CHANGING VOLATILITY AND THE PRICING OF OPTIONS ON STOCK INDEX FUTURES

This paper presents empirical results regarding the suitability of the Black model for the pricing of options on stock index futures. Whaley's technique is used to present empirical evidence regarding the pricing biases of the model. Information provided by the implied volatilities suggests that model refinements should address the changing volatility issue.     

建设区域性孵化服务网络

一.长沙市和岳麓山周边地区科技实力 1.长沙市 长沙市拥有以4所211院校(国防科技大学、中南大学、湖南大学,湖南师范大学,其中前三所为985高校)为主的26所全日制高校.科研机构1 20多家:在校大学生28万人.每万人口中在校大学生数居全国第一:两院院士43名.科技人员34万名;国家,部级R&D中心.实验室47个:专利申请和授权量居全国省会城市前茅.     

Targeted poverty investments and economic growth in China

In the mid-1980s, the Chinese government launched its ambitious poor area development policy, which was centered around a series of grant, credit, and Food-for-Work programs. Ironically, for the remainder of the 1980s rural poverty remained at about 90 to 100 million, or approximately 10% of the rural population. The lack of progress cannot necessarily be blamed on ineffective poor area policies, since much of the agricultural economy was mired in a deep recession between the mid-1980s and the early 1990s. By the mid-1990s substantial additional poverty reduction had been achieved. Even in the late-1980s, farmers in many poor counties did better than the national average in terms of income growth. After accounting for the effects of macroeconomic elements, what factors can help explain the differences in performance among poor regions and between poor areas and rich ones? Can part of these differences be accounted for by poor area policies, in general, or by the way local and regional officials allocate their poor area investment funds, in particular?The overall objective of this paper is to analyze the effectiveness of Chinese poor area policy. Specifically, the paper seeks to meet three objectives. First, we want to understand the evolution of poor area policy since the mid-1980s, trying to deduce the true goals of central and regional poor area officials, as well as how these policies have been implemented in the provinces. Next, we want to understand the magnitude and scope of investment into poor areas, and examine if changes in these policies have affected the uses of the investment funds. Finally, we want to determine the effectiveness of the investment of poor area funds, analyzing which types of investments have generated growth, and which ones have not.     

Ethics Sensitivity and Awareness Within Organizations in Kuwait: An Empirical Exploration of Epoused Theory and Theory-in-Use

This paper highlights the potential harms in the current state of business ethics education and presents an alternative new model of business ethics education. Such potential harms in business ethics education is due largely to restricted cognitive level of reasoning, a limited level of ethical conduct which remains only responsive and adaptive, and the estrangement between strategic thinking and ethical thinking. As a remedy for business ethics education, denatured by these potential harms, a new dynamic model of business ethics education is proposed. The new model is composed of a basic foundation for business ethics education and three practical components of business ethics education. The basic foundation comprises of ethical reasoning, moral sentiments, and ethical praxis. Three practical components of business ethics education are, respectively, to intensify moral imagination, to develop ethical wisdom and courage, and to enhance meta-strategic competences. The ultimate purpose of these practical components is to help moral subjects to conduct ethical leadership, to actualize integrity between individuals and organization, and to fulfill the social responsibility of business firms. This new model is expected to attract attention to the effective business ethics education both in college and in industry, and to be used as a benchmark for new curriculum designs and development of teaching methods. Finally, some teaching methodologies and pedagogical experiments are introduced and discussed according to this new model of business ethics educaiton.     

LEGAL ENVIRONMENT,INTERNALIZATION, AND U.S. ACQUIRER GAINS IN FOREIGN TAKEOVERS

In examining takeovers of foreign targets by U.S. firms, we investigate the effect of the target country's legal environment on acquiring firm value. Our results indicate that acquirers of target firms located in civil law countries experience significant positive abnormal returns, especially when the acquirer possesses a high level of intangibles. Furthermore, we find that acquirers with high levels of intangibles are more likely to acquire target firms in civil law countries. These findings suggest that the transfer of intangibles overseas provides relatively larger efficiency benefits for multinational corporations in cases where the alternative, contracting in external markets, is more difficult.     

发挥优势 坚持特色 打造中国的“纺织硅谷”

一、东华大学科技园的功能及管理机制 东华大学科技园以东华大学强大的科研实力、丰富的人才资源和长宁区雄厚的经济实力、优越的经济政策为依托.逐步发展成为具有纺织服装特色的优秀大学科技园.科技园主导产业为纺织服装,其支撑产业包括新材料.化学化工.机械.电子、通信等.     

Mobile technology usage and B2B market performance under mandatory adoption

This paper investigates the relationship between mandatory adoption of mobile information technology and market performance in the business-to-business (B2B) setting. This study presents and tests the B2B technology satisfaction model (TSM), including perceived loss of control as the mandatory technology acceptance-specific variable. The results of this study reveal that integrating perceived loss of control with user satisfaction and the TAM (technology acceptance model) in a single model can better explain the B2B market performance model. The empirical results suggest that perceived loss of control has a negative effect on user satisfaction and perceived market performance is influenced by user satisfaction and perceived usefulness. Managerial implications of the study are discussed.     

拓展创新服务平台 打造一流科技园区

大学科技园是国家创新体系的重要组成部分和自主创新的重要基地,是区域经济发展和行业技术进步及高新区"二次创业"的主要创新源泉之一,是中国特色高等教育体系的组成部分,是高等学校产学研结合、为社会服务.培养创新创业人才的重要平台.一流的国家大学科技园是一流大学的重要标志.华中科技大学科技园正是沿着这样一条主线,立足于东湖高新区、依托于华中科技大学建设和发展起来的.     

The effect of airline service quality on passengers’ behavioural intentions: a Korean case study

This paper seeks to improving our understanding of air passengers’ decision-making processes by testing a conceptual model that considers service expectation, service perception, service value, passenger satisfaction, airline image, and behavioural intentions simultaneously. For this testing, path analysis via maximum likelihood estimator is applied to data collected from Korean international air passengers. Service value, passenger satisfaction, and airline image are each found to have a direct effect on air passengers’ decision-making processes.