Pricing Defaultable Bonds Using a Lévy Jump‐Diffusion Model

This paper uses a reduced‐form approach to derive a closed‐form pricing formula for defaultable bonds. The authors specify the default hazard rate as an affine function of multiple variables which follow the Lévy jump‐diffusion processes. Because such specification allows greater flexibility in the generation of a valid probability of default, their pricing model should be more accurate than the valuation models in traditional studies, which ignore the jump effects. This paper also proposes a new method for estimating the parameters in a Lévy Jump‐diffusion process. The real data from the Taiwanese bond market are used to illustrate how their model can be applied in practical situations. The authors compare the pricing results for the influential variables with no jump effects, with jump magnitudes following the normal distribution, and with jump magnitudes following the gamma distribution. The results reveal that the predictive ability is the best for the model with the jump components. The valuation model shown in this paper should help portfolio managers more accurately price defaultable bonds and more effectively hedge their portfolio holdings.     

超常发展再铸辉煌--上海港集装箱运输发展回顾与展望

2002年,上海港创造了一个新纪录——集装箱吞吐量完成861万TEU,比上年634万TEU增长35.8%,超越高雄港而成为排名世界第四位的集装箱港口。这一辉煌业绩标志着作为我国大陆最大的国际通航港口又向国际航运中心建设的目标迈出了一大步。上海港集装箱吞吐量的发展是超常的。近10年来,它都以年均28%的增长率攀升。1994年突破100万达到119.9万TEU,从1997年至2001年的5年里,每一年都突破一个大数,分别超越200万、300万、400万、500万和600万TEU,2002年则跃升双百万,达到861万TEU。这是上海港集装箱运输发展史上前所未有的。它超常发展的巨大…     

简析内幕交易罪中犯罪主体的认定

为了规范证券市场，维护投资者的合法权益，我国立法机关加强了对内幕交易犯罪行为的惩处，理论界对内幕信息、犯罪主体的界定等一些具体问题有较大争议，本文对这类问题在一定程度上进行了探讨。     

Rural taxation and government regulation in China

This paper places the problem of Chinese rural taxation in the context of government regulation and seeks to present an integrated theoretical framework of Chinese rural development in the past two decades. Our theoretical framework reconciles the seemingly contradictory facts that the average level of rural taxation relative to rural net income did not increase quickly from 1990, but rural taxation became a very serious problem in this period. Our findings suggest that this is in large part due to increases in rural income disparity from 1990 and uneven tax distribution among different income groups. We argue that differentiated enforcement of government regulations such as grain procurement and birth control play an important role in the rural taxation problem, and more generally, the problem of local government expansion and rising rural income disparity. The empirical findings support our hypotheses.     

企业规模对绩效评价的影响及解决方案

在对同类型企业进行绩效评价时，经常因企业规模不同，导致无法用统一的考核指标得出公平的评价结果。文章以笔者所在的邮政企业为例，运用国资委提出的经营难度系数，对初步考核结果进行差异调节，提出了有效的解决方案。     

How Has Rural Tax Reform Affected Farmers and Local Governance in China？

Using nationally representative data, the present paper examines the impact of China's ongoing rural tax reform on farmers. The difficulties in further local governance restructuring are also discussed. It is argued that the issues associated with rural taxation and local governance in China result from inherent tension between an increasingly liberalized economic system and a still centralized political system. Although rural tax reform has helped to reduce farmers' tax burdens in the short term, the establishment of an effective local governance regime requires coordinated reforms to downsize local bureaucracy by providing social security for laid-off cadres, to strengthen local accountability by granting higher local formal tax autonomy, and to promote meaningful participation by expanding local democracy.     

景新海：“洋海归”圆了软件梦

2003年10月19日,在大洋彼岸的加拿大里贾纳大学,代表该校最高荣誉的“荣誉法学博士”学位被授予了一位中国人。这是加拿大里贾纳大学继中国国家领导人万里、乔石之后,第三次将此荣誉授予中国大陆人士。 这个人就是中创软件公司董事长兼总裁景新海。     

WPS在处理质检办公文件中的合理使用

通过ＷＰＳ汉字编辑软件在处理质检办公文件的合理应用，提出了使用ＷＰＳ某些功能键的技巧，可使文件处理更规范，更完整。     

国际贸易中的技术性壁垒及我国对策

二十一世纪是全球经济一体化的知识时代 ,科学的巨大变革已经渗透于人类社会的方方面面 ,而国际贸易中的技术性壁垒则体现了贸易保护主义与科技相结合的作用。并且 ,这种非关税壁垒形式以其正义的外衣、巨大的影响力和借助科技的快速发展越来越成为国际贸易中不可忽视的保护手段。中国作为世界贸易组织的新成员更应在这方面进行研究 ,并制定相应的战略。