感慨 温暖 思索

内蒙古有着广袤的土地，是成吉思汗驰骋拓疆的地方，那里牧民剽悍，骏马奔腾。记得上世纪80年代看张承志的小说《黑骏马》时，深为书中所展示的大草原之辽阔壮美所吸引。得知要去阿拉善，我兴奋不已。尽管那儿的草原已渐渐被沙漠吞噬，和风丽日被沙尘暴遮蔽，但土地依旧辽阔，民情仍然豪放，英雄的史歌和足迹撇布大地，我对阿拉善充满无限遐想和神往．     

妈妈，我回来看您了

草原哪草原，我可爱的家乡。马背呀马背，我生命的摇篮………不论我离开你多久，也忘不了你…… 当这着《草原恋》在记者的耳边唱响时，记者的目光被这美好动听的歌声吸引去了，只见有七八位50多岁的男女围在一个酒桌前，唱着这首《草原恋》，他们之中有人在哽泣着，有人拥抱在了一起，泪水挂在了他们每个人的脸上……此情此景，使记者为之一动。经了解，原来他们是一群     

歌者的心声——访全国政协委员、中央民族歌舞团副团长腾格尔

腾格尔所获荣誉（部分）1986年为歌曲《蒙古人》谱曲并演唱,一举成名。1994年主演电影《黑骏马》,同时担任该片的全部音乐创作和主唱,并在第19届＂蒙特利尔＂国际电影节上获最佳音乐艺术奖。2000年在杭州举办的中国艺术歌曲音乐电视展评上,由他作词作曲并演唱的《天堂》获最佳作曲、最佳演唱两项大奖。     

中国草原畜牧业发展研究的新篇章--评《中国草原畜牧业发展模式研究》

草原牧区主要分布在祖国的边疆地区和民族地区,从区域、民族和生产特点出发,探索经济全球化背景下中国草原畜牧业的发展模式是涉及祖国半壁河山和几十个民族的经济发展、社会稳定和民族团结以及国家生态安全的重大课题.     

锡林郭勒草原旅游开发中几个问题的思考

近年来,锡林郭勒草原旅游发展迅速,但在快速发展的同时要保护好草原旅游发展的基础--草原生态环境,使草原的经济、社会、生态环境效益相协调,就要结合锡林郭勒旅游发展的实际,坚持生态旅游的开发理念;在资源--市场分析的基础上,选择合理的旅游开发模式;挖掘独特的蒙古族民族文化,打造草原旅游品牌;发挥政府在草原旅游开发中的主导作用;实现草原旅游资源开发市场化,经营管理体制创新;重视旅游目的地社区(居民)参与旅游开发与管理.     

关于印发《林业草原生态保护恢复资金管理办法》的通知

正财资环[2020]22号各省、自治区、直辖市、计划单列市财政厅(局)、林业和草原主管部门,新疆生产建设兵团财政局、林业和草原主管部门,内蒙古、大兴安岭森工(林业)集团公司:为进一步规范中央财政林业草原生态保护恢复资金管理,财政部、国家林业和草原局制定了《林业草原生态保护恢复资金管理办法》。现予印发,请遵照执行。     

我国《合伙企业法》再完善研究——以民族地区发展的视角

我国《合伙企业法》的颁行对民族地区的合伙企业发展具有重要意义.在其积极影响下,我国民族地区的合伙企业在本世纪初期呈现出宏观上的递进发展态势.为更好地发挥法律制度对经济发展的调控作用,现行《合伙企业法》虽已是修订产物,亦应检视自身不足并作出进一步的改进.囿于地方立法在规制合伙企业上成效不够明显,我国民族地区对进一步完善《合伙企业法》有着迫切诉求.我国《合伙企业法》可在当场登记制度、不执行合伙事务合伙人权利制度、合伙人基本义务制度、合伙人变动制度等方面作出进一步完善.     

金融支持乡村振兴的思考

民族要复兴,乡村必振兴。《中共中央国务院关于全面推进乡村振兴加快农业农村现代化的意见》对优先发展农业农村、全面推进乡村振兴工作作出了总体部署,为新发展阶段做好"三农"工作指明了方向。在举全党全社会之力加快农业农村现代化建设,助力建设现代化强国、实现民族复兴的新征程中,金融机构如何发挥更大作用值得深入研究。     

梅花与牡丹:中国文化的身份表达

文化是民族的血脉,是人民的精神家园.在中国最古老的哲学著作《周易》中就有"观乎人文,以化成天下" (《贲·彖辞》)之说,可见,重视文化的力量在我国已有几千年的历史.文化早已成为民族凝聚力和向心力的重要源泉.林语堂强调文化在中华民族中的整体性作用,"所谓‘中国人民’,在吾人心中,不过为一笼统的抽象观念.撇开文化的统一性不讲——文化是把中国人民结合为一个民族整体之基本要素".     

北方游牧文明的传承与发展

北方游牧文明在世界文明史上做出诸多贡献,在很多方面都表现出独创性.蒙古帝国建立后,疆域的广阔,大大促进了东西方文化、文明的交流,开创了全球一体化的新局面.草原民族的迁徙和征服活动,直接促进和推动了世界军事学说和科学技术的发展.游牧文明独有的政治文化、制度文明影响了近现代欧亚大陆很多国家的政治进程和政治文化传统,影响了欧亚地区近现代民族、宗教格局的形成.     

Optimal exercise of executive stock options and implications for firm cost

This paper conducts a comprehensive study of the optimal exercise policy for an executive stock option and its implications for option cost, average life, and alternative valuation concepts. The paper is the first to provide analytical results for an executive with general concave utility. Wealthier or less risk-averse executives exercise later and create greater option cost. However, option cost can decline with volatility. We show when there exists a single exercise boundary, yet demonstrate the possibility of a split continuation region. We also show that, for constant relative risk averse utility, the option value does not converge to the Black and Scholes value as the correlation between the stock and the market portfolio converges to one. We compare our model's option cost with the modified Black and Scholes approximation typically used in practice and show that the approximation error can be large or small, positive or negative, depending on firm characteristics.     

草原承包经营权和草原环境权的法律协调保护

草原承包经营权和环境权都以草原为同一个客体,必然面临草原承包经营权和环境权的法律协调保护的问题。对此作者认为在草原实行禁牧、休牧、轮牧、适度放牧过程中既应考虑保护环境权也应考虑到保障承包经营权。为此,政府应完善财政体制和设立环境税收的制度,对草原承包权和环境权予以协调保护。     

An empirical analysis of differences in Black and White asset and liability combinations☆

This study analyzes data from the 1992 Survey of Consumer Finances and finds significant differences in asset and liability combinations between Black and White households. In addition, White households are identified as having significantly greater net worth and financial assets relative to Black households. We are unable to show that the net worth of Black households is constrained by barriers in financial markets. Our study investigates how this difference in net worth could engender different financing decisions. We find that Black households are significantly more risk averse in their choice of assets. Further, we find that Black households typically pay higher rates for several types of credit instruments, even though they self identify as conducting significantly more extensive searches in the financial markets. JEL classification: D10; D31; J15     

A PDE method for estimation of implied volatility

In this paper it is proved that the Black–Scholes implied volatility satisfies a second order non-linear partial differential equation. The obtained PDE is then used to construct an algorithm for fast and accurate polynomial approximation for Black–Scholes implied volatility that improves on the existing numerical schemes from literature, both in speed and parallelizability. We also show that the method is applicable to other problems, such as approximation of implied Bachelier volatility.     

PRICING AND HEDGING SHORT STERLING OPTIONS USING NEURAL NETWORKS

This paper compares the performance of artificial neural networks (ANNs) with that of the modified Black model in both pricing and hedging short sterling options. Using high‐frequency data, standard and hybrid ANNs are trained to generate option prices. The hybrid ANN is significantly superior to both the modified Black model and the standard ANN in pricing call and put options. Hedge ratios for hedging short sterling options positions using short sterling futures are produced using the standard and hybrid ANN pricing models, the modified Black model, and also standard and hybrid ANNs trained directly on the hedge ratios. The performance of hedge ratios from ANNs directly trained on actual hedge ratios is significantly superior to those based on a pricing model, and to the modified Black model. Copyright © 2012 John Wiley & Sons, Ltd.     

Leverage effect breakdowns and flight from risky assets

Though part of ‘market lore’, in 1976 Black first reported the inverse relationship between price and volatility, calling it the ‘leverage effect’. Without providing evidence, in 1988 Black claimed that in the months leading up to the October 1987 crash the relationship changed: price and volatility both rose. Using daily data for the Old VIX, derived from S&P 100 Index option market prices, to estimate intra-quarterly regressions of implied volatility against price from Q2 1986 to Q1 2012, the author verifies Black’s claim for the October 1987 crash, and interestingly, for subsequent periods of crisis. He then analyses several constant-elasticity-of-variance optimal portfolio rules, which include the leverage effect, to show the elasticity sign switch implies that investors reduce their risky asset holdings to zero.     

Alternative methods to derive option pricing models: review and comparison

The main purposes of this paper are: (1) to review three alternative methods for deriving option pricing models (OPMs), (2) to discuss the relationship between binomial OPM and Black–Scholes OPM, (3) to compare Cox et al. method and Rendleman and Bartter method for deriving Black–Scholes OPM, (4) to discuss lognormal distribution method to derive Black–Scholes OPM, and (5) to show how the Black–Scholes model can be derived by stochastic calculus. This paper shows that the main methodologies used to derive the Black–Scholes model are: binomial distribution, lognormal distribution, and differential and integral calculus. If we assume risk neutrality, then we don’t need stochastic calculus to derive the Black–Scholes model. However, the stochastic calculus approach for deriving the Black–Scholes model is still presented in Sect. 6. In sum, this paper can help statisticians and mathematicians understand how alternative methods can be used to derive the Black–Scholes option model.     

草原游牧文化之合规律性与合目的性

草原游牧文化是草原文化在欧亚草原主要是蒙古高原的具体存在形式，它是生产生活在这片地域上的各个游牧民族依托草原资源，适应自然环境条件，以游牧经济为基础创造的独具特色的一种文化形态，是草原各族人民本质力量外化的结果，是他们实践智慧的结晶，其产生和存在体现了合规律性与合目的性的统一。     

民族与人性回归之路：论达斡尔族女作家昳岚的散文

昳岚是当代达斡尔族优秀女作家.她的散文充满了强烈的民族意识与个性化的色彩.在她的作品中,我们可以看到由民族血脉和民族文化所酿生出的强烈的民族认同感和多元文化背景下执著的民族立场.同时,在物欲至上的时代,她拒绝尘俗,在“真、善、美”诗意人生的追寻上表现为建构一种更合理的生存状态与更完美的人性实现.     

GARCH vs. stochastic volatility: Option pricing and risk management

In this paper we compare the out-of-sample performance of two common extensions of the Black–Scholes option pricing model, namely GARCH and stochastic volatility (SV). We calibrate the three models to intraday FTSE 100 option prices and apply two sets of performance criteria, namely out-of-sample valuation errors and Value-at-Risk (VaR) oriented measures. When we analyze the fit to observed prices, GARCH clearly dominates both SV and the benchmark Black–Scholes model. However, the predictions of the market risk from hypothetical derivative positions show sizable errors. The fit to the realized profits and losses is poor and there are no notable differences between the models. Overall, we therefore observe that the more complex option pricing models can improve on the Black–Scholes methodology only for the purpose of pricing, but not for the VaR forecasts.