Semistatic hedging and pricing American floating strike lookback options

We price an American floating strike lookback option under the Black–Scholes model with a hypothetic static hedging portfolio (HSHP) composed of nontradable European options. Our approach is more efficient than the tree methods because recalculating the option prices is much quicker. Applying put–call duality to an HSHP yields a tradable semistatic hedging portfolio (SSHP). Numerical results indicate that an SSHP has better hedging performance than a delta-hedged portfolio. Finally, we investigate the model risk for SSHP under a stochastic volatility assumption and find that the model risk is related to the correlation between asset price and volatility.     

Corporate governance and firm performance in Russia: an empirical study

Using the agency and institutional perspectives, this study advances several hypotheses about the board structure–firm performance relationship within Russia. We tested these hypotheses using survey data. Despite a relatively small sample size, predictions from both theoretical perspectives were supported. Specifically, we found a negative relationship between “informal” CEO duality and firm performance. This finding is noteworthy given the 1996 Russian Federal law which prohibits the CEO from also serving as board chair. Also, we found that the more vigorously the firm pursues a retrenchment strategy, the more negative the relationship between proportion of inside directors and firm performance. Overall, these findings suggest that effective corporate governance may be essential to firm performance in Russia.     

Equilibria in large economies with a separable Banach commodity space and non-ordered preferences

The purpose of this paper is to provide an existence result of equilibria for economies with a measure space of agents, a non-trivial production sector and an infinite dimensional commodity space. The commodity space is modeled by an ordered separable Banach space whose positive cone has a non-empty interior. The discretization approach proposed in this paper, allows us to extend the existence results in Khan and Yannelis [Equilibrium in markets with a continuum of agents and commodities. In: Khan, M.A., Yannelis, N.C. (Eds.), Equilibrium Theory in Infinite Dimensional Spaces. Springer, Berlin, 1991] and Podczeck [Economic Theory 9 (1997) 585] to economies with a non-trivial production sector and with possibly non-ordered but convex preferences as well as partially ordered (possibly incomplete) but non-convex preferences.     

运用GAHP法建立研发人员绩效考评体系

本文运用群体层次分析法(GAHP)结合研发人员自身的特点,建立多级研发人员绩效考评体系,运用Hadamard凸组合集结判断矩阵,解决了考评体系制定过程中受决策者主观偏好影响较大,考评指标难以定量描述的问题。并结合该体系在一家企业的应用,说明了其在研发人员绩效考评方面应用的有效性。     

海尔“人单合一”管理模式的演化路径及其价值实现机理——基于波粒二象性的理论视域

“人单合一”模式的演化路径可以用“人”“单”之间相互作用关系的变化过程进行描述,这一路径也可概括为“人的价值实现”从无到有地创生涌现,再形成一种独立力量,对“人单合一”体系以及各组织要素进行反向影响和塑造的过程。无论是表面上的二重性特征,还是在内涵层次、演化路径和发展趋势方面,“波粒二象性”与“人单合一”都具有紧密的对应契合性。文章在分析比较“波粒二象性”与“人单合一”对应契合关系的基础上,结合“人”与“单”之间由“分化对立”到“互补转化”再到“整合创新”关系转化的过程,分析阐释了海尔“人单合一”管理模式的演化路径及其价值实现机理。“波粒二象性”不仅为“人单合一”的内涵转变以及发展路径提供了机理解释,而且从跨学科的视角出发,为组织的管理实践与创新变革提供了思路启示。     

新型工业化与城乡二元工业化的协调发展

由于我国严重的“二元经济结构”和“双重演进”的制度变迁特征,形成了农村工业化和城市工业化同时并存的城乡二元工业化格局。城乡二元工业化格局在促进经济发展的同时,也形成了对经济发展的延迟效应。在新型工业化的实现过程中,既要实现以信息化带动工业化,又要推进城乡工业的协调发展,促进农业工业化的发展,加速完成经典工业化的任务。     

基于国际直接投资的城市竞争力研究——以长江三角洲为例

城市竞争力是区域竞争力的前沿阵地,提升城市竞争力是强化区域竞争能力的关键.基于FDI的区域城市群竞争力提升存在固有缺陷,据此研究了长江三角洲城市群竞争力提升中存在的不可避免的问题.并提出以提高城市竞争力为基础来提升城市FDI集聚能力,是长江三角洲所有城市必须认真面对的重要课题.     

磁放大器的电流放大倍数分析方法

本文对三种磁放大器的电流放大倍数进行了分析,利用磁路与电路的对偶原理,给出了磁放大器的框图及电流放大倍数的统一表达式,并利用磁路定律对所求放大倍数进行了验证。     

Institutional duality and political strategies of foreign-invested firms in an emerging economy

This study investigates how the complex institutional environment surrounding foreign-invested firms (FIEs) affects their corporate political strategies (CPS) in China. Analyses of data on 442 FIEs operating in China show that the relative potency of dual institutional pressure from FIEs’ home and host countries shapes their strategic choices. Institutional factors at the country, region, and firm levels not only affect firms’ adoption of multiple firm-based tactics but also shape their collective-oriented associational activities. Moreover, participation in both foreign and domestic business associations enhances an FIE's adoption of firm-based political tactics, but joining domestic business associations has a stronger effect.