人生如树

十年树木,百年树人。虽说是树木与树人有难易之别,但我感觉树之一生与人之一生有很多相似之处,可谓人生如树。     

人生如吊桥（外一则）

不久前,宿舍前的潇水河上架起了一座吊桥,每到夏目的傍晚,三三两两的人群便来到吊桥上乘凉。     

人生如开车

我喜欢开车,十多年的开车经历,最大的“额外收获”可能就是由开车联想到了整个人生,并悟出了人生如开车这一有趣的道理。     

妙语集锦

越成熟的稻子,头就会越低,意味着应该更多地为别人付出。     

读书让生活更充实

人为什么要读书？因为人要生活。阅读在我是一种生活状态,有事做,有书读,就是生活的全部。     

妙语集锦

1.人生在世无非是让别人笑笑,偶尔笑笑别人。2.商人的世界里,无论好坏,没有白给的东西。3.置身其中不可能客观,置身其外不可能真实。     

我省出台关于进一步减轻企业负担若干政策意见

1．不要等到想要得到爱时才学会付出。人生就像一场戏,别在等待中错过了美丽。正如歌中所唱：该出手时就出手。     

妙语集锦

爱的世界没有谁对不起谁,只有谁不懂得珍惜谁。灰心生失望,失望生动摇,动摇生失败。     

妙语集锦

心不能给你需要的东西,却能告诉你如何得到。喜欢花的人会去摘花,爱花的人则会去浇水。时钟的准确,源于齿轮间的精密。沟通并不在于我们说的话有多少,而在于被对方所理解的话有多少。     

妙语集锦

好听的话容易打动人,好心的话容易得罪人。吃亏吃到再也吃不进的时候,就不会再吃亏了。明天的希望会让我们忘了今天的痛苦。     

忙碌而快乐着

1996年,我步入了资产评估这个新兴的行业,开始了我忙碌而又快乐的评估生涯。回顾15年的评估路,充满着艰辛也充满着快乐。刚到公司的时候,我所从事的机器评估专业还没有一套正规的工作底稿,更谈不上完整的工作程序、完善的评估资料了,一切都是从零开始。机器制造工程专业毕业的我,     

Valuation of Participating Life Insurance Liabilities

Surrender and paid-up states are incorporated in the valuation of guaranteed benefits and payments of a level premium paying life insurance policy.

We present different valuation methods and examine to what extent they avoid capitalizing and releasing future loadings which are associated with the payment of future premiums.

We demonstrate how to avoid capital being required in the future to cover valuation strains. The paid-up benefit valuation method is being extended so that it does not require the premium basis to be on the safe-side of the valuation basis. We obtain a unification and integration of the level premium and paid-up valuation principles.     

Fair Valuation of Participating Life Insurance Contracts with Jump Risk

The purpose of this article is to value participating life insurance contracts when the linked portfolio is modeled by a jump-diffusion. More precisely, this process has a Brownian component and a compound Poisson one, where the jump size is driven by a double exponential distribution. Specifically here, the bankruptcy risk of the insurance company is considered. Thus, market and credit risks are taken into account. A quasi-closed-form formula is obtained in fair value for the price of the considered life insurance contract. This allows us to investigate the impact of strategic parameters as well as structural ones, as is shown in the numerical section of this paper. In particular, we study the impact on the contract of the volatility, jump intensity, jump asymmetry, company leverage, guaranteed rate, participation rate and level of the default barrier, and comment on how they are likely to increase the probability of early default of the issuer.     

Implicit Options in Life Insurance: Valuation and Risk Management

Participating life insurance contracts typically contain various types of implicit options. These implicit options can be very valuable and can thus represent a significant risk to insurance companies if they practice insufficient risk management. Options become especially risky through interaction with other options included in the contracts, which makes their evaluation even more complex. This article provides a comprehensive overview and classification of implicit options in participating life insurance contracts and discusses the relevant literature. It points out the potential problems particularly associated with the valuation of rights to early exercise due to policyholder exercise behavior. The risk potential of the interaction of implicit options is illustrated with numerical examples by means of a life insurance contract that includes common implicit options, i.e., a guaranteed interest rate, stochastic annual surplus participation, and paid-up and resumption options. Valuation is conducted using risk-neutral valuation, a concept that implicitly assumes the implementation of risk management measures such as hedging strategies.     

我国小麦种质资源价值的分析

去年11月,国务院批准了<国家粮食安全中长期规划纲要(2008-2020年)>,在这一纲要中,要求"建立以政府为主导的多元化、多渠道农业科研投入体系,增加对农业(粮食)科研的投入.     

Life Settlement Funds: Current Valuation Practices and Areas for Improvement

We analyze the prevailing valuation practices in the life settlement industry based on a sample of 11 funds that cover a large portion of the current market. The most striking result is that a majority of asset managers seem to substantially overvalue their portfolios relative to the prices of comparable transactions that have recently been closed. Drawing on market‐consistent estimates with regard to medical underwriting, it is possible to trace back the observed discrepancies to inadequately low model inputs for life expectancies and discount rates. The main consequences are a dissimilar treatment of investor groups in open‐end funds structures as well as an unduly high compensation for managers and third parties. To address this predicament, we suggest defining life settlements as level 2 assets in the fair value hierarchy of IFRS 13, improving transparency and disclosure requirements, and developing new incentive‐compatible fee schedules.     

An Empirical Comparison of Convertible Bond Valuation Models

This paper empirically compares three convertible bond valuation models. We use an innovative approach where all model parameters are estimated by the Marquardt algorithm using a subsample of convertible bond prices. The model parameters are then used for out-of-sample forecasts of convertible bond prices. The mean absolute deviation is 1.86% for the Ayache-Forsyth-Vetzal model, 1.94% for the Tsiveriotis-Fernandes model, and 3.73% for the Brennan-Schwartz model. For this and other measures of fit, the Ayache-Forsyth-Vetzal and Tsiveriotis-Fernandes models outperform the Brennan-Schwartz model.     

Valuation of Internet Stocks—An IPO Perspective

We empirically investigate valuations of Internet firms at various stages of the initial public offering (IPO) from two perspectives. First, we examine the association between the valuation of Internet IPOs and a set of financial and nonfinancial variables, which prior anecdotal or empirical evidence suggests may serve as value drivers. Second, we document differences in IPO valuations between Internet and non-Internet firms as well as across different stages in the IPO process—i.e., initial prospectus price, final offer price, and first trading day price—within each set of firms. Our primary two conclusions are as follows. First, there are noticeable differences between valuations of Internet and non-Internet firms, especially at the prospectus and final IPO stage. Specifically, the valuation of non-Internet firms generally follows the conventional wisdom regarding valuation: positive earnings and cash flows are priced, while negative earnings and negative cash flows are not. The valuation of Internet firms, however, departs from conventional wisdom, with earnings not being priced, and negative cash flows being priced perhaps because they are viewed as investments. This difference between the two classes of firms may be expected, given the age and unique nature of the Internet industry. Second, there are significant differences between the initial valuation of firms at the prospectus and IPO stage and their valuation by the stock market at the end of the first trading day. For non-Internet firms, the difference is largely ascribed to the relative offering size. For Internet firms, however, the differences are with respect to positive cash flows, sales growth, R&D, and high-risk warnings, in addition to the relative offering size.     

美国对会计事务所的价值评估

文章介绍了美国一个会计事务所的价值评估案例,此案例采用收益法、资产基础法及市场法三种评估方法分别对某一会计事务所所有者权益进行了评估,最后综合三种方法的评估结果,得出最终的评估结论.此案例对于我国智力型企业的价值评估很有借鉴意义.