Event Risk Covenants and Shareholder Wealth: Ethical Implications of the "Poison Put" Provision in Bonds

This paper examines the ethical implications of "poison put" provisions included in bond offerings. A number of firms are using event-risk protections in bond offerings in an effort to attract investors back into the bond market. One of the most common event-risk protections is a "poison put" provision, which allows the bondholder to "put" the bond back to the firm at par or at a premium under certain specified conditions, such as a takeover effort or a downgrading of the bond by rating agencies. While such a provision is obviously of value to the bondholders, there is a secondary effect that is not as obvious. Using such a provision helps to insure that boards of directors must put the interests of all of the stakeholders ahead of any personal interests of the board members, thus protecting the stakeholders. The use of event-risk protections helps to deter takeovers, induce bidders to negotiate with management in any takeover efforts, and avoid two-tier takeover offers. As a result, the "poison put" provisions have a positive impact on share values while simultaneously protecting the investments of bondholders. Such an impact makes the use of "poison put" provisions in bonds an ethical use of management power.     

磷矿产品取样方法研究

[目的] 找到所抽取样品具有代表性、达到一定精度要求的、省时省力的磷矿产品取样方法.[方法]根据GB/T2007-1987<散装矿产品取样、制样通则>的数理统计理论,对磷矿取样方法进行了进一步研究.[结果] 制订出了不同检验批量应取最少份样数和取样精密度、总精密度统计表;同时对系统、车卡和货堆三种取样条件下的样品进行了精密度校核试验, 完全达到设计要求.[结论] 本研究方法理论严谨、依据科学、取样份样数少,可操作性强.     

纳米氧化锌制备技术与工业生产

介绍了国内外纳米氧化锌制备技术的研究进展.通过对国内外制备技术和生产现状的比较,提出以尿素为沉淀剂,以硝酸锌为含锌原料,采用均匀沉淀法制备纳米ZnO的工艺路线,研究了相关的工艺过程及反应条件、反应产物的过滤洗涤和纳米ZnO的煅烧,对存在的问题和今后的研究方向进行了讨论.     

试析棉纺企业供应链采购成本

本文通过透视我国棉纺行业现状,在进一步分析棉纺企业供应链采购成本影响因素的基础上提出了控制供应链采购成本的几点可行性建议。     

一体化供应链组合战略的构建

随着供应链之间竞争的加剧,单一地采用精细思想和敏捷思想设计供应链已经不能满足客户的要求。只有合理地运用精细思想和敏捷思想的组合战略,才能使供应链能够同时达到满足终端顾客的产品可获性和有能力购买性的双重需求。同时,使用模块化设计能够降低供应链组合策略的复杂性,增强供应链的适用性和通用性,使供应链结构变得简单化。     

北京市未来人口发展趋势预测——利用多状态模型对未来人口、人力资本和城市化水平的预测分析

利用PDE模型,以2000年人口普查数据为预测的基础数据和相关参数设计的主要依据,对北京市2000-2030年人口变化的规模、年龄结构进行了预测;结合人口迁移和教育发展,预测了北京市人力资本的变化。比较了在不同生育率和迁移方案下,北京市人口增长、老龄化和人力资本的变化,根据预测结果对北京市人口和城市规划提出了政策建议。     

HIGH‐ORDER SHORT‐TIME EXPANSIONS FOR ATM OPTION PRICES OF EXPONENTIAL LÉVY MODELS

The short‐time asymptotic behavior of option prices for a variety of models with jumps has received much attention in recent years. In this work, a novel second‐order approximation for at‐the‐money (ATM) option prices is derived for a large class of exponential Lévy models with or without Brownian component. The results hereafter shed new light on the connection between both the volatility of the continuous component and the jump parameters and the behavior of ATM option prices near expiration. In the presence of a Brownian component, the second‐order term, in time‐t, is of the form , with d₂ only depending on Y, the degree of jump activity, on σ, the volatility of the continuous component, and on an additional parameter controlling the intensity of the “small” jumps (regardless of their signs). This extends the well‐known result that the leading first‐order term is . In contrast, under a pure‐jump model, the dependence on Y and on the separate intensities of negative and positive small jumps are already reflected in the leading term, which is of the form . The second‐order term is shown to be of the form and, therefore, its order of decay turns out to be independent of Y. The asymptotic behavior of the corresponding Black–Scholes implied volatilities is also addressed. Our method of proof is based on an integral representation of the option price involving the tail probability of the log‐return process under the share measure and a suitable change of probability measure under which the pure‐jump component of the log‐return process becomes a Y‐stable process. Our approach is sufficiently general to cover a wide class of Lévy processes, which satisfy the latter property and whose Lévy density can be closely approximated by a stable density near the origin. Our numerical results show that the first‐order term typically exhibits rather poor performance and that the second‐order term can significantly improve the approximation's accuracy, particularly in the absence of a Brownian component.     

价格听证会的效率分析--以中国首次铁路客运价格听证会为例

一、引言 价格听证制度最早出现在美国,经过50多年的发展,该制度已经成熟.我国的价格听证制度体现于<价格法>第23条:"制定关系群众切身利益的公用事业价格、公益性服务价格、自然垄断经营①的商品价格等政府指导价及政府定价,应当建立听证会制度,由政府价格主管部门主持,征求消费者、经营者和有关方面的意见,论证其必要性、可行性."2001年出台的<政府价格决策听证暂行办法>规定了听证会的具体程序.     

What＇s Lacking at China＇s Auto Shows？

Do we really need so many shows？ What is lacking in these auto exhibitions？ Will these shows keep pace with the growing demand？ It＇s really high time for us to think about these questions.[第一段]