We study the first hitting time of integral functionals of time-homogeneous diffusions, and characterize their Laplace transforms through a stochastic time change. We obtain explicit expressions of the Laplace transforms for the geometric Brownian motion (GBM) and the mean-reverting GBM process. We also introduce a novel probability identity based on an independent exponential randomization and obtain explicit Laplace transforms of the price of arithmetic Asian options and other derivative prices that non-linearly depend on the integral diffusions. Numerical examples are given to demonstrate the accuracy and efficiency of the proposed method. 相似文献
This study examines the effects of professionalization on the cost efficiency of fundraising organizations in a unique research context, Chinese charitable foundations. Two important professionalization measures, professionalized human resource management and accounting practices, are adopted. Using data from audited annual reports from 2005 to 2009, we find that professionalization in general enables foundations to increase their fundraising cost efficiencies. However, further analysis indicates that this positive effect only occurs in private but not in public foundations. Furthermore, the positive effect of professionalization is more significant when raising unrestricted funds than when raising restricted funds from donors.