On the arbitrage price of European call options

We show that in a discrete price and discrete time model for option pricing, specifically that given by the Cox–Ross–Rubinstein model, the arbitrage price of a European call option can depend on parameters other than volatility (the standard deviation of the log asset price). We provide two theorems to illustrate this phenomenon. Our first theorem considers two securities with the same volatility so that at a specified time n₀, with probability near 1, the two securities are equal. If their call options differ, both the discounted securities will be martingales. Our second theorem considers two securities with the same volatility so that at times n = 0, ..., N ? 1 the securities are equal with probability near 1. If their call options differ, one of the discounted securities will be a martingale and the other discounted security will be a supermartingale.     

对大力提升邯郸在四省交界区域经济中心地位的思考

河北省第七次党代会把邯郸定位为四省交界区域经济中心。提升邯郸在四省交界区域中心的地位是形势所迫、民心所向、机遇难得。从目前来看,把邯郸建设成为区域经济中心有利因素比较多。建设区域经济中心必须做到进一步解放思想,唱响工业立市,扩大内外开放,提高第三产业发展水平,大力加强城镇化建设,扎实抓好新农村建设,切实推进科技创新。     

完善社会保障制度的财政思考

文章分析了建立社会保障制度,即建立基本养老保险制度、失业保险制度、城市居民最低生活保障制度及下岗职工基本生活保障和再就业制度的过程中存在的问题,指出这些问题会造成财政资金的浪费和对财政的压力,认为应该从加强内部管理,强化财政监督着手,达到完善社会保障制度、减少资金浪费的目的。     

智能化船员管理服务平台分析

分析大连东北亚重要国际航运中心应有的地位及基本定位,阐述大连建设航运信息中心的必要性与可行性,提出大连建立中国船员信息中心的构想及方案。     

Normal approximation for call function via Stein’s method

A Collateralized dept Obligation (CDO) is a cause of the Hamburger crisis in the USA. We use call function for pricing the CDO. In this paper, we first give uniform and non uniform bounds on normal approximation for the call function without correction term. In this part, we assume that the third and fourth moments of random variables exist, respectively. Second, we present uniform and non uniform bounds on normal approximation for the call function with a correction term under the assumption that the sixth moments of random variables is finite. Our techniques are Stein’s method and the zero bias transformation.     

试析海子诗歌的主题元素

海子对现代诗歌作出了卓有成效的探索,他追求生命的高远、浪漫、炽热,开辟了中国诗歌的自新之路。海子是一位有世界眼光的诗人,既吸收了西方文化精华,又充分发扬本民族诗歌传统。海子诗歌的主题也围绕着古今中外众诗人的探索展开和发展,其中田园情结、基督式博爱、神性的召唤等主题元素阐释了海子与中西方诗人先贤们在思想层面、精神气质和语言形式上的渊源。     

西三角商贸中心构建研究

在阐述西三角经济区与西三角商贸中心内涵的基础上,分析了西三角商贸中心构建的影响因素和西三角商贸中心的空间布局、功能和结构要素。研究发现,构建西三角商贸中心有利于推进西三角商贸产业和区域经济协同发展。最后,提出推进西三角交通协同发展和提升商贸产业竞争力等对策建议。     

新加坡是怎样建成一个国际金融中心的

新加坡早期的贸易的发展,为新加坡的金融业的发展奠定了最早的基础。立国以后,新加坡政府针对“自己的先天不足”,随世界局势的变化因势利导,采取有效的措施,建设良好的软硬环境,逐渐把新加坡建成一个世界级的金融中心。     

Families on hold: How the context of an asylum centre affects parenting experiences

Migration, especially under stressful circumstances, places pressure on parental capacities. At the same time, being part of a supportive family is of prime importance for the well‐being of migrating children and parents. In this paper, we highlight the impact of the living conditions in a collective asylum centre on asylum applicants' parenting experiences through in‐depth interviews with and participant observations among parents in a Belgian asylum centre. Differentiating between the influences of the organizational and physical environments of the centre, our results reveal that various organizational aspects limit parental agency and well‐being and often render parents powerless in raising and protecting their children. Their physical environment, consisting of a dilapidated building, is experienced as a nonwelcoming, dangerous environment that leaves insufficient opportunity to establish a safe and stable home. We conclude that there is almost no attention paid to asylum applicants' parental role within the collective reception facilities. Further, their individual parental responsibility is emphasized, whereas the difficult environment of the asylum centre in which they have to raise their children is not criticized.