Optimal investment and risk control for an insurer with partial information in an anticipating environment

Abstract

This paper considers an optimal investment and risk control problem under the criterion of logarithm utility maximization. The risky asset process and the insurance risk process are described by stochastic differential equations with jumps and anticipating coefficients. The insurer invests in the financial assets and controls the number of policies based on some partial information about the financial market and the insurance claims. The forward integral and Malliavin calculus for Lévy processes are used to obtain a characterization of the optimal strategy. Some special cases are discussed and the closed-form expressions for the optimal strategies are derived.     

服装卫生性探讨

介绍服装卫生性的概念，分析了服装卫生性对温湿度要求、服装气候中材料与穿衣厚薄的相关性，对服装污染的分类和卫生整理的最新动态作了说明。     

地价管制应成为房地产市场调控的重要手段

“新国八条”出台后，各地房地产交易量大幅下降，但房价却未出现显著回落。房价居高不下的重要原因在于我国房地产市场的垄断特征限制了需求管理政策所能发挥作用的空间。因此，要抑制房价过快上涨，必须进行供给管理。目前应当参照房价调控目标设定地价涨幅目标，并在当前房地产调控的关键时期暂时冻结地价。冻结地价不仅可以降低住房建筑成本，还可以增加土地供应、降低房价上涨预期。     

纳税人个性特征与纳税遵从关系的实证研究

影响纳税人遵从的因素是多方面的,其中纳税人个性特征会影响纳税遵从.纳税人个性特征包括年龄、职业、受教育程度、风险偏好、价值取向、个人收入水平、纳税心理等.实证研究表明,因纳税人个性特征不同,致使纳税遵从也存在差异.了解哪些因素会影响纳税人的税收遵从行为,可以有针对性地采取措施,提升税务机关的征管质效,促进纳税遵从.     

哈尔滨市农村人口体质状况调研

开展国民体质监测,建立国民体质监测系统的主要目的是唤起全体国民关注自己的体质,通过科学健身,不断地增强全民族的体质和提高健康水平.当前,首要的任务是在全体国民中推广国民体质测定.鉴于中国的国情和历史的积淀,推广国民体质测定还有一些无形的阻力,需要我们用创造性的工作来开拓工作的新局面.     

论产业引导资金的绩效管理

产业引导资金是政府财政预算安排的一类专项资金。从经济性、效率性和效果性的三维角度对产业引导资金的使用绩效进行评价，对于加强财政管理，落实宏观调控，遏制公权腐败以及提升被扶持对象的管理水平有着重要的、积极的意义。当前产业引导资金在资金投向、制度设计、审核操作、项目实施等方面存在的一些问题不同程度地制约了资金绩效的发挥，亟待改进。     

Commercial Speech as a Basic Freedom

This empirical study brings together prior research on competitive advertising effects from two perspectives: ad repetition and brand familiarity. Specifically, we compare free and cued recall, attitude accessibility and valence, and purchase intentions, for high-share and low-share brands in two mature markets, manipulating levels of target ad repetition and competitive advertising. Overall, recall and attitude accessibility were the most affected by different combinations of ad repetition and competition. For low-share brands, recall was generally greater in the absence of competition; for high-share brands, in certain cases, recall was greater in the presence of competition. Distinct quadratic patterns of attitude accessibility were observed, depending on whether competing ads were present (inverted ‘U-shape’) or absent (‘U-shape’). Preferences (attitude valence, purchase intentions) were relatively stable across conditions. Directions for future research are proposed.     

关于代表中国先进生产力的发展要求的几个基本问题

我们党要始终代表中国先进生产力的发展要求 ,这是江泽民同志“三个代表”重要思想的核心内容。坚持以经济建设为中心是实现中国先进生产力发展要求的根本条件 ,全面提高劳动者的素质是实现中国先进生产力发展要求的第一要务 ,大力发展科学技术是实现中国先进生产力发展要求的基本动力。     

浅析英语培训机构副品牌之塑造路径

英语培训机构品牌竞争日趋激烈,大多数英语培训机构都通过发展几个或者更多培训服务产品来展开竞争。英语培训机构副品牌塑造是个系统工程。文章依据副品牌理论,结合当前英语培训市场现状,通过三个环节的详细阐述,为英语培训机构副品牌塑造提出了路径选择。     

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