ENDOGENOUS FLUCTUATIONS OF ACTUAL PRICES NEAR NATURAL ONES IN A CLASSICAL GROWTH MODEL

This paper re-examines dynamics of the Hosoda classical growth model. We identify the existence of endogenous fluctuations, applying the celebrated Hopf bifurcation theorem. It is shown that the proposition of divergence of actual prices from natural ones of classical economists is valid, even if there are no exogenous forces upon the economic system.     

CRITICAL PRICE NEAR MATURITY FOR AN AMERICAN OPTION ON A DIVIDEND-PAYING STOCK IN A LOCAL VOLATILITY MODEL

We consider an American put option on a dividend-paying stock whose volatility is a function of the stock value. Near the maturity of this option, an expansion of the critical stock price is given. If the stock dividend rate is greater than the market interest rate, the payoff function is smooth near the limit of the critical price. We deduce an expansion of the critical price near maturity from an expansion of the value function of an optimal stopping problem. It turns out that the behavior of the critical price is parabolic. In the other case, we are in a less regular situation and an extra logarithmic factor appears. To prove this result, we show that the American and European critical prices have the same first-order behavior near maturity. Finally, in order to get an expansion of the European critical price, we use a parity formula for exchanging the strike price and the spot price in the value functions of European puts.     

A NOTE ON METROECONOMICA: SHACKLE'S CONTRIBUTION

In the 1950s Shackle contributed a number of important articles to Metroeconomica, a new economic journal founded by Eraldo Fossati in 1949 and published in Trieste (Italy). The journal gave considerable prominence to Shackle's theory of decision under uncertainty through publication of many articles, but, above all, through publication of the proceedings of a symposium held in 1959 and entitled ‘Shackle's theory on decision’. The aim of this note is to clarify why Metroeconomica gave particular importance to Shackle's perspective.     

INTERNAL FINANCE AND MONOPOLY POWER IN CAPITALIST ECONOMIES: A REFORMULATION OF STEINDL'S GROWTH MODEL

This paper develops a formalization of the model of growth developed by Steindl in chapter XIII of his Maturity and Stagnation in American Capitalism in order to examine the interaction of real and financial factors in capitalist economies. It will look at the short-and long-run behaviour of the economy in which firms have monopoly power, hold excess capacity, and finance a part of their investment spending out of internal savings. The analysis shows the possibility of instability in the economy due to financial and goods market considerations and their interaction, and considers the implications of financial factors for the long-run effects of the rise of oligopoly.     

企业家能力转型研究——以浙商为例

企业家是企业的灵魂,是推动企业转型最合适的人选.企业转型首先是企业家能力的转型.企业家能力引领企业实现创业转型、战略转型、管理转型.企业家能力转型是一项复杂而艰难的系统工程,既需要企业家自身从模仿型、战术型、个众型向创新型、战略型、合众型转变,也需要社会、政府、企业在完善制度、健全机制、加强培训、营造氛围等方面的共同努力.     

SECTION IV: SPECIAL SECTION ON A SELECT PROFESSIONAL SERVICE-BANK MARKETING

No abstract available for this article.     

外资对区位经济的影响:一个新视角--以江苏省昆山市为例

外国直接投资对区域经济产生重要影响,这种影响表现在多个层面.过去,许多研究集中于外资对区位经济增长、技术进步、产业结构调整、就业、出口竞争力等方面,而外资对区位关联企业发展、环境保护、劳动保护、能源和土地消耗的影响研究较少.本文以江苏省昆山市为例,对这些新问题进行了探讨.     

PERSPECTIVES ON LOGISTICS VS. SCM: A SURVEY OF SCM PROFESSIONALS

Despite some movement toward consensus on the definition of supply chain management (SCM), there are multiple perspectives on the concept — and its association with logistics. This paper reports results of a survey of SCM professionals regarding their views of SCM, along with its facilitators and barriers. In general, these executives prefer broad, multi‐functional perspectives as opposed to more narrow perspectives of SCM. According to the survey, the leading facilitators of SCM implementation were relational rather than technological. In addition, internal or employee resistance appears to be more of a barrier to SCM implementation compared to external (customer and supplier) resistance.     

LIFE WITHOUT TRUCKS: THE IMPACT OF A TEMPORARY DISRUPTION OF ROAD FREIGHT TRANSPORT ON A NATIONAL ECONOMY

Twice over the past 30 years Britain has suffered severe paralysis of its road freight system. This paper explores the likely consequences of a complete cessation of trucking services over the period of a week. By analysing inventory levels, lead times, dependence on road transport and opportunities for substitution in critical sectors, it forecasts a rapid rate of economic collapse.     

ARBITRAGE‐FREE MULTIFACTOR TERM STRUCTURE MODELS: A THEORY BASED ON STOCHASTIC CONTROL

We present an alternative approach to the pricing of bonds and bond derivatives in a multivariate factor model for the term structure of interest rates that is based on the solution of an optimal stochastic control problem. It can also be seen as an alternative to the classical approach of computing forward prices by forward measures and as such can be extended to other situations where traditionally a change of measure is involved based on a change of numeraire. We finally provide explicit formulas for the computation of bond options in a bivariate linear‐quadratic factor model.     

EDUCATION FOR ACTION: A REPORT ON THE 1978 HOME ECONOMICS WEEKEND SCHOOL AT LEEDS POLYTECHNIC

The paper reports on the recent Home Economics Weekend School at Leeds Polytechnic and suggests that the main problem arising for home economists from its theme, Education for Action, is the definition and prioritization of human needs.     

外国直接投资与对外贸易的相互关系及其对工业化演进的影响--理论分析与对中国的实证考察

改革开放以来,外国直接投资成为中国重要的对外经济交流渠道,对中国对外贸易的发展及工业化的推进产生的直接与间接影响日益显著.本文对外国直接投资与对外贸易的关系从理论角度揭示二者从相互替代到互补共存学说的关系,进一步分析外国直接投资对中国出口导向产业与进口替代产业及高新技术产业的影响,从而揭示外国直接投资对中国工业化演进的作用.