非退化扩散过程极性的充分条件

讨论了多维非退化扩散过程样本轨道的性质,得到了其极性的充分条件     

Produktdesign und Semi-Statische Absicherung von Turbo-Zertifikaten

Zusammenfassung  Turbo-Zertifikate geh?ren derzeit zu den beliebtesten strukturierten Produkten für Privatanleger. Sie lassen sich als Spezialformen von Barrier-Optionen auffassen. In Bezug auf das Produktdesign ist das Verh?ltnis von Kursschranke und Basispreis von Bedeutung. Unter Ausnutzung der Put-Call-Symmetrie wird gezeigt, dass eine geeignete Wahl der Ausstattungsmerkmale dem Emittenten eine semi-statische überabsicherung in Standard-Optionen erm?glicht, die bezüglich einer ganzen Modellklasse gültig ist. Im Gegensatz zu der in der Praxis g?ngigen Preisstellung kann eine Absicherung der Zahlungsverpflichtungen im Allgemeinen nicht unabh?ngig von der Volatilit?t erfolgen.

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Product design and semi-static hedging of turbo-certificates

Summary  Turbo-Certificates are one of the most popular structured equity products for private investors in Germany. They can be regarded as special forms of barrier options. For the design of these products, the relation between the barrier level and the strike price is especially important. By using the put-call-symmetry, we show that by a certain choice of these parameters, the issuer is able to obtain an almost static (super-) hedge in standard option contracts which is valid for a general class of models. It turns out that in contrast to the pricing rule which is often used in practice, the issuer can neither hedge a single certificate nor a portfolio of certificates independent of the volatility.

     

A Macro-Economic Framework for Evaluation of Cyber Security Risks Related to Protection of Intellectual Property

The article is based on the premise that, from a macro-economic viewpoint, cyber attacks with long-lasting effects are the most economically significant, and as a result require more attention than attacks with short-lasting effects that have historically been more represented in literature. In particular, the article deals with evaluation of cyber security risks related to one type of attack with long-lasting effects, namely, theft of intellectual property (IP) by foreign perpetrators. An International Consequence Analysis Framework is presented to determine (1) the potential macro-economic consequences of cyber attacks that result in stolen IP from companies in the United States, and (2) the likely sources of such attacks. The framework presented focuses on IP theft that enables foreign companies to make economic gains that would have otherwise benefited the U.S. economy. Initial results are presented.     

不同主体股权转让问题探讨

在法律实践中,隐名投资作为一种非常规的投资方式,其所引起的纠纷除了涉及隐名股东与名义持股人内部协议履行的问题,亦有隐名股东、名义持股人因公司经营或股权利益分配导致的与公司或第三人之间的纠纷。本文基于最新的《公司法》司法解释三,对隐名股权的转让问题进行分析;同时,股权基于其财产权的属性可作为夫妻之间的共同财产,但法律和司法解释均未对夫妻之间在离婚阶段难以协商一致时如何认定股权归属和收益归属问题进行规定,本文将对若干可能情况下的该问题进行法理上的阐释。     

论免费软件经营者的法定和契约义务及其法律规制

随着互联网开放共享精神的发展、计算机软件开发技术的改进,以及软件经营商业模式的改变,免费软件越来越多地呈献给广大互联网用户,随之也带来了更多的知识产权纠纷,侵犯个人隐私以及不正当竞争行为时有发生.软件免费经营如何实现盈利,根据权利义务对等原则,软件免费是否意味着软件经营者就无需承担义务？文章主要阐述了免费软件概念、内涵、盈利途径及法律性质,并通过对免费软件经营者的法定义务、契约义务的分析论证,提出有效的法律规制建议.     

环境管制、知识产权保护与区域创新能力——基于我国省际面板数据的实证研究

文章基于政府主导视角,利用2006—2015年我国30个省级面板数据,构建多元回归模型,分析变量之间的关系.其结果显示,环境管制、知识产权保护与区域创新能力之间呈非线性关系,环境管制与知识产权保护同时实施对区域创新能力有显著的促进作用,且具有区域异质性.从企业生存角度出发,提出门槛效应假说,采用Hansen面板门槛回归模型进行检验.结果表明,在环境管制与知识产权保护共同发挥作用时,环境管制必须控制在合理的范围内.最后采用门槛效应回归方法找到了环境管制与知识产权保护对区域创新能力影响的门槛值,并提出相应的政策建议.     

吉林省廉租房政策实施效果、存在问题及对策

立足于吉林省廉租房政策实施效果的全面调查数据,概述了吉林省廉租房政策实施效果,以独特的视角深入分析了廉租房政策推行过程中出现的一些亟需解决的共性问题,提出了针对性的解决对策。     

我国转租制度的困境与出路

转租是有别于租约让与和普通租赁的特殊租赁形式。在转租方面,世界各国立法大致可分为自由主义、限制主义和区别主义三种模式。我国《合同法》第224条关于转租的规定采限制主义,这虽然减轻了司法任务,促成了判决统一,但因不区分转租与租约转让且不分租赁之具体情形一概加以限制未免显得过于笼统,且该规定本身有违公平原则。在当前政治经济背景下,平衡当事人之利益显得尤为重要。借鉴自由主义的立法模式对现有制度予以修正,并对民事和商事租赁进行区别,对动产和不动产租赁采取不同规则具有重要意义。     

Simultaneous confidence intervals for one-way layout based on generalized pivotal quantities

In this paper, we consider simultaneous confidence intervals for all-pairwise comparisons of treatment means in a one-way layout under heteroscedasticity. Two kinds of simultaneous intervals are provided based on the fiducial generalized pivotal quantities of the interest parameters. We prove that they both have asymptotically correct coverage. Simulation results and an example are also reported. It is concluded from calculational evidence that the second kind of simultaneous confidence intervals, which we provide, performs better than existing methods.