SOLUTION

惠普东软联手社保解决方案，泰科赢得屈臣氏供货合同，讯宝推出企业移动计算工具，亚洲浆纸选用GXS解决方案     

SOLUTION

讯宝推出语音识别解决方案；斑马推出新款移动打印机；东软中标邯钢信息化项目。     

SOLUTION

IBM部署全面创新战略；沃尔沃研究RFID标签应用；Intermec签约清华紫光。     

SOLUTION

HP进入“动成长企业战略”交付年；中国汽车电子商务数据交换中心问世；国货航选择Unisys为物流系统集成商；讯宝科技推出业界首款坚固型企业数字助理MC70；泰康人寿签约IBM；世联信息新推城市配送管理软件；明基逐鹿携手IBM供应链解决方案；     

SOLUTION

IBM发布中小企业创新策略;EMC与微软协力ILM解决方案；讯宝举办RFID及企业移动优势发展论坛；英特尔助力数字家庭；用友先进应用研究中心在沪成立；美国Sterling Commerce公司进入中国市场。     

企业流程外包是一种新型的企业解决方案

企业流程外包在短短几年内席卷全球。这种继授权贴牌（OEM）之后顺势兴起的新型企业经营解决方案，对企业的冲击是不言而喻的。[编者按]     

信息产品营销的几个问题及解决方案

网络技术的发展给信息产品提供了一个新的销售平台 ,然而 ,销售信息产品的企业必须面对由信息产品特性带来的问题 ,本文拟对这些问题进行讨论 ,并给出解决方案。     

SOLUTION OF THE EXTENDED CIR TERM STRUCTURE AND BOND OPTION VALUATION

The extended Cox-Ingersoll-Ross (ECIR) models of interest rates allow for time-dependent parameters in the CIR square-root model. This article presents closed-form pathwise unique solutions of these unsolved stochastic differential equations (s.d.e.s) in terms of functionals of their driving Brownian motion and parameters. It is shown that quadratics in solution of linear s.d.e.s solve the ECIR model if and only if the dimension of the model is a positive integer and that this solution can be achieved by construction of a pathwise unique generalized Ornstein-Uhlenbeck process from the ECIR Brownian motion. For real valued dimensions an extension of the time-change theorem of Dubins and Schwarz (1965) is presented and applied to show that a lognormal process solves the model through a stochastic time change. Pathwise equivalence to a rescaled time-changed Bessel square process is also established. These novel results are applied to characterize zero-hitting time and to produce transition density and zero-hitting conditions for the ECIR spot rate. the CIR term structure is then extended to ECIR under no arbitrage, and its solutions and the transition density are represented under a new ECIR martingale measure. the findings are employed to derive a closed-form ECIR bond option valuation formula which generalizes that obtained by CIR (1985).     

我国管理者收购信托解决机制的探讨

管理者收购作为一种制度创新,在我国具有广阔前景。在我国目前条件下,信托公司参与管理者收购不失为一个上佳选择,应探讨信托参与MBO的方式,设计MBO信托解决的方案,并对该方案的可行性进行分析。     

OPTIMAL LOT SOLUTION TO CARDINALITY CONSTRAINED MEAN–VARIANCE FORMULATION FOR PORTFOLIO SELECTION

The pioneering work of the mean–variance formulation proposed by Markowitz in the 1950s has provided a scientific foundation for modern portfolio selection. Although the trade practice often confines portfolio selection with certain discrete features, the existing theory and solution methodologies of portfolio selection have been primarily developed for the continuous solution of the portfolio policy that could be far away from the real integer optimum. We consider in this paper an exact solution algorithm in obtaining an optimal lot solution to cardinality constrained mean–variance formulation for portfolio selection under concave transaction costs. Specifically, a convergent Lagrangian and contour-domain cut method is proposed for solving this class of discrete-feature constrained portfolio selection problems by exploiting some prominent features of the mean–variance formulation and the portfolio model under consideration. Computational results are reported using data from the Hong Kong stock market.     

EXACT SOLUTION OF A MARTINGALE STOCHASTIC VOLATILITY OPTION PROBLEM AND ITS EMPIRICAL EVALUATION

Exact explicit solution of the log-normal stochastic volatility (SV) option model has remained an open problem for two decades. In this paper, I consider the case where the risk-neutral measure induces a martingale volatility process, and derive an exact explicit solution to this unsolved problem which is also free from any inverse transforms. A representation of the asset price shows that its distribution depends on that of two random variables, the terminal SV as well as the time average of future stochastic variances. Probabilistic methods, using the author's previous results on stochastic time changes, and a Laplace–Girsanov Transform technique are applied to produce exact explicit probability distributions and option price formula. The formulae reveal interesting interplay of forces between the two random variables through the correlation coefficient. When the correlation is set to zero, the first random variable is eliminated and the option formula gives the exact formula for the limit of the Taylor series in Hull and White's (1987) approximation. The SV futures option model, comparative statics, price comparisons, the Greeks and practical and empirical implementation and evaluation results are also presented. A PC application was developed to fit the SV models to current market prices, and calculate other option prices, and their Greeks and implied volatilities (IVs) based on the results of this paper. This paper also provides a solution to the option implied volatility problem, as the empirical studies show that, the SV model can reproduce market prices, better than Black–Scholes and Black-76 by up to 2918%, and its IV curve can reproduce that of market prices very closely, by up to within its 0.37%.     

A CLOSED‐FORM EXACT SOLUTION FOR PRICING VARIANCE SWAPS WITH STOCHASTIC VOLATILITY

In this paper, we present a highly efficient approach to price variance swaps with discrete sampling times. We have found a closed‐form exact solution for the partial differential equation (PDE) system based on the Heston's two‐factor stochastic volatility model embedded in the framework proposed by Little and Pant. In comparison with the previous approximation models based on the assumption of continuous sampling time, the current research of working out a closed‐form exact solution for variance swaps with discrete sampling times at least serves for two major purposes: (i) to verify the degree of validity of using a continuous‐sampling‐time approximation for variance swaps of relatively short sampling period; (ii) to demonstrate that significant errors can result from still adopting such an assumption for a variance swap with small sampling frequencies or long tenor. Other key features of our new solution approach include the following: (1) with the newly found analytic solution, all the hedging ratios of a variance swap can also be analytically derived; (2) numerical values can be very efficiently computed from the newly found analytic formula.     

哈尔滨市现代流通业竞争力现状、问题与对策

经过20多年的改革开放,哈尔滨市流通业已进入快速发展阶段,但流通业总体发展还存在诸多问题,制约了流通业的健康持续发展,严重影响了流通业的竞争力。文章提出建立一套流通业竞争力评价指标体系评价哈尔滨市流通业综合竞争力,探索流通业发展中存在的问题,通过制定相应的产业政策和培育大型流通企业和企业集团等措施,培育哈尔滨市流通业有效竞争市场模式,增强流通业的综合竞争力,促进哈尔滨市流通业的健康发展。     

EXISTENCE OF THE STANDARD SYSTEM IN THE MULTIPLE‐PRODUCTION CASE: A SOLUTION TO THE MANARA PROBLEM

In this paper we show that the Manara problem in the case of Sraffa's generalized multiple‐production case arises due to the presence of superfluous processes of production. We argue that ‘goods’ should be defined from the perspective of the system and not the observer. We provide a mathematical procedure to remove superfluous processes from the construction of Sraffa's Standard system. Once this is done, the Manara problem disappears.     

AN ANALYTICAL SOLUTION FOR THE TWO‐SIDED PARISIAN STOPPING TIME,ITS ASYMPTOTICS,AND THE PRICING OF PARISIAN OPTIONS

In this paper, we obtain a recursive formula for the density of the two‐sided Parisian stopping time. This formula does not require any numerical inversion of Laplace transforms, and is similar to the formula obtained for the one‐sided Parisian stopping time derived in Dassios and Lim. However, when we study the tails of the two distributions, we find that the two‐sided stopping time has an exponential tail, while the one‐sided stopping time has a heavier tail. We derive an asymptotic result for the tail of the two‐sided stopping time distribution and propose an alternative method of approximating the price of the two‐sided Parisian option.     

DUO-ICP-AES法同时测定不锈钢食具容器中铅、镉、铬、镍、砷的溶出量

采用DUO-ICP-AES同时测定不锈钢食具容器中铅、镉、铬、镍、砷的溶出量,对4%醋酸溶液中仪器的分析线选择、背景校正、入射功率、雾化器压力、辅助气流量、冷却气流量、蠕动泵转速的影响及共存元素的干扰等因素进行了详细的研究.方法的检测限:铅0.0063m/L;镉0.0009m/L;铬0.0018mg/L;镍0.0012mg/L;砷0.015mg/L,方法的回收率和精密度分别为96.4%～100.0%和0.31%～2.1%.该方法快速简便,具有良好的精密度和准确度,适用于进出口不锈钢食具容器的日常检验.