OPTIMAL FUTURES HEDGE WITH MARKING-TO-MARKET AND STOCHASTIC INTEREST RATES

We investigate the effect of marking-to-market on an optimal futures hedge under stochastic interest rates. An intertemporal optimal hedge ratio that accounts for basis risk and marking-to-market is derived. This ratio includes all previous hedge ratios, with constant interest rates as special cases. In a preliminary empirical study using S&P 500 index futures contracts, we demonstrate that the futures-forward hedging differential is nontrivial, especially in risk-return optimization. We also show that the covariances between interest rates and spot and futures prices explain the differential: the larger the covariances are, the larger the differential will be.     

论物流企业的薪酬管理

物流企业在当今社会的激烈的竞争中能否站稳脚跟，取决于物流企业建立一种什么样的薪酬管理制度。本文就物流企业薪酬管理现状，管理中的新问题，公平薪酬激励机制，以及物流企业应重视薪酬管理工作和发挥薪酬管理作用进行了探讨，并提出了改进思路。     

简议文化差异与商务沟通

文中将简单介绍跨文化商务沟通中可能出现的三种作用机制,并讨论可行的处理方法,以期取得有效的商务沟通成果。     

关于对校园网的建设

本文介绍了校园网的概念并介绍了校园网的可行性 ,从技术的角度系统地论述了如何搭建校园网 ,说明了校园网是实实在在的系统工程 ,不仅需要硬件的建设 ,还需要软件的建设。     

商业银行消费信贷的风险分析与对策研究

文章对商业银行消费信贷的风险进行了分析并提出了对策。     

The choice of entry mode in sequential foreign direct investment

Relatively few studies have examined the importance of an entry's sequential position to the choice of foreign entry mode. We use a dynamic model to analyze sequential entries into the United States from 1975 to 1992. Our findings show that several independent variables which explain a firm's initial mode of entry do not explain the modes of subsequent entries. These findings underscore the importance of experience in foreign investment, as companies learn from early entries and adapt the modes of subsequent ones. Copyright © 2001 John Wiley & Sons, Ltd.     

浅谈解决我国能源匮乏的有效途径

人口爆炸及社会的发展，加重了人类对自然环境的依赖程度，同时加速了对自然资源的开采利用，这必然导致有限的自然资源和能源的匮乏。因此，寻找新能源和节能便成为当务之急。     

我国金融资产管理公司运作中存在的问题及对策

分析我国金融资产公司存在的问题,从调整资本市场结构、完善社会信用体系、培养中介机构、激励机制的建立及促进银行及资产公司的竞争等方面,提出促进金融资产管理公司有效运作的建议。