Accounting for Option–based Compensation: The Economic Cost Approach

The intrinsic value approach amortizes over the life of the option, the difference between the stock price on the date of the grant and the exercise price of the option. The fair market value approach amortizes over the life of the option, the market value of stock options on the date of the grant. These approaches do not reflect the changes in the option–based compensation cost after the grant date. This paper proposes an economic cost approach that not only adjusts for the changes in the value of the options during its life but also records the issuance of the stock at fair market value on the exercise date.     

Stability and Segregation in Group Formation

This paper presents a model of group formation based on the assumption that individuals prefer to associate with people similar to them. It is shown that, in general, if the number of groups that can be formed is bounded, then a stable partition of the society into groups may not exist. (A partition is defined as stable if none of the individuals would prefer be in a different group than the one he is in.) However, if individuals' characteristics are one-dimensional, then a stable partition always exists. We give sufficient conditions for stable partitions to be segregating (in the sense that, for example, low-characteristic individuals are in one group and high-characteristic ones are in another) and Pareto efficient. In addition, we propose a dynamic model of individual myopic behavior describing the evolution of group formation to an eventual stable, segregating, and Pareto efficient partition. Journal of Economic Literature Classification Numbers: C72, H41.     

论债转股

我国银行与企业之间的不良债务越来越多。如果这种情况继续下去,将导致企业破产,也会将银行拖垮,最终导致金融危机。债转股作为一种延缓矛盾和风险爆发时间应急性措施的债务重组手段,成功的关键在于是否能以此为契机,彻底转变企业经营管理机制和治理结构,使企业的产权明晰,将企业推向市场,在市场中生存和发展。     

安徽省城市用地扩展研究——以六安市为例

以六安市为例,利用相关城市统计资料、相关城市图件,对撤地设市十年来六安城区土地扩展情况进行研究,并分析其驱动力因素。得出撤地设市以来六安市城市扩展速度明显增加,尤其2008—2010年扩展量占十年来总扩展量的34．07％,且年均增加4．88kmu;城市扩展动态度和城市用地效率也呈现明显的上：升趋势。城市扩展及其方向受到了社会经济条件、人口、交通、政策等因素的影响。     

高校学生党建工作问题研究

高校学生党建工作,是高校党建工作的重要组成部分。我们要不断探索高校学生党员教育管理的新途径、新方法,探索高校学生党组织发展的长效机制,推进高校学生党建工作的有效开展,促进高校各项工作的和谐发展。     

Symmetry and order in the portfolio allocation problem

Summary. This research studies the role of multivariate distribution structures on random asset returns in determining the optimal allocation vector for an expected utility maximizer. All our conclusions pertain for the set of risk averters. By carefully disturbing symmetry in the distribution of the, possibly covarying, returns, we ascertain the ordinal structure of the optimized allocation vector. Rank order of allocations is also established when a permutation symmetric random vector is mapped into the returns vector through location and scale shifts. It is shown that increased dispersion in the vectors of location and scale parameters benefit, ex-ante, investors as does a decrease in the rank correlation coefficient between the location and scale parameter vectors. Revealed preference comparative static results are identified for the location and scale vectors of asset returns. For most issues addressed, we arrive at much stronger inferences when a safe asset is available. Received: August 8, 2000; revised version: January 8, 2001     

Using volume to prove Sperner’s Lemma

We provide a novel proof of Sperner’s Lemma that is intuitive and elementary if certain simple properties of Lebesgue measure are known. The research of A. McLennan is partly funded by the Australian Research Council grant DP0773324. This paper was partly written while he was a member of the Discipline of Economics, The University of Sydney. McLennan also gratefully acknowledges the hospitality of the Economic Theory Center of the University of Melbourne. The research of R. Tourky is partly funded by the Australian Research Council grant A00103450. This paper was partly written while he was a member of the Department of Economics, Purdue University.     

认识与处理顾客异议的辨证法

顾客在购买商品的过程中会提出各种各样的购买异议,这是销售活动中的一种正常现象。它是销售成功的机遇,也是必须跨越的障碍,是对推销员驾驭推销态势的考验。推销员要正视顾客异议,以冷静、豁达的态度和辩证的方法分析、处理顾客异议,这是推销员必须具备的基本素质。     

民营上市公司治理机制探析——基于国美电器的案例分析

国美控制权之争是在我国特殊市场环境下上市公司大股东与管理者之间矛盾的一个缩影,突出反映了我国民营上市公司治理机制的急需改善。在我国民营上市公司成长过程中,股东与职业经理人之间的委托代理关系受到信义的考验。本文将以国美股权之争为例,分析其存在的问题,并提出相关建议。     

充气天线结构技术概述

简要介绍了充气式可展开空间天线(以下简称充气天线)结构的关键技术,指出了充气天线的最新发展动向。