股票期权的激励机理及再设计

股票期权是西方完善市场机制的产物,作为一种薪酬制度安排,其本质是通过经营者对所获期权时间价值的追逐来实现所有者和经营者的长期激励相容。但在我国目前条件下,考虑到市场的不规则,国企产权的不清晰及相关法律的不健全等现实障碍,在引进的同时加强对股票期权的再设计是比较符合中国的国情的。为此,必须妥善解决好一系列的问题,使股票期权在中国的推行更具有现实性。     

一种基于VxWorks的高实时性软件架构设计

重点描述基于VxWorks操作系统的高实时性嵌入式应用的架构设计,以及用于TDMA领域的移动通信机软件的开发.使用这种设计手段可实现在多任务条件下嵌入式软件的高实时性与稳定性等性能,对实时性要求高的软件设计师会有一定的参考价值.     

重庆市一小时经济圈区域经济动态发展水平的实证分析

在2003年、2005年和2007年社会经济数据构成的重庆市一小时经济圈区域经济时序立体数据表的基础上,运用全局主成分分析方法和雷达图分析方法,动态描述"一圈"区域经济差异,并对其区域经济动态发展水平进行分析评价,提出相应的对策和建议。     

基于单因子利率期限结构模型的中国银行间短期利率行为的实证研究

文章采用高斯估计方法,使用中国银行间债券市场国债短期利率数据,对单因子连续时间利率期限结构模型进行了参数估计,实证结果显示我国银行间国债市场的短期利率具有均值恢复特性。和其它模型相比,BS模型在数据拟合方面表现较好。     

How Strong are the Ethical Preferences of Senior Business Executives?

How do senior business executives rank their preferences for various ethical principles? And how strongly do the executives believe in these principles? Also, how do these preference rankings relate to the way the executives see the future (wherein business decisions play out)? Research on these questions may provide us with an appreciation of the complexities of ethical behavior in management beyond the traditional issues concerning ethical decision-making in business. Based on a survey of 585 vice presidents of U.S. businesses it was found that: (1) there is a distinct set of principles of ethical conduct that is considered favorable as opposed to another set considered unfavorable among a comprehensive list of 14 ethical principles; (2) the executives believed overwhelmingly that their own individual ethical preferences are better than those of other executives; (3) the strength of their preferences for ethical principles is associated with whether the executives are relatively near-future oriented or more distant-future oriented; and (4), there are very few significant differences in terms of gender, age, education level, private/public education, prestigious/other schools, business/non-business academic backgrounds, and length of job experience. Implications of these findings are discussed.     

HIGH‐ORDER SHORT‐TIME EXPANSIONS FOR ATM OPTION PRICES OF EXPONENTIAL LÉVY MODELS

The short‐time asymptotic behavior of option prices for a variety of models with jumps has received much attention in recent years. In this work, a novel second‐order approximation for at‐the‐money (ATM) option prices is derived for a large class of exponential Lévy models with or without Brownian component. The results hereafter shed new light on the connection between both the volatility of the continuous component and the jump parameters and the behavior of ATM option prices near expiration. In the presence of a Brownian component, the second‐order term, in time‐t, is of the form , with d₂ only depending on Y, the degree of jump activity, on σ, the volatility of the continuous component, and on an additional parameter controlling the intensity of the “small” jumps (regardless of their signs). This extends the well‐known result that the leading first‐order term is . In contrast, under a pure‐jump model, the dependence on Y and on the separate intensities of negative and positive small jumps are already reflected in the leading term, which is of the form . The second‐order term is shown to be of the form and, therefore, its order of decay turns out to be independent of Y. The asymptotic behavior of the corresponding Black–Scholes implied volatilities is also addressed. Our method of proof is based on an integral representation of the option price involving the tail probability of the log‐return process under the share measure and a suitable change of probability measure under which the pure‐jump component of the log‐return process becomes a Y‐stable process. Our approach is sufficiently general to cover a wide class of Lévy processes, which satisfy the latter property and whose Lévy density can be closely approximated by a stable density near the origin. Our numerical results show that the first‐order term typically exhibits rather poor performance and that the second‐order term can significantly improve the approximation's accuracy, particularly in the absence of a Brownian component.     

开放式机载时间同步系统的架构设计

针对现有机载时间同步系统在综合航电系统架构下通用性和可扩展性不足的问题,提出了一种具有开放式特征的机载时间同步系统架构。首先根据机载时间同步系统应用需求,分析了机载平台可选的技术手段,然后围绕时间链路、时间处理、时间管理、时间应用等基本要素,将机载时间同步系统自上而下划分为三个部分,从而形成分层次的机载时间同步架构。该架构在层间采用了标准开放接口,能同时兼容多种机间时间比对链路,具备多时间管理和时间品质评估的能力。最后,介绍了该架构下的时间同步实现流程,并分析了影响同步精度的主要误差环节。桌面测试结果表明,所提架构能够实现优于10 ns的时间同步精度。     

基于稀疏分解和混沌理论的微弱信号检测

针对数字锁定放大器中稀疏分解算法检测精度受限的缺点,结合非线性方法进行补偿,采用混沌检测联合稀疏分解的算法设计了数字锁定放大器。数字锁定放大器借助稀疏分解算法估计信号参数,根据估计得到的参数设计对应混沌系统;利用混沌系统检测信号的过程中产生间歇性混沌状态,并通过测量间歇性混沌状态的周期,精确检测信号。最终,在信号的信噪比低至-20 dB时可以成功检测信号,频率精度达到0.05 Hz,提供了一种非线性微弱信号检测方法。     

宽带随机混沌雷达高速目标速度估计与成像

随机混沌具有真随机性、对初值敏感、易于产生和控制等特点,频率步进信号易于工程实现和处理,结合两者的优势,提出了一种载频随机步进的随机混沌信号(RSCFSCS)模型,用于高速目标的速度估计和距离维高分辨成像。首先,通过非周期函数激励非线性系统,产生不可预测的随机混沌信号(SCS),经频率调制后用作基带子脉冲。同时,将SCS通过映射变换得到跳频编码(FHC),用来决定调频脉冲串的载频步进。RSCFSCS 速度估计包括粗搜索和精搜索,粗搜索采用固定步长,保证速度偏差小于速度分辨单元,而精搜索采用黄金分割搜索算法可得到精确的速度估计。最后,子脉冲经相干合成形成宽带信号,实现高分辨距离成像。数值仿真表明提出的信号模型和处理算法性能良好。     

特低渗透油藏间歇式生产油井产能预测分析

特低渗透油藏产能低,开发难度大已成为共识。为了对特低渗透油藏油井产能和油藏产量进行准确的预测,本文在达西公式的基础上,考虑到特低渗透油藏的渗流受到启动压力梯度的影响,推导出了具有启动压力梯度的间歇式生产的油井产能的预测模型,得出油井间歇式生产过程中采油量与时间存在指数递减关系;还推导得出油井关井时间段井底压力变化的数学模型,分析出其井底压力变化与采油时间段的采油速度有关,并给出了进行计算机迭代运算的求解方法和计算步骤。