天气衍生品中的制冷指数看涨期权定价研究与实证

运用天气衍生品作为金融工具减缓与对冲天气风险,将对我国农业和其他商业领域适应日益变化的天气状况起到至关重要的作用。本文主要介绍制冷指数的定价模型,并以看涨期权模型作为范例,应用1952—2008年的北京每日气温数据,对制冷指数看涨期权做实证研究,旨在探索理论研究在实际应用中的可行性。     

机构投资者行为对信息效率的影响研究

中国机构投资者在过去十几年规模和数量都取得了快速发展,但其在资本市场中扮演什么样的角色一直没有定论.通过考察2006-2014年机构投资者持股和交易行为,研究发现我国股票市场整体股价同步性偏高,机构投资者持股比例高的股票股价同步性更低,而机构投资者交易的增加却未能降低股价同步性.机构持股和机构交易对股价同步性的影响机制和对不同规模的股票影响不尽相同,通过进一步考察不同类型机构投资者行为对股价同步性的影响,发现各类型机构投资者影响存在差异,其中信托、养老基金和QFII的持股和交易行为都会降低股价同步性,有利于市场信息效率的提高.为了维护资本市场稳定和提高市场效率,应在继续大力发展机构投资者的同时改善机构投资者结构并优化基金经理业绩考核体系.     

中国股指期货存在交割日效应吗? ——基于指数和个股视角的研究

股指期货既可以实现投机或对冲的目的,又能低成本地改变风险敞口,在资本市场中具有举足轻重的作用。从探讨现行交割制度的合理性和指导投资者行为的角度出发,股指期货交割日当天是否会对现货指数的交易量、波动率和价格等造成影响,值得关注。指数层面,沪深300指数在交割日当天11∶05-11∶10的交易量达到非交割日的135倍,波动率约为非交割日的15倍;个股层面,大市值成分股和小市值成分股在交割日当天11∶05-11∶10的交易量和波动率分别比非交割日高17%和10%以上,同时价格反转现象显著。其中,市值最大的股票波动贡献率最大。综合来看,中国股票市场存在较明显的交割日效应,且此效应对大市值成分股更为显著。     

Where do I belong? High-intensity teleworkers’ experience of organizational belonging

Despite the noted benefits of telework, concerns about distance, employees’ lack of presence, and how individuals remain connected to the organization and its members continue to surface. This is noteworthy because a sense of connectedness and feelings of belonging at work have been linked to engagement, productivity, and performance. The aim of this phenomenological study was to describe and understand the essence of high-intensity teleworkers’ experience of organizational belonging. Notions of identity fulfilment surface as central to how organizational belonging is experienced by high-intensity teleworkers. Expressions of organizational belonging included experiences that reflected self and other awareness, personal and professional fulfilment, support from others and participation. Not belonging was apparent where there was a lack of credibility, conflict, a loss of stability and exclusion from ownership. A definition of organizational belonging is offered, and recommendations for further research and practical suggestions for organizations employing high-intensity teleworkers are highlighted.     

全球化时代的文化观与文学观

文化全球化是我们时代的历史宿命 ,但它没有既定的模式 ,需要我们在多种可能性中做出正确选择。与此相关 ,世界文学是各民族文学多元共生的文化遗产 ,中国文学应当顺应全球化潮流 ,既坚持个性又博采众长     

基于合规性的企业社会责任信息披露策略分析

依托合规性理论,以A股食品饮料业上市公司为研究对象,采用内容分析法,对其公开发布的2012年社会责任报告进行披露程度与披露策略的实证分析。结果表明,同一行业中,社会责任关注度高的子行业披露了相对多的企业社会责任信息,并已初步显现出更愿意采取“尝试改变外界看法”、“通过感情诉求等方式转移注意力”,以及“试图改变外界合规性预期”等披露策略的倾向。     

John Butcher and David Gilchrist: Collaboration for Impact: Lessons from the Field

VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations -     

杨贵妃所嗜荔枝贡地考辨

杨玉环是中国历史上喜吃荔枝的绝世佳人。但是,正史中并未确载杨贵妃所嗜荔枝之贡地,以致自宋以降便出现了岭南和涪州两地之说。宋人苏东坡《荔枝叹》、乐史《太平寰宇记》等持涪州说,而元、明、清时期的地理志、野史笔记、荔枝谱记也多持此说。但是,唐人杜甫《病橘诗》、宋人司马光《资治通鉴》等则持岭南说。通过梳理和考辨史料,结合实地踏勘,认定涪州当为主要贡地,理由有三：一则唐时涪州盛产之荔枝并不亚于岭南;二则涪州至长安仅二千多里而岭南至长安则四、五千里,利于保鲜和节约开销;三则作为蜀人的杨玉环在成为玄宗宠妃后倍思家乡荔枝乃人之常情。当然,由于杨贵妃的侍宠和名相张九龄的宣扬,岭南亦有过贡献的尝试。     

Testing for spatial lag and spatial error dependence using double length artificial regressions

This paper obtains the joint and conditional Lagrange multiplier (LM) tests for a spatial lag regression model with spatial auto-regressive error derived in Anselin (Reg Sci Urban Ecom 26:77–104, 1996) using artificial double length regressions (DLR). These DLR tests and their corresponding LM tests are compared using an illustrative example and a Monte Carlo simulation.     

Elderly chinese and their family caregivers' perceptions of good care: a qualitative study in shandong, china

This study aims to understand what older Chinese people with chronic illness and their family caregivers perceive to be good care, and to compare perspectives of those living in rural and urban areas. We conducted semistructured interviews with 24 care recipients and 23 caregivers in Shandong, China. Two major themes were identified: (a) filial piety as the standard, and (b) modifying cultural ideals to meet reality. There was overall consistency in perceptions of study participants. Variations between rural and urban elders' perceptions appear to reflect differences in socioeconomic development and institutional structures.