Corporate ownership structure and the choice between bank debt and public debt

This article examines the relation between a borrowing firm's ownership structure and its choice of debt source using a novel data set on corporate ownership, control, and debt structures for 9,831 firms in 20 countries from 2001 to 2010. We find that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant negative impact on the firm's reliance on bank debt financing. In addition, we show that the control-ownership divergence affects other aspects of debt structure including debt maturity and security. Our results indicate that firms controlled by large shareholders with excess control rights may choose public debt financing over bank debt as a way of avoiding scrutiny and insulating themselves from bank monitoring.     

VIX option pricing and CBOE VIX Term Structure: A new methodology for volatility derivatives valuation

This study integrates CBOE VIX Term Structure and VIX futures to simplify VIX option pricing in multifactor models. Exponential and hump volatility functions with one- to three-factor models of the VIX evolution are used to examine their pricing for VIX options across strikes and maturities. The results show that using exponential volatility functions presents an effective choice as pricing models for VIX calls, whereas hump volatility functions provide efficient out-of-sample valuation for most VIX puts, in particular with deep in-the-money and deep out-of-the-money. Pricing errors for calls can be further reduced with a two-factor model.     

A tale of two regimes: Theory and empirical evidence for a Markov-modulated jump diffusion model of equity returns and derivative pricing implications

We provide closed-form solutions for a continuous time, Markov-modulated jump diffusion model in a general equilibrium framework for options prices under a variety of jump diffusion specifications. We further demonstrate that the two-state model provides the leptokurtic return features, volatility smile, and volatility clustering observed empirically for the Dow Jones Industrial Average (DJIA) and its component stocks. Using 10 years of stock return data, we confirm the existence of jump intensity switching and clustering, illustrate transition probabilities, and verify superior empirical fit over competing Poisson-style models.     

民族与人性回归之路：论达斡尔族女作家昳岚的散文

昳岚是当代达斡尔族优秀女作家.她的散文充满了强烈的民族意识与个性化的色彩.在她的作品中,我们可以看到由民族血脉和民族文化所酿生出的强烈的民族认同感和多元文化背景下执著的民族立场.同时,在物欲至上的时代,她拒绝尘俗,在“真、善、美”诗意人生的追寻上表现为建构一种更合理的生存状态与更完美的人性实现.     

美术对志贺直哉文学创作的影响初探

志贺直哉是白桦派的一名骁将，他早期崇拜西方美术，特别是法国印象派、后印象派画家的作品以及其中所蕴含的人道主义思想对他的文学创作影响巨大。后期的志贺直哉将目光转向淡泊恬适的东方美术，其焦躁不安的心情趋于平静。正是由于东西方美术的深刻影响，才形成了志贺直哉文学的独特风格和无穷魅力。     

诉讼效率的经济学分析

诉讼效率应当使全部的诉讼资源在司法机关之间和诉讼参与人之间得到均衡分配。诉讼效率的物质表现是诉讼资源的配置状况。高昂的诉讼机会成本经常使人们不选择诉讼而选择其他手段;诉讼效率成本是诉讼效率物质体现的种种消费,其收益是定纷止争的结果及定纷止争本身对整个社会秩序带来的效益。探求诉讼效率最佳状态可以转化为解决诉讼边际成本与边际收益如何处在相等点上的问题。     

论西部大开发中的人才资源开发

西部大开发是一项浩大而复杂的系统工程 ,它包括西部资源开发、产业开发、市场开发、科技开发、人才开发等。而人才资源开发是所有开发工程的前提条件 ,是西部大开发战略顺利实施并取得预期效果的根本与关键。本文在分析西部地区人力素质偏低、人才资源匮乏这一现状的基础上 ,进一步阐述了人才资源短缺对西部大开发的严重制约 ,并提出了加强人才资源开发 ,为西部大开发提供人才支撑的对策建议     

隐形冠军发展天花板的多元化突破——从“安索夫矩阵”得到的启示

隐形冠军企业在成立初期依靠准确的市场定位和高度专业化在某一细分市场中占有绝对的领导地位。但随着市场透明度的提高,产品生命周期的缩短,隐形冠军面临愈发激烈的竞争,其发展空间受到压制。依据"安索夫矩阵"中企业多元化发展战略,隐形冠军只有培养自身核心能力,执行行业跨度小的相关多元化战略,开发市场前景广阔的产品,才能实现成功突围。     

Fixed Asset Revaluation and Equity Depletion in the UK

UK GAAP has traditionally allowed the write-off of purchased goodwill directly to reserves, resulting in the widespread depletion of book equity. Companies have also been permitted to revalue fixed assets at management's discretion. This study examines whether upward revaluations have been associated with the depletion of book equity and with other costly contracting explanations identified in prior research. Our results provide strong support for the equity depletion hypothesis, both with regard to the decision to revalue and the timing of the revaluations. Indebtedness, liquidity, size and fixed asset intensity are also consistently associated with upward revaluation.     

论张燮《东番考》的资料来源

明末张燮<东西洋考·东番考>中有关台湾的记述,是研究早期台湾原住民历史文化的重要史料之一.史学界普遍认为,张燮的<东番考>主要源自陈第<东番记>.其实认真查对这两本书的异同,同时结合明朝末年台湾海峡两岸的形势进行考察,就会发现历史事实并非如此,文章对此作了深入探讨.