商业模式创新失败的五个原因

CEO及高管团队并不热衷于商业模式创新,他们对当前的模式很满意,希望组织中的其他人都集中精力来优化它。每当提到新的商业模式或者颠覆性的技术时,他们一般仅仅视为威胁。     

A continuous time approach to the pricing of bonds

This paper develops an arbitrage model of the term structure of interest rates based on the assumptions that the whole term structure at any point in time may be expressed as a function of the yields on the longest and shortest maturity default free instruments and that these two yields follow a Gauss-Wiener process. Arbitrage arguments are used to derive a partial differential equation which must be satisfied by the values of all default free bonds. The joint stochastic process for the two yields is estimated using Canadian data and the model is used to price a sample of Government of Canada bonds.     

Is the variability of world wheat prices increasing?

Estimates are derived of the potential variability of world wheat prices and the sources of this variability. These indicate a sizable increase in the probability of large short-run fluctuations in price. The bulk of this variability is due to fluctuations in the domestic grain production of developing and centrally-planned economies. However, most market participants are unresponsive to short-run changes in world price, and transmit a substantial amount of domestic variability to the world market. The key factor in world price stability is the short-run responsiveness of wheat exports from the USA. It is likely that both the physical and policy factors that have contributed to increased variability will persist.