Pricing and hedging of quanto range accrual notes under Gaussian HJM with cross‐currency Levy processes

This study analyzes the pricing and hedging problems for quanto range accrual notes (RANs) under the Heath‐Jarrow‐Morton (HJM) framework with Levy processes for instantaneous domestic and foreign forward interest rates. We consider the effects of jump risk on both interest rates and exchange rates in the pricing of the notes. We first derive the pricing formula for quanto double interest rate digital options and quanto contingent payoff options; then we apply the method proposed by Turnbull (Journal of Derivatives, 1995, 3, 92–101) to replicate the quanto RAN by a combination of the quanto double interest rate digital options and the quanto contingent payoff options. Using the pricing formulas derived in this study, we obtain the hedging position for each issue of quanto RANs. In addition, by simulation and assuming the jump risk to follow a compound Poisson process, we further analyze the effects of jump risk and exchange rate risk on the coupons receivable in holding a RAN. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:973–998, 2009     

80后员工的特点与管理措施探讨

80后员工具有价值观独立、崇尚自由、不喜欢受约束、富有创造性、对新事物充满兴趣、情绪化倾向较强、善于接受新知识、对自我充满信心、不相信权威、敢于挑战自己等人格特质。应采取塑造与80后员工相适应的企业文化、以柔性管理为主、规范的制度化管理为辅、一视同仁、权变对待等措施来管理80后员工。     

高职骨干院校特色专业教学项目化的研究

高等职业教育的办学理念是以社会生产、建设、管理、服务第一线需要为人才培养目标,以项目化课程为主体,培养技能应用型人才为宗旨。教学项目化是将课程和实践环节转化成大小项目来学习,让学生对接企业,适应企业,对学习和实践环节产生兴趣和增加动手能力,将进行"基于工作过程"的项目化教学改革,使学生在校所学知识和技能,为将来工作岗位所用知识和技能,为企业培养操作技能强、上手快并受企业欢迎的生产一线人才。     

Emerging Multinationals from Mid‐Range Economies: The Influence of Institutions and Factor Markets

This paper revisits and extends our earlier work (in 2005) in the pages of this journal. We argue that there is a need for more fine‐grained understanding of the country context along two dimensions: (1) institutional development and (2) infrastructure and factor market development. Specifically, we propose an enriched typology of emerging economies with a focus on mid‐range emerging economies, which are positioned between traditional emerging economies and newly developed economies. Then we examine new multinationals from these mid‐range emerging economies that have internationalized both regionally and globally. We outline directions for further research based on this typology in terms of (1) government influence, (2) resource orchestration, (3) market entry, and (4) corporate governance regarding the internationalization strategy of these emerging multinationals from mid‐range economies.     

山东省出口商品结构与贸易发展方式的转变分析

通过数据分析,本文研究了1996～2008年山东省出口商品结构的演进及贸易发展方式的转变,并得出如下结论:在此期间,山东省整体出口贸易高速增长,出口商品结构不断优化,贸易发展方式获得转型;工业制成品的出口增速高于初级产品,机电产品的出口增速高于高新技术产品,机械及运输设备出口增速高于轻纺及其他一般制成品;贸易发展方式上则表现为一般贸易的出口高于加工贸易,呈现一般贸易、加工贸易和其他贸易竞相发展的良好格局。     

后现代管理时代企业组织和谐变革研究

在后现代管理时代,由于企业组织变革呈现出来的新特征,使人们开始关注组织变革过程中的和谐性问题。后现代管理理论在批判现代管理学说的理性主义和普遍主义所带来的种种矛盾和冲突的过程中,饱含着鲜明的和谐思想。本文基于这种思考,提出企业组织和谐变革的主题,认为组织变革是一种追求组织和谐的过程,其目标是发展成为和谐组织,并对和谐组织的内涵和模型进行深入分析,最后就如何构建和谐组织,从组织内部和谐和组织外部和谐两方面进行了探讨。     

批发业转型的战略选择——以日本食品批发业为例

食品批发业在日本各类商品批发业中占有非常重要的地位.对日本食品批发商而言,只需承担原有批发功能即可的时代已经结束,其面临的形势十分严峻.为解决批发业面临的困境,避免传统批发业日渐萎缩,日本食品批发业充分发挥自身在整合生产与流通方面的主导作用,开始积极探索转型道路,尝试新的战略,打造全新的赢利模式,支持、分担甚至加入零售和生产环节.大型食品批发商建设物流中心,进行全系列供应,提供零售支持;中小型食品批发商实施多方位战略来应对.我国食品批发业在批发业转型发展过程中出现的问题与日本批发业有许多相似之处,我国批发商也应摒弃原来固有的观念,借鉴日本批发商的经验和教训,强化现有的批发功能,强化对制造和零售的支持,拓展自己的事业范围.     

Marketing–Industrial Design Integration in New Product Development: The Case of China*

Despite the acknowledgement of functional integration as an important driver of new product development (NPD) success and the growing recognition of the significance of industrial design (ID), the integration between industrial design and other functional units in NPD has been rarely researched. In this article, we examine the marketing and ID integration in NPD in the context of China. Mainly based on Cooper's (1994) stage‐gate phases of NPD process and Gupta, Raj, and Wilemon's (1985) categorization of NPD activities, we develop a conceptual framework that identifies 29 areas that might require integration or where integration might occur between marketing and ID. Specifically, we investigate and compare the current and the ideal integration between marketing and ID perceived by the two functions. An analysis of data from 113 companies reveals that the current level of integration fell short of the ideal level of integration in all the phases of NPD. Both managers believed in the descending trend of integration along the stage‐gate NPD phases and were dissatisfied with the current level of integration in all the NPD phases. Except for a few areas of agreement, marketing and ID managers showed significant differences with each other in their perceptions of the current and the ideal integration in most of the 29 areas. Despite the disagreements however, the two functions agreed with each other on the most important areas that require integration and achieved the highest level of marketing–ID integration. These findings suggest that firms should improve the marketing–ID integration in all the NPD phases and that management could improve the effectiveness of marketing–ID integration by prioritizing and focusing on the most important areas. Research and managerial implications, limitations, and future research directions are presented in the paper.     

试论民族体育旅游可持续发展观

<正>民族体育旅游就是指在特定的社会环境中(民族地区),能够吸引旅游者进行旅游活动,给旅游业带来一定经济效益和社会效益的人文旅游资源,包括民风民俗、竞技项目、文化娱乐、观光鉴赏和参与各种表演和竞赛活动,以及购买专项旅游品等。而民族体育旅游的可持续发展则是利用民族体育旅游资源这一特定人文资源为活动对象和发展基础,要实现可持续发展毫不例外要遵