重设型牛市汇率连动股票买权的创新与定价

随着国际资本市场一体化的深入,设计结构简单且具有保护投资者利益的汇率连动股票买权对于吸引国际投资者的兴趣,提高券商竞争力至关重要。本文设计的牛市汇率连动股票买权,用鞅定价方法求出精确的定价公式,并用模拟的方法对牛市汇率连动股票买权的权利金和避险功能进行了讨论。结果表明:重设型牛市汇率连动股票买权的权利金变动方式不同于一般汇率连动股票买权;重设型买权的价值也不再是外国股票波动率的增函数,但出现Delta跳跃现象。     

试论价格策略在有机化工产品销售中的作用

价格策略在有机化工产品的销售中的作用是非常巨大的。强化有机化工产品销售企业的价格策略管理,是提高有机化工板块经济效益的重要因素。价格策略是机化工产品销售的核心,正确运用价格策略可以有效控制销售经营成本,降低销售经营风险,确保有机化工产品增值,从而推动有机化工销售企业健康发展。本文从有机化工产品的销售不同于其他消费品销售的独特性出发,在明确价格策略对有机化工产品销售的重要意义的基础上,立足于价格策略在有机化工产品销售中的作用,简要阐述了价格策略与有机化工产品销售的相互关系,提出了运用价格策略进行有机化工产品销售的具体措施,希望能够在有机化工产品销售中科学使用价格策略提供依据。     

广西咖啡消费群体社会分层对消费行为影响机制研究——基于价格敏感度的调节作用

近年来，咖啡行业在国内市场发展较好，咖啡饮品在广西区内受较多消费者喜爱。通过问卷调查和数据整理，从社会分层、消费行为、价格敏感度三个变量展开研究，结果显示社会分层对消费行为没有十分明显的作用，价格敏感度正向调节了二者关系。同时，提出咖啡品牌店应执行差异化生产和营销策略、合理定价、营造良好的行业氛围等建议。     

中国股票市场上个人投资者与机构投资者的指令执行成本

本文不同于传统的用报价价差的方法度量执行成本,而是采用有效价差及其分解成分更为准确地度量执行成本和反映交易对价格形成的影响。本文利用上海证券交易所提供的特有的订单数据和交易数据,将中国股票市场的投资者区分为三种不同的类型,即个人投资者和两类机构投资者,分别研究其指令执行成本并加以比较,结果发现,个人投资者与两类机构投资者具有显著不同的执行成本,个人投资者具有更小的有效价差,原因在于个人投资者的交易具有更小的价格影响,而且价格影响的差别远大于已实现价差的差别。另外,财富水平不同的投资者其执行成本也不同。本文的研究结果对我们理解中国市场上不同类型投资者的执行成本提供了依据。     

改善消费环境让汽车行业驶上快车道

根据有关全国性汽车消费状况的调查结果显示：汽车价格偏高和消费环境恶劣是制约汽车消费的最主要原因。从价格制约来看,由于面临加入WTO的压力,各汽车厂商为尽早实现规模经济,急于扩大市场占有量,特别是针对私人消费的家用轿车,急于扩大市场占有量,特别是针对私人消费的家用轿车,价格一降再降。虽然我国的汽车市场价格还是高于国际上同类型产品的价格,汽车价格大战的时机还远未到来,但价格的制约已经发生了松动 ,特别是国家计委有关政策的出台,应该说魂正逐步朝着有利于消费的方向发展。从消费环境的制约来看,尽管消费及媒体一直呼呈取消有关阻碍汽车消费的不合理政策、改善汽车消费环境,国家鼓励汽车消费的政策目标也十分明确,但政策的执行效果很不理想,消费环境一直没有实质性的变化,仅仅燃油税一项已是让消费“等到花儿也谢了”,还是只闻其声,不见其形。想要启动汽车消费市场,降低与消费环境必须同步进行,显而易见的是消费环境已经滞后于价格的市场化进程,成为制约汽车消费的首要因素。     

安徽沿淮地区协调发展研究

安徽沿淮地区存在的诸多问题可以概括为环境保护和经济发展问题。要实现沿淮地区协调发展,就必须探讨环境保护和经济发展的相应策略,并为之营造必备的条件;而且,有关部门可借助于绩效评价及时发现和解决策略执行中存在的问题,以促进沿淮地区经济社会进步。     

农产品电商市场营销策略研究

本文以农场品电商市场为研究对象,对具体企业运作过程中,推行的市场营销策略进行细化分析,在对理论技术进行简要说明的同时,对农场品电商的发展条件进行介绍,然后从专业化的营销角度,对产品、价格、渠道、促销等4个方面细化说明具体的营销执行策略,为相关内容研究提供参考。     

边贸企业进口商品销售成本速算方法浅见

边贸企业进行易货贸易是通过与国外贸易伙伴签订合同作为交易执行的法律依据。合同中价格条款是一个重要组成部分,由于价格的高低直接关系到双方的经营成本和经济利益,因而价格是双方最为关注的事情,是贸易谈判中一个最重要、最关键的内容。谈判人员在谈判中除了应当掌握国内外市场形势,商品的价格信息,运用一定的谈判策略和谈判技巧之外,还必须熟悉进口商品销售成本的构成,运用较为科学实用方便的计算方法,以便根据对方的报价迅速、准确地测算出该种商品销售成本,再与国内市场销售价格进行比较,看是否有利可图、利润高低,做到“心中有数”,再据以经过谈判、协商达成协议并以合同形式加以确定。     

基本药物“空降”?

这次调价很温柔10月2日,国家发改委发出通知,公布了国家基本药物的零售指导价格。此次公布的价格与现行政府规定的零售指导价比,约有45%的品种价格作了适当下调,平均降价12%左右;约有49%的品种价格未作调整,继续按现行价格执行;还有约6%的品种适当提高了价格。在此之前的传闻中,基本药物的价格将下降25%左右。     

我国货币政策的资产价格反应分析及政策建议

随着资本市场的发展和金融资产存量的增加,我国资产价格的波动对货币政策制定和执行提出了诸多挑战。通过选取上海证券交易所股票价格综合指数作为我国资产价格的代表,利用理论分析和实证研究。揭示了资产价格对货币供给冲击,阐明了资产价格波动对货币供给的影响以及央行货币政策中的资产价格机制,因而货币政策必须密切关注资产价格的变化。     

Material and moral resources: the 1984–5 miners' strike in Scotland

This article contributes to debates about the economic framework of industrial politics by examining aspects of the 1984–5 miners' strike in Britain, focusing on developments in Scotland. It focuses on strike endurance and pit‐level variations in strike endurance by examining the contrasting quantity and quality of the material and moral resources available to the strikers at different collieries and in different communities. Powerful local variables in building or inhibiting strike commitment included pre‐strike pit‐level production, industrial relations, and the impact of debates about the economics and finances of coal‐getting; incomes gained for households during the strike by married women in part‐time and full‐time employment; expenditure saved by households in local authority housing where rents were in effect deferred by sympathetic local authorities; communal attitudes to pits, jobs, and redundancies; the character and weight of political tradition; and the cultural as well as economic role of women. By focusing on developments at community and colliery level the article challenges dominant narratives of the strike, which remain wedded to high politics, the strategy of the union leadership, changes in energy supply and policy, and public order.     

Conflict and compromise: Changes in U.S. strike outcomes, 1880 to 1945

Before about 1900, most strikes in the United States were either won or lost by the workers who called them. Relatively few strikes ended in any sort of compromise. Sometime during the last decade of the 19th century, however, the pattern begins to change, with the fraction of strikes ending in compromise peaking at nearly half during World Wars I and II. What explains these changes in strike outcomes between the late 19th century and 1945? We explore the effects of macroeconomic conditions, industrial organization and product markets, labor organization, law and public policy, and immigration and trade on the costs and benefits of achieving strike compromises. We find that temporary government intervention in settling strikes during World War I helped move labor and management away from an adversarial equilibrium, and thus allowed growing acceptance of organized labor to be reflected in a permanent increase in the rate of compromise. We conclude that changes in the nature of strike outcomes represent an important and neglected aspect of broader changes in the place of organized labor in the American political economy.     

融入与自主性的平衡:中国外交的核心问题

中国外交在若干转折性剧变中存在着一个有关身份定位的核心问题,即面临鸦片战争后的特殊时空情境中国应该如何处理与现代国际体系的关系。维护国家自主性是中国外交的根本战略目标,融入是国家维护其自主性的最好战略。因而,实现融入与自主性的平衡构成了中国外交的核心问题。作者在将国家置于全球相互依赖背景下考察时,试图将合作、责任内涵引入自主性概念之中,并指出,由于相同的历史条件与现实任务,这一核心问题也是广大的发展中国家面临的普遍问题,探索这一问题具有广泛的理论与现实意义。     

How Asymmetrically Increasing Joint Strike Costs Need Not Lead to Fewer Strikes

The joint costs model states that increasing union and firm strike costs lead to fewer strikes. This paper shows that strike incidence need not decrease when joint strike costs increase. The innovation is to raise union and firm joint strike costs in an asymmetric way. The results indicate that increasing either party’s strike costs can have ambiguous effects on strike incidence. This ambiguity explains why higher strike costs need not always lead to fewer strikes, and thus accounts for the mixed success observed in studies that empirically test the joint costs model with strike incidence data.     

冲突与融合:农民工与市民关系研究——基于西安市农民工和市民的社会调查

当前农民工入城已达2亿,如此巨大的外来群体的闯入对城市文明各方面都造成了巨大冲击,其中由此引发的外来农民工群体和原有城市市民群体的紧张关系局面是一个决不容忽视的问题。认清和处理两大群体的关系,消除隔阂、促进理解与融合是保证双方安居乐业、我国经济持续发展和社会和谐的必要前提。本文通过分别对农民工群体和市民群体的社会调查,发现在现阶段,双方的关系是以冲突为主,但双方的理解和融合却是人心所向、大势所趋。随后,本文进行了原因分析,并且给出了政策建议。     

STRIKE BEHAVIOUR WHEN MARKET SHARE MATTERS

This paper analyses the dynamics of strike incidence when afirm's market share affects its future profitability. Inventoryaccumulation is assumed to be impossible, so during a strikesales are zero, thereby reducing future demand. Anticipationof the future effects of a strike leads to lower wage settlementsand a lower probability of disagreement. Thus strike incidenceis reduced. Furthermore a recent strike may make a further oneless or more likely, depending on the union's reservation wageand the precise way that market share evolves. This may helpto explain some conflicting empirical results.     

Teachers’ unions and industrial action in South African primary schools: Exploring their impacts on learning

ABSTRACT

This paper investigates a disruption hypothesis that student learning is lost as a direct consequence of teacher strike action in South Africa. At face value estimates from a within-student across-subject analysis suggest that teacher strike participation negatively affects learning for students in the poorest three quarters of schools. Strike action also limits access to nutrition as school closures prevent student participation in daily school feeding programmes. However, despite controlling for student and school level factors that may drive teacher selection into strike participation, unobserved teacher characteristics continue to bias estimates. Assuming that selection on observable characteristics can tell us something about selection on unobservable characteristics, there is an implied negative selection of teachers into strike participation.     

Hope against Hope: Strike Activity in Canada, 1920-1939

The received view is that, across countries and time, strike dimensions trace an empirical regularity. The incidence and duration of contract strikes move in opposite directions over the business cycle: incidence is procyclical and duration countercyclical. The Canadian experience in the interwar years was different. Strike incidence was independent of the business cycle and strike durations fell steadily over the period. A distinct pattern emerged. The 1920s saw a decline in strike activity and steady losses for workers; in the 1930s strike activity gained momentum and there were more worker wins. Our interpretation of this extraordinary episode is based on a new data set collected for the period 1920 to 1939. We evaluate strikes in the context of a war-of-attrition model and estimate the probability of strike outcomes (success, failure, or compromise) and capitulation times (for firms and workers) as functions of firm and striker characteristics. We find that workers capitulated first in the 1920s because firms used replacement workers as part of a larger strategy to break the union movement. In the 1930s, it was firms' turn to capitulate first because they had cut back on resources to fight strikes, even as workers became more belligerent.     

完善我国民间借贷监管的思考

民间借贷在我国有悠久的历史,在古代就有钱庄、票号等民间融资机构,随着改革开放的不断深入,民间借贷在我国的资本市场上快速发展,为"三农"问题的解决和中小企业的发展起到了重要的作用,但同时,民间借贷还存在着大量的问题,今年的"吴英"案将社会对民间借贷的讨论推向了高潮。民间借贷冲击了正常的金融秩序,影响了国家的宏观调控,在发生信用问题的时候容易与黑恶势力相联系,引发社会问题,与高利贷甚至是洗钱犯罪有着密切的联系等等,这些充分暴露出了民间借贷的监管中还存在着大量的不完善的地方。民间借贷市场需要规制,引导其健康发展。本文对民间借贷市场存在的问题进行分析,参考国外的民间借贷监管经验提出一些建议。     

Labor Militancy in South Korea*

Korea has adopted the labor institutions of Japan, which are noted for ensuring industrial peace unparalleled elsewhere, fostering worker‐management cooperation: company unionism, no temporary layoffs, synchronized annual contracts, seniority‐based wages, and the bonus system. Yet the labor relations in Korea have been turbulent for the last 15 years, with its strike intensity exceeding that of any industrialized country during most of that period. Why is labor so militant in South Korea? This research identifies two types of factors responsible for Korean labor militancy. First are sociopolitical factors: abrupt decontrol of labor relations in 1987 for which labor and management were and continue to be ill prepared, and the dominance of the age‐cohort of young, assertive workers in the workforce. The second factor is that Korean industrial policy and structure are shown to encourage union militancy as an unintended consequence.