含股权回售与赎回条款的或有可转债定价研究

为兼顾发行方与投资者的利益,确保融资效率,本文设计了含股权回售与赎回条款的或有可转债(share-putable&callable CoCos,SPCCs).首先将其分解为普通或有可转债多头、下降-敲入看跌障碍期权多头以及上升-敲入看涨障碍期权空头的组合;然后针对债券价值的“路径依赖”特征,引入Jarrow-Turnbull模型确定生存概率,继而推导出以股价为触发器的SPCCs定价公式;最后针对瑞信集团(credit suisse) 2011年2月发行的或有可转债进行实证分析.结果表明:SPCCs价格与债转股触发强度增速显著负相关;同时发行方股价波动率会对SPCCs价格产生间接影响,且影响方向取决于“CoCos价值随股价波动率的增加幅度”与“股权回售与赎回条款价值随股价波动率的减少幅度”孰大孰小.     

基于期权博弈的可转换债券最优策略分析

发行者和持有者的最优策略分析一直是可转换债券研究的一个难点.本文基于期权博弈分析理论,采用有限元数值模拟技术,分析了可转换债券条款中利息、赎回公告期、硬赎回约束、软赎回约束以及红利对发行者最优赎回策略和投资者最优转换策略的影响.数值结果表明以上因素对可转换债券最优策略的影响非常明显.这对可转换债券条款的设计和定价都具有重要的意义.     

自相似业务流下的服务质量保障

将来网络服务质量需要考虑网络业务流自有的自相似性对网络性能的影响,而传统的网络模型未考虑此因素。该文利用分数布郎运动模型,建立了一个网络模型,此模型考虑了业务流的自相似,以及聚类的特性,通过控制有效带宽,提高统计复用效率,并通过审核控制机制,提供网络服务。实验证明分数布郎运动模型能如实描述业务流特性,准确预测业务流的性能,能够最大限度地利用网络资源,提高服务质量,弥补原来网络排队模型的缺陷。     

Answering the Call: Virtual Migration in Indian Call Centres

This paper explores the daily, psychic journeys Indian call center agents undergo as they ‘virtually migrate’ between India and the US. A thin cable that runs half way around the globe bridges the ‘here’ and the ‘there’, connecting agents to faraway customers in real time. The new time-space relations generated by this virtual contact create conditions for these workers to undergo a global ‘migration’ from India and to America, even as their bodies remain bounded within the national homeland. To accommodate the US American workday, Indian agents often work the nightshift and sleep during the day, leaving them little time for family, friends, and cultural events. This temporal arrangement displaces them from the daily rhythms of Indian life, generating a sense of loss, longing, and nostalgia for ‘India’. Further, while agents experience a sense of distance from India, they also experience a movement toward ‘America’. Agents’ accounts suggest a feeling of living between worlds, yet their movement is decoupled from physical migration.     

A seamless service: meeting the needs of children with disabilities through a multi-agency approach

Recent research and child care legislation has brought about a change in emphasis in services for families where there is a child with disabilities. The multi-disciplinary approach, where different agencies and professionals work together to provide a holistic service, has become of paramount importance. This study reports the results of an evaluation of a multi-agency Children's Centre which was attempting to put the rhetoric into practice. A multi-method research design, incorporating quantitative and qualitative techniques, was used. The main aim was to assess how far the Centre was carrying out an integrated approach in order to meet the needs of children and carers. The results indicate that while staff felt that there was still some way to go to provide a seamless service, the vast majority of parents felt that the Centre did meet its aims. While the reasons for these differences are explored, and the authors caution against complacency, the overall conclusion is that there is evidence that professionals can successfully work together in close proximity with one shared aim; and that such multi-agency centres work for families.     

Nurses' Pay Formation in Swedish Health Call Centres

This article analyses the pay formation process for nurses in the new organizational form of health call centres (HCCs) in Sweden. It finds that HCC tele‐nurses have gained a better labour market position than both the average call centre employees in other sectors and some other nurses. This specialization of the nursing occupation may thus have importance for gendered pay formation in public healthcare. In evaluating pay formation, the article draws on case studies carried out by the author. It analyses the shift from centralized bargaining towards more decentralized and individualized pay formation and the importance of union organization, economic and professional factors that have contributed to relatively higher pay for these workers. The article concludes with a discussion of the implications of this process for the gender pay gap in the state sector and limitations to future gains.     

Presence and competences of social workers in Spanish educational centres. Laws vs. reality. A research approach

ABSTRACT

In Spain, School Social Work has had an uneven, non-linear record, with periods of stagnation. This situation still takes place nowadays, partly due to the lack of regulation of their competences and functions, and, above all, due to the fact that the figure of the social worker is not well settled in educational centres yet. The purpose of this article is to find out whether the figure of the social worker has been correctly incorporated into the educational system, as well as to assess the regulation of their competences and functions for the best development of their professional duties. The base of this article is the information obtained from a national ad hoc research, using as data collection technique a structured and self-administered online questionnaire designed by the author and distributed to social workers through 36 professional associations, thanks to the coordination with the Social Work National Council in Spain. Finally, a sample of 146 cases has been obtained. The conclusions show an approximation to the current actual reality of the professional exercise of social workers within the Spanish educational system and, in particular, to the strengths and weaknesses for an effective exercise of their competences and skills according to regulations which include and protect their professional activity.     

现代图书管理中色标排架法的设计与实现

传统的分类排架法利用文字型书标对图书文献进行排架,归架速度慢,难于检出错架图书,对彩色书标的研究与应用仅限于定制现成的色条或有彩色方框的书标。鉴于文字型书标的局限性,可利用计算机输出打印彩色书标,实行色标排架法。利用不同颜色和形状的色条代表索书号中的字母、数字和符号,用颜色作为分类排架的辅助标识来组织图书排架,把文字型书标和色条型书标结合起来,相同分类号图书标上色条的颜色、形状整齐划一,错架图书就很容易直观地分检出来。     

PERSPECTIVES: THE EDITORS' VIEW

No abstract available for this article.     

Marriage and Midnight Work: A Qualitative Study of Unmarried Women Call Center Agents in India

Based on a qualitative study, we explored the changing aspirations of marriage among unmarried call center agents in India. Data were collected from forty-five unmarried call center agents and ten parent couples, through in-depth semi structured interviews in the National Capital Region (New Delhi, Gurgaon, and NOIDA) in India. Our study found that the agents desire to continue in their cell center employment after marriage, despite the existing incompatibility between marriage and night shift based call center employment in India. We argue that the socio-cultural background of the agents influences their capacity to exercise their agency more than the economic aspects of their employment.