A Pricing and Hedging Comparison of Parametric and Nonparametric Approaches for American Index Options

This article investigates the extent to which options on theAustralian Stock Price Index can be explained by parametricand nonparametric option pricing techniques. In particular,comparisons are made of out-of-sample option pricing performanceand hedging performance. The dataset differs from many of thoseused previously in the empirical options pricing literaturein that it consists of American options. In addition, a broaderspectrum of techniques are considered: a spline-based nonparametrictechnique is considered in addition to the standard kernel techniques,while the performance of a Heston stochastic volatility modelis also considered. Although some evidence is found of superiorperformance by nonparametric techniques for in-sample pricing,the parametric methods exhibit a markedly better ability toexplain future prices and show superior hedging performance.     

On Sraffa's Standard commodity: is its price invariant with respect to changes in income distribution?

In his 1960 book, Sraffa suggested using a composite commodity,which he called the ‘Standard commodity’, to solveRicardo's search for an invariable measure of value, i.e., astandard capable of isolating the price movements of any othercommodity induced by changes in income distribution. The absencein Sraffa's book of an explicit proof of the invariance propertyof this standard gave rise to many misunderstandings about itsmeaning and its role as an invariable measure of value. In orderto clear up these questions, Bellino (On Sraffa's Standard commodity,Cambridge Journal of Economics, vol. 28, 121–32, 2004)has proposed a ‘proper’ definition of an ‘invariablemeasure of value’, showing that Sraffa's Standard commoditydoes fulfil the requirements of this definition. He claims thatthe fulfilment of this property (but not the constancy of its‘nominal’ price) qualifies the Standard commodityas an invariable measure of value. In this paper, a proof ofthe invariance of the price of the Standard commodity with respectto changes in income distribution is given, and the equivalenceof this property with Bellino's definition of invariance isshown.     

Optimality conditions¶and bubbles in sequential economies¶and bounded relative risk-aversion

We provide specific qualifications in order that Kuhn–Tucker type Euler equations and transversality conditions at infinity hold in stochastic equilibrium models with heterogeneous agents and where assets are traded in sequential markets. It is not assumed that uncertainty is modeled as an event-tree structure or that preferences are necessarily bounded. We also describe an important class of preferences based on bounded relative risk aversion which yields relevant simplifications. Our results are used to establish conditions that rule out asset pricing bubbles. Specific examples of economies with bubbles are also discussed. Received: 28 January 2002 / Accepted: 19 July 2002 We are grateful to the editor and an anonymous referee for their valuable comments. This research was partially supported by MURST (Italy), National Group on “Nonlinear Dynamics and Stochastic Models in Economics and Finance”.     

Theory and practice of value management and its innovation for natural resources from the perspective of sustainable development

The supreme obstacle for sustainable development of natural resources is the scarecity, bottleneck. So how to promote the sustainable utilizing and increase the using efficiency of natural resources is worth studying. This paper suggests that we should improve the model and means of evaluating method and value management based on th~ theory of natural resource compensation. This paper discusses the User Cost Method based on the microeeonomicaspect which can change the evaluating method for natural resources. From the perspective of value managemen model, we should use the User Cost Method to realize the linkage and integration of micro and macro eompensation for natural resources. Based on the evaluating and aecounting idea User Cost Method, this paper presents a theo. retical framework to harmonize and link micro and macro compensation for natural resources. At present, we should seek the new approach and method to manage natural resources, so can we realize the capitalization managemen focusing on the vahte management for natural resources.     

利用OLE技术实现Excel与dBase的通信

论述了一种基于OLE自动化技术、利用Excel的OLE对象实现Excel与dBase数据库之间进行通信的方法，并给出了在VB下实现该技术的主要代码。     

我国上市公司资本结构的评价模型

加入世贸组织 ,将对我国国有商业银行的银行业务、优质客户、人力资源和资产质量造成严重的冲击 ,为此 ,国有商业银行必须采取五个方面的对策 :增强银行实力、开展业务创新、提高服务质量、完善人力资源管理制度和加强资产质量管理。     

美国土地价值捕获制度及其借鉴

在美国，土地价值捕获（value capture）是指将土地的自然增值全部或部分回收归于社会的过程。本文对美国“土地价值捕获”的原理与实现方式进行了分析，总结特点，提出了针对我国土地增值收益分配的借鉴意义。     

浅谈客户关系管理和价值创新

现代企业客户关系管理是改善客户关系、降低交易成本、扩大市场份额、提高经济效益的一项非常重要的管理内容。它致力于最大化客户的价值和提高公司的利润。文章先对客户关系管理对企业的重要性进行了分析，指出其对企业的价值所在；接着以星巴克公司为例，分析说明了在企业客户关系管理过程中运用价值创新战略对企业价值创造的帮助。     

基于顾客满意的企业社会责任与其绩效关系的实证研究

文章通过运用一个概念模型并提出一些假设：企业社会责任部分地通过顾客满意这个中间变量影响其市场价值；企业社会责任与其市场价值的关系依赖于企业产品质量或创新能力。实证研究表明。顾客满意在企业社会责任和其市场价值之间能够起到中介效应；企业能力在企业社会责任与其市场价值之间能够发挥调节效应。     

中国企业海外并购的特点及成因分析

进入21世纪后，我国企业掀起了海外并购的浪潮，在这次并购浪潮中表现出并购总额持续上升、单宗交易额不断增大、并购行业向多方面扩展、并购主体多元化等新的特点。这次并购浪潮形成的原因主要有：我国经济实力的增长、我国企业对战略性资源的渴求、人民币的持续升值、外汇储备的快速增长、国家政策的转变、全球产业结构的调整等。