Service with improper requests: How fellow customers interpret Employee's judgment call

In this paper, we examined the impact of different judgment calls by service personnel on service satisfaction, in response to inappropriate requests from customers. Based on the stereotype content model, we propose that employees servicing with these requests are often evaluated on two fundamental dimensions, warmth and competence, and the accessibility of one dimension over the other determines overall service satisfaction of fellow customers. Through three experiments, the current research shows that fellow customers perceive service employees who consent to an improper request as higher in warmth but lower in competence than those who reject the request. However, when the compliance has serious consequences for a fellow customer, this negatively affects the competence evaluation but not the warmth evaluation, which in turn reduce customer satisfaction. When the focal customer suffers from the serious consequences, this positively affect both competence and warmth perception, which in turn enhance fellow customer satisfaction. This research could be used to identify ways to handle improper requests made by customers.     

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.     

A hybrid information approach to predict corporate credit risk

This study proposes a hybrid information approach to predict corporate credit risk. In contrast to the previous literature that debates which credit risk model is the best, we pool information from a diverse set of structural and reduced‐form models to produce a model combination based on credit risk prediction. Compared with each single model, the pooled strategies yield consistently lower average risk prediction errors over time. We also find that while the reduced‐form models contribute more in the pooled strategies for speculative‐grade names and longer maturities, the structural models have higher weights for shorter maturities and investment grade names.     

On the test of the correction mechanism for mis-pricing between assets using a statistical yield spread model

This paper investigates the existence of a correction mechanism for mis-pricing between Japanese stock and bond. By this correction mechanism we mean that when deviations occur from the equilibrium levels of the expected return differentials between stock and bond — the risk premium differentials, the market will tend to correct the mis-pricing and bring the expected return differentials back to the equilibrium levels. We assume that the yield spread between the predicted earnings price ratio of stock and the yield to maturity of bond reflects the risk premium between stock and bond, and estimate the equilibrium risk premium differentials and mis-prices between stock and bond by modelling their behaviors with a statistical yield spread model (SYS). Empirical results strongly indicate the existence of the mis-pricing correction mechanism, suggesting the inefficiency of securities markets.     

马铃薯在中国传播的技术及社会经济分析

本文从生物、技术及社会经济的角度考证马铃薯在中国传播的过程，重点对传播条件和传播障碍进行阐述，分析了20世纪中国的社会变迁和科技进步对马铃薯传播的影响，并进一步讨论马铃薯扩种对我国粮食生产和社会生活的作用。     

客户关系管理与呼叫中心的结合

客户关系管理(CRM)是企业的一种经营策略、管理理念,在实践上就表现为一套软件和技术的使用,呼叫中心作为实现CRM的信息技术支撑,在CRM战略中扮演着越来越重要的角色,文章针对两者的关系和技术上的运用进行讨论,提出了基于CRM的呼叫中心是未来的发展趋势。     

分数布朗运动环境下的美式看涨期权的定价方法

在分数布朗运动模拟算法基础上,提出了分数布朗运动环境下标的资产价格过程的一种数值模拟方法。然后应用于欧式和美式看涨期权定价。结果表明,该方法具有很快的收敛速度,而且基于最小二乘方法和偏最小二乘方法的美式看涨期权价格,都与对应的欧式看涨期权价格几乎完全一样。这恰恰验证了不支付红利的条件下,美式看涨期权不应该提前执行的理论论断。     

Do investors in Green Bond market pay a premium? Global evidence

We examine the pricing difference of Green Bonds (GB) and conventional bonds (CBs) in capital markets worldwide. Credit spread is used to observe whether investors would like to pay a premium for GBs over CBs. This study uses panel data regression with hybrid model to analyse daily observations over the period 2016 to 2017. We employ Option-Adjusted spread (OAS) to measure the credit spreads of bonds while controlling for bond specific, macroeconomic and global factors that influence the spread. With the hybrid model used in the panel data analysis, we were able to capture the fixed-effects of variables in a random effect model. We find that GBs are traded at a premium of 63 basis points (BPS), compared with a comparable corporate bond issue. We find that the green label provides issuers an incentive to raise funds through issuing GBs while providing investors an opportunity to diversify their investments returns. Our findings provide several implications to the major stakeholders driving the GB market to scale up the market to finance the required level of global green investment needs. We stress an urgent need to support the growth of the GB market to achieve sustainable development through mitigating climate change challenges.

Abbreviation GB: Green Bond; CB: Conventional Bond; YS: Yield Spread; BPS: Basis Points; OAS: Option-Adjusted Spread; PCSE: Panels Corrected Standard Errors; CPI: Consumer Price Index; GBPs: Green Bond Principles; CBS: Climate Bond Standard     

用期权定价模型评估企业并购的价值

针对传统企业并购价值评估模型的局限性,本文从期权的角度阐述了企业并购的期权特性,指出企业并购实质上相当于取得了一个看涨期权;并以连续支付红利的美式期权定价理论为基础,建立了企业并购价值评估的期权定价模型。最后,通过实例论述了如何应用该模型来评估企业并购价值,对实践中企业并购价值的合理确定具有重要的指导意义。     

生态旅游呼唤生态文明建设

自从世界自然保护联盟于20世纪80年代首次提出生态旅游的概念以来,世界范围内的生态旅游便得到了长足发展,但从生态旅游发展的现状来看,现实中的生态旅游与理想中的生态旅游存在着很大差距.该文在分析生态旅游的概念、特点、产生背景以及发展生态旅游的基本要求的基础之上,指出了生态旅游实践中存在的主要问题,最终得出只有通过科学有效的生态文明建设途径才能从根本上解决生态旅游发展中的现实问题的结论.