跨国公司内部贸易的几点思考

<正> 第二次世界大战以后,跨国公司发展十分迅速,据有关统计资料显示,全球目前约有6.3万多家跨国公司,其分支机构约有69万家,几乎遍布全球的每一个角落。跨国公司在经营过程中,实行全球战略和公司内部“一体化”,不仅促进了公司     

国际有机食品市场及我国有机食品的发展

人们对食品质量的关注和对食品安全标准的担忧，决定着食品的消费和国际农业贸易的发展。国际有机农业和食品生产正是在这种情况下发展起来的，其目的是为了解决农产品化学污染和品质下降问题，减轻农业生产对资源和生态环境的压力。目前，国际有机农业和有机农产品的法规与管理体系主要分为联合国、国际性非政府组织和国家3个层次。我国有机食品的组织管理体系和标准体系尚不健全，国内有机食品的认证必须与国外的认证组织合作完成。     

A General Approach to Hedging Options: Applications to Barrier and Partial Barrier Options

In this paper we consider a Black and Scholes economy and show how the Malliavin calculus approach can be extended to cover hedging of any square integrable contingent claim. As an application we derive the replicating portfolios of some barrier and partial barrier options.     

A Continuity Correction for Discrete Barrier Options

The payoff of a barrier option depends on whether or not a specified asset price, index, or rate reaches a specified level during the life of the option. Most models for pricing barrier options assume continuous monitoring of the barrier; under this assumption, the option can often be priced in closed form. Many (if not most) real contracts with barrier provisions specify discrete monitoring instants; there are essentially no formulas for pricing these options, and even numerical pricing is difficult. We show, however, that discrete barrier options can be priced with remarkable accuracy using continuous barrier formulas by applying a simple continuity correction to the barrier. The correction shifts the barrier away from the underlying by a factor of exp(bet sig sqrt dt), where bet approx 0.5826, sig is the underlying volatility, and dt is the time between monitoring instants. The correction is justified both theoretically and experimentally.     

我国服务贸易国际竞争力分析

长期以来,我国服务贸易发展缓慢,货物贸易顺差与服务贸易逆差形成了鲜明的对比。本文通过我国服务贸易出口额在世界的排序和我国服务贸易进出口行业结构及其比较优势的分析,得出了有利于提升我国服务贸易国际竞争力的若干启示。     

Robust Hedging of Barrier Options

This article considers the pricing and hedging of barrier options in a market in which call options are liquidly traded and can be used as hedging instruments. This use of call options means that market preferences and beliefs about the future behavior of the underlying assets are in some sense incorporated into the hedge and do not need to be specified exogenously. Thus we are able to find prices for exotic derivatives which are independent of any model for the underlying asset. For example we do not need to assume that the underlying assets follow an exponential Brownian motion.
We find model-independent upper and lower bounds on the prices of knock-in and knock-out puts and calls. If the market prices the barrier options outside these limits then we give simple strategies for generating profits at zero risk. Examples illustrate that the bounds we give can be fairly tight.     

A New Look at Old Coefficients

For more than 50 years, numerous studies have shown low price–quality correlation coefficients, mostly close to 0.2. That prices fail to function as valid indicators of product quality has been interpreted as informational market failure. This article, however, argues, that, according to the economic theory of price formation, prices are not an indicator of quality, but an indicator of scarcity. This allows the conclusion that workable consumer goods markets, at least as seen from the consumer’s point of view, should be characterized by low or even negative correlation coefficients rather than by strong positive coefficients.     

Pricing General Barrier Options: A Numerical Approach Using Sharp Large Deviations

In this paper we develop simulation techniques in order to evaluate single and double barrier options with general features. Our method is based on Sharp Large Deviation estimates, which allow one to improve the usual Monte Carlo procedure. Numerical results are provided and show the validity of the proposed simulation algorithm.     

Valuation Bounds on Barrier Options Under Model Uncertainty

This article investigates valuation bounds on barrier options under model uncertainty. This investigation enriches the literature on the model‐free valuation of these exotic options. It is found that with weak assumptions on underlying price processes, tight valuation bounds on barrier options can be sought from a set of European options. As a result, the numerical routine developed in this article can be reviewed as a new method for the evaluation of barrier options, which is independent of model assumptions. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 33:199–234, 2013     

Pricing Barrier Options with Time–Dependent Coefficients

We consider the problem of pricing derivative securities which involve a barrier clause. We give general techniques to calculate, or estimate accurately, barrier option prices, using methods for estimating diffusion process boundary hitting times. The solution gives a simple, easy–to–use, method for calculating barrier option prices.     

A New Look at Constructed Choice Processes

Normative models of choice assert axiomatically that preferences are consistent, coherent, and determined only by relevant alternatives. In contrast to this classical economic perspective, behavioral models derived from research in psychology and consumer behavior assert that preferences are not guided by an internal, stable utility function but are constructed during the choice process. The current paper is based on a session on constructed choice processes (CCP) at the 2004 Choice Symposium that focused on how the standard CCP model can be enriched by bringing theories and tools from modern research in social cognition to bear on choice phenomenon. The richer conceptual framework presented by new, currently unpublished empirical work provides a novel perspective on choice construction by integrating the roles of subjective construal, experiential information, attribution, goals, and satisfaction in understanding preference construction processes in choice.     

A Three-Pronged Look at Family Saving*

Are the economic choices of families in part a reflection of attitudes and knowledge? What is the relationship between attitudes and knowledge? This study posed these questions with regard to family savings behavior in an attempt to add to understanding in this important area of economic activity.     

A First Look at Hallmark Event Audiences

No abstract available for this article.     

Pricing Discrete European Barrier Options Using Lattice Random Walks

This paper designs a numerical procedure to price discrete European barrier options in Black-Scholes model. The pricing problem is divided into a series of initial value problems, one for each monitoring time. Each initial value problem is solved by replacing the driving Brownian motion by a lattice random walk. Some results from the theory of Besov spaces show that the convergence rate of lattice methods for initial value problems depends on two factors, namely the smoothness of the initial value (or the value function) and the moments for the increments of the lattice random walk. This fact is used to obtain an efficient method to price discrete European barrier options. Numerical examples and comparisons with other methods are carried out to show that the proposed method yields fast and accurate results.     

Monte Carlo Evaluation of Greeks for Multidimensional Barrier and Lookback Options

In this paper, we consider the problem of the numerical computation of Greeks for a multidimensional barrier and lookback style options: the payoff function depends in a rather general way on the minima and maxima of the coordinates of the d -dimensional underlying asset process. Using Malliavin calculus techniques, we derive additional weights that enable computation of the Greeks using Monte Carlo simulations. Numerical experiments confirm the efficiency of the method. This work is a multidimensional extension of previous results (see Gobet and Kohatsu-Higa 2001 ).     

A New Look at Husbands' and Wives' Time Allocation

The impacts of economic and non‐economic factors on husbands’ and wives’ market work time and housework time are estimated using 13 years of data from the Panel Survey of Income Dynamics. Several limitations in earlier studies are addressed, and a unique feature of the study is the direct estimation of effects on time allocation from changes in the prices of market‐produced goods and input goods in household production. Many of the findings of earlier studies are reconfirmed, but new insights are also explored. Husbands and wives respond similarly in their time allocations to changes in input goods prices, but their responses are different to changes in market goods prices.     

Trade and Standards: A Look at Central America

The relationship between standards, economic development, and trade is at the forefront of policy debate. Standards can accelerate economic efficiency and trade and also act as discriminatory barriers. This paper examines standards in the context of development in Central America. Key aspects of disputes over standards at the World Trade Organization are discussed, along with the reasons why standards matter to development and trade prospects for Central America. The paper recommends ways to leverage shared infrastructure in standards and assist these countries to implement their WTO obligations.