Equity swaps in a LIBOR market model

This study extends the BGM (A. Brace, D. Gatarek, & M. Musiela, 1997) interest rate model (the London Interbank Offered Rate [LIBOR] market model) by incorporating the stock price dynamics under the martingale measure. As compared with traditional interest rate models, the extended BGM model is both appropriate for pricing equity swaps and easy to calibrate. The general framework for pricing equity swaps is proposed and applied to the pricing of floating‐for‐equity swaps with either constant or variable notional principals. The calibration procedure and the practical implementation are also discussed. © 2007 Wiley Periodicals, Inc. Jrl Fut Mark 27:893–920, 2007     

EMULATION,PREVENTION AND SOCIAL INTERACTION IN CONSUMPTION DYNAMICS

In this paper we show that the role of diversity, local interactions and global endogenous change at the level of social standards might be crucial in understanding the evolution of consumption patterns in modern economies. We propose an evolutionary model from which consumption dynamics can be analyzed as global properties emerging from the endogenous transformation of a society inhabited by boundedly rational interactive consumers. This work aspires to take a modest step forward in the direction of an evolutionary theory of demand change.     

非处方药的网络DTC营销

本文旨在为非处方药网络DTC营销策略提出建议。通过文献收集和资料分析后,本文初步得到以下结论:(1)全球OTC市场中,我国以11%的增长率成为增长最快的地区;(2)2006年我国网络营销市场规模突破60亿;(3)超过80%的城市居民对一些可自我识别的疾病或某些慢性疾病进行自我药疗;(4)截至2007年1月,我国网民总数为13700万人。基于此,本文认为电子邮件营销,网络DTC广告和DTC网站这三种网络DTC营销方式的发展前景看好。     

The effect of expertise on consumers' satisfaction with the use of interactive recommendation agents

Based on cost‐benefit theory and the value‐percept diversity model, this study investigates the underlying mechanism that makes consumers feel satisfied with the use of interactive recommendation agents (IRAs). The format of IRAs was manipulated experimentally (attribute‐based format/benefit‐based format/no agent) and participants were classified as either expert or novice consumers. The dependent measures were the perceived costs and benefits of the information search process, the perceived costs and benefits of the decision‐making process, and the degree of satisfaction with the outcome. The results explain the mechanisms underlying consumers' satisfaction when using an IRA. The findings also suggest the presence of an interaction between the expertise of consumers and the preferred type of IRA on various dependent variables. © 2008 Wiley Periodicals, Inc.     

An Action Pattern Model of Inter‐firm Cooperation*

abstract An action pattern model was developed and applied to the examination of inter‐firm cooperative processes. The model considered cooperation as a continuous cycle of actions and reactions between cooperating partners. The building blocks of the model include cooperative equilibrium, disruptive events, action types and action patterns. Three action pattern variables were proposed to describe the interactions. It was hypothesized that action patterns are contingent on partner relationships and the transaction cost characteristics of a partnership. The hypotheses were tested on a sample of 263 partnerships in the construction industry in Hong Kong. The quantitative study was supplemented by four in‐depth case studies. The results show that: (1) trust was an important antecedent of action patterns; and (2) transaction cost variables moderate the relationships between partner relationships and action patterns. These findings suggest that future research should give more attention to the interaction of partners during cooperation.     

公司解散清算中的公共干预及其完善——从经济法视角谈最高院的解散清算思路

最高院《公司法》司法解释(二)对公司解散后强制清算人的选任作了扩张性解释,明确规定了律师事务所、会计师事务所、清算事务所等社会自治组织可以作为清算组成员。本文就社会自治组织如何作为公共干预公司清算程序的主要力量,论述了这些社会组织在公私兼顾的经济法视角下的性质以及它代表的社会整体利益,并提出了如何进一步针对公司进行公共干预的构想。     

我国境外就业中介制度评析

目前我国境外就业中介法律制度初步建立,但是存在许多问题,没有发挥应有的作用。本文首先分析了存在的问题,在阐明我国涉外劳务中介法律制度的基础上,从比较法的角度,对国际劳工组织及外国有关立法进行分析,并提出建议:我国境外就业中介应厘清管理关系和职能,从有利于求职者和劳动者权益保护的方向发展。     

Taking a positive approach to organizational downsizing

We drew from the literature on positive organizational behaviour (Luthans & Youssef, 2007) to test a process model relating generalized optimism (Carver & Scheier, 1999) to the cognitions, affect, and behaviour of 237 Canadian federal government managers during and following a major organizational downsizing. Our data supported a model in which generalized optimism measured 18 months prior to the downsizing (T1) associated positively with managers' cognitions, attitudes, job performance, and self‐reported coping effectiveness measured 12 months postdownsizing (T3). Analyses suggested that some of these associations were partially mediated by a positive thinking coping strategy and expectations for future career and job success reported during the downsizing (T2). We advocate for more research that draws from the positive organizational behaviour literature to study the effects of downsizing on survivors. Copyright © 2008 ASAC. Published by John Wiley & Sons, Ltd.