Min–max multi-step barrier options and their variants

This paper studies a new type of barrier option, min–max multi-step barrier options with diverse multiple up or down barrier levels placed in the sub-periods of the option’s lifetime. We develop the explicit pricing formula of this type of option under the Black–Scholes model and explore its applications and possible extensions. In particular, the min–max multi-step barrier option pricing formula can be used to approximate double barrier option prices and compute prices of complex barrier options such as discrete geometric Asian barrier options. As a practical example of directly applying the pricing formula, we introduce and evaluate a re-bouncing equity-linked security. The main theorem of this work is capable of handling the general payoff function, from which we obtain the pricing formulas of various min–max multi-step barrier options. The min–max multi-step reflection principle, the boundary-crossing probability of min–max multi-step barriers with icicles, is also derived.     

我国农业农村现代化水平的时空特征及障碍因子研究

[目的]推进农业农村现代化发展是“十四五”期间关于“三农”工作的重大战略安排，构建农业农村现代化发展水平评价体系以分析我国农业农村现代化发展的区域差异与制约因素，对于引导农业农村现代化发展方向和决策部署具有重要意义。[方法]文章借助多指标综合测度法、空间自相关分析法以及障碍因子测度模型，在测算评估2010—2020年我国区域农业农村现代化发展水平的基础上，阐明农业农村现代化发展的时空特征并划分不同发展类型，分析影响农业农村现代化发展的障碍因子。[结果]（1）整体来看，我国农业农村现代化水平逐年攀升；（2）从系统层指标分析，农业现代化发展综合指数较高，但农业农村现代化发展水平的提升更多依赖于农村现代化发展拉动；（3）从空间视角来看，多数省份之间农业农村现代化发展水平呈现明显的正向空间相关性，在显著区域内以“高—高”“低—低”空间集聚为主；（4）从障碍因素角度分析，农业生产现代化与农村文化医疗现代化是农业农村现代化水平提升的最大桎梏。[结论]实现农业农村现代化发展要立足我国农业发展新征程的现实逻辑，坚持农业农村优先发展的战略总方针，提高农村医疗文化水平，深化农业农村改革，加快推进农业一二三...     

Multi-step barrier products and static hedging

This paper examines multi-step barrier options with an arbitrary payoff function using extended static hedging methods. Although there have been studies using extended reflection principles to obtain joint distribution functions for barrier options with complex barrier conditions, and static hedging methods to evaluate limited barrier options with well-known payoff functions, we obtain an explicit expression of barrier option price which has a general payoff function under the Black–Scholes framework assumption. The explicit multi-step barrier options prices we discuss in this paper are not only useful in that they can handle different levels and time steps barrier and all types of payoff functions, but can also extend to pricing of barrier options under finite discrete jump–diffusion models with a simple barrier. In the last part, we supplement the theory with numerical examples of various multi-step barrier options under the Black–Scholes or discrete jump–diffusion model for comparison purposes.     

西藏小型水电站开发阻碍因素

小型水电站是西藏自治区偏远地区实现电力供应的重要途径,但受制于经济社会发展和自然地理条件的限制,西藏小型水电站的开发面临一系列的阻碍。经过文献调研,总结了8种西藏小型水电站开发的阻碍因素。通过问卷调研,对这些阻碍因素的影响程度进行排序。结果显示,所有阻碍因素对西藏小型水电站开发的影响程度均较大,其中排序前5的阻碍因素分别是脆弱的生态环境、配套基础设施落后、政策的不确定性、投资难以回收与盈利、恶劣的自然气候条件。全面认识西藏小型水电站开发所面临的阻碍因素并合理应对将有利于实现西藏小型水电站长久稳定的发展。     

黏土在渗水压固结中的超静孔压消散试验研究

渗透力作用普遍存在于水库土石坝、黏土铺盖、土质边坡等岩土工程中，其诱发的固结分析是研究热点，但固结过程中的超静孔压测试试验较少。现采用研制的装置，对经固结压力固结的黏土试样进行逐级施加水压的固结渗透试验。试验结果表明，施加的水压会引起土体中的孔隙水压力增长，增加的孔压在固结过程中有部分转化为渗透力，使试样产生压缩变形并引起孔隙比和渗透系数减小，进而导致固结系数的变化，且不同位置处变化的幅度不同，试验现象上表现为固结过程中未消散的超静孔压测试值沿高度呈非对称、非线性分布，最大值在试样偏下位置。变系数法理论计算值验证了试样中各点固结系数互不相同的现象。     

International portfolio diversification and the home bias puzzle

We review the literature on equity home bias, a phenomenon stating that investors do not hold enough foreign equities for an optimally diversified portfolio. We begin by defining the home bias measurement and reviewing related evidence on the bias. Further, we consider four explanations for this puzzling phenomenon: barriers to foreign investment, country-specific risks, information asymmetry, and cultural and behavioral factors. We analyze the related theoretical arguments and empirical findings of prior studies within each explanation. Based on the discussion of previous studies, several avenues for future research are suggested. (JEL G11, G15, F41)     

新建园区水生态自净化生物修复技术研究——以熊猫基地扩建工程为例

由于新建城市生态园区内人工湖泊等水源水质达不到标准，需在建设过程中构建园区水生态自净化系统，为此，以成都熊猫基地扩建工程为例，通过分析熊猫生存场域环境内的地形数据，构建湖区水环境屏障系统。通过场域内地形汇水分析与汇水点模拟，分析湖体污染负荷，模拟野生大熊猫的水生态环境，构建自净化立体水生态体系。结果表明，自净化立体水生态系统构建后，TSS（总悬浮固体）、TN（总硝酸盐）、TP（总磷）大幅消减，生态园区内逐步实现了从地表Ⅲ类水体到Ⅱ类水体净化提升。