QUADRATIC TERM STRUCTURE MODELS FOR RISK-FREE AND DEFAULTABLE RATES

In this paper, quadratic term structure models (QTSMs) are analyzed and characterized in a general Markovian setting. The primary motivation for this work is to find a useful extension of the traditional QTSM, which is based on an Ornstein–Uhlenbeck (OU) state process, while maintaining the analytical tractability of the model. To accomplish this, the class of quadratic processes, consisting of those Markov state processes that yield QTSM, is introduced. The main result states that OU processes are the only conservative quadratic processes. In general, however, a quadratic potential can be added to allow QTSMs to model default risk. It is further shown that the exponent functions that are inherent in the definition of the quadratic property can be determined by a system of Riccati equations with a unique admissible parameter set. The implications of these results for modeling the term structure of risk-free and defaultable rates are discussed.     

Effectiveness and Effects of China’s Capital Controls

I. IntroductionNations at every stage of development and in every region of the world are more closelylinked through trade in goods and services, through flows of funds and investments ineach others’ economies than ever before. But in sharp contrast to more and more nationsloosening restrictions on international trade, controls over capital flows are still substantialnearly everywhere except in the most developed economies. This is certainly the case inChina, where restrictions on movements …     

To Earnestly Protect the Exclusive Right to Use a Registered Trademark and to Promote the Economic Development

State Administration for Industry and Commerce (SAIC) decided to launch the campaign to better protect the exclusive right to use a registered trademark and released "Action Plan for the Campaign of Protection of the Exclusive Right to Use a Registered Trademark".     

浅谈基础英语的测试

在教授基础英语中,无论采用何种教学方法,教学过程中的测试,是考查教学效果的一个手段,也是教学中的重要 环节。本文着重对测试的认识以及运用等进行了论述。     

高职《商品学》课程教学改革探索

在高职教学中,课程教学是教学活动的基础,改革传统的课程体系和教学方法,是体现高职教学特点和实现专业人才培养目标的关键。本文通过对连锁经营管理专业中《商品学》课程教学改革的研究与实践,构建了课程的培养目标和课程体系,提出了课程教学组织实施和考试模式改革的具体办法。     

基于消费者运动的社会营销学研究综述

20世纪美国消费者运动风起云涌。推动了政府的立法活动和营销学研究。本文回顾美国消费者运动的进程，评述基于消费者运动的社会营销学研究，并对中国的消费者权益保护及其社会营销学研究提出建议。     

论我国物流托盘标准的选择--基于商品出口市场角度

托盘（pallet）是为了便于货物装卸、运输、保管和配送等而使用的、由可以承载若干数量物品的负荷面和叉车插口构成的装卸用垫板。它起始于20世纪30年代的太平洋战争中，当时美国军队首次使用托盘来改善货物搬运效率，保证后勤物资供应。其后，托盘在世界各国得到了广泛应用，被认为是20世纪物流产业中两大关键性创新之一。目前，美国有80％的商品由托盘运载，欧洲每年有2．8亿个托盘在企业间循环。