基于转换点生存概率的或有可转债定价研究

或有可转债是重要的自救债务工具。实证结果表明,在上交所交易的银行股票收益率序列普遍存在较弱的长程自相关性。假设标的银行的股票价格动态方程由分数布朗运动驱动,其中分数布朗运动的Hurst指数H满足1/2 < H < 1,用于刻画股价的长记忆性、分形性。再应用基于偏好的均衡定价方法与分数布朗运动的条件分布对或有可转债定价。基于障碍期权与远期合约的定价公式,推导得或有可转债的显式定价公式。结果表明,虽然标的股票收益率序列的长程自相关性较弱,但由于或有可转债期限较长,其对或有可转债股权关联部分的价值有着显著的影响。标的股票收益率序列的长程自相关性对障碍期权的影响不可忽略。

     

浅议经营者实行股票期权存在的问题

股票期权作为一种对经营者新的激励机制在我国取得了一定的发展,但还存在一些问题,主要表现在:法律法规方面、法人治理结构方面、有效市场方面、技术方面、思想观念方面等,只有解决这些问题,股票期权才能在我国顺利发展.     

双寡头战略期权执行博弈均衡投资决策研究

运用期权博弈方法,研究了企业最优战略投资决策问题。在产品市场需求和运营成 本二重不确定性因素假设条件下,给出企业投资价值函数和最优投资临界值,深入分析了企 业最优均衡投资策略规则,探讨了不确定因素波动率及其相关性对企业最优投资临界值及均 衡的影响,并通过数值释例研究了投资时机的可达性问题,以进一步验证和充实理论分析结 果。     

实物期权框架下公司治理结构的比较与借鉴

本文针对美国投资决策的实物期权理论研究与企业实践脱节这一现实问题,从美国和日本公司治理结构差异的角度给予了一个合理的解释,并对我国公司治理结构的改善提出了一些政策建议。     

Characterizing Environmental Harm: Developments in an Approach to Strategic Risk Assessment and Risk Management

Environmental policymakers and regulators are often in the position of having to prioritize their actions across a diverse range of environmental pressures to secure environmental protection and improvements. Information on environmental issues to inform this type of strategic analysis can be disparate; it may be too voluminous or even absent. Data on a range of issues are rarely presented in a common format that allows easy analysis and comparison. Nevertheless, judgments are required on the significance of various environmental pressures and on the inherent uncertainties to inform strategic assessments such as “state of the environment” reports. How can decisionmakers go about this type of strategic and comparative risk analysis? In an attempt to provide practical tools for the analysis of environmental risks at a strategic level, the Environment Agency of England and Wales has conducted a program of developmental research on strategic risk assessment since 1996. The tools developed under this program use the concept of “environmental harm” as a common metric, viewed from technical, social, and economic perspectives, to analyze impacts from a range of environmental pressures. Critical to an informed debate on the relative importance of these perspectives is an understanding and analysis of the various characteristics of harm (spatial and temporal extent, reversibility, latency, etc.) and of the social response to actual or potential environmental harm from a range of hazards. Recent developments in our approach, described herein, allow a presentation of the analysis in a structured fashion so as to better inform risk‐management decisions.     

中国风险投资发展:国外经验借鉴与国内政策措施

国外风险投资发展的成功经验为中国发展风险投资提供了很好的借鉴。我国发展风险投资的措施,主要包括:引导和探索多种形式的风险投资组织形式;加大对高新技术产业和风险投资的优惠政策;制定和完善风险投资相关法规;建立多层次股权交易市场疏通退出渠道;对风险投资直接监管与间接监管相结合。     

Ordinal preference representations

Ordinal preferences have several advantages over the traditional cardinal expressions of preference. Three different representations of ordinal preferences useful in multi-participant modelling are presented, and their features compared. One approach is thepayoff representation that is based on an ordinal normal form game. A second representation of ordinal preferences is thepreference vector, based on the option form of the game. The option form consists of a list of players, with each player followed by the options under its control. The third representation of ordinal preferences is thepreference tree. A preference tree is an implied binary tree that captures the information of preference vector in a more compact manner by making use of its lexicographic structure. The preference tree offers considerable compactness and computational efficiency over the other two approaches.     

INTEGRATING PAID WORK AND FAMILY WORK

This qualitative study explores the nature and variation of parenting in the workplace (PIW) childcare practices in a purposive sample of 55 businesses that allowed employees to personally care for children at the workplace while simultaneously performing their job duties. Major findings indicate that although PIW occurred in a variety of industries and organizations of different sizes, the practice was limited to employees who held administrative type positions. Businesses supported PIW on an occasional basis for employees who experienced breakdowns in routine childcare arrangements or on a regular basis for employees who did not have continuing access to acceptable or affordable childcare. According to business representatives in this sample, the practice helped maintain worker productivity and decrease employee absenteeism but was supported only on the condition that employees accomplish work tasks and supervise well-behaved children. The author also considers what PIW might suggest about the relationship between paid work and family work in today's society. Because family and child well-being appeared to be secondary to business goals, theoretical and practice frameworks that align the needs of children and families with the needs of businesses should direct future research on parenting in the workplace. Insights about father involvement in PIW, implications of PIW for child development, and the potential of Border Theory and the Work-life Systems Framework to inform future PIW studies are addressed.

Este estudio cualitativo explora la naturaleza y la variación en el cuidado de los niños en el lugar del trabajo ‘parenting in the workplace’ (PIW) en una muestra planificada de 55 empresas que permitieron que los empleados cuiden personalmente a los niños en el lugar de trabajo mientras simultáneamente hacen sus deberes del trabajo. Los resultados principales indican que aunque PIW ocurrió en una variedad de industrias y organizaciones de tamaños diversos, la práctica era limitada a los empleados con papeles administrativos. Los negocios apoyaron PIW de vez en cuando para los empleados que experimentaron interrupciones en sus arreglos cotidianos para cuidar a sus niños o de manera habitual para los empleados que no tenían acceso a recursos aceptables o asequibles de cuidar a los niños. Según los representantes de negocios en esta muestra, la práctica fomentó el mantenimiento de la productividad del trabajador y disminuyó el ausentismo pero se apoyó solamente a condición de que los empleados lograran sus tareas de trabajo y que los niños se comportaran bien. El autor también considera qué PIW puede sugerir sobre la relación entre el trabajo pagado y el trabajo dentro de la familia en la sociedad de hoy. Ya que el bienestar de la familia y del niño pareció subordinado a las metas de negocio, es necesario que marcos de teoría y práctica que alinean las necesidades de niños y de familias con las necesidades de negocios deben dirigir la investigación futura sobre el cuidado de los niños en el lugar del trabajo. Se tratan también ideas sobre la participación de los padres en PIW, implicaciones de PIW para el desarrollo del niño, y la potencial de Border Theory (teoría de la frontera) y Work-life Systems Framework (marco de sistemas de trabajo-vida) para informar los estudios de PIW más adelante.     

Normal Deviation and Poisson Approximation of a Security Market by the Geometric Markov Renewal Processes

We consider the geometric Markov renewal processes (GMRP) as a model for a security market. Normal deviations of the geometric Markov renewal processes for ergodic averaging and double averaging schemes are derived. We introduce Poisson averaging scheme for the geometric Markov renewal processes. European call option pricing formulas for GMRP are presented.     

First-time mothers’ birth beliefs,preferences, and actual birth: A longitudinal observational study

Problem

Birth preferences, such as mode and place of birth and other birth options, have important individual and societal implications, yet few studies have investigated the mechanism which predicts a wide range of childbirth options simultaneously.