Abstracts

Quality & Quantity -     

Book Reviews

Rashid Amjad (ed.), The Development of Labour Intensive Industry in ASEAN Countries, Geneva: Asian Employment Programme, International Labour Office, 1981, pp. v + 337. US$10.00.

G. J. Viksnins, Financial Deepening in ASEAN Countries, Pacific Forum. University of Hawaii Press, 1980, pp. ix + 76.

C. Sosya, L-S. Chia, W. L. Collier (eds). Man, Land and Sea, Bangkok: Agricultural Development Council, 1982, pp. ix + 320.

Joachim K. Metzner, Agriculture and Population Pressure in Sikka, Isle of Flores, (A contribution to the study of the stability of agricultural systems in the wet and dry tropics). Development Studies Centre Monograph No. 28. Canberra: Australian National University Press, 1982, pp. xxxii + 355. $A15.00.

Dwight Y. King, Interest Groups and Political Linkages in Indonesia 1800–1965. DeKalb: Northern Illinois University, Center for Southeast Asian Studies Special Report No. 20, pp. vii + 192, index.

Improving Access to Indonesian Collections in the Netherlands, Leiden: Intercontinenta No. 2, 1981, pp. 78. Dlf. l4.75.     

Jackknifing Bond Option Prices

Prices of interest rate derivative securities depend cruciallyon the mean reversion parameters of the underlying diffusions.These parameters are subject to estimation bias when standardmethods are used. The estimation bias can be substantial evenin very large samples and much more serious than the discretizationbias, and it translates into a bias in pricing bond optionsand other derivative securities that is important in practicalwork. This article proposes a very general and computationallyinexpensive method of bias reduction that is based on Quenouille's(1956; Biometrika, 43, 353–360) jackknife. We show howthe method can be applied directly to the options price itselfas well as the coefficients in the models. We investigate itsperformance in a Monte Carlo study. Empirical applications toU.S. dollar swap rates highlight the differences between bondand option prices implied by the jackknife procedure and thoseimplied by the standard approach. These differences are largeand suggest that bias reduction in pricing options is importantin practical applications.     

家乐福:为全球零售商上课

家乐福集团在中国开设的大型超市就像零售业中的一个"海峡"--从东方和从西方卷来的大浪交织在一起:东方--在超市一边的货架上,可以看到大量鲜活的鱼、虾、牛蛙甚至甲鱼;西方--在另一边不远的冷藏柜里,又能看到真空包装的烟熏咸肉和意大利腊肠.这个来自法国的超级零售商运用现代的模式,结合当地人的口味,在中国经营着他们的零售帝国.     

Prospects for international maritime shipping

The world’s energy supplies are dependent not only on the producer countries’ production capacities and policies but also on adequate transport facilities. In fact, a shortage of vessels able to carry coal is widely expected to be a major bottleneck for the substitution of oil by coal on a large scale. Shipowner Peter M. Nomikos holds a different view.