWITCHINGWith built-in monitoring, troubleshooting and logging capabilities, Meraki switches provide a refreshing newapproach to managing network infrastructure, regardless of deployment size.Meraki’s Virtual Stacking technology eliminates the need for configuration scripts and commands, empowering administrators to make changes quickly and securely on one or all the switches in a deployment at once.WIRED SECURITY WITHOUT COMPROMISEWhether deployed in an office environment, hospital or retail store, Meraki switches make enforcing securitypolicies a breeze. Set up multiple policies and enable them at the port-level, or apply them across the entire network in a few clicks.Meraki switches also provide comprehensive security reporting, making it easy to proactively discover rogue DHCP servers and other malicious activity on the network.TROUBLESHOOTING, THE WAY IT SHOULD BEDrastically reduce time-to-resolution with a variety ofpowerful troubleshooting tools such as remote cable testing and packet captures that help isolate and troubleshoot network issues.With Meraki’s dynamic network topology, see how the entire network is interconnected, automatically.Ensure the entire team receives alerts upon power loss, downtime, or configuration changes.Meraki switches include all of the traditional Ethernet features found in modern enterprise access switches, including:Remote cable test in the Meraki DashboardFeatures and CapabilitiesMeraki’s cloud management architecture delivers true zero-touch switch provisioning – configure switches before theyarrive onsite, or use Meraki templates to standardize anentire fleet of switches, no matter what size.With Virtual Stacking, IT admins can make configurationchanges to hundreds of switch ports in seconds withour intuitive dashboard interface, enabling rapid andstreamlined switch port management that would otherwisetake weeks to complete.BUILT-IN APPLICATION LAYER VISIBILITY Array Meraki switches include integrated Layer 7 visibility, to helpIT admins identify hundreds of applications, from businessapps to BitTorrent and Y ouTube.User fingerprinting with Google-like search allowsadministrators to easily identify and control individual users,PCs, iMacs, iPads, Androids, and other devices.This unprecedented visibility allows optimizing of networkresources and maintaining optimal network performance. ArrayBEYOND-THE-NETWORK SOFTWAREARCHITECTUREMeraki switches run the same operating system used by allof our products, which allows us to deliver a consistent userexperience for network management.When connected, new Meraki switches automatically reachout to the Meraki cloud and download the most currentconfiguration. Future updates can be user-scheduled,ensuring the network is kept up-to-date with bug fixes,security updates, and new features.Meraki Cloud Management Architecture with All ProductsIncluded In the BoxMS120-8 Series Integrated mounting brackets, External PSU (non-PoE and LP models), Mounting screw kit, Getting started insertMS120 Series Mounting screw kit, Getting started insertMS210 Series Mounting screw kit, Getting started insertMS225 Series Mounting screw kit, Getting started insertMS250 Series Power Supply (1), System fans (2), Mounting screw kit, Getting started insertMS350 Series Stacking cable (1), Power Supply (1), system fans (2), Mounting screw kit, Getting started insertMS355 Series Power Supply (1), 4-post rack mount kit, Pre-Installed Fans (3)MS410 Series Power Supply (1), System fans (2), Mounting screw kit, Getting started insertMS425 Series Power Supply (1), System fans (3), Mounting screw kit, Getting started insertOptional AccessoriesMeraki MS switches support SFP/SFP+/QSFP+/QSFP28 optic accessories for high-speed connectivity. Meraki offers a variety of 1G, 10G, 40G, 100G accessories. Full specifications and compatibility information is available in the Meraki Accessories datasheet: https:///lib/pdf/ meraki_datasheet_sfp.pdfAdditional ResourcesMeraki MS120-8 Compact Series Datasheethttps:///lib/pdf/meraki_datasheet_ms120_compact.pdf Meraki MS120 Series Datasheethttps:///lib/pdf/meraki_datasheet_ms120.pdfMeraki MS210 Series Datasheethttps:///lib/pdf/meraki_datasheet_ms210.pdfMeraki MS225 Series Datasheethttps:///lib/pdf/meraki_datasheet_ms225.pdfMeraki MS250 Series Datasheethttps:///lib/pdf/meraki_datasheet_ms250.pdfMeraki MS350 Series Datasheethttps:///lib/pdf/meraki_datasheet_ms350.pdfMeraki MS355 Series Datasheethttps:///lib/pdf/meraki_datasheet_ms355.pdfMeraki MS410 Series Datasheethttps:///lib/pdf/meraki_datasheet_ms410.pdfMeraki MS425 Series Datasheethttps:///lib/pdf/meraki_datasheet_ms425.pdfMeraki SFP & Stacking Accessories Datasheet/lib/pdf/meraki_datasheet_sfp.pdfCost Calculatorhttps:///buy/cost-calculator。
资产定价经典文献目录
资产定价经典文献总结一、理论部分（一）开山之作Bachelier, L.,1900,1964, “Theory of Speculation, in P. Cootner (ed.)”, The Random Character of Stock Market Prices, Cambridge, MA:MIT Press, pp.17~78.（二）一般均衡理论1、Arrow, Kenneth, and Gerard Debreu, 1954, “Existence of an Equilibri um fora Competitive Economy,” Econometrica 22, 265–290.（三）证券组合选择理论1、Markowitz, M., 1952,“Portfolio Selection”, Journal of Finance, 7(1), pp.77~91.（提出最优投资组合模型，以资产回报率的均值和方差作为选择的对象，不考虑个体的效用函数）2、Jaganmatham, B. and T. Ma , 2002,“Risk Reduction in Large Portfolios: A Role for Portfolio Weight Constraints”,Working Paper, Northwestern University.（研究投资组合权重受限制时的最优投资组合问题）（四）资本资产定价理论1、Sharpe, W., 1964,“Capital Asset Prices: A Theory of Capital Market Equilibrium under Conditions of risk”, Journal of Finance, 19, pp.425~442.2、Lintner, L., 1965,“The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets”, Review of economics and Statistics, 47, pp.13~37.3、Mossin, J., 1965, “Equilibrium in a Capital Asset Market”, Econometrica, 35, pp.768~783.（以上三篇文献独立地得出资本资产定价理论）4、Fama, E. and K. French, 2004, “The Capital Asset Pricing Model: Theory and Evidence”, Working paper.（对CAPM的理论和实证研究作了综述性描述）（五）期权定价理论1、Sharpe, W., 1978, Investments, Englewood Cliffs, NJ:Prentice- Hall.（衍生证券定价理论之一：二叉树模型）2、Cox, J., S. Ross and M. Rubinstein, 1979, “Option Pricing: A Simplified Approach”, Journal of Financial Economics,7 , pp.229~63.（对二叉树模型的扩展；二叉树的数值算法）3、Black, F. and M. Scholes, 1973, “The Pricing of Options and Corporate Liabilities”, Journal of Political Economy, 81 (3), pp.637~654.4、Merton, R., 1973a,“Theory of Rational Option Pricing”,Bell Journal of Economics and Management Sciences, 4(1),pp.141~183.（衍生证券定价之二：连续时间模型，利用随机分析第一次对期权定价问题提出了严格的解决方法——偏微分方程法）5、Smith, C, 1976,“Option Pricing: A Review”, Journal of Financial Economics, 3, pp.3~51.6、Malliaris, A., 1983 ,“Ito' s Calculus in financial Decision Making”, Society of Industrial and Applied Mathematics Review, 25, pp.481~496.（给出了偏微分方程的具体解过程）7、Duffie, D. J., 1992, “Dynamic Asset Pricing Theory”,Princeton University Press,Princeton.（给出了BSM定价公式的数学基础以及金融解释，同时还给出了期权定价的金融解释）8、Merton, R., 1997, “Applications of Option –pricing Theory: Twenty- five Years Later”,American Economic Review, 88(3), pp.323~349.9、Scholes, M, 1997,“Derivatives in a Dynamic Environment”,American Economic Review, 88(3), pp.350~370.（两位学者在诺贝尔奖大会上对过去30年相关领域的发展回顾）10、Cox, J. and S. Ross, 1976, “The Valuation of Options for Alternative Stochastic Processes”,Journal of Financial Economics, 3, pp.145~66.（衍生证券定价之三：风险中性定价模型，引入了风险中性定价的概念）11、Harrison, J. and D. Kreps, 1979,“Martingales and Arbitrage in Multi - period Securities Markets”, Journal of Economic Theory, 20, pp.381~408.12、Harrison, J. and S. Pliska, 1981, “Martingale and Stochastic Integrals in the Theory of Continuous Trading”,Stochastic Process, Appl., 11, pp.215~260.（建立了系统的风险中性定价理论框架以及市场无套利在其中的表现形式）13、Geman, H., N. El Karoui and J. Rochet, 1995,“Changes of Numeraire, Changes of Probability Measures and Pricing of Options”, Journal of Applied Probability, 32, pp.443~458.（早期的风险中性定价是以货币市场帐户为计量单位的，该文章认为我们可以选取不同的计量单位，对于每一个计量单位，都有一个概率与其相对应，从而有不同的定价模型）14、Roll, R., 1977,“An Analytical Formula for Unprotected American Call Options on Stocks with Known Dividends”,Journal of Financial Economics, 5, pp.251~258.（美式期权与奇异期权定价之一：近似算法。
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关于未来找工作的英语作文
关于未来找工作的英语作文全文共3篇示例，供读者参考篇1Finding My Dream Job in the FutureAs a student about to graduate from university, the topic of finding a job after school is always on my mind. With the constantly evolving job market and rapid advancements in technology, the process of landing a fulfilling career is becoming increasingly complex. However, I remain optimistic and determined to secure a position that aligns with my passions, values, and long-term goals.One of the primary challenges I anticipate facing is the intense competition for desirable jobs. With a growing population and an influx of highly qualified candidates, standing out from the crowd will be crucial. I plan to leverage my academic achievements, extracurricular involvement, and practical experiences to demonstrate my unique value proposition to potential employers. Additionally, I intend to continuously develop and refine my skills, staying abreast ofindustry trends and emerging technologies to remain competitive.Moreover, the nature of work itself is undergoing a transformation. Traditional 9-to-5 office jobs are gradually being replaced by remote work, freelancing, and project-based employment. While this shift presents new opportunities for flexibility and work-life balance, it also demands adaptability and self-discipline. I am prepared to embrace this evolving landscape and hone my ability to thrive in dynamic, unconventional work environments.Another aspect I must consider is the potential impact of automation and artificial intelligence (AI) on the job market. As machines become increasingly capable of performing tasks traditionally handled by humans, certain professions may become obsolete or experience significant disruption. However, I believe that this technological revolution will also create new job opportunities that require uniquely human skills, such as creativity, emotional intelligence, and critical thinking. By cultivating these abilities and remaining open to lifelong learning, I hope to future-proof my career and adapt to the changing workforce demands.Furthermore, I am keenly aware of the importance of networking and building professional relationships. In today's interconnected world, personal connections can often open doors to exciting job prospects. I plan to actively engage with industry professionals, attend career fairs and networking events, and leverage online platforms like LinkedIn to expand my professional network. Building strong relationships with mentors, colleagues, and potential employers will not only increase my visibility but also provide invaluable insights and guidance as I navigate the job search process.Alongside networking, I recognize the significance of a strong personal brand. In an era where social media and online presence play a crucial role in shaping professional reputations, I aim to cultivate a cohesive and authentic digital footprint that accurately reflects my values, skills, and achievements. By consistently sharing relevant content, engaging in industry discussions, and maintaining a professional online presence, I hope to position myself as a knowledgeable and reputable candidate in my field.Additionally, I am committed to exploring diverse career paths and remaining open to unconventional opportunities. While a traditional corporate job may be appealing, I am alsointrigued by the prospect of entrepreneurship, social impact initiatives, or pursuing a portfolio career that combines multiple interests. By keeping an open mind and embracing a growth mindset, I believe I can uncover rewarding and fulfilling career avenues that align with my passions and contribute to society in meaningful ways.Of course, the journey to finding my dream job will not be without challenges and setbacks. I anticipate facing rejection, self-doubt, and moments of uncertainty along the way. However, I am determined to persevere, learn from failures, and continuously refine my approach. Resilience, adaptability, and a positive mindset will be key to overcoming obstacles and seizing opportunities as they arise.Ultimately, my goal is to find a career that not only provides financial stability but also aligns with my values, allows me to contribute to society, and fosters personal growth and fulfillment. Whether it's in a traditional corporate setting, a startup environment, or an entrepreneurial venture, I am committed to pursuing a path that brings me joy, challenges me intellectually, and enables me to make a positive impact on the world around me.As I embark on this exciting journey, I am filled with a sense of anticipation and optimism. While the future job market may be uncertain and ever-changing, I am confident that by continuously developing my skills, cultivating a strong professional network, and remaining adaptable andopen-minded, I will be well-equipped to navigate the challenges and seize the opportunities that lie ahead. With hard work, determination, and a unwavering commitment to my goals, I am confident that I will find a rewarding and fulfilling career that enables me to make a meaningful contribution to society.篇2Finding My Future Career PathAs I approach the end of my university studies, the question of what I will do after graduation weighs heavily on my mind. The world of work stretches out before me, vast and somewhat intimidating, filled with possibilities but also uncertainties. How will I find a job that aligns with my skills, interests, and values? What path should I take to build a fulfilling and rewarding career?The first step, I believe, is to engage in some seriousself-reflection. What are my strengths and weaknesses? Whatsubjects or activities energize me and bring me joy? What kind of work environment do I thrive in – collaborative or independent, structured or flexible, fast-paced or more relaxed? Answering these questions honestly will help me identify potential career paths that could be a good fit.Of course, self-knowledge alone is not enough. I also need to thoroughly research various industries, job roles, and companies to understand the realities of different professions. Informational interviews with professionals in fields I'm interested in can provide invaluable insights into the day-to-day responsibilities, challenges, and rewards of their work. Job shadowing or internship opportunities would allow me to gain first-hand experience and further clarify my interests.As I navigate this process of self-discovery and career exploration, I must also be pragmatic. The job market is constantly evolving, with some industries declining while others emerge and grow. It's crucial to stay attuned to current trends and forecasts, and to develop skills that will be in high demand in the future job landscape. Adaptability, continuous learning, and a willingness to reinvent myself may be key to long-term career success.For example, the rapid advancements in artificial intelligence, automation, and digitalization are transforming virtually every sector of the economy. Jobs that were once secure may become obsolete, while new roles emerge that we can scarcely imagine today. A career in a field like data science, machine learning, or software engineering could position me at the forefront of these seismic shifts, allowing me to shape the technologies that will define our future world.Alternatively, I could pursue a career in a more traditional field but seek out opportunities to integrate cutting-edge technologies and innovative approaches. Perhaps as a marketer, I could leverage AI and data analytics to craft highly personalized and effective campaigns. As an educator, I might explore the use of virtual reality and adaptive learning platforms to create immersive and tailored educational experiences.Of course, technology is not the only force reshaping the job market. Concerns about sustainability, climate change, and social responsibility are driving demand for professionals in fields like renewable energy, sustainable agriculture, and corporate social responsibility. A career in one of these areas could allow me to make a positive impact on the world while still earning a comfortable living.No matter what path I choose, developing a diverse set of transferable skills will be invaluable. Strong communication abilities, both written and verbal, are essential in nearly every profession. Critical thinking, problem-solving, and the ability to analyze and synthesize information are highly prized by employers. Collaboration, leadership, and emotional intelligence are also increasingly valued in our interconnected,team-oriented world.Ultimately, finding the right career may be an ongoing process of trial and error, exploration and adjustment. I may need to be open to taking calculated risks, stepping outside my comfort zone, and embracing opportunities for growth and change. A first job out of university is rarely a lifetime commitment; it's often just the beginning of a winding career journey filled with unexpected twists and turns.What I can control, however, is my mindset and my approach. If I maintain a positive attitude, a willingness to learn and adapt, and an unwavering commitment to excellence in whatever I pursue, I am confident that I will eventually find a career path that is both personally fulfilling and professionally rewarding.Perhaps most importantly, I must not lose sight of the bigger picture amidst the stress and uncertainty of the job searchprocess. A career is not just a means to earn a paycheck; it's an opportunity to contribute something meaningful to the world, to grow as an individual, and to lead a life of purpose and impact.With dedication, persistence, and a willingness to thoughtfully explore my options, I am optimistic that I will eventually find a career that aligns with my values, leverages my strengths, and allows me to make a positive difference in the world around me. The road ahead may be long and winding, but the journey itself can be incredibly rewarding if I approach it with an open mind and a willingness to embrace new challenges and opportunities.篇3Finding My Future Career PathAs a student about to graduate from university, the idea of finding a job and starting my career is both exciting and daunting. On one hand, I can't wait to finally put my years of study into practice and start earning a paycheck. But on the other hand, the job market is incredibly competitive these days, and I know landing that dream job won't be easy.Ever since I was a kid, I've had a real passion for technology –taking apart old computers and putting them back together,building basic robots and circuits, and just generally being fascinated by how things work. So when it came time to choose a major in university, computer science was the obvious choice for me. I was really intrigued by all the cutting-edge developments happening in fields like artificial intelligence, machine learning, cybersecurity and more. These innovative technologies are shaping the world we live in and solving problems in ways we never thought possible.However, as I started taking more advanced classes and working on complex coding projects, I realized that software engineering may not be the exact career path I want to pursue long-term. Don't get me wrong, I still have a deep appreciation for all the theory and technical skills I've learned. But I also discovered a real passion for strategizing, analyzing data, and coming up with big-picture solutions to problems. That's why in my final year, I started looking more into careers in fields like IT consulting, product management, and business analytics.From everything I've researched so far, these types of roles seem to align really well with my interests and strengths. They would allow me to combine my technical background with skills in critical thinking, communication, and project management. Plus, I'd get to work across different industries and companycultures, learning about their unique challenges and helping implement custom technology solutions. It's the perfect blend of following my inner techie while also tapping into my more creative, strategic mindset.Of course, actually landing one of these coveted jobs fresh out of university won't be simple. The competition is stiff from other ambitious graduates. And many employers want candidates to have some prior internship or job experience, which I lack compared to some of my peers. That's why in these final months before graduation, I'm doing everything I can to beef up my resume and skillset.For starters, I've been applying for any internships or co-op opportunities I can find, even if it's just a short contract gig to get some relevant experience under my belt. I recently started freelancing on a few web development projects as well, which will let me build an online portfolio highlighting my coding abilities. I've also been taking online courses to gain expertise in some specific tools and methodologies that top employers are currently looking for, like Agile project management, data visualization with Tableau, and even machine learning fundamentals.In addition to the hard skills, I've been working on polishing my interview skills through practice sessions with my university's career services center. One thing they keep stressing is the importance of researching companies thoroughly before any interviews. It's not enough to just have the technical know-how. I also need to be able to clearly articulate my knowledge of the company, its challenges, and how my specific experiences make me the ideal candidate to meet their needs. Having well thought-out questions to ask about company culture, growth opportunities, and more also demonstrates my genuine interest in being a great long-term fit.While I know the job search process won't be easy, I'm trying to stay positive and make the most of this exciting transitional period. Even if my first job out of university isn't my "dream job", I know it will be an important stepping stone towards figuring out the exact type of role and company culture I thrive in. The tech industry is evolving so rapidly that new, amazing opportunities are emerging all the time. So as long as I go into the job search with an open mind and a willingness to learn, grow, and work hard, I'm confident I'll eventually be able to craft the fulfilling career path I've always envisioned for myself.No matter what, I plan to keep feeding my inner passion for innovation and problem-solving. Maybe that will involve working as a product manager, helping develop revolutionary new apps and services that make people's lives easier. Or perhaps I'll end up as a consultant, guiding companies through complex digital transformations leveraging cutting-edge solutions like AI and cloud computing. Or who knows, maybe after getting some solid experience under my belt, I'll decide to take the entrepreneurial plunge and launch a tech startup of my very own. The possibilities really are endless in today's rapidly evolving digital landscape.While the future may be uncertain, I take comfort in knowing that the skills and knowledge I've gained through my computer science degree will give me a solid foundation to build off of, no matter which career direction I ultimately pursue. Combined with hard work, creativity, strategic thinking and a willingness to keep learning and adapting, I'm confident I'll be able to craft a fulfilling career path that allows me to have an impact. The road ahead may be long and full of challenges, but I can't wait to get started on this exciting next chapter. The future is looking brighter than ever before!。