当前我国艺术品投资风险规避分析

本文结合当前我国艺术品投资现状及基本情况,从规范投资市场、培养超前的意识、学习积累专业知识及选择购买渠道等方面进行分析,提出艺术品投资风险规避及基本措施的几点建议。     

Relative uncertainty aversion and additively representable set rankings

This paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.     

Monotone strong increases in risk and their comparative statics

We introduce a new concept of the monotone strong increase in risk (MSIR) order that imposes monotonicity restrictions on the ratio of the two cumulative of cumulative distribution functions as a special case of Rothschild–Stiglitz increases in risk that is the subset of the second‐degree stochastic dominance criterion. We show that the MSIR order implies that the conditional expectation of a random variable under one cumulative distribution function is greater than or equal to that under another cumulative distribution function. Restricting the payoff function to be linear in the random variable and limiting our analysis to risk‐averse decision‐makers who are prudent, we obtain appealing comparative statics results for the MSIR shift. This general conclusion can be applied to prevailing economic models having a linear payoff.     

Relative risk aversion,incentive effects,and risk sharing

Comments and suggestions by R. C. Kumar, K. R. Stollery, and an anonymous referee of this journal are appreciated.     

Discretionary Disclosures to Risk‐Averse Traders: A Research Note

Verrecchia (1983) investigates a manager's incentives for costly, discretionary disclosure of his information to risk‐averse traders when the functional form of prices is exogenously specified. We extend Verrecchia (1983) by deriving the endogenously determined functional form of prices that would arise when all traders have constant risk tolerance. We show that these endogenously determined prices are inconsistent with the assumed prices in Verrecchia (1983) when the manager elects to not disclose. We derive the manager's disclosure strategy for our setting and extend the comparative static results in Verrecchia (1990) for risk‐neutral traders to a setting where traders have constant risk tolerance and prices are endogenously derived. Further, in our setting, discretionary disclosure does not affect how traders price risk of different outcomes. Also, we offer a representation of risk‐averse traders' prices using risk‐adjusted distributions. Finally, these results provide implications for empirical‐archival discretionary disclosure studies.     

On the specification of risk aversion in an expenditure equation

Summary The article starts with an attempt at deriving the consequences of introducing uncertainty in a very simple one-period investment model. Within the framework of this model it justifies the well-known procedure of Duesenberry of (subjectively) increasing the marginal cost of funds.The results of this simple model are used as a starting point for the more general problem of uncertain receipts, available funds and planned expenditure,i.e., expenditure planned without taking into account the uncertainty receipts. In general, there is a gap between available funds and planned expenditure. It is argued that the fraction of the gap which is bridged depends on the size of the gap relative to the available funds. The final part of the article tries to apply these ideas to the specification of a macro-consumption function.     

Optimal Exit Costs of Foreign Direct Investment

This paper examines the optimal policy on exit costs of foreign direct investment for a host country considering the impact of varying income level and host country’s risk aversion against volatile FDI flows. Based on a dynamic model about the impact of the exit costs on FDI inflows and capital formation, we demonstrate that a host country should determine the exit cost considering two counterbalancing factors, that is, facilitating higher FDI inflows and reducing volatility of FDI inflows. When a host country is less vulnerable to volatility with inelastic risk aversion against FDI volatility, it is optimal for the host country with a negative income shock to take a more aggressive approach to induce FDI inflows by lowering exit costs. However, if the host country is more vulnerable to volatility with elastic risk aversion, the host country is advised to take a conservative approach by increasing exit costs to reduce FDI volatility. These findings, supported by the OECD data on 42 countries’ exits costs, implicate that developing countries are recommended to lower exit costs to induce higher FDI inflows when they are not highly vulnerable to volatility shocks.     

IT项目开发的风险管理研究

本文探讨如何将项目风险管理的理论、技术和方法运用于IT项目开发中,以帮助项目管理者规避高风险,实现高效益,文中具体阐述了IT项目管理中的风险评估、风险控制等内容。     

论企业风险管理审计

企业的生存和发展离不开其内外环境的协调，同样受到各类风险的威胁。企业只有在全面认识这些风险的基础上，才能对其进行有效控制，以达到生产经营的预期目标。本文通过界定企业内、外部风险，建立企业风险的总体系统，在企业风险管理的基础上，结合中国目前风险管理审计的现状和问题，阐述相关审计目标和审计工作内容，提出完善风险管理审计的相应措施。     

风险规避零售商基于双向期权的采购管理

以前景理论的效用函数为基础构建零售商的风险规避决策模型,研究双向期权下风险规避零售商的采购管理决策问题,比较风险中性与风险规避决策者的最优决策以及最优期望效用,分析风险厌恶水平以及相关契约参数对零售商的影响。研究结果以及数值仿真实验表明：风险厌恶水平的增加会改变零售商的订购组合,从而降低其期望效用;除此之外,期权购买价格以及看涨期权执行价格的增加都会降低零售商的期望效用,看跌期权执行价格的增加会增加零售商的期望效用。     

期货套保基金服务中国农业的模式探讨

期货市场在规避农产品市场价格风险方面具有重要作用。文章从中国农业的实际出发,分析现有农产品期货服务农业模式存在的局限和不足,提出了农产品期货套保基金新模式。重点探讨了套保基金设立的方式、运作流程,分析其有利因素和制约因素,并提出了相应对策。     

企业持续扩张的风险管理

企业扩张的战略决策是一项极其复杂性的工作,因此具有较高的风险性。文章分析了企业扩张失败的形式和存在的误区,为了有效地控制和减少企业在扩张战略实施过程中面临的风险,文章还有针对性地提出了相应的对策。