Arbitrage Values Generally Depend On A Parametric Rate of Return

Let X denote a positive Markov stochastic integral, and let S ( t , μ) = exp(μ t ) X ( t ) represent the price of a security at time t with infinitesimal rate of return μ. Contingent claim (option) pricing formulas typically do not depend on μ. We show that if a contingent claim is not equivalent to a call option having exercise price equal to zero, then security prices having this property—option prices do not depend on μ—must satisfy: for some V (0, T ), In( S ( t , μ) X ( V )) is Gaussian on a time interval [ V, T ], and hence S ( t , μ) has independent observed returns. With more assumptions, V = 0, and there exist equivalent martingale measures.     

The determinants of the return on index bonds

The investor holding an index-linked bond is guaranteed a given real income irrespective of the prevailing inflation rate. The holding-period return (HPR) on such a bond should, therefore adjust to realized inflation; this is the firsthypothesis tested. The value of the bond may also change due to anticipated changes in the real interest rate which should themselves be related to uncertainty about future inflation; hence HPRs on linked bonds may vary with inflation uncertainty (second hypothesis). Furthermore, for bonds with long periods of time to maturity the effect of uncertainty about future inflation rates may be rather small so that as we approach maturity, the effect of inflation uncertainty should increase (third hypothesis). These three hypotheses are tested on a sample of eight Israeli index-linked bonds with maturities three months apart. The first hypothesis is supported by the data but the last two are not.     

Optimal formation rules for patent pools

Patent pools in the framework of Lerner and Tirole (Am Econ Rev 94:691–711, 2004) may enhance or reduce social welfare. This paper presents a pool formation mechanism which prevents welfare decreasing pool equilibria to emerge, and which encourages welfare enhancing pools to form. In order to destabilize welfare decreasing pools, forcing coalitions members to offer individual licenses in parallel to the pool has been suggested. I show that in general, this mechanism is not an efficient antitrust tool. However, the mechanism combined with exclusive pool membership avoids stability problems of welfare enhancing pools, while it creates instability of welfare decreasing pools. I am grateful for comments from the Editor, an anonymous referee, and Georg von Graevenitz.     

Bereitschaftsdienst: Arbeits- oder Ruhezeit?

Streitpunkte im Arbeitszeitgesetz - Immer wieder werfen die Regelungen zum Bereitsschaftsdienst in Kliniken und Pflegeeinrichtungen Fragen auf. Nicht alles, was sich in der Praxis eingebürgert hat, ist rechtlich haltbar. Was ist erlaubt, was nicht?     

Ethics programs and their dimensions

All organizations have ethics programs which consist of both explicit and implicit parts. This paper defines corporate ethics programs and identifies a number of their components. Corporate ethics programs' structural and behavioral dimensions are proposed which may allow further examination of such program components and their impacts. Finally, fifteen propositions are suggested which describe the influence of founder values, competitive pressures, leadership, and organizational problems on corporate ethics programs and the manageability of such programs.Steven N. Brenner is currently Sponsored Professor of Business Ethics and Corporate Social Responsibility at Portland State University, Portland, Oregon. He served from 1983 through 1987 as Associate Dean for Graduate Programs in its School of Business Administration. Dr. Brenner has written articles forHarvard Business Review, The Academy of Management national MeetingsProceedings, The JAI PressResearch on Corporate Social Performance and Policy, and other publications. He has served as the Chairman and Program Chairman for the Social Issues in Management Division of the Academy of Management and is Chairman of the International Association of Business and Society's 1992 meeting to be held in Leuven, Belgium. He teaches courses in corporate social responsibility, business ethics, managing in a regulated world, business/government relations, business policy and organizational politics. During 1989–90 he was on a sabbatical leave doing research on corporate social responsibility and acting as Chair of the Academy of Management's Ethics Task Force which wrote the Academy's Code of Ethical Conduct.This work was supported in part by a grant from the Chiles Foundation, Portland, Oregon.     

拯救美元，拯救经济

【美国《华尔街日报》3月20日】现在很多人都在问这样一个问题：贝尔斯登公司（Bear Stearns Cos．）200亿美元的市值何以在一夜之间蒸发？但是几乎没有人注意到这样一个事实：自2002年以来，已有数万亿美元的公司市值和美国国债“蒸发掉”了。问题的根源就在于美国联邦储备委员会（Fed）忽视了美元。     

Neoliberal Urbanism Redux?

Neoliberalization processes have been reshaping the landscapes of urban development for more than three decades, but their forms and consequences continue to evolve through an eclectic blend of failure and crisis, regulatory experimentation, and policy transfer across places, territories and scales. The proliferation of familiar neoliberal discourses and policy formulations in the aftermath of the 2007‐09 world financial crisis masks evidence of more deeply rooted transformations of policies, institutions and spaces that continue to combatively remake terrains of urban development. Accordingly, the critical intellectual project of deciphering the problematic of neoliberal urbanism must continue to evolve. This essay outlines some of the methodological and political challenges associated with (re)constructing a ′moving map′ of post‐crisis neoliberalization processes. We affirm a form of critical urban theory that adopts a restlessly antagonistic stance towards orthodox urban formations and their dominant ideologies, institutional arrangements and societal effects, tracking their endemic policy failures and crisis tendencies while at the same time demarcating potential terrains for heterodox, radical and/or insurgent theories and practices of emancipatory social change.