Azéma martingales for Bessel and CIR processes and the pricing of Parisian zero‐coupon bonds

In this paper, we study the excursions of Bessel and Cox–Ingersoll–Ross (CIR) processes with dimensions . We obtain densities for the last passage times and meanders of the processes. Using these results, we prove a variation of the Azéma martingale for the Bessel and CIR processes based on excursion theory. Furthermore, we study their Parisian excursions, and generalize previous results on the Parisian stopping time of Brownian motion to that of the Bessel and CIR processes. We obtain explicit formulas and asymptotic results for the densities of the Parisian stopping times, and develop exact simulation algorithms to sample the Parisian stopping times of Bessel and CIR processes. We introduce a new type of bond, the zero‐coupon Parisian bond. The buyer of such a bond is betting against zero interest rates, while the seller is effectively hedging against a period where interest rates fluctuate around 0. Using our results, we propose two methods for pricing these bonds and provide numerical examples.     

China, An Engine for Global Growth in 2009

The world economy is mired in the severest financial crisis since the Great Depression in 2008. Due to the uncertainty of the global economy situation, UN released the World Economic Situation and Prospects 2009 on January 16, 2009, in Beijing. World Economic Situation and Prospects （WESP） is a joint product of the Department of Economic and Social Affairs,     

老房新喜

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青岛动漫开往春天的快车

2007年,青岛被批准为第六个国家动漫创意产业基地.目前拥有各类动漫企业40余家,其中网络游戏、影视动画、多媒体设计企业30余家,游戏研发、运营企业10余家.从业人员近千人,动漫、网络游戏及相关衍生产品企业年销售收入已经达到了8亿多元.     

Sino-EU Relations in 2009 Will Be Warme

In 2009, the Czech Republic officially took over the six-month EU presidency from France. Following . Slovenia, the Czech Republic is the second new EU member to hold the EU presidency. The Czech Republic is currently faced with the challenge of coping with the global financial crisis and promoting EU political reform, as well as handling its own internal issues. On January 15, H,E. Mr. Vitezslav GREPL,     

New Legal Platform for Intellectual Property in China

Anew platform of laws and regu-lations related to the protection and enforcement of intellectual porooertv was inaugurated in China on July 9, 2009. Senior Officials from the Ministry of Commerce, the Delegation of the European Commission to China together with senior academics from Peking University attended the conference and introduced the operation.     

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多样化人才培养模式构建的影响因素及其思考

地方工科院校多样化人才培养模式的构建,受到社会、高校以及学生个人因素的影响.弄清并理顺它们之间的相互关系,可以为地方工科院校进行多样化人才培养模式构建提供理论依据,也为构建多样化人才培养模式的质量保障体系奠定基础.     

正确定位中职文化课地位与功能推进其改革

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