Pricing double barrier options under a volatility regime-switching model with psychological barriers

The prices of lots of assets have been proved in literature to exhibit special behaviors around psychological barriers, which is an important fact needed to be considered when pricing derivatives. In this paper, we discuss the valuation problem of double barrier options under a volatility regime-switching model where there exist psychological barriers in the prices of underlying assets. The volatility can shift between two regimes, that is to say, when the asset price rises up or falls down through the psychological barrier, the volatility takes two different values. Using the Laplace transform approach, we obtain the price of the double barrier knock-out call option as well as its delta. We also provide the eigenfunction expansion pricing formula and examine the effect of the psychological barrier on the option price and delta, finding that the gamma of the option is discontinuous at such barriers.     

我国建筑工程造价动态管理刍议

加强工程造价动态管理必须贯穿于工程的全过程,从项目的可研阶段、设计阶段、施工阶段到项目的竣工结算都要对各种信息进行动态分析。本文从以上各阶段出发探讨,提出了加强造价动态管理的措施。     

Quantitative Analysis of Foreign Trade and Environmental Efficiency in China

This article analyzes the relationships among trade, the economy, and environmental quality in China. First, in the context of these relationships, the Super-SBM model is used to calculate the environmental efficiencies of thirty Chinese provinces and cities to obtain the degrees of regional disparity. Second, China’s provincial panel data from 2003 and 2012 are used to establish an influential factor indicator system of environmental efficiency. A section-weighted fixed effect model then provides insights about influential factors such as spatial heterogeneity. Third, the article establishes a variable coefficient model to identify the relationships among the objects of the study and divides the Chinese regions into four types. The suggestions include enhancing environmental and business regulations to ensure equilibrium between trade, the environment, and local economies.     

An economic evaluation of market development programmes for US dairy products

‘This study measured the effectiveness of US dairy export promotion programmes on increasing foreign demand and enhancing producers’ revenues. An import demand equation based on panel data was used to test whether export promotion has a positive and significant impact on US dairy exports. The effects of various promotion scenarios on the dairy market were then simulated, and benefit–cost ratios (BCRs) for these programmes were estimated. There were three key findings. First, the combined effort of public and private dairy export promotion expenditures had a positive and statistically significant impact on demand for US dairy products in the world market. The findings indicated that export promotion stimulated total dairy exports by 4.14 billion pounds, on average, per year, which represented 55.8% of total exports. Second, US dairy export promotion has been highly profitable for the nation’s dairy farmers. The calculated BCRs, based on assumed elasticity of supply, ranged from a low of 8.54 for the most elastic assumption to a high of 30.12. Third, from an optimality standpoint, dairy farmers are underinvesting in export promotion. The marginal BCRs ranged from a low of 3.79 to a high of 15.22, which means that, at the margin, increasing export promotion expenditures would be profitable for dairy farmers.     

新疆高校学生档案管理的价值分析

本文立足于新疆高校学生档案管理的实际状况,通过详实而全面的调研,阐析新疆高校学生档案管理现状和存在的问题,并对如何解决这些问题做出理性的选择。     

我国中部地区创新方法推广应用现状与对策研究——以湖北省为例

本文以湖北省为例研究我国中部地区创新方法推广应用现状，在分析总结湖北省创新方法工作主要经验和现有问题基础上，从政策导向、示范推广、市场运营、基础研究 4 个方面提出针对性建设建议，以期为中部地区的创新方法推广应用工作提供政策参考。     

How does growth need strength influence employee outcomes? The roles of hope,leadership, and cultural value

Abstract

Strong growth need is essential if an employee is to be motivated to complete complex and challenging jobs. It is important for organizations to attract employees with high growth need strength and help them achieve positive outcomes. However, limited research has been conducted to examine the mechanism underlying growth need strength’s positive effect on employee outcomes. Based on hope theory, we hypothesized that hope mediates the effect of growth need strength on job performance and affective commitment by transforming employees’ general desire for personal growth into goal-related cognitive thinking, comprising both ‘will’ and ‘ways’. We further hypothesized the moderating effect of transformational leadership, and the joint moderating effect of transformational leadership and individual power distance on the relationship between growth need strength and hope. We tested our hypotheses with data from a sample of 265 subordinate–supervisor dyads from China. Data analysis results supported the mediating role of hope. We found that growth need strength has a stronger effect on hope when transformational leadership is higher, and this effect is the strongest when both transformational leadership and individual power distance are simultaneously higher. The implications of these findings for human resource management research and practice are discussed.