存在交易成本的间断性权证避险策略研究

随着金融创新步伐加快,券商将可以发行备兑权证.券商如何进行避险操作来规避风险呢?若按照Black&Scholes理论进行动态连续避险操作,将造成巨大的交易成本.因此,实际中都是采用间断性避险.文章对间断性避险策略进行初步研究.根据限制交易成本的不同方式,主要探讨了三类存在交易成本时的间断性避险策略:固定时点避险策略,区间避险策略以及以效用函数为基础的避险策略,并比较了不同策略的避险效果.最后结合中国市场具体情况研究了不同监管制度对权证避险策略选择的影响.     

现代汉语语义系统刍议

语义单位、语义单位之间的结构关系、结构层次是现代汉语语言意义系统的三要素 ,不同性质的语义单位彼此之间复杂纠联 ,使构成语义系统的两子系统 (词汇意义、语法意义子系统 )、两次子系统 (词法意义、句法意义次子系统 )紧密地联结在—起 ,构成一个统一的内部饶有联系的结构整体     

我国高等教育直面入世大考的五个问题

近年来 ,关于入世后我国高等教育怎么办 ,成为一个极为热门的话题。笔者认为 ,面对入世的影响与挑战 ,我国高等教育的未来有一场硬仗要打 ,我们必须直面和解决好以下五个问题     

The Continuing Significance of Race in the Occupational Attainment of Whites and Blacks: A Segmented Labor Market Analysis*

In this article we posit that racial discrimination is not uniform across the U.S. labor market. While it is likely that patterns of racial discrimination occur in some types of jobs more than others, little empirical research has examined the effect of race across segmented labor markets. Incorporating two decades of comparable General Social Survey data, this article revisits William J. Wilson's hypothesis that the significance of race in determining labor market outcomes is declining. We examine the effect of race within two dissimilar labor segments over time, dividing the labor market into technique‐versus social‐skills‐oriented segments. Using this theoretically useful dichotomy, we examine if the net effect of race (African American and white men) on occupational prestige has declined from the 1970s to the 1990s. Our multivariate analysis shows that the net effect of race is different in each labor market. This suggests that racial discrimination against African Americans is not uniform across the entire labor market, but instead is differentiately manifested within various labor market segments. Overall, our findings partially support Wilson's thesis indicating that while the effect of race is no longer a significant indicator of occupational prestige by the 1990s in a technique‐oriented job segment, it remains a significant predictive variable within a social‐skills‐oriented job segment, even when controlling for a range of social class and structural variables.     

The humorous construction of disability: 'stand-up' comedians in the United States

We examine how stand-up [sic] comedy constructs, circulates, perpetuates and/or disrupts stereotypical images of disabled persons in the United States. We use disabled people, rather than people-first language, to remind readers that disability is an ill-defined, culturally imposed attribute. Although humor is culturally specific, we draw on works of an international cadre of humanities scholars and social scientists to ground our analyses. We conclude that disability humor constitutes an emerging, liberatory art form. Disabled and non-disabled comedians elicit thought-provoking laughter and present disability as an interesting way to live. However, disabling humor still perpetuates stereotyping and isolation.     

A measure of slope-rotatability for second order response surface experimental designs

In the design of experiments for estimating the slope of a response surface, slope-rotatability is a desirable property. In this paper, a measure is introduced that enables us to assess the degree of slope-rotatability for a given response surface design. The measure takes the value zero if and only if the design is slope-rotatable, and becomes larger as the design deviates from a slope-rotatable design. Examples of applying this measure to some response surface designs are also given.     

台湾的金融改革及其启示

要本文在分析台湾实行金融改革动因的基础上，概述了台湾金融改革的内容，评述了台湾实行金融自由化的目的－建立区域金融中心的构想，并就这一改革给大陆带来的启示作出了思考。     

知识经济时代组织中人的发展及价值体现

信息化、全球化是知识经济时代的主要特征,它影响到人类社会的每一个领域,也影响着人们生活的方方面面.笔者从知识经济时代的特征及其对组织环境的影响这个角度出发,探讨了知识经济时代组织中人的发展及其价值,它主要体现为:工作的认可;能力的体现;晋升的机会;事业的成就.     

消费活动伦理意蕴探析

消费不仅是一种经济行为,它还具有伦理意义。消费活动与社会道德状况密切相关。消费心理总是一定的人生观、价值观和幸福观的体现,反映一个阶级或时代的道德风貌;消费行为总是对社会产生一定的道德后果;消费方式总是影响着一定阶级或时代的道德风尚。因而,我们应提高精神文化消费,养成科学、文明、健康的合理消费方式和艰苦创业的良好精神风貌,不断弘扬倡俭崇实的良好社会风尚。