A Comparison of Two Quadratic Approaches to Hedging in Incomplete Markets

This paper provides comparative theoretical and numerical results on risks, values, and hedging strategies for local risk-minimization versus mean-variance hedging in a class of stochastic volatility models. We explain the theory for both hedging approaches in a general framework, specialize to a Markovian situation, and analyze in detail variants of the well-known Heston (1993) and Stein and Stein (1991) stochastic volatility models. Numerical results are obtained mainly by PDE and simulation methods. In addition, we take special care to check that all of our examples do satisfy the conditions required by the general theory.     

Block recursion and structural vector autoregressions

In applications of structural VAR modeling, finite-sample properties may be difficult to obtain when certain identifying restrictions are imposed on lagged relationships. As a result, even though imposing some lagged restrictions makes economic sense, lagged relationships are often left unrestricted to make statistical inference more convenient. This paper develops block Monte Carlo methods to obtain both maximum likelihood estimates and exact Bayesian inference when certain types of restrictions are imposed on the lag structure. These methods are applied to two examples to illustrate the importance of imposing restrictions on lagged relationships.     

Nonparametric Estimation of Oligopsony Power in First‐Price Auction

This paper proposes a nonparametric procedure to estimate market power for first‐price auction data and applies the procedure to cattle procurement markets. Most previous studies have used parametric methods, which require specific functional forms for retail demand, input supply and processors’ cost equations. However, researchers often find that market power estimates from parametric methods are sensitive to the choice of functional forms and specifications. An application to data from cattle procurement experiments shows that our nonparametric approach greatly outperforms commonly used parametric methods in estimating the degree of market power. While parametric estimates are sensitive to functional form specification and are at least 90% smaller than ‘true’ market power indices, estimates from our nonparametric procedure deviate from the actual value by no more than 25%.     

铅盐生产企业周围环境中铅污染状况及防治方法

通过对铅盐生产企业周围生态环境的调查,发现这些企业周围的土壤、大气、水、底质等环境均受到不同程度的污染,卫生防护距离也达不到环保要求,周围居民生活环境受到威胁.针对污染的特征,提出了铅盐生产企业周围环境中铅污染防治方法.     

沥青混凝土路面病害防治的施工管理措施

对于沥青混凝土地面而言,裂缝、水破坏、松散、泛油、推移等都是其最常见的病害现象,可以说是公路施工过程中质量方面的通病,不但影响了车辆通行的速度及安全,也对我们所有施工技术人员提出了严峻的考验和挑战,本文系统的介绍了沥青混凝土路面病害的形成原因和在施工管理过程中的如何采取相应的有效措施,希望可以供所有同仁参考。     

Educational Marketing in the Latin American Context: An Executive MBA Case

ABSTRACT

This paper provides Latin American Executive MBA students' approaches to studying, achieving profile, preferences and perceptions of instructional methods used in teaching marketing courses and educational marketing segments based on their preference ranking of instructional methods and approaches to studying. Results indicate that, in general, these students have a strong need for excellence, and for gaining status with experts. Their approach to studying is directed first at understanding what they learn, and then at doing well in their courses. Results also indicate that such students strongly prefer courses using participative instructional methods, such as case studies, to the instructor-dominated lecture method. Thus, there appears to be a gap between the types of instructional methods now being emphasized in MBA classrooms and the methods preferred by the students. These students can be placed into four distinct segments, namely Technology Sophisticated Learners, Academic Success Seekers, Degree Seekers and Instructor-Oriented Learners. Managerial implications from the results are drawn both for the administrators and for the faculty members teaching in an EMBA program.

RESUMEN. Este estudio ilustra el enfoque do los estudiantes latinoamericanos de MBA Ejecutivo sobre las materias de estudio, trazado de un perfil, preferencias y percepción de los métodos de enseñanza utilizados en los cursos de mercadeo y mereadeo educacional en base a sus preferencias, que se utilizaron para desarrollar un sistema de clasificación de los métodos y enfoques de la enseñanza y el aprendizaje. De acuerdo a los resultados, los estudiantes sienten una gran necesidad de alcanzar la exceleneia, y de adquirir renombre junto a los expertos. Ellos encaran sus estudios eonsiderando prioritaria la función de comprender lo que aprenden, y tienen como meta secundaria el obtener buenos resultados en sus cursos. Además, los resultados también indican que estos esludiantes prefieren claramente usar métodos de enseñanza participativos–tales como los estudios de caso–al método disertivo dominado por el profesor. Consecuentemente, nos parece que existe una brecha entre los métodos de enseñanza que se están implementando en las salas de aulas de los cursos de los MBA, y los métodos preferidos por los alumnos. Estos estudiantes pueden dividirse perfectamente en cuatro segmentos, o sea, Estudiantes de Tecnologías Sofisticadas, Buscadores de éxito Académico, Buscadores de Diplomas y Estudiantes Orientados por el Instructor. En el estudio trazamos las implicancias administrativas inherentes a estos resultados, así como para los docentes que están enseñando el programa EMBA.

RESUMO. Este trabalho apresenta a visão de estudantes do MBA Executivo da América Latina, em relação ao estudo, à formação do seu perfil, às preferências e às percepções dos métodos didáticos utilizados nos cursos de marketing e nos segmentos educacionais dc marketing, baseados no ranking de suas preferências pelos métodos didáticos e pelas abordagens do estudo. Os resultados indicam que, em geral, estes estudantes buscam rigorosamente a excelência e a conquista de status através de especialistas. A sua abordagem do estudo está direcionada. primeiramente, ao conhecimento e, em segundo lugar, ao sucesso do seu desempenho. Os resultados também indicam que tais estudantcs preferem nitidamente os cursos que utilizam o método didático participativo, como o estudo de casos, ao método de ensino tradicional expositive Assim. parece haver uma lacuna entre os tipos de métodos didáticos atualmente sendo enfatizados nas aulas de MBA e entre os métodos preferidos pelos estudantes. Estes alunos podem ser classificados em quatro segmentos distintos: Aprendizes da Alta Tecnologia, Perseguidores do Sucesso Acadêmico, Perseguidores de Títulos e Aprendizes Orientados por Instrutor. As implicações gerenciais, a partir dos resultados, são delineadas tanto para os administradores quanto para os membros do corpo docente que ensinam no programa de MBA Executivo.     

“互动式教学模式”在英语教学中的探究

英语教学应具有极强的实践性、交流性。以往“教师讲、学生听；教师写、学生抄：教师考、学生背”的落后的教学方式压抑了学生的个性发展，剥夺了学生创新的时间和空间。通过不断探索，互动式教学已成为提高英语课堂教学实效的有效途径。在“互动式教学模式”的课堂里，体现着“以人为本”的原则，以学生为主体，通过教学中师生之间，同学之间的互动关系，产生教与学之间的共鸣，实现教学相长。     

区域经济增长差异的结构分析方法

基尼系数、加权变异系数、锡尔系数具有特殊的可分解性,我们利用这一特殊性质有助于对区域经济增长差异进行结构分析,进行区域经济增长差异结构分析的方法中,比较有代表性的方法有基尼系数分解方法、加权变异系数分解方法和锡尔系数分解方法,通过分解可以进一步分析区域经济增长差异的地区结构因素和产业结构因素。     

基于Web的智能教学系统关键技术研究

基于Web的智能教学系统综合了传统的ITS系统优势，同时结合了Web的特点，因而系统具有智能性，能够智能地引导学生学习。它是以认知科学为理论基础，综合利用人工智能技术、教育心理学、计算机科学等多门学科的成果而形成的一种对学生实施有效教学的技术。文章提出了一种基于Web的智能教学系统模型，探讨了智能教学系统知识库的设计、教学策略的设计及个性化教学的实现，最后给出系统实现的具体思路和解决方案。     

武术选项课对大学生身体机能影响的研究

本研究课题从呼吸系统机能、循环系统机能、肌力、柔韧性及前庭分析器稳定性等几个方面对选修武术课的师范生进行调查和研究，研究结果表明：武术运动能够极大地增强学生身体机能和素质，是高等学校体育不可缺少的组成部分。