5种外汇储备资产币种的投资组合

选取对我国外汇储备资产影响较大的美元、欧元、日元、港元、英镑等5个币种为研究对象,对2006-08-01--2010-04-08的汇率数据进行分析,从投资组合理论的角度出发,用预测值取代算术平均值来衡量各币种的汇率收益率,得出各币种的投资组合.     

外汇欧式期权在市场不完备下的对冲误差分析

本文研究了外汇欧式期权的对冲误差问题,针对典型的静态和动态Delta对冲策略,在对冲过程不连续和利率平价公式不成立的市场不完备情形下,给出了即期对冲和远期对冲的对冲误差公式,从而能够更准确地衡量实际对冲组合产生的风险.在研究Delta对冲策略过程中,本文提出了一个包含摩擦系数ε的外汇远期汇率模型,并通过分析即期对冲和远期对冲的差异,给出了最优对冲方式的判别条件.该判别条件依赖于摩擦系数ε,做市商仅通过对摩擦系数ε实时的监控,便可以选择最优的风险对冲方式,从而提高了对冲效率.本文提出的对冲误差的具体解析式和最优对冲方式的判别条件为外汇期权对冲及其风险管理提供了理论依据.实证结果表明,本文提出的期望收益差与实际对冲组合的收益差基本一致,从而验证了判别条件的合理性.     

Sugar-mimicking glycosidase inhibitors: bioactivity and application

A large number of compounds mimicking the structures of monosaccharides or oligosaccharides have been discovered from natural sources. Such sugar mimics inhibit carbohydrate-degrading enzymes because of a structural resemblance to the sugar moiety of the natural substrate. Carbohydrate-degrading enzymes are involved in a wide range of important biological processes, such as intestinal digestion, posttranslational processing of the sugar chain of glycoproteins, their quality control mechanisms, lysosomal catabolism of glycoconjugates, and some viral infections. It has now been realized that inhibitors of the enzymes have enormous therapeutic potential in diabetes and lysosomal storage disorders. In this review, the general bioactivity, current applications, and the prospects for new therapeutic applications are described. Received 27 August 2008; received after revision 08 November 2008; accepted 03 December 2008     

Google Trends and the forecasting performance of exchange rate models

In this paper, we use Google Trends data for exchange rate forecasting in the context of a broad literature review that ties the exchange rate movements with macroeconomic fundamentals. The sample covers 11 OECD countries’ exchange rates for the period from January 2004 to June 2014. In out‐of‐sample forecasting of monthly returns on exchange rates, our findings indicate that the Google Trends search query data do a better job than the structural models in predicting the true direction of changes in nominal exchange rates. We also observed that Google Trends‐based forecasts are better at picking up the direction of the changes in the monthly nominal exchange rates after the Great Recession era (2008–2009). Based on the Clark and West inference procedure of equal predictive accuracy testing, we found that the relative performance of Google Trends‐based exchange rate predictions against the null of a random walk model is no worse than the purchasing power parity model. On the other hand, although the monetary model fundamentals could beat the random walk null only in one out of 11 currency pairs, with Google Trends predictors we found evidence of better performance for five currency pairs. We believe that these findings necessitate further research in this area to investigate the extravalue one can get from Google search query data.     

N-acetylmuramic acid 6-phosphate lyases (MurNAc etherases): role in cell wall metabolism, distribution, structure, and mechanism

MurNAc etherases cleave the uniqued-lactyl ether bond of the bacterial cell wall sugar N-acetylmuramic acid (MurNAc). Members of this newly discovered family of enzymes are widely distributed among bacteria and are required to utilize peptidoglycan fragments obtained either from the environment or from the endogenous cell wall (i.e., recycling). MurNAc etherases are strictly dependent on the substrate MurNAc possessing a free reducing end and a phosphoryl group at C6. They carry a single conserved sugar phosphate isomerase/sugar phosphate- binding (SIS) domain to which MurNAc 6-phosphate is bound. Two subunits form an enzymatically active homodimer that structurally resembles the isomerase module of the double-SIS domain protein GlmS, the glucosamine 6-phosphate synthase. Structural comparison provides insights into the two-step lyase-type reaction mechanism of MurNAc etherases: β-elimination of the D-lactic acid substituent proceeds through a 2,3-unsaturated sugar intermediate to which water is subsequently added. Received 31 August 2007; received after revision 12 October 2007; accepted 1 November 2007     

外商直接投资趋势研究——基于灰色马尔可夫预测模型与时间序列模型的对比

外商直接投资是影响中国经济发展的重要因素,而未来外商直接投资的预测是其发展和决策的基础.文章在阐述外商直接投资对中国经济发展的作用以及对未来中国利用外资水平预测的必要性的基础上,选取2000-2013年度中国利用外商直接投资(FDI)的数据,通过建立灰色马尔可夫(GMM)和时间序列模型,对中国利用FDI的趋势进行预测,并对预测结果精度进行比较,以得出较优的预测模型.研究结果表明:传统灰色模型合格,但仍有可提升的空间;在此基础上,建立GMM预测模型对结果进行修正,所得模型的灰色关联度有很大提升,且与真实值差距进一步缩小;建立时间序列模型,并据此对数据进行预测;比较GMM与时间序列模型预测结果的精度,可知,GMM的预测精度较高,拟合效果较好.为验证这一结果的可信度,文章选取1990-2013年度北京市和重庆市FDI水平的数据,建立GMM和时间序列预测模型,再次发现GMM预测效果优于时间序列模型的预测效果.基于此,GMM对中国利用外资水平的预测结果较为可信,预测结果对完善中国直接利用外商投资的机制具有一定参考价值.     

关于对外贸易可持续发展的几点建议

实现对外贸易的可持续发展,要坚持科技兴贸和以质取胜,要进一步完善我国鼓励外贸发展的政策,要积极发展电子商务,尽快建立与完善外贸预警体系。     

嫦娥三号“玉兔号”巡视器遥操作中的关键技术

2013年12月14日,"嫦娥三号"成功地将月面着陆器和"玉兔号"巡视器送抵月球,这标志着我国已完成了探月工程中"落"月的重要阶段.嫦娥三号任务的一个关键组成部分是由地面遥操作中心控制"玉兔号"巡视器在月面非结构化环境中进行巡视和科学探测,而遥操作技术正是该组成部分成功实施的关键."玉兔号"巡视器遥操作技术主要包括巡视器的导航定位、月面地形重构、行驶路径规划和机械臂探测等关键步骤,这些步骤相互支撑与融合,保证了嫦娥三号任务的顺利实施.本文在对上述4个方面关键技术的发展和应用现状进行总结的基础上,阐述了相关的主要技术途径及其应用特点,分析了各种技术在"玉兔号"月面巡视与科学探测任务实施中的发挥的重要作用,并评述了它们的发展潜力和应用前景,对中国探月工程以及后续火星探测工程中的遥操作具有一定的指导意义.     

怀地黄不同品种块根显微结构与糖分含量的比较研究

采用石蜡切片和分光光度计对不同品种怀地黄块根的显微结构和糖分含量进行了研究,并用SPSS 10.0软件分析了两者之间的相关性.结果表明,怀地黄不同品种块根的显微结构差异明显,且还原糖含量的差异达到了显著水平.块根中还原糖含量、总糖含量均与块根各解剖结构特征呈正相关关系.     

基层医院图书馆外文期刊利用的探讨

根据基层医院的馆情,从重视采访工作、加大宣传、熟悉区域资源、网上资源利用以及提高馆员自身素质几方面探讨了如何提高外文期刊利用率。