现代科技社团绩效评价的理论探讨

对现代科技社团进行绩效评价,有利于提高透明度和公信度,提升组织效率,改善管理绩效。文章对现代科技社团绩效评价进行系统性梳理,基于现代科技社团的绩效特征,从管理部门、社会公众、会员群体和科技社团本身等四个维度评价现代科技社团绩效,从学术交流能力、会员服务能力、社会服务能力、自身发展能力等四个要素分析现代科技社团绩效评价的内涵,从而建立现代科技社团绩效评价理论框架。     

Voluntary association membership of outdoor recreationists: An exploratory study

Abstract

Research on the political activity of outdoor recreationists has focused primarily on their associational affiliations and concern for the environment. This article reviews literature on theories of collective behavior, recreation motivations, and environmental concern. The study considers outdoor recreation as a social movement and investigates relationships between incentives for voluntary membership in environmental and outdoor recreation associations, motivations for participation in outdoor recreation activities, and environmental concern. Members of associations were found to be significantly different than nonmembers on several variables including value for outdoor recreation, incentives for association membership, intellectual motivations for outdoor recreation, environmental concern, education level, and age. Results suggest that association efforts to obtain instrumental benefits, or public goods that accrue to all of society, are a primary incentive for outdoor recreationists to join voluntary associations. A common thread of intellectual pursuit distinguished members from nonmembers, suggesting that intellectual benefits may help define the relationship between outdoor recreation and associational affiliation behaviors.     

PRICING AND HEDGING OF DERIVATIVES BASED ON NONTRADABLE UNDERLYINGS

This paper is concerned with the study of insurance related derivatives on financial markets that are based on nontradable underlyings, but are correlated with tradable assets. We calculate exponential utility‐based indifference prices, and corresponding derivative hedges. We use the fact that they can be represented in terms of solutions of forward‐backward stochastic differential equations (FBSDE) with quadratic growth generators. We derive the Markov property of such FBSDE and generalize results on the differentiability relative to the initial value of their forward components. In this case the optimal hedge can be represented by the price gradient multiplied with the correlation coefficient. This way we obtain a generalization of the classical “delta hedge” in complete markets.     

A revisit on real interest rate parity hypothesis – simulation evidence from efficient unit root tests

A set of unit root tests are applied to test the existence of long-run real interest rate parity among the G-10 countries over the period 1971M1 to 2007M2. Rather than trusting the asymptotic distributions, this article uses simulation techniques to establish the small sample distributions of these tests, conditional on the stationary and nonstationary processes. The empirical results indicate that the tests have stable finite-sample sizes and higher size-adjusted powers such that the two estimated processes can be distinguished from each other. Thus, for six of the nine countries, their series are more likely to come from the estimated Autoregressive (AR) stationary process than from the nonstationary process. Noticeably, the testing results are rather different from those using the asymptotic distributions, in which only three countries support the real interest rate parity.     

Gender Employment Disparities,Financialization, and Profitability Dynamics on the Eve of Italy's Post-2008 Crisis

This study explores aggregate profitability in Italy from 1994 to 2008 in its connection with structural change and gender employment disparities. Using decomposition analysis, the study finds that aggregate profit rate declined, but the profit share did not. Male variables – such as earnings, output, employment, and working hours – tended to have more weight than female ones in explaining aggregate outcomes. Structural change also played a major role, as the economy specialized in sectors with falling real wages and wage shares, especially the financial sector and construction. Further falls in the wage share and widening wage gaps may not guarantee a rise in profitability. This result entails that “neo-mercantilist” approaches to solve the crisis might only prepare the next crisis, while a coordinated expansion of demand could be more successful. Moreover, gender issues should not be neglected in terms of favoring women's employment and entrepreneurship.     

英国四大银行经营战略的变革与启示

上世纪90年代以前,英国银行在“大的是好的”的观念引导下,采取了不计代价追求规模、增长和市场份额的经营战略,这与我国目前多元化银行组织体系下各类银行普遍追求业务规模和市场份额,并导致整个银行业经营战略趋同的状况颇为相似。20世纪90年代以后,英国银行业在日益严峻的竞争环境下,逐渐认识到大的并不总是美好的,必须将战略重点集中于具有核心竞争能力的领域,实施各具特色的经营战略。随着我国金融市场的不断开放和分业经营限制的逐步松动,以四大银行为首的我国商业银行在向综合化和国际化发展过程中,应根据自身情况确立市场与业务定位,有所为有所不为,努力发挥自身长处,实施更加体现核心竞争力的差异化经营战略。     

石油储量价值评价中价格级差分级模型的设计

从资源所有者的角度看，石油储量价值由该储量的价格级差和成本级差构成。针对石油储量的价值评价工作，分析并确定了影响石油资源价值的价格级差因素及其次因子的构成，进而就这些因子形成了价格级差分级的模型。     

How Do Investors' Expectations Drive Asset Prices?

Based on an extension of the process of investors' expectations to stochastic volatility we derive asset price processes in a general continuous time pricing kernel framework. Our analysis suggests that stochastic volatility of asset price processes results from the fact that investors do not know the risk of an asset and therefore the volatility of the process of their expectations is stochastic, too. Furthermore, our model is consistent with empirical studies reporting negative correlation between asset prices and their volatility as well as significant variations in the Sharpe ratio.     

Exact Solutions of a Model for Asset Prices by K. Takaoka

We are concerned with a model for asset prices introduced by Koichiro Takaoka, which extends the well known Black-Scholes model. For the pricing of contingent claims, partial differential equation (PDE) is derived in a special case under the typical delta hedging strategy. We present an exact pricing formula by way of solving the equation. Mathematics Subject Classification(2000):91B28,35K15     

Collocation的语篇衔接功能

人们对collocation的认识已由语义层次的“习惯搭配”发展到语篇层次的“词汇同现”。collocation在语篇结构中的衔接作用:通过语义联想使词汇同现,相互联系,形成词汇套,具有连句成篇的功能;通过语义场使词汇同现,形成以“场”为纽带的词汇套,具有连句成篇的功能。