Generalized stochastic target problems for pricing and partial hedging under loss constraints��application in optimal book liquidation

We consider a singular version with state constraints of the stochastic target problems studied in Soner and Touzi (SIAM J. Control Optim. 41:404?C424, 2002; J. Eur. Math. Soc. 4:201?C236, 2002) and more recently Bouchard et al. (SIAM J. Control Optim. 48:3123?C3150, 2009), among others. This provides a general framework for the pricing of contingent claims under risk constraints. Our extended version perfectly fits the market models with proportional transaction costs and the order book liquidation issues. Our main result is a direct PDE characterization of the associated pricing function. As an example application, we discuss the valuation of VWAP-guaranteed-type book liquidation contracts, for a general class of risk functions.     

广东省新型农村社会养老保险的可持续发展——基于基金筹集角度的分析

针对广东省新型农村社会养老保险实施现状,从财政支付能力、个人缴费能力、集体补助能力3个方面,分析了可能影响新型农村社会养老保险制度可持续发展的主要因素,提出旨在增强新型农村社会养老保险制度的可持续性的若干建议。     

体育院校大学生一般自我效能感和人格特质的关系

目的:了解体育院校大学生自我效能感和人格特质特点及其关系,为开展心理健康教育提供参考。方法:采用一般自我效能感量表(GSES)和艾森克人格问卷(EPQ),对西安体育学院8个系320名大学生进行调查。结果:体育院校大学生自我效能感水平与生源地因素有关,人格特质与性别、专业和生源地因素均有关。人格特质四个维度与一般自我效能感显著相关。结论:体育院校大学生自我效能感水平越高,外向性、精神质和掩饰性水平越高,神经质水平越低。     

The financial consequences of abolishing a carbon trading system

We investigate the impact of 61 announcements of environmental regulations on the equities listed on the Australian Stock Exchange over the period 2009–2015. In particular, our study focuses on how the stock market reacts to announcements of the abolishment of carbon trading/pricing system. Using event study methodology, we assess whether these announcements create or destroy wealth of equity investors. Furthermore, we estimate changes in systematic risk following the announcements. In general, we find that the abolishment of the carbon pricing system has a positive effect on 18 sectors and the process of removing the carbon pricing system appears to affect the systematic risk of businesses leading to diamond risk structures. We also document negative reactions of polluting sectors to the announcements of green policies.     

区域经济发展与我国农业政策

区域经济理论表明:农村劳动力人口的减少是区域经济发展的一般规律,其转化的程度和水平是标志一个国家或区域经济发展程度和水平的一项重要指标,其主要推动力来自于农业和工业生产在技术方面的不同要求和劳动力收入的不同预期。因此,政策的制定必须符合经济运转的内在机理、减少农业资本流动的限制性、发挥区域经济的聚集作用、加大农村人力资本的投入等,以促进区域经济发展。     

激发语文学习兴趣,实现自主学习

《语文课程标准》倡导自主、合作、探究的学习方式。作为语文教育工作者就要帮助学生提高学习的自觉性、主动性。只有从激发学生的学习兴趣入手,关注学生个体差异和不同的学习要求,开发学生的主动意识和进取精神,才能实现自主学习,逐步达到语文课程目标。     

西部旅行社业发展存在问题及对策探析

西部旅行社发展面临外部环境改善、行业整体素质提高、旅游市场扩大的机遇;也面临观念落后、人才匮乏、信息手段落后、组织管理松散的挑战。本文通过对制约西部旅行社发展的因素分析,提出西部旅行社业要健康发展,应构建西部旅行社新型的联合经营体系,创新用人机制,推广旅游电子商务,树立品牌意识等。     

转变规划建设思路 破解紧约束条件下的可持续发展困局

本文在分析当前深圳规划建设面临经济发展转型、资源环境瓶颈、社会矛盾日益凸显和快速城市化积累的深层次矛盾和问题等四方面困扰的基础上指出,要适应形势变化、打破四个困扰,就必须在规划建设思路上实现十个战略性转变。同时,从土地及住房、人口、经济、资源能源环境交通政策和政府治理结构等五方面全面反思了现行政策和管理体制,为十个战略性转变的实现创造条件政策和体制环境。     

Post-M&A technological capability-building of emerging market firms in China: the case of Lenovo

Technological acquisitions have become a strong motivation for cross-border merger and acquisition (M&A) activities by firms in emerging countries. However, whether these companies achieve their objectives remains an open question. This article presents a case study of Lenovo’s acquisition of IBM’s PC division with a focus on inventor productivity after acquisition. Our case study suggests that while a ‘light-touch’ integration approach helped avoid the all-too-common post-M&A productivity drop, intra-firm knowledge transfers to veteran inventors of the acquirers remained difficult due to the knowledge gap. However, M&A events create other opportunities to improve the technological capability of the acquiring company by sourcing new talent globally, offering unignorable merit that justifies outbound M&A activities by emerging market firms.