Hedging and the competitive firm under correlated price and background risk

This paper examines the behavior of the competitive firm under correlated price and background risk when a futures market exists for hedging purposes. We show that imposing the background risk, be it additive or multiplicative, on the firm has no effect on the separation theorem. The full-hedging theorem, however, holds if the background risk is independent of the price risk. In the general case of the correlated price and background risk, we adopt the concept of expectation dependence to describe the bivariate dependence structure. When the background risk is additive, the firm finds it optimal to opt for an over-hedge or an under-hedge, depending on whether the price risk is positively or negatively expectation dependent on the background risk, respectively. When the background risk is multiplicative, both the concept of expectation dependence and the Arrow–Pratt measure of relative risk aversion are called for to determine the firm’s optimal futures position.     

Construct Validity and Background Data: Issues,Abuses, and Future Directions

Few measures available to us show as much promise, for as many applications, as background data, or biodata measures. It is open to question, however, whether current work in the area of background data measures will live up to the technique's promise as a vehicle for understanding people and their careers. In this article, I argue that many of the problems evident in the background data literature may be traced to a failure to attend to the fundamental principles of construct validation. Subsequently, the major aspects of construct validity are examined with reference to their pertinence in the development and application of background data measures. It is argued that a more flexible, substantively oriented approach to the development and application of background data measures is called for.     

Family background and gender: implications for interest in small firm ownership

This paper directly assesses the impact of family background, sex and work experience on interest in small firm ownership and employment. Additional exploration focuses on differentiating family background (parents-only versus extended-only) to assess the impact on small firm career interest. Results indicate that family background, sex and work experience are significant predictors of these interests. Specifically, males are more interested than females in someday owning their own small business. Small firm work experience enhanced interest in small firm employment. When comparing males and females with an extended-only family background, males are significantly more interested than females in small firm ownership. Implications for future research are discussed.     

帧间差分法与平均背景法在运动检测中应用的研究

文章基于帧间差分法在运动检测中的应用研究,提出了平均背景法,即计算每个像素的平均值和标准差作为它的背景模型,并把平均背景法和帧间差分法进行比较。实验表明,平均背景法的稳定性要优于帧间差分法。     

浅析服务型政府：内涵与背景

自从服务型政府的概念提出以来,许多省市都把服务型政府作为自己的改革目标。文章主要剖析了服务型政府的内涵,探讨了其深刻的理论背景和现实背景。     

Membership satisfaction and segmentation: The case of IPSERA

This contribution aims at analysing IPSERA, an active international network of academics, consultants and practitioners in the area of purchasing and supply management. The association shows to be a community of people who like to work together. The long-term view and strategy, the decision process and the degree of innovativeness are viewed by its members as positive, albeit seemingly unfamiliar. With respect to a general factor reflecting ‘general satisfaction’, no bias in the replies could be found, caused by differences in background. With respect to some more detailed aspects of the organisation, professional background and national cultural background caused some bias in the replies.     

控保建筑价值确定的影响因素与估值探索——以苏州为例

控保建筑作为一种特殊的房地产类型，在价值（价格）的评估方面有其特殊原则、特别考虑因素和特有估价方法和途径，实施估值的人员必须站在较长时间序列的背景下，在充分了解和掌握建筑物的文化背景、历史背景、技法背景的前提下，从建筑本体和外部两个角度，给予历史、艺术和科学的价值估算。     

行业形势危机下行业背景高职院校面临的挑战与应对策略——以冶金行业为例

本文以金融危机为大背景,以钢铁冶金行业及钢铁冶金行业背景高职院校为例,阐述了行业背景高职院校面临的三方面挑战,针对挑战提出了四方面的应对策略。     

生态城市背景下市政给排水规划设计的重要性及要点探析

论文以生态城市为研究背景,阐述了生态城市建设进程中市政给排水规划设计的重要性,并结合某市政给排水规划设计的项目问题,对生态城市背景下市政给排水规划设计要点进行了深入探究。     

基于图像块复杂度和分段距离函数的人眼定位算法研究

针对有复杂背景的人脸中眼睛定位问题,本文采用肤色分割原理分离出背景信息,在人眼检测过程中采用寻找最大图像块复杂度的小块的方法,在人眼定位过程中采用计算分段距离函数的方法。本文精选了200张单人照片进行仿真实验,实验结果表明,上述解决方案可以从有干扰背景,人头侧向一方,甚至戴眼镜和帽子等饰物的图像中快速精确地识别出人脸和人眼。     

浅析服务型政府：内涵与背景

自从服务型政府的概念提出以来，许多省市都把服务型政府作为自己的改革目标。文章主要剖析了服务型政府的内涵，探讨了其深刻的理论背景和现实背景。     

背景扣除在原子吸收分光光度计中的应用

背景是影响原子吸收测定结果精度的重要因素之一,如何扣除背景也是原子吸收分析中较难掌握的地方。文章主要阐述了背景的产生以及氘灯背景校正原理,对实际工作中遇到的背景问题,逐一展开探索研究,同时针对仪器在使用过程中出现的典型故障加以分析排除。     

城乡结合部高中学校诚信教育的现状与对策

诚信是中华民族的传统美德,是社会主义精神文明的重要组成部分。城乡结合部高中学校由于地理位置、生源基础、教师队伍状况、学校办学条件、社会风尚、学生家庭环境等因素的制约,其诚信教育状况不容乐观。协调有关部门净化社会环境、加强德育队伍建设、强化诚信意识教育、培养良好行为习惯、改善办学条件、完善诚信教育评价机制、加强家校联系是城乡结合部高中学校诚信教育的主要对策。     

The firm under uncertainty: real and financial decisions

This paper examines the interplay between the real and financial decisions of the competitive firm under output price uncertainty. The firm faces additional sources of uncertainty that are aggregated into a background risk. We show that the firm always chooses its optimal debt–equity ratio to minimize the weighted average cost of capital, irrespective of the risk attitude of the firm and the incidence of the underlying uncertainty. We further show that the firm’s optimal input mix depends on its optimal debt–equity ratio, thereby rendering the interdependence of the real and financial decisions of the firm. When the background risk is either additive or multiplicative, we provide reasonable restrictions on the firm’s preferences so as to ensure that the firm’s optimal output is adversely affected upon the introduction of the background risk.     

双创背景下河南省小额担保信贷发展路径优化研究

双创背景下,小额担保贷款的发展成为一项与时俱进、兼具实践和应用价值、不断推进和调整的一项工作。论文立足"威胁和机遇"并存的时代背景,对目前河南省小额担保贷款的发展进行深入分析,从现状中剖析其存在的问题,继而对双创背景下河南省小额担保贷款的发展给出具体的优化路径,使其在不同的经济环境下均能持续稳定发展。     

独立董事背景特征、辞职行为与企业价值

利用2007年-2009年我国上市公司独立董事辞职数据,研究发现,独立董事辞职时企业价值显著下降,不同背景独立董事辞职时,企业价值下降幅度并不相同。学历较高、具有政府官员或企业高管背景的独立董事辞职时,企业价值下降幅度较大;年龄较大、具有学者背景或非会计类财务背景的独立董事辞职时,企业价值下降幅度较小。研究结论表明,不同背景独立董事在影响企业价值过程中具有不同作用。     

FAMILY BACKGROUND,EDUCATION AND EMPLOYMENT IN URBAN ETHIOPIA†

Most studies suggest that family background has a strong effect on earnings both directly and indirectly through the returns to own education. However, such effects might reflect the influence of family background on entry into work rather than a productive effect on earnings. The paper uses data from a survey of 16–29 year olds in urban Ethiopia to examine the impact of family background on selection into work and earnings. Family background strongly influences entry into the public sector; accounting for such selection removes its impact on earnings. This contrasts with the persistence of family background effects on private sector earnings.     

数字化技术支持下工业设计美学与文化的变革

现代数字化技术和手段用于工业设计,对传统的设计观念和方法产生了很大的冲击。本文从数字化工业设计美学产生的必然性及背景研究入手,从而探讨将工业设计置于数字化环境中重新解构,使之回归设计的本质。从数字化设计技术、艺术及数字化设计媒体等三方面,探讨了数字化工业设计美学及其特性。从曲面的处理及体面关系的复杂化等两方面,研究了数字技术与产品造型的关系。     

风险投资家背景与创业企业经营绩效关系分析——基于沪深A股的实证研究

选择沪深A股上市公司中风险投资支持的企业数据,利用t检验和多元回归方法来分析风险投资家的背景对创业企业经营绩效的影响。研究发现,风险投资家的教育背景、国际经验、政府背景以及证券从业背景,对创业企业经营绩效具有显著的正面影响;风险投资家在两家或者两家以上创业企业兼任董监事,对创业企业绩效具有显著的负面影响。这一研究丰富了公司治理文献,为正确理解风险投资家对创业企业经营绩效的影响提供了新的观点;并为创业企业对风险投资家的选择提供了依据,使创业企业治理理论得到一定的补充。     

浅谈文化差异与英语教学

语言学是一门研究人类语言的学科。语言是不同种族、不同文化和不同性别的人们用来相互交流的一种工具。因此,在语言的教学过程中,对文化背景知识的了解是必不可少的。因此,在英语教学中,教师应有意识地对学生传授一些相关的文化背景知识,使学生了解各种文化之间的差异,掌握正确的表达方法,提高英语综合运用能力。