On the calibration of mortality forward curves

In 2007, a major investment bank launched a product called “q‐forward,” which may be regarded as a forward contract on a mortality rate. The pricing of mortality forwards is similar to the pricing of other forward‐rate contracts, such as interest‐rate forwards or foreign exchange forwards. In particular, since investors require compensation to take on longevity risk, the forward mortality rate at which q‐forward contracts will trade will be smaller than the expected mortality rate. The relationship between the forward rate and the time to maturity is called a mortality forward curve. In this study, we contribute a method for calibrating mortality forward curves. This method consists of two parts, one of which is the generation of the distribution of future mortality rates, and the other of which is the transformation of the distribution into its risk‐neutral counterpart, using the idea of canonical valuation developed by Stutzer, M. ( 1996 ). To illustrate the method, mortality forward curves for English and Welsh males are calibrated. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark     

浅议公允价值计量的运用

为了适应并促进社会主义市场经济的发展,财政部出台新企业会计准则,引入公允价值计量模式,并在上市公司范围内实施.本论文结合新颁布的企业会计准则和企业实际情况,分析公允价值应用可能出现的问题并提出了相应的解决建议.公允价值是指资产和负债按照在公平交易中,熟悉情况的交易双方自愿进行资产交换或者债务清偿的金额.公允价值计量运用问题近十几年来一直是国际会计前沿中一个富有挑战性的热难点问题.     

Negotiating a supply contract in China. Case comment: Negotiating a supply contract in China

This case highlights the challenges inherent in strategy implementation in the Brazil, Russia, India, and China (BRIC) context, especially the impact of cultural context on the negotiation process. It also illustrates the role that multiple providers within a global supply chain can play in strengthening a negotiator's hand. The accompanying commentary from Robert Nudelman, an executive with extensive business development experience in Asia, offers suggestions for companies contemplating market entry into China, including the importance of having the right people involved in a negotiation. He also emphasizes the importance of prenegotiation planning to the outcome of the negotiation. © 2008 Wiley Periodicals, Inc.     

SNS的出路在哪里？

如果说现在互联网什么最火，大概绝大多数人都要说SNS。这一点也没错，自从美国的Facebook被业界认为市值超过100亿美金以后，中国的互联网企业也在SNS上发力，国内已经形成几家较大的SNS企业，校内网（xiaonei．com）、51．com等网站，特别是最近产生了爆炸式增长的开心网（kaixin001．com），在半年内从零开始迅速挤进了全国前100家大型网站，其增长速度让人张目结舌。     

无固定期限劳动合同浅析

本文从时无固定期限劳动合同的定义入手,对合同订立、解除、用人单位的应对措施等几个方面做了分析.以使用人单位和劳动者了解无固定期限劳动合同是引导建立较稳定长期的劳动关系,保证劳动者和用人单位双赢的劳动合同形式.     

Entrepreneurial exit as a critical component of the entrepreneurial process: Theoretical development

By demonstrating the importance of entrepreneurial exit to the entrepreneur, the firm, the industry, and the economy I contend that our understanding of the entrepreneurial process is incomplete without the inclusion of entrepreneurial exit. I define entrepreneurial exit and demonstrate how this conceptualization provides concepts that are unique from those addressed by researchers in other domains; thus outlining a space for it within the literature. In each phase of the entrepreneurial process I explore the development of an exit strategy, reasons for exit and options for exit.     

Why the proposal of a complex contract may harm or foster a partner's trust

Extant literature suggests, but has not tested, explanations as to why the proposal of a complex contract, compared to a simple contract, may harm or foster a new business partner's trust. This paper uses qualitative interviews to confirm four explanations that the literature suggests and to identify an additional explanation that the literature has not considered. Then, the paper presents an experiment with scenarios in three countries to determine whether the explanations (mediators) prove relevant. Each of the explanations proved relevant in at least one of the countries. The findings demonstrate that (1) the mediators this paper tests are useful in explaining the effects of contract complexity on a partner's trust, and they suggest that (2) culture moderates how individuals interpret complex contracts and build trust. For future research, the mediation model this paper proposes provides a basis for detailed tests of relevant moderators.     

Relationship exit in different legal environments: a cross-cultural analysis

The current work adopts the theoretical perspective of migration models to pinpoint causes that may lead consumers to exit and compares two contrasting cultural contexts, Spain and Venezuela, in the area of car insurance. Whereas in Spain consumers are conscious of, and very much adhere to, the legal requirement to obtain car insurance, Venezuelan legislation is more lenient and consumers consistently fail to comply with compulsory car insurance law. When comparing these commercial settings, we highlight differences in the impact of factors inducing consumers to exit a relationship and factors attracting them to other suppliers.     

Less of a puzzle: a new look at the forward forex market

The two-country monetary model is extended to include a consumption externality with habit persistence. The model is simulated using the artificial economy methodology. The ‘puzzles’ in the forward market are re-examined. The model is able to account for: (a) the low volatility of the forward discount; (b) the higher volatility of expected forward speculative profit; (c) the even higher volatility of the spot return; (d) the persistence in the forward discount; (e) the martingale behavior of spot exchange rates; and (f) the negative covariance between the expected spot return and expected forward speculative profit. It is unable to account for the forward market bias because the volatility of the expected spot return is too large relative to the volatility of the expected forward speculative profit.     

Ethics of contract pricing

This study explores the legal and ethical issues associated with contract pricing. In particular, it focuses on a set of legal precedents which have addressed the enforceability of allegedly unfair contract prices. Traditionally, the common law has emphasized the consent of the parties. If the parties consented to a given price; it is presumptively fair and enforceable. The cases reviewed in this study, however, seem to draw upon alternative moral conceptions of fairness not normally associated with the common law. The analysis begins by distinguishing the traditional legal conception of fairness from alternative moral conceptions. The cases are then read with a critical eye so as to tease out the underlying principles which best explain them. The analysis illustrates that, notwithstanding judicial rhetoric to the contrary, the courts continue to employ the traditional legal notion of fairness, to the exclusion of alternative moral concerns. The study clarifies an otherwise murky area of the law and illustrates that the legal meaning of fairness differs greatly from the moral one.Daniel T. Ostas is an Assistant Professor at the College of Business and Management, University of Maryland. He holds both a J.D. and a Ph.D. A member of the Indiana Bar since 1980, Dr. Ostas has published several articles on real estate and antitrust law. This present paper derives, in part, from his dissertation entitledEconomic Logic of Unconscionability Adjudication.     

Validity of exit interviews in retailing

Employee turnover is a costly and destructive phenomenon in retailing. Retailers typically experience anywhere from 25% to 75% annual turnover of staff. Reduction of turnover can have direct effects on the bottom line. Exit interviews are common means by which retailers try to understand why their employees are leaving. Such information can then be used to intervene and reduce turnover. In this study the validity of exit interview information was assessed by comparing reasons for leaving given by employees on the exit interview and in follow-up surveys. Results clearly showed that the information from exit interviews is suspect. Actions and interventions based on this invalid information is counter productive at worst and misleading at best.     

论低碳经济时代价值取向的辩证性

低碳经济是落实科学发展观、推进生态文明建设的必然选择,它需要与之相适应的价值取向来支撑。这种价值取向至少应该包括人与自然、代际公平与代内公平、物质追求与精神追求、民族性与全球性、道德评价与功利评价五个方面的辩证统一。