How to make Dupire’s local volatility work with jumps

There are several (mathematical) reasons why Dupire’s formula fails in the non-diffusion setting. And yet, in practice, ad-hoc preconditioning of the option data works reasonably well. In this note, we attempt to explain why. In particular, we propose a regularization procedure of the option data so that Dupire’s local vol diffusion process recreates the correct option prices, even in manifest presence of jumps.     

Loosely Coupled Results Control in Dutch Municipalities

This paper analyses the implementation of the ‘dual system’ in Dutch municipalities which was part of a package of New Public Management‐reforms. This system was stimulated by Dutch central government and called for more accountability for performance of municipal managers and the board of mayor and aldermen, as well as for the use of more output and outcome information. Interviews of participants on four different hierarchical levels in 12 municipalities show that the practices of output management at different hierarchical levels are only loosely coupled to each other (‘vertical loose coupling’). We also found some degree of ‘horizontal loose coupling’ at each hierarchical level between result orientation, the development of output indicators and the use of output information for performance evaluation. The paper analyses the reasons why municipalities encounter difficulties in designing a comprehensive and coherent performance management system.     

基于扩展计划行为理论的乡村旅游经营者从众行为研究——西安市上王村实证

乡村旅游是实现巩固拓展脱贫攻坚成果同乡村振兴有效衔接的重要路径选择。乡村旅游经营者的从众行为能够促进旅游地的规范化与规模化发展,但一味地盲从也必然会给旅游地造成不可挽回的损失,理性对待乡村旅游经营者的从众行为对旅游地的可持续发展意义深远。本文基于扩展的计划行为理论基本框架,引入精英影响感知和模糊情境感知两个变量,对乡村旅游经营者从众行为意向的影响因素进行实证研究,并构建乡村旅游经营者从众行为形成机制的理论模型。研究发现,行为态度、指令性规范、知觉行为控制、精英影响感知和模糊情境感知与从众行为意向呈显著正相关关系。另外,乡村旅游经营者的受教育水平对从众行为意向存在显著影响,且呈现受教育水平越高从众行为意向越低的趋势。为了进一步发展乡村旅游,助推乡村振兴,建议提升乡村旅游经营者的经营能力;发挥乡村旅游精英的信息传递与示范带动作用;落实政府的引导与监管职能;防范政府决策层的盲从行为。     

基于游客感知的古北水镇存在的问题及对策研究

根据旅游地生命周期理论采用S曲线对古北水镇的未来发展进行预测,发现古北水镇的发展趋势并不乐观。通过分析网络评价文本并结合问卷调查两种方法探究游客感知下的古北水镇形象和其存在的问题。研究发现,古北水镇目前存在竞争优势不明显、商业化问题严重、旅游产品缺乏地方特色和基础配套设施亟待完善的问题,针对这些问题提出立足于文化底蕴打造竞争优势、降低商业化程度、开发创新性的文旅产品和完善基础设施的发展对策。     

分税制财政体制改革中的利益集团博弈研究

改革开放以来,尤其是中国共产党十八届三中全会召开前后,在财政体制改革过程中,存在着各种利益集团之间错综复杂的博弈问题。本文将以博弈论为主要的分析工具,运用实证分析法来研究完善分税制财政体制过程中的利益集团博弈问题。首先概括性地阐述我国分税制财政体制中的利益集团博弈问题。然而具体分析各种利益集团的博弈问题。从取得财政收入方面来说,主要是处理好税收征纳双方的博弈问题;从支出财政资金层面讲,则是处理好政府各个职能部门之间的博弈关系。由此在深化财政体制改革的过程中,我们必须妥善处理好中央与地方,国家、企业与个人,税收征纳双方,政府各个职能部门等利益集团之间错综复杂的利害关系。激发全社会各方面的活力,使得众多利益集团创造社会财富的源泉动力充分地涌流。目的是完善分税制财政体制,构建与市场经济相适应的现代财政制度。     

Using Pacioli’s pedagogy and medieval text in today’s introductory accounting course

Students today see little relevance in learning double-entry bookkeeping and find it difficult to learn how to prepare journal entries correctly. In particular, they struggle with the first stage of the double-entry process: identifying which accounts are to be debited and which are to be credited for each transaction. This paper reports on an attempt to overcome this situation by using the first printed instructional text on the subject (Pacioli, 1494) as the principal textbook on a 20-hour component of the introductory financial accounting course in an undergraduate accounting degree program. Instruction followed the pedagogy presented by Pacioli and only minimal additional costs to faculty were incurred.     

Determinants of corporate social disclosure: Empirical evidence from Bangladesh

We explore the potential firm and industry characteristics that determine the corporate social responsibility (CSR) disclosure practises by Bangladeshi listed firms. We use a CSR disclosure checklist to measure the extent of CSR disclosure in the annual reports and a multiple regression analysis to examine the determinants of CSR disclosure. Our study finds that CSR disclosure has positive and significant relationships with export-oriented sector, firm size and types of industries. We also find a negative relationship between CSR disclosure and family ownership. The overall findings of our study provide empirical evidence which suggests that a number of firm and industry characteristics are important determinants of the extent of CSR disclosures in a developing country like Bangladesh. Our findings can help the policy makers to adopt necessary regulatory reform to improve the CSR practises and enhance organisational legitimacy.     

基于分形理论对武汉城市圈城市体系的研究

运用分形理论对武汉城市圈城市体系等级规模结构和空间结构做了定量分析。研究结果表明,武汉城市圈城镇等级规模分形维数D为0.7233,小于1,这说明武汉城市圈城镇规模等级结构较为分散,属于典型的首位分布类型,城镇体系发育不成熟。而城镇空间关联维数D=0.8499,小于1,这表明武汉城市圈城镇体系内各城市间联系紧密,分布高度集中于一地。本文在分析武汉城市圈城市体系的等级结构和空间结构的基础上,提出了可行性建议。     

基于粗糙集的四川省能源可持续发展灰色评估

针对我国能源结构可持续发展评估过程中存在的指标冗余、权重确定主观性较强以及信息不确定等问题,构建基于粗糙集的能源可持续发展灰色评估模型进行合理科学评估。以四川省实际数据为样本,对初步选取的指标进行约简,并利用粗糙集理论中属性重要性对指标进行度量确定权重,最后采用灰色聚类理论中白化权函数构建的可持续发展评估模型进行评估。评估结果显示,四川省能源、环境系统呈现出强可持续发展态势,而经济系统表现为弱可持续性。     

京津冀物流业与经济协同发展的实证研究

随着京津冀一体化协同发展上升为国家战略,物流业的发展将形成区域经济发展的高效路径,降低区域经济运行成本,推动区域经济一体化的进程。本文运用灰色系统相关理论,选取六个经济变量,从总供给和总需求两个层面,对京津冀物流业发展与经济的关联度和协同性进行了实证研究。研究发现京津冀物流业与各区域经济的发展之间存在较高的关联性,总体上较为协调,但也表现出一定的差异。北京的工业、第三产业、社会消费品零售总额,天津的第三产业、社会消费品零售总额、净出口总额,河北的社会消费品零售总额和净出口总额与各区域的物流业发展不够协调。最后根据结论提出了相应的政策建议。